1847.] United States Coinage. 67 



other metals; usually, however, it is alloyed with silver, some- 

 times tin and copper. 



One of the most remarkable characteristics of gold is its great 

 weight, or its high specific gravity. This is clearly perceptible 

 to the senses, but is more correctly determined by weighing. 

 Thus it is found that gold, when compared with water, is 19.3 

 times heavier. If a cubic inch of water weighed one ounce, gold 

 would weigh 19.3 ounces. Notwithstanding the great density of 

 gold, it is still translucent. It sutlers light to pass through it. 

 When gold leaf is held before the eye in sunlight, a beautiful 

 green light is transmitted. 



Gold, as is well known, is yellow. It is the only yellow metal 

 known. When pure, the color is constant, but when alloyed, it 

 changes perceptibly by use. Silver makes it paler, and copper 

 gives it a reddish hue. 



Pure gold is never used for coin. The object gained by alloy- 

 ing it with other metals, is to increase its hardness. 



When pure it may be cut easily with a knife, and hence is sub- 

 jected to a loss by use, and hence, too, it is quite essential that it 

 ■should be alloyed with other metals. This is the less objectiona- 

 ble when it is considered that those metals may be easily and per- 

 fectly separated from the gold again, whenever an occasion re- 

 quires it. 



By an act of Congress, in January, 1837, the quantity of alloy 

 admissable into our gold coins was settled upon the following ba- 

 sis: The eagle was made 900 thousandths fine, and to weigh 258 

 grains, and the half and quarter in proportion; thus making the 

 standard nine-tenths fine. There is an allowed deviation in fine- 

 ness from this standard, for gold, of from 898 to 902. Under this 

 act and regulation, our gold coins have passed concurrently with- 

 out premium in any of our exchanges. The relative value of gold 

 to silver, as established by this act, is as 16 to 1; but it may be 

 considered that circumstances may so influence the relative value 

 of these metals, that there may be a fluctuation varying from 15 

 or 16 to 1. 



The proportion of gold to silver has not been, however, always 

 of this standard. When the mint was established, in 1792, the 

 eagle of the denomination often dollars weighed 270 grains, and 

 the half and quarter in proportion; and their fineness was 917 

 thousandths, or as otherwise expressed, 22 carats fine. This coin- 

 age gave the proportional value of gold to silver as 15 to 1 ; at a 

 rate too low, and hence gold coinage was necessarily restrained. 

 At this value it was constantly exported, and was employed for 

 the manufacture of articles for domestic use. 



Silver, in an almost equal degree, possesses those characteristics 

 which qualify it for performing the functions of a circulating me- 



