The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1903-02-06
ABRASION
OF COINS
Only MutiiatiOn
Will Deduct
Value.


Bank of San Francisco TO the First Ma
tional Bank OF Hawaii. received by
Cashier Cooper of the latter institution
yesterday afternoon. sets at rest all
speculation as to whether Hawaiian
coins, abraded In the course of circula-
ton. would be received and paid for at
face value under the Redemption law.
The message read:
There is no limit abrasion through
use. Mutilations barred"
Cashier Cooper of the bank stated
that as he understood the message all
Hawaiian coins abraded through the
wear and tear of general circulation
would be acceptable to the mint au-
thorities and would be paid for at their
face value. But any coins showing
mutilations, such as hicks in the edges,
holes and plugged holes, cuts and
scratches. would not be received at their
face value.
Yesterday the National Bank of Ha-
wall received $500 in silver coin of
various denominations, as follows: DOL
lars, s25, 900: half dollars. $4,000; quar-
ters, 10000; dimes, $1,000. This was the
first shipment of United States money
received to begin the work of redemp-
tion. and during the day up to the close
of the bank at 8 p. m, various banks
had passed over the counter $4,000 in
Hawaiian coins of the denominations OF
dollars and halves, which were pail for
, in United States coins out Of the $50,000.
Cashier Cooper had only the day be-
fore asked for $4,000 in United States
coins and expects this amoIa; to ar
rive in the next shipment from the mint
at San Francisco. Among the first coins
redeemed by this money will be about
se:,c0o worth of Hawaiian coins, con-
! sisting mainly of dollars, halves and
quarters, now held in the Territorial
treasury by Treasurer Kepoikai.
The Hawaiian money will be redeem
ed as fast as possible, depending large
ly On the frequency OF shipments of
United States coins to Honolulu. AS
the Hawaiian dimes are now sold at a
high premium, it is probable that in
view of the quick redemption of the
remainder of the Hawaiian coinage the
quarters will also assume an artificial
value before long.
United States Treasurer Roberts in
structions to the National Bank as to
redemption of the coinage are to receive
| from the Collector of Customs and of
| Internal Revenue, all Hawaiian coins
received by them in payment of dues
to the United States the bank to pay
over similar amounts In American coins
! The Hawaiian coins received by the
bank are to be forwarded by steamer to
the Assistant Treasurer of the United
States in San Francisco, at such oppor-
tunities as may occur, in sums OF $500
or more. Cashier Cooper is authorized
to accept the best rate obtainable from
the steamship companies for the trans
portation of the Hawaiian coins to the
United States treasury in San Fran
cisco, with insurance added. Should the
demand for the exchange Of Hawaiian
coins be greater than the supply of
United States silver coins, the cashier
is authorized to cable for more.
Cashier Cooper Immediately issued to
the local banks the following circular
letter:
Gentlemen: We are prepared to i'm
mediately exchange for you $4,000 Ha-
waiian silver coins for United States
silver. in the following proportion:
$4,000 Standard Dollars.
$3.50 Half Dollars.
$4,000 Quarters.
$3.50 Dimes.
as we have this day received by the
Ventura from the United States Treas
urer $4,000. United States silver. as
follows:
Standard Dollars ...............$2 5, 900 90
Half Dollars ..................1 10000 90
Quarters ................... 10000 90
Dimes ...................... 100000
II you will be good enough to notify
us of the amount OF Hawaiian silver
| hA1 hx, ,,-,tl t41n 10 hA