109 



The half cent, although a legalized coin, need not be included in 

 this Table, because rarely used in money of account, and but few are 

 struck for occasional purposes only. 



The following Table gives the result of the above proportions : — 



Half dollars, 



Quarter dollars. T-w^o to one half dollar, 

 Dimes. Two and one half to one quarter dollar. 

 Half Dimes. Two to one dime, and one for each 



quarter of a dollar, 

 Three cents. One, and two cents, for a half dime. 

 Cents. Three for one 3 cent piece, and two for 



each half dime, .... 100,000 1000 18.5 



The proportions exhibited in the Table "above are the exact equi- 

 valent values of the smaller to the larger pieces; but as some portion 

 is usually retained in payment for purchases, it is evident that an in- 

 definite excess of fractional pieces would exist. It is also certain, that 

 the operations of trade will draw some denominations of coin to one 

 geographical point, and thus deprive another of its due proportion. 

 This condition of the circulatio i will be counteracted, in all proba- 

 bility, by the fact that the larger pieces of coin are those which are 

 usually hoarded, and are thereby withdrawn from circulation, no 

 doubt to a large extent, and thus adding to the excess of the smaller 

 denominations. 



Some change will be developed in their proportionate ratios, by the 

 loss and destruction of the pieces of the smallest denominations, in 

 consequence of their size and small value. Time and the demands 

 of commerce or trade will show when and to what extent this contin- 

 gency will require to be met, which can be done by occasional coin- 

 ages in excess of the particular pieces in demand. 



The operations of the silversmiths will be checked to an indefinite 

 extent in their depredations upon our coin, by the seniorage, but it is 

 to be feared that the present premium on silver is too high to render 

 it as efl?ectual as is to be desired. If a further augmentation takes 

 place, of equal value, our law and our operations will be alike in 

 vain. 



The following Table exhibits the coinage at the Mint of the United 

 States, Philadelphia, since the passage of the laws creating the three 

 cent pieces, and the seniorage upon the silver coin. 



VOL. VI. — Q 



