The home journal. (Winchester, Tenn.) 1858-188?, 1883-05-23
GOVERNMENT PROFIT ON COINAGE.
somo Curious Facts Relating 10 Unre.
deemed Obligations Of the Government.

A considerable source Of profit to the
United States Government is tho 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 in places known to no person
alive. A large quantity Of the coin is
melted to make sterling silverware. Con-
siderable amounts Of both paper money
and coin are exported, never to return.
Not long ago United States bond, Is.
sued about 1919, wns presented at tho
Sub-Treasury in N. Y. City. The interest
on it had ceased over fifty years. II 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.
II would he. Of course, impossible 10
say how much Of this will never be pre-
scnted for redemption, but some idea
may he formed from the fact that ST.
66j Of il was issued 10 long ago that the
date is not recorded II appears in the
report as "old debt" that may safely he
put down as profit.
There is an item Of ss2, $50 Of Treas
ury notes issued prior to 1916. Some Of
them were issued nearly fifty years ago
and will not, in all probability, ever bo
presented for redemption. One thousand
one hundred and four dollars of the Mex
lean indemnity of 1916 has never been
claimed. The last Of the fractional cur
rcncy was issued under the act Of June
6, 1864, yet, although nearly twenty
years have elapsed, $7,077, ,247 has not
been presented for redemption. Some
Of this is held as n curiosity. Some Of it
is still used by banks and merchants for
transmitting small sums by mail. Sew
eral New York banks Lave considerable
sums Of new fractional currency which
they distribute for the accommodation of
their customers.
As to the coin the Government de.
rives considerable profit from it. The
silver III one thousand silver dollars
costs, on IN average about SS0375. The
coinage of silver dollar costs about | /,
cents. The total cost Of 1000 silver
dollars to the Government is therefore
SSlG.25.
| Since the organization of tho Mint, III
1893, 127, 1870, ,6lS silver dollars have been
coined, on which the Government has
received n profit Of over twenty-thrco
millions Of dollars.
In the same period Sl22, ,7jS,5l0 was
coined into half dollars. AT the same
rate of cost for coinage the Government
proited Sl9, ,395, 769 on these. The total
silver coinage of the Government since
1893 is $3i7, ,766, 1872. Estimating the
profit on the halves, quarters, and sub
sidiary coins at the same rnte ms on tht
dollars, the total profit received by III,
Government on its silver coinage ha'
been about sixty-four millions OF dollars
In the coinage of the five-cent nickol
the Government reserved to itself TIN
liberal profit of nearly so per cent
This gave to the Government last yea
the handsome revenue of over $1,000
from nickels alone. The wide margin
between the intrinsic.value of the five
cent nickel and its face value led to ex
trcme counterfeiting.
Several years ago an nssay was mad'
Of some of the counterfeit nckels, and i
was discovered that the counterfeiter
had put into their coins more yalnabl,
metal than the Government uses in max
ing the genuine coins.