Smyrna times., 1881-11-09
Punched Coins,
THE CURIOUS EFFECT OF AN UNOFFICIAL
ORDER.

L y l.
ORDER.
The punched and mutilated silver coins
which were circulated so briskly for more
than they were worth a short time ago
have now become rarity. The placards
OF standard values allcdged to have been
liked by government which were posted
IN all public places for speculative purposes
stopped the exchange OF the mutilatcd
coins for business purposes. but when the
Secretary of the Treasury denied the au-
thenticity 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 gov
ernment might have been compelled to
receive mere rim of dollar silver-piece
worth 10 or II cents and pay G5 cents for
it.
no RETURN.
The mutilated 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 80 or 95 cents worth of
silver for Go cents have failed in their de-
signs, and at the United States ASSAY office
in Wall street on Saturday an official said
that some bankers were bitten for a nice
round sum. They made hay while the
sun shone and bought the mutilated coin
at from % to IS cents on the dollar But
now nobody wants it, There used to be
carried on a large busines among certain
exchange brokers by buying mutilated
coin for 96 and 81 cents on dollar and
giving it out for 100 cents. The only way
for the broker to rid themselves of their
coin Is to take it to the assay office and
take their pay in fine bars of silver at Troy
weight. Then the brokers sell the bars.
The effect of this 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 mutt
lation.
ASSAYING THEM
Two instances of assays of mutilated
silver coin in the assay office last week
illustrate this. The 23d-street Railroad
Company sent to the assay office in one
package 800 in mutilated five-cent pieces
taken from the money boxec in the bob.
tailed cars Eaon coin had from one to
-four holes punched in it. Many were 50
pocketworn that they had no marks of the
die on either side. Some had been used
for pins or buttons and others for bangles.
The weight of these when issued was s.. 80
ounces. The loss by punching and abra-
sion was 1l.70 ounces and the weight in
bars was 74,20 ounces. The 500 worth
OF five-cent pieces were therefore worth
rntripsically only about $74.
ANOTHER LOT.
Another lot, of the nominal value of
$500, was sent to the assay office by a
banker few days ago. The weight of
the mutilated coin when issued was 5l5. 40
ounces, When weighed in the assay Office
it was only 40 ounces, making a loss of
I5.4O ounces. For the 5000 on the face of
the coin only $447 was realized. 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
coin is usually advertised at the doorway.
AT the elevated road stations, at banks, in
stores, and nearly everywhere, however,
the offer of mutilated coin is looked on
with astonishment. Whole coins, too, are
looked at closely in order to discover
whether holes have not been filled with
base metal. COin-weighing scales are in
the height of fashion.