Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1864-05-12
Interesting Facts Concerning the
United States Mint.

in 1892. The first cents were coined IN
1898. the first silver pieces in 1874, and
the first gold pieces in 1875. From that
time to June S0th, 1861, the whole
amount Of the coinage of all kinds was
799,923,362 Of this amount $637, ,76l,-
629 came from the Mint during the time
between June 80, 1849, and June 80, 1861,
California gold having begun to flow to-
wards the Mint at the commencement
of this period. The increase during those
years was chiefly in gold coins, although
the coinage of the cents was largely in
creased after 1857 The amount of cents
coined during the year 1856 was $27, ,1o5 !;
for the year ending June 80, 1858, it was
$234,O0O.
The whole amount of the gold coinage
during the period specified was 1869, 49,
4o6 silver, 1928, ,l59, ,4s2; copper and
nickel, $2,674,743. The whole amount
of the money coined at the Mint from 1892
to the end of 1895 was ST., 1856 in gold !;
$370,9S3 in silver; and $11,373 in copper;
total, $443,54i. The smallest amount coin
ed in any one year after this was $20,491
in 1916 and the largest in one year was
33,693,765, during the fiscal year ending
in 1861; and nearly 100000 Of this
was in gold, the largest amount of gold in
any one year. The largest amount of sill
yer coined in a single year, was $9,077,-
All, in 1853, when the Spanish six and
twelve cent pieces were taken out of circu-
lation, and transformed into American
money. The largest amount of cents in
one year was in 1859-6O, $4,000. The
coinage of cents during the present year,
however, will no doubt exceed that of any
other year, as the amount coined during
last month alone reaches 5000. Yet at
the present time cents cannot be coined as
fast as they are wanted, although they are
manufactured at the Mint as fast as the
machinery can turn them out Two or
three years ago this coin would accumulate
in vast quantities, and it was difficult to ex
change them for any available currency
1t is not so at the present time, although
there are more in the country than ever.
Three cent pieces, also, which we're very
abundant two years ago, are scarce, and
gone out of general circulation. They are
seen now and then, but they may ere long
be classed with the rare curiosities, and
hunted up for exhibition. Those people
who now hoard cents and three cent pieces
do it, probably, in the belief that they are
much more yaluble than the regular paper
currency. We suppose they do not under
stand that cents and three cent pieces are
not worth what they pass for, and they are
not legal tender for the payment of debts
amounting to more than thirty cents. A
person may hoard three cent pieces to the
amount of hundreds Of dollars; but he
cannot pay debts with them or use them at
all in business transactions, beyond the
amount specified, if others refuse to take
them, and with cents the case is still worse.
Such boarding is foolish business. These
small coins were made to circulate as change
and they were made to pass for more than
they are intrinsically worth, in order to
keep them in circulation therefore, let
them circulate.
In regard to the abrasion of coins, very
remarkable statements have from time to
time been published as to loss by abrasion
or wear making the amount SO great as
almost to cast discredit upon metallic cur
rency. We are told by one writer, that
the annual loss in country where both
gold and silver circulated, is one part in
42o; by another, one in 800 by third,
one in 200 and one gentleman Of great
accuracy and acuteness, (cited by Jacobs, }
says that the loss on coined silver is full
one per cent. per annum. A more recent
and alarming extimate from British sour.
ces, would lead to the expectation that sill
yer pieces Of the size of their shilling or
our quarter dollar, would in less than ten
years, be worn so much as to be no longer
passable. Every one knows the value
of such statements on this side of the water.
At thorough re-examination of this
important subject, made at the Mint, it was
ascertained what is the average annual loss
on each size of gold coin, and on silver
promiscuously. The silver coin averages
loss of one part in $50; the half eagle,
one in 1850 the double eagle, one in
5000 and that by cautious estimate as
to the proportions Of the various sizes
Of coin actually among US, the average
annual loss by. abrasion does not exceed
one part in 2, 400 that is, in times when
specie is current at par with bank paper,
andnot lying idle.