Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1880-07-02
Stealing From the COINAGE.

ureW attent!on TO the large amount of
defaced coins in circulation, and the
subject was practically brought to the
notice Ola Tribune reporter recently.
He rendered bill to the cashier at the
Sinclair House, and received in change
silver dollar, half.dollar and quarter,
Each ono of these had hole punched
through it, the one in the silver dollar
being large enough to allow the re-
porter 8 pencil to be passed through.
Now the occasional appearance of any
OF the smaller gold coins with hole
through them excites no suspicion,
Us they are frequently used on bangles
and watch chains, but few people ever
think of making ornaments out of such
coins as dimes and quarters, or the
ponderous silver coins OF larger value.
And If these were used for such O pur-
pose it would not account for the loss
OF from ten to fifteen per cent of the
metal in the shape of an unsightly
hole. When people want to make an
ornament of q coin, jeweler drills in
it a hole just large enough to attach a
thin wire ring to it. In each of the
three coins alluded to nearly one tenth
OF the metal was missing, and the holes
had not been neatly bored, but punched
out.
"Of course it has been punched out"
observed the cashier. "There lie no
doubt somebody buys them up for that
purpose, and makes quite good thing
out of it. It's regular nuisance"
Has it increased of late?"
"To the best of my belief it is in.
creasing every day. 1 receive at this
desk from seventy-fve to 100 per diem,
and there must be more taken at the
other cashiers desks, because the pay
ments made there are in large amounts,
as rule. l have had pieces offered
with the entire ceater punched out,
and which, like the Japanese coins
made to thread on string, were more
of ring than coin. OF course, if a
good customer offers them, we cannot
very we'll refuse them, but they are OF
no use to us except for change. We
get rid of most of them in that way.
and the rest we sell to the brokers ut q
discount of from ten to fifteen per
cent, for the banks refuse them.
The reporter afterward made inqui-
ries at various retail places where silver
coins we're received largely. At Dan
Tells and severel other stores on Broad
way, and at various restaurants and
bar rooms, the same story was told of
the Inconvenience arising from this
wholesale mutilation of coin. The
Cashier at Nash & Crooks said: eff
the Tribune could draw attention to
the matter in such way as to iduce
people to stop taking these coins the
whole commercial community would be
grateful. I don't know how much we
receive here, but it is q good deal. We
used to endeavor to pass them ont
again, but now We don't take the trou-
BILE. We.simply separate it from the
silver We send to the bank, and sell it
to broker at a depreciation. 1t has
largely increased lately, and somebody
must be making profit out of it. If
somebody could be induced to refuse
it the thing would quickly stop.
The cashier Of the restaurant in the
Tribune building said: II have good
deal OF it, but manage to pay it out
to the soda water man, or the butcher
or those people. I offer it in change,
too, and if gentleman refuses it I
Immediately give him one without q
hole in. Yes, there are so many of
these punched coins in circulation now
that people are getting down on it, and
they won't have it if they can avoid
it."
w. H. Sweeney. OF Sweeney Brothers,
Nassau street, who do an extensive
business as coin brokers, said: "There
is certainly large amount of coin now
in circulation which is mutilated in
this way, and it is very likely that per-
sons are punching the coins for profit,
but there is another reason to account
for the recent increase. The Govern
ment is drawing silver coin from cir
culation, and all the coins it receives
are unmutilated; therefore, from scar
city of silver coins these mutilated
ones are generally accepted.
Here, You see, customer sends us
s., 900 of silver and out of that $67 is
mutilated. That is about the way it
runs. The percentage was not former
ly so great as that by any means. We
receive this mutilated coinage at de.
probation. and there are one or two
Hebrews to whom we are able to sell
it. They are the only men who will
buy it. If we had to melt it down it
would not pay more than seventy-five
cents on the dollar"
"Are the gold coins much tempered
with?'
"Not in the way you mean. No
body would receive o gold coin with
hole in it unless ct q depreciation, and
this stops the practice. But there is
skillfully filled 800 piece now in cir
oulation. We get them occasionally.
Except that they are q little thicker
than the ordinary pieces no one would
recognize them as counterfeit. Some
of the IS gold coins have been filled,
too, but in different way, and these
will not ring"
us there much sweating of gold
going on now?"
"No; worry little. I have been get
ting gold coin from the bank, and it is
all new. this years coinage. The old
gold has been withdrawn from the
market, and it is deprecated in value
two per cent. The trouble we have is
with bills, in which there is great
scarcity. People will not have coin to
any amount: it is SO inconvenient to
carry abont / NAV say there are not