Summary of the Operations of the Mints and Assay Offices.

The value of the gold and silver deposited at the mints and assay offices of the United States during the fiscal year 1887 was $131,635,811.34. This aggregate, however, but partially measures the successive operations upon the bullion represented by this value. For example, it may be interesting to show the operations by the melters and refiners of the four mints and of the assay office at New York, as measured by the value of the bullion successively operated upon. These may be stated as follows:

Bullion Operated upon by the Melters and Refiners, 1887.

Metal. Standard ounces. Value.

Gold 5,919,878 $110,137,265

Silver 70,764,794 82,344,487

Total value $192,481,752

The operations of the coinage departments of the mints were as follows:

Operations of Coinage Departments, 1887.

Metal. Standard ounces. Value.

Gold 2,632,005 $48,967,440

Silver 61,896,692 72,025,241

Total value $120,992,681

The 1-cent and 2-cent bronze pieces were recoined into 1-cent bronze pieces, and the copper nickel 1-cent, and the 3-cent and 5-cent nickel pieces were used in the coinage of new 5-cent nickel pieces.

Form and Location of the Moneys of the United States and the Bullion awaiting Coinage in the Mints July 1, 1887.

[Exclusive of Minor Coin and Minor-Coinage Metal.]

In Treasury. In National Banks.[26] In other Banks and General Circulation. Total.

METALLIC.

Gold bullion $85,512,270 $85,512,270

Silver bullion 4,091,414 4,091,414

Silver bullion (melted trade dollars) 6,364,236 6,364,236

Gold coin 192,368,915 [27]$98,137,439 $278,501,711 569,008,065

Silver dollar 211,483,970 6,343,213 49,162,934 266,990,117

Subsidiary silver coin 26,977,493 2,813,138 45,757,168 75,547,799

Total $526,798,298 $107,293,790 $373,421,813 $1,007,513,901

REPRESENTATIVE.

Legal-tender notes [28]$28,783,796 $74,477,342 $243,419,878 $346,681,016

Old demand notes 57,130 57,130

Certificates of deposit 310,000 7,810,000 960,000 9,080,000

Gold certificates 30,261,380 54,274,940 36,950,497 121,486,817

Silver certificates 3,425,133 3,535,479 138,582,538 145,543,150

National bank notes 197,046 22,962,737 256,058,005 279,217,788

Fractional paper currency 2,366 564,266 6,380,332 6,946,964

Total $62,979,721 $163,624,764 $682,408,380 $909,012,865

Gold and Silver Coin in the United States November 1, 1887.

Date. Gold Coin. Silver Coin. Total Gold and Silver Coin.

Full Legal Tender. Subsidiary. Total Silver.

Last official statement July 1, 1887 $569,008,065 $266,990,117 $75,547,799 $342,537,916 $911,545,981

Gain subsequent to above statement (estimate) 5,919,808 10,120,040 210,387 10,330,427 16,250,235

Estimate for November 1, 1887 $574,927,873 $277,110,157 $75,758,186 $352,868,343 $927,796,216

Estimate of Coin Circulation July 1, 1887.

Items. Gold. Silver. Total.

Estimated circulation July 1, 1886 $548,320,031 $308,784,223 $857,104,254

Coinage for fiscal year 1887 22,393,279 34,366,483 56,759,762

Net imports 2,311,739 409,151 2,720,890

Total $573,025,049 $343,559,857 $916,584,906

Less deposits of United States coin 516,984 821,941 1,338,925

Used in the arts 3,500,000 200,000 3,700,000

Total 4,016,984 1,021,941 5,038,925

Estimated circulation July 1, 1887 $569,008,065 $342,537,916 $911,545,981

Table showing the Total Paper and Specie Circulation in each of the Principal Countries of the World, and the Amount of Specie in Bank and National Treasuries, and the Amount of Active Circulation.

(Officially Reported in 1884.)

Countries. Population. Total metallic and paper circulation. Amount of specie in national treasuries and banks. Active circulation. Per capita of active circulation.

