VALUES OF FOREIGN COINS AND CURRENCIES. 



The following statements show the valuation of foreign coins, as given by the 

 Director of the United States Mint and published by the Secretary of the Treasury, 

 in compliance with the first section of the act of March 3, 1873, vlz: "That the value 

 of foreign coins, as expressed in the money of account of the United States, shall 

 be that of the pure metal of such coin of standard value," and that "the value of 

 the standard coins in circulation of the various nations of the world shall be esti- 

 mated annually by the Director of the Mint, and be proclaimed on the ist day of 

 January by the Secretary of the Treasury." 



In compliance with the foregoing provisions of law, annual statements were 

 issued by the Treasury Department, beginning with that issued on January I, 1874, 

 and ending with that issued on January i, 1890. Since that date, in compliance 

 with the act of October I, 1890, these valuation statements have been issued quar- 

 terly, beginning with the statement issued on January i, 1891. 



The fact that the market exchange value of foreign coins differs in many in- 

 stances from that given by the United States Treasury has been repeatedly called 

 to the attention of the Bureau of Foreign Commerce. An explanation of the basis 

 of the quarterly valuations was asked from the United States Director of the Mint, 

 and under date of February 7, 1898, Mr. R. E. Preston makes the following state- 

 ment: 



"When a country has the single gold standard, the value of its standard coins 

 is estimated to be that of the number of grains fine of gold in them, 480 grains 

 being reckoned equivalent to $20.67 in United States gold, and a smaller number 

 of grains in proportion. When a country has the double standard, but keeps its 

 full legal-tender silver coins at par with gold, the coins of both gold and silver are 

 calculated on the basis of the gold value. 



"The value of the standard coins of countries with the single silver standard is 

 calculated to be that of the average market value of the pure metal they contained 

 during the three months preceding the date of the proclamation of their value in 

 United States gold by the Secretary of the Treasury. The value of the gold coins of 

 silver-standard countries is calculated at that of the pure gold they contain, just as 

 if they had the single gold standard. 



"These valuations are used in estimating the values of all foreign merchandise 

 exported to the United States. The value of the Indian rupee, although calculated 

 according to law at the value of the pure metal contained therein, has a commercial 

 value above the value of the silver bullion; consequently the value for customs pur- 

 poses is determined in each case by the consular certificates attached to the invoice 

 of exports from that country to the United States." 



The following statements, running from January i, 1874, to July i, 1900, have 

 been prepared to assist in computing the values in American money of the trade, 

 prices, values, wages, etc., of and in foreign countries, as given in consular and other 

 reports. The series of years are given so that computations may be made for each 

 year in the proper money values of such year. In hurried computations, the reduc- 

 tions of foreign currencies into American currency, no matter for how many years, 

 are too often made on the bases of latest valuations. When it is taken fhto account 



VII 



