The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-11-04
MUTILATED COINS.
Punched silver Pieces Driven Out Of Cir

Punched Silver Pieces Driven Out OF Cir
culation by an Unofficial Order.
The punched and mutilated silver coins
whichagere circulated so briskly fol- more
than they were worth a short time ago,
have now become rarity. The placards
of standard values alleged to have been
fixed by government, which were
posted in all public places for
speculative purposes, stopped the exchange
of the mutilated coins for business pur.
poses, but the secretary of the treasury
deemed the authenticity Of the placarded
list of prices the trading public discovered
the fact that the placard was an absurd one
from its own terms In abiding by it the
government might have been compelled to
receive mere rim of dollar silver piece
worth ten or fifteen cents, and pay sixty
five cents for it,
The mutiliated coin might have gone
back into use again after this discovery, but
it has not done So The first effect has been
that the spectators who invented the
scheme to buy 20 or 90 cents of silver for 60
cents have failed in their designs, and at
the United States assay office in Wall
street, on Saturday, an official said that
some bankers were bitten for 4 round sum.
They made hay while the sun shone, and
bought the mutilated coin at from IS to IS
cents on the dollar. But now nobody wants
it, There used to be carried on a large
business among certain exc hange brokers
by buying mutilated coin for 96 to 81 cents
on a dollar and giving it out for 100 cents
The only way for the brokers to rid them
selves of their coin is to take it to the AS
say office and take their pay in fine bars of
silver at Troy weights Erhen the brokers
sell the bars. The effect ofthis compulsory
procedure is that the brokers lose
money, because they have to pay
for the pocket wear of the silver
coins. In selling mutilated coins for
their weight the loss is two-thirds greater
by the abrasion than by the mutation
Two instances of assays of mutilated silver
coin in the assay Office last week illustrate
this. The twenty third street railroad
company. sent to the assay office in one
package 800 in mutlated 5.cent pieces. Ia
ken from the money boxes in the bob-taied
cars. Each coin had from one to four holes
punched in it. Many were so pocket
worn that they had no marks of the die
on either side. Some had been used for
pin or buttons, and others for bangles.
he we ght of these when issued was $3.50
ounces. The loss by punching and abras-
ion was ll.70 ounces and the weight in bars
was 74.2O ounces. The Sl00worth of scent
pieces were therefore worth intrinscally
only ABOUT SIf.
Another lot, of the nominal value OF
5000, was sent to the assay office
by banker few days ago The
weight of the mutilated coin when
issued was $3.50 ounces When weighed
in the assay office it was only 40 ounces,
making a loss of 1910 ounces. For the 5000
on the face of the coin only $il7 was real
lied.
The mutilated coin is flowing steadily and
in constantly larger stream into the assay
office. Some bankers, however, are keep
ing their punched coin in the hope
that the public will eventually begin
to take it again at par value In some
places the mutilated coin is accepted.
but these are few, and places where
large profits are made. When this coin is
accepted the fact is usually advertised at
the doorway. AT the elevated road stations,
at banks, in stores, and mostly everywhere
however, the offer Of mutilated coin is
looked at with establishment. Whole coins
too, are looked at closely in order to dis.
cover whether holes have not been filled
with base metal, Coin-weighing scales arc
i'll the height of fashion.