The home journal. (Winchester, Tenn.) 1858-188?, 1883-07-11
GOVERNMENT PROFIT on COINAGE.
Some Curious Facts Relating TO Unre-
deemed Obligations OF the Government.

A considerable source Of profit to the
United States Government is the amount
OF paper money and coin which is never
presented for redemption. Much Of this
is destroyed by fire. Some Of it is buried
or hid III places known to no person
alive. A large quantity of the coin is
melted to make sterling silycrware. Con
siderable amounts OF both paper money
aud coin are exported, never TO return.
Not long ago a,Unitcd States bond, is
sued about 1919, was presented at the
Sub Treasury in n. Y. City. The interest
On 1t bad ceased over fifty years. 1t had
come back from Europe through Barring
Brothers.
The outstanding principal Of the pub
lie debt Of the United States last year
was nearly two billions Of dollars, chiefly
represented by bonds and Treasury
notes.
1t would be, Of course, impossible to
say how much Of this will never be pre-
scented for red mplion, but some idea
may be formed from the fact that ST.
GGJ Of it was issl Il so long ago that the
date il not recorded. 1t appears in the
report as "old debt that may safely be
put down us profit.
There is an item Of $50, j25 Of Treas
ury notes issued prior to 1916. Some Of
them were issued nearly fifty years ago
and will not, in all probability, ever be
presented for redemption. One thousand
one hundred and four doliaTs of the Meg
Jean indemnity Of 1916 has never been
claimed. The last OF the fractional cur
raucy was issued under the act Of June
6, 1861, yet, although nearly twenty
years have elapsed, .T0772l7 has not
been presented for redemption. Some
If this is held as a curiosity. Some Of it
Is still used by banks and merchants for
transmitting small sums by mail. Sew
clal New York banks have considerable
sums Of new fractional currency which
they distribute for the accommodation Of
their customers.
AS to the coin the Government de-
Iiyes considerable profit from it. The
liver in one thousand silver dollars
costs, on aaypmgc about SSO375. The
coinage Of silver dollar costs about l.
cents. The total cost Of 1000 silver
dollars to the Government is therefore
s>lG.2j.
Since the organization Of the Mint, in
1893, 1877 100, GlS silver dollars have been
coined, on which the Government has
received profit Of over twcniy-thrrc
millions Of dollars.
In the same period 500, 75S,510 was
coined into half dollars. At the same
rate OF cost for coinage the Government
prolited so, 395, 100 on these. The total
silver coinage of the Government since
1893 is $3l7, 7GG, 792. Estimating the
profit On the halves, quarters, and sub
siliary coins ut the same rate as on the
dollars, the total profit received by the
Government ON lis silver coinage has
been about ,iyiy-four millions of dollars.
In the coinage OF the iivc-cent nickcls
the Government reserved TO itself the
liberal profit Of nearly 50 per ccnt.
This gave to the Government last wear
the handsome revenue Of over 800. 600
from nickcls alone, The wide margin
between the intrinsic value Of the five
cent nickel aud its face value led to ex-
IRENE COmtcricltlng.
Several years ago an assay was made
oi some Of the counterfeit nickcls, and it
was discovered that the coumtnricitcrs
had put into their coins more valuable
metal than the Government uses in maxi
lug the genuine coins.