The Washington times., 1902-03-30
Origin of Mintage of Spec
ial Money Used by Vari-
Gus Dependencies.
THE VALUE OF SILVER COINS
Interesting Historical Statement Pre-
pared by the Division Of Insular At
fairs, War Dspaitment-comparisou of
yalres-Afects the Philippines.

In view of the prominence in Congress
of the subject CT circulating medium
in. the Philippine Islands. the Division of
Insular Affairs, Department CT War, has
prepared the following Interesting ac-
count of the existing coins in CUR Asiatic
archipelago.
The proposition TO provide a silver coin
for the Philippines to take the place of
the Mexican peso, which, for years, has
had an exclusive hold as the coin CT ac-
count in the current trade and traffic
transactions CT the mainland and archi-
polagoes OF Eastern Asia.
The idea Of special coins for colonial
dependencies distinct from these of the
realm is by 10 means new. In fact. it is
as old as the colonial system CT Great
Britain, in the now United States Of
America, ard apparently originated for
use right here On cur own soil within
about five years of the first permanent
fccthcld of the white man on the North
American Continent.
About the year 16l2-15, a coin known as
the ''Hogge Money en- account of that
animal being stamped on it. was issued by
the English Crown in Shiiiings and six
pences for circulation by the Virginia
Compans;-
But two CT the former and one of the
latter coins are known 10 have survived
the lapse OF nearly three centuries, and
are priceless in historical interest.
Nor was this the cnly instance of a
colonial coinage provided by the mother
~ nv rir lot -fO- hos
can subjects.
Fist Mint Established
The first mint. it might be reminiscent
ly added. in the now Urited States was
established by the General Court of Mas
sachusetts at Boston, May q. 1852, in de-
nominations cf shilling, sixpencc, and
threepence, and known as the pine
Tree Money" continued until 1888, when
the mint master, Jchn Hsll, died. and the
mintage coincidently.
Lord Baltimore had shillings. sixpences.
and pennies coined in England for mis-
Maryland Colony in 1851
4 monopoly fer coming tokens for
America was granted by England in f722
They were of a mixed metal resembling
brass. known as the Rose Americana"
coinage, or Woods Money William of
that name Of Wolverhampton. England.
having corner on the coinage, which had
a wide circulation.
AS a commercial transaction the United
States instituted an invasion of the field
of the Mexican peso, with the following
result:
The Trade Dollar.
The coinage act of 1873 provided for the
coinage Of trade" dollar of 42O grains
of standard silver not intended for cir
culation in the United States but for use
in trade with China and the East 1t was
practically simply an ingot of a particu-
lar weight and fneness- The cost of coin
age was met by the person bringing the
bullion to the mints for coinage; unin-
teDtionally however, it became a legal !
tender in the United States to the amount /
of s. with other subsidiary coins of the /
country.
In 1876, through the depreciation of sill !
Yer. The 420 grains in the trade dollar |
fell below 81 gold, which made its circu-
lation Oh the Pacific Coast source of I
proit. This compelled the taking away I
dollar BY act of July % 1876.
III 1877 the trade dollar in the East |
shared the fate of the West BY becoming |
worth less than 81 in currency which was 1
the circulating medium OF that section, !
which necessitated the discontinuance of /
the further coinage by order of the Secre-
taTy OF the Treasury.
Up 10 this time So, 1853, $50 had been
ocined. Nest OF these trade dollars had .
been exported, but large number were
also in circulation in different parts of /
The United States.
Tcc act Of March 3. 1857, which became
o law without President Cleveland's sig
nature. provided for the redemDtion at
par CT all trade dollars presented within
six racnths. OF the whole sum coined 81
6st.t .t36 we're presented and redeemed.
OF taese great number had been re-
irp5-ted from China IN expectation of
this climax of the Government. These
were melted and converted into silver
coin and standard silver dollars.
The conditions which embarrassed the
circulation OF the trade dollar in 1S7i-S
have ceased to exist SO far as The Philip
TiEes are concerned, as the United States
has now the power TO fix the value and
The legal tender quality OF whatever coin
it may sec fit within its own jurisdiction,
with the very logical result OF ultimate
acceptance as coins OF account in the re-
gioEs not dominated by a western naticn.
Exchange in Philippines.
The chief medium OF exchange in the
Philippine Islands is the Mexican silver
dollar (peso) of 4l6 grains Of silver of the
fneness of 902-1000.
in 1897 the Spanish Government issued
q distinctive Filipino peso, which has cir
sulated side by side with the Mexican sill
Ycr dollar. This Filipino peso contain
ng less pure silver than The Mexican
Cellar, is still In circulation, but consti-
-utes only a small percentage OF the
mount OF silver in use in the islands.
The exchange value of the Mexican dol
ar fixed by the Philippine Commission
sas formerly so cents, and is now at The
rae OF 81. 10 for 81 gold.
7 he coins in current circulation in the
are:
Ca Spanish Filipino silver peso.
(b) Mexican dollar
(c) Filipino silver half dollar.
I'D Filipino silver peseta-20 cents
lel Filipino silver half peseta-10 cents.
~ Filipino copper cuartos and centa-
-cs centayo is / cent and a cuarto
l6t Of dollar; ! cuarto is 0.0l 2-S of
dollar; 20 cuartos are ! real Tor 12iE
ents1; reals or 100 centayos, or 100
uartcs, are peso, or duro.
Value of Foreign Ceins.
The value OF foreign coins in occasional
sc not including rates OF exchange is:
l HaiEwan tChina) tael. January /, 1902.
qualed GS cents United States.
l rupee Silver, India, equaled 324 cents
United States.