Morning journal and courier., 1881-06-25
Dealers in Punched Coin.
The Business of s'COin Shavers''-Muttl- ated Treasure-trOves in CtrculatiOn- Trinkets for Mexican Greasers.

The Business of ''Coin shavers''-Mutii- ated Treasure-trOves i'm CirculatiOn-- Trinkets for Mexican Greasers.
 From the New York Worldl
 The large amount of punched and mutilat- ed silver coin in circulation is attracting the attention of the United States Treasury of ficials, who have determined to make an in vestigation with a view to ascertain whether the mutilation is done for profit or whether it is a result of the resumption of specie pay ments. Before the resumption thousands of coins were worn on watch chains as charms, and many others were made into sleeve but tons and other articles of personal adorn- ment. Now that silver money is so common the coins are circulated again. Dealers in coin say that the proportion of punched and otherwise mutilated pieces is larger than ever before. One broker on Nassau street receives $50 to $500 worth weekly, mostly from country customers. He sells them at a dis count of per cent. Another broker, who buys mutilated coins at $1 per ounce, which is about 20 per cent. below their face value, melts them into bullion bars. The holes in the dollars, halves and quarters are gener- f ally uniform in size and look as though they had been punched by machine. Mir Sweeney an experienced broker, thinks that the mutilators can get about cents to the dollar out of dollars, halves and quarters and trifie more out of the smaller coins. To dispose of these at discount of per cent
 is comparatively easy, and thus profit Of per cent. is made Peddlers and others whose dealings are altogether Tn small change
 find no difficulty in passing punched colns, and many of them buy large amounts weekly at or 3 per cent. discount. One silver broker who has a large Cuban, Mexican and South American business, says that the peo- ple of those countries use American silver largely and are fond of adorning themselves with it on account of it's beauty. In Mexico the ssgreasers" and rancheros use the coins for buttons, nail them to their sad dles string them around their hat bands and use them in every con- ceivable way as ornaments. When necessity compels the sacrifice, these ornaments get back into circulation scared and mut1lated Tn every way, and eventually drift back to America One dealer down town is making money fast by buying punched coins at per cent. off and selling those he cannot pass at per cent of, after plugging up the holes with base metal. Some of the government officials are of the opinion that law should be passed prohibiting all traffic in punched or mutilated coins except ny weight and for melting. This would stop the punching pro- cess for profit, as silver will not sell for near it's face value by the ounce. The complaints that certain agents of the elevated railroads were giving out punched coin in change reached the company yesterday. Mr. Geo. D. Davis, the cashier, said that the men were instructed to refuse all muGllAt0Q cOluS, duu that as they did not receive them he could not see how they could pay them out. Once in while. in a rush, he supposed, they took in coin with hole in it and got rid of it as soon as they could. It would not pay them, however, to buy the silver at discount of 5 per cent, even, for they did not handle enough of it. He did not receive $2o in punched silver in $2o,OOo. When any did come into the office it never went back on the road. The law in relation to the mutilation of coins United States
 Revised Statutes, section ,459) reads 'tEv- cry person who fraudulently, by any art, way or means, defaces, mutilates, diminishes, | falsifies, scales or 1ightens the gold and sil- yer coins which have been or may hereafter 1 be coined at the hints of the United States or any foreign gold or silver coins that are by law made current or are in actual use ard l circulation as money within the United States l shall be imprisoned not more than two years | and fined not more than $2 GOO. ''-
 1 The clause relative to foreign coin is inop-
 eratise. since it goes to the Assay Office to be l melted as soon as 1t arrives. In fact, the l law seems to be dead letter altogether, for l there are thousands of coins in circulation stamped with names and addresses of busi- I ness houses. In gold coins there is not so