United States 50,155,783 $1,745,926,755 $534,033,074 $1,211,893,681 $24.16

Great Britain and Ireland 35,246,562 876,318,139 154,182,691 722,135,448 20.49

Dominion of Canada, including Manitoba and Newfoundland 4,506,563 59,596,084 9,111,148 50,484,936 11.22

British India 252,541,210 1,099,383,126 78,358,000 1,021,025,126 4.05

Ceylon 2,758,166 2,335,300 1,273,800 1,061,500 .38

Australia, Tasmania, and New Zealand 2,798,898 96,010,722 48,737,837 47,272,885 16.90

Cape of Good Hope 780,757 38,078,000 8,092,000 29,986,000 38.40

France 37,321,186 1,990,961,912 402,939,754 1,588,022,158 42.55

Algiers 2,867,626 27,567,000 5,564,476 22,002,524 7.67

Guadeloupe 185,460 1,627,750 564,935 1,062,815 5.73

Belgium 5,536,654 186,326,515 17,991,450 168,335,065 30.40

Switzerland 2,846,102 53,180,731 11,609,618 41,571,113 14.60

Italy 28,452,639 533,548,521 69,357,358 464,191,163 16.31

Greece 1,979,423 29,143,000 1,800,000 27,343,000 13.81

Spain 16,625,860 270,812,440 27,223,959 243,588,481 14.65

Cuba 1,394,516 73,043,543 14,181,243 58,862,300 42.21

Luzon 4,450,191 4,198,000 3,765,677 432,323 .10

Portugal, including Azores and Madeira 4,550,699 46,367,680 11,718,874 34,648,806 7.61

Germany 45,234,061 825,473,023 181,706,674 643,766,349 14.23

Austria-Hungary 35,839,428 431,646,314 98,131,401 333,514,913 9.31

Sweden and Norway 6,479,168 43,058,443 12,740,975 30,317,468 4.68

Danish Kingdom 2,096,400 39,228,000 14,070,000 25,158,000 12.00

Netherlands 4,061,580 163,847,949 55,114,112 108,733,837 26.77

Russia 98,323,000 646,431,794 124,008,153 522,423,641 5.31

Turkey 24,987,000 83,315,976 14,520,000 68,795,976 2.75

Roumania 5,376,000 27,372,383 3,995,298 23,377,085 4.35

Mexico 9,557,279 52,048,529 1,763,008 50,285,521 5.26

Central America 2,891,600 4,701,861 4,701,861 1.62

Argentine Republic 2,540,000 71,371,850 14,196,461 57,175,389 22.51

Colombia 3,000,000 5,097,830 200,000 4,897,830 1.63

Brazil 11,108,291 139,871,255 139,871,255 12.59

Peru 3,050,000 14,980,820 1,882,018 13,098,802 4.29

Venezuela 2,675,245 2,682,700 2,682,700 1.00

Chili 2,420,500 32,555,341 2,398,000 30,157,341 12.45

Bolivia 2,325,000 6,908,533 443,597 6,464,936 2.78

Uruguay 438,245 11,587,000 4,601,000 6,986,000 15.94

Hayti 572,000 4,780,000 4,780,000 8.35

Japan 36,700,110 248,744,805 28,486,973 220,257,832 6.00

Hawaiian Islands 66,895 1,834,900 808,200 1,026,700 15.35

9,991,964,524 1,959,571,764 8,032,392,760

World’s Coinage.

Calendar years. Gold. Silver.

1884 $99,432,795 $95,832,084

1885 94,728,008 105,105,299

1886 92,653,400 124,678,678

The value of the United States gold coin deposited for recoinage, principally by the Treasurer of the United States, was $516,984.63, against $393,545.28 in the preceding year.

In addition to the gold bullion both of domestic and foreign production, and the foreign and domestic gold coin deposited, old material in the form of jewelry, bars, old plate, etc., was received containing gold of the value of $2,265,219.85.

The marked increase in the deposits of gold was at the assay office at New York, the value of the foreign gold bullion and coin deposited at that institution during the year being $30,621,006.95, exclusive of fine bars of its own manufacture, of the value of $7,933,743.98, imported and re-deposited.

