The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-06-15
MUrILATED COIN.
Large Amount or 1t CIrculated-SOme-
body Making n Profit OF Three Per
Cent by Punching silver Coins

body Making n Profit OF Three Pei
Cent by Punching silver Coins
New YORK, June 1.-THE large amount
of punched and mutilated silver coin in
circulation is attracting the attention oi
the United States Treasury officials, who
have determined to make an investigation
with view to ascertaining whether the
mutilation is done for profit, or whether il
| is 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 shade into
| sleeve buttons and other articles of per
sonal adorument. Now that silver money
Is so common the coins are circulated
again. Dealers in coin say that the pro-
portion of punched and otherwise mutt
lated pieces is larger than ever before. One
broker in Nassau street receives from
$3.50 to $500 worth weekly, mostly from
country customers. He sells them at q
discount of two per cent. Another broker,
who buys mutilated coin at 81 per ounce,
which is about twenty per cent below
their face value, melts them into bullion
bars. The holes in the dollars, halves
and quarters are generally uniform in
size, and look as though they had been
punched by a machine. An experienced
broker thinks that the mutilators can get
about five cents to the dollar out of dollars,
halves end ora tiers, and a trihe more out
of the smaller coins. To dispose of these
at discount of two per cent is compare
lively easy, and thus profit of three per
cent is made. PeddIers and others whose
dealings are altogether in small change
findno difficulty in passing punched coins,
and many of them buy large amounts
weekly at two or three per cent discount.
One silver broker, who has q large
Cuban, Mexican and South Ameri-
can business, says that the people of those
AToari0ar Ei1Unr laFoolyy an6
are fond of adorninG themselves with it on
account of its beauty. In Mexico the
greasers and rRncheros use the coins for
buttons, nail them to their saddles, string
them around their hatbands and use them
in every conceivable way as ornaments.
When necessity compels the sacrifice
these ornaments get back into circulation
SCARED and mutiisted in every way, and
eventually drift back into America One
dealer down town is making money fast
by buying punched coins at 5 per cent off
and selling those he cannot paes at 2 per
cent off, after plugging up the holes with
base metal. Some of the Government of
be passed prohibiting all traffic in punched
or mutilated coins except by. weight aad
for melting, This would stop the punch
ing process for profit, as silver will not
sell for near it's face value by the
ounce. The complaint that certain
SCENTS of the elevated railroads were
giving out punched coin in change reached
the company yesterday. Mr.. George d.
Davis, the cashier, said that the men were
instructed to refuse all mutilated coins,
and that as they did not receive them he
did not see how they could pay them out.
Once in a while, in a rush, he supposed,
they took in coin with q hole in it and
got rid of it as soon as they could. 1t
would not pay them, however, to buy the
silver at discount of five per cent even,
for they did not handle enough of it. He
did not receive $50 in punched silver in
$4,000. When any did come into the Of
fee it never went back on the road. The
law in relation to the mutilation of coins
reads: Every person who fraudulently by
any art, way or means, defsces, mutilates,
diminishes, f8lsifies scales or lightens the
gold and silver coins which have been or
may hereafter be coined at the mints of
the United States or any foreign gold and
silver coins that are by law made current
or are in sctual use and circulation as
money within the United States, shall be
imprisoned not more than two years and
fined not more than s., COO"
The clause relative to foreign coin is mop
erative, since it goes to the Assay office to
be melted IS soon as it arrives. In fact,
the law seems to be dead letter altogeth-
er, for there are thousand of coins in cir
culation stamped with names and address
ses of business houses. In gold coins
there is not so much mutilation, but still
many thousands that have served for
years as ornaments are now once more in
circulation. They are received at the Sub
Treasury by weight only and mutilated
silver coins are not received at all.