The value of the foreign gold bullion deposited was $22,571,328.70, against $4,317,068.27 in 1886.

The value of the foreign gold coin received and melted was $9,896,512.28, against $5,673,565.04 in the year preceding.

The value of the total deposits of gold during the fiscal year 1887, including all re-deposits as above cited, was $83,416,779.40, against $49,606,534.65 in 1886, an excess in the year 1887 of $33,810,244.75.

The value of silver bullion of foreign extraction deposited at the mints during the year 1887 was $1,457,406.01.

The value of foreign silver coin deposited during the year was $350,598.86, against $812,664.50 in the preceding year.

The value of the United States silver coin deposited (calculated at the coining rate in silver dollars), not including trade-dollars, was $768,739.32, most of which consisted of worn and uncurrent silver coins transferred from the Treasury of the United States for recoinage.

Trade-dollars were received mostly by transfer from the Treasury of the United States and melted. The bullion contained 5,837,791.87 standard ounces, of the coinage value in standard silver dollars of $6,793,066.89.

Earnings and Expenditures of the Mints and Assay Offices.

The total earnings amounted to $8,842,819.70, and the total expenditures and losses of all kinds to $1,437,442.95. The profits from operations on bullion during the past year amounted to the large sum of $7,405,386.75.

A large portion of these earnings consisted of seignorage or profits on the manufacture of silver and minor coins.

Highest and lowest prices of Gold in New York.

Each month in 1862-1878.

Month. 1862. 1863. 1864. 1865. 1866. 1867.

H. L. H. L. H. L. H. L. H. L. H. L.

January 103¾ 101¾ 160¾ 133⅝ 159⅜ 151½ 234⅜ 197¼ 144¼ 136¾ 137⅞ 132⅛

February 104¾ 102⅛ 172½ 152½ 161 157⅛ 216¾ 196⅜ 140⅝ 135¾ 140⅜ 135⅛

March 102½ 101⅛ 171¾ 139 169¾ 159 201 148⅛ 136½ 124⅞ 140⅜ 133⅝

April 102¼ 101½ 157⅞ 145½ 184¾ 166¼ 154½ 143½ 129½ 125¼ 141⅝ 132⅝

May 104⅛ 102⅛ 154¾ 143½ 190 168 145⅛ 128½ 141½ 125⅛ 138⅞ 135

June 109½ 103½ 148⅜ 140½ 250 193 147⅝ 135¼ 167¾ 137½ 138¾ 136⅜

July 120⅛ 108¾ 145 123¼ 285 222 146⅛ 138⅝ 155¾ 147 140⅝ 138

August 116¼ 112½ 129¾ 122⅛ 261¾ 231½ 145⅛ 140¼ 152⅛ 146½ 142½ 139⅞

September 124 116½ 143⅛ 126⅞ 254½ 191 145 142⅝ 147⅛ 143½ 146⅜ 141

October 133½ 122 153¾ 140⅜ 227¾ 189 149 144⅛ 154⅜ 145½ 145⅝ 140¼

November 133¼ 129 154 143 260 210 148¾ 145½ 148⅝ 137½ 141½ 138½

December 134 128½ 152¾ 148½ 243 212¾ 148½ 144½ 141¾ 131¼ 137⅞ 133

Year 134 101⅛ 172½ 122⅛ 285 151½ 234⅜ 128½ 167¾ 125⅛ 146⅜ 132⅛

Month. 1868. 1869. 1870. 1871. 1872. 1873.

H. L. H. L. H. L. H. L. H. L. H. L.

January 142¼ 133¼ 136⅝ 134⅝ 123¼ 119⅜ 111¼ 110½ 110⅛ 108½ 114¼ 111⅝

February 144 139¾ 136¼ 130⅞ 121½ 115⅛ 112¼ 110¾ 111 109½ 115⅛ 112⅞

March 141¼ 137⅞ 132½ 130⅜ 116⅜ 110¼ 111⅝ 110⅛ 110⅝ 109¾ 118½ 114⅝

April 140⅜ 137¾ 134⅝ 131⅜ 115⅜ 111½ 111¾ 110⅛ 113¼ 109⅞ 119⅛ 116¾

May 140½ 139⅛ 144¾ 134½ 115½ 113¾ 112¼ 111 114⅜ 112⅛ 118⅝ 116⅝

June 141¼ 139⅜ 139⅝ 136½ 114¾ 110⅞ 113⅛ 111¾ 114¾ 113 118¼ 115

July 145¼ 143⅛ 137¾ 134¼ 122¾ 111⅛ 113¾ 111¾ 115¼ 113½ 116⅜ 115

August 150 143½ 136½ 131⅜ 122 114¾ 113⅛ 111⅝ 115⅝ 112⅛ 116¼ 114⅜

September 145⅛ 141⅛ 162½ 129¾ 116¾ 112¼ 115⅜ 112¾ 115⅛ 112⅝ 116⅛ 110⅞

October 140½ 133¾ 132 128¼ 113¾ 111⅛ 115 111½ 115¼ 112¼ 111¼ 107¾

November 137 132 128⅜ 121⅛ 113¾ 110 112⅜ 110⅜ 114¼ 111⅜ 110½ 106⅛

December 136¾ 134⅜ 124 119½ 111⅜ 110⅜ 110¼ 108⅜ 113½ 111⅜ 112⅝ 108⅜

Year 150 132 162½ 119½ 123¼ 110 115⅜ 108⅜ 115⅝ 108½ 119 106⅛

Month. 1874. 1875. 1876. 1877. 1878.

H. L. H. L. H. L. H. L. H. L.

January 112⅛ 110⅛ 113⅜ 111¾ 113¼ 112⅜ 107⅛ 105¼ 102⅞ 101¼

February 113 111⅜ 115⅜ 113¼ 114⅛ 112¾ 106⅛ 104⅝ 102⅜ 101⅝

March 113⅞ 111¼ 117 114⅜ 115 113¾ 105⅜ 104¼ 102 100¾

April 114⅜ 111¾ 115½ 114 113⅞ 112½ 107⅞ 104¾ 101¼ 100⅛

May 113⅛ 111⅞ 116⅜ 115 113¼ 112¼ 107⅜ 106¼ 101¼ 100⅜

June 112¼ 110½ 117½ 116¼ 113 111⅞ 106⅜ 104¾ 101 100⅝

July 110⅞ 109 117¼ 111¾ 112⅜ 111⅜ 106⅛ 105⅛ 100¾ 100⅜

August 110¼ 109¼ 114¾ 112⅝ 112⅛ 109¾ 105½ 103⅞ 100¾ 100½

September 110¼ 109⅜ 117⅜ 113¾ 110⅜ 109¼ 104 102⅞ 100½ 100⅛

October 110⅜ 109¾ 117⅝ 114½ 113¼ 108⅞ 103⅜ 102½ 100⅜ 100¼

November 112⅜ 110 116⅜ 114⅛ 110⅛ 108⅛ 103⅜ 102½ 100½ 100⅛

December 112⅜ 110½ 115¼ 112⅝ 109 107 103⅜ 102½ 100½ 100

Year 114⅜ 109 117⅝ 111¾ 115 107 107⅞ 102½ 102⅞ 100

Note.—Specie payment resumed January 1, 1879, after a suspension of nearly 18 years.

Latest official estimate of the values of foreign coins in the United States, January, 1887.

Country. Standard. Monetary Unit. Standard. Value in U. S. Money. Standard Coin.

Argentine Republic Double Peso Gold and silver 96.5 ⅟₂₀, ⅒, ⅕, ½ and 1 peso, ½ argentine.

Austria S. silver Florin Silver 35.9

Belgium Double Franc Gold and silver 19.3 5, 10 and 20 francs.

Bolivia S. silver Boliviano Silver 72.7 Boliviano.

Brazil S. gold Milreis of 1000 reis Gold 54.6

British Possessions in N. A. Dollar Gold $1.00

Chili Double Peso Gold and silver 91.2 Condor, doubloon and escudo.

Cuba Double Peso Gold and silver 93.2 ⅟₁₆, ⅛, ¼, ½ and 1 doubloon.

Denmark S. gold Crown Gold 26.8 10 and 20 crowns.

Ecuador S. silver Peso Silver 72.7 Peso.

Egypt S. gold Piaster Gold 04.943 5, 10, 25, 50 and 100 piasters.

France Double Franc Gold and silver 19.3 5,10 and 20 francs.

German Empire S. gold Marc Gold 23.8 5, 10 and 20 marks.

Great Britain S. gold Pound sterling Gold 4.86.6½ ½ sovereign and sovereign.

Greece Double Drachma Gold and silver 19.3 5, 10, 20, 50 and 100 drachmas.

Hayti Double Gourde Gold and silver 96.5 1, 2, 5 and 10 gourdes.

India S. silver Rupee of 16 annas Silver 34.6

Italy Double Lira Gold and silver 19.3 5, 10, 20, 50 and 100 lire.

Japan Double Yen Silver 78.4 1, 2, 5, 10 and 20 yen, gold and silver yen.

Liberia S. gold Dollar Gold 1.00

Mexico S. silver Dollar Silver 07.9 Peso or dollar, 5, 10, 25 and 50 centavo.

Netherlands Double Florin Gold and silver 40.2

Norway S. gold Crown Gold 26.8 10 and 20 crowns.

Peru S. silver Sol Silver 72.7 Sol.

Portugal S. gold Milreis of 1000 reis Gold 1.08 2, 5 and 10 milreis.

Russia S. silver Rouble of 100 copecks Silver 58.2 ¼, ½ and 1 rouble.

Spain Double Peseta of 100 centimes Gold and silver 19.3 5, 10, 20, 50 and 100 pesetas.

Sweden S. gold Crown. Gold 26.8 10 and 20 crowns.

Switzerland Double Franc. Gold and silver 19.3 5, 10 and 20 francs.

Tripoli S. silver Mahbub of 20 piasters Silver 65.6

Turkey S. gold Piaster. Gold 04.4 25, 50, 100, 250, 500 piasters.

United States of Colombia S. silver Peso. Silver 72.7 Peso.

Venezuela Double Bolivar. Gold and silver 19.3 5, 10, 20, 50 and 100 bolivar.

Note.—The “standard” of a given country is indicated as follows, namely: Double, where its standard silver coins are unlimited legal tender, the same as its gold coins; S. gold or S. silver, as its standard coins of one or the other metal are unlimited legal tender. The par of exchange of the monetary unit of a country with a single gold, or a double, standard is fixed at the value of the gold unit as compared with the United States gold unit. In the case of a country with a single silver standard, the par of exchange is computed at the mean price of silver in the London market for a period commencing October 1 and ending December 26, 1886, as per daily cable dispatches to the Bureau of the Mint.

TREASURY DEPARTMENT.

Washington, D. C., January 1, 1887.

Values of Foreign Coins.

In accordance with the provisions of section 3564 of the Revised Statutes of the United States, the value of the standard coins of the various nations of the world were estimated by the Mint Bureau and proclaimed by the Department on January 1, 1887.

These estimates, to be followed at the custom-houses of the United States on and after January 1, 1887, in determining the values of invoices expressed in terms of foreign units of account, are shown in the following table (see opposite page):

The average price of silver in London for the period embraced between October 1 and December 26, 1886, was 45.862 pence per ounce, British standard, equivalent at the par of exchange to $1.00535 per ounce fine.

The corresponding value of silver for the three months ending December 24, 1885, was $1.038141 per ounce fine, a decline of $0.03279, a little over three cents a fine ounce.

The depression in the price of silver occasioned a change in the estimated values given the following coins:

Changes in Values of Foreign Coins from 1886 to 1887.

Coins. Value, Jan. 1, 1886. Value, Jan. 1, 1887.

Florin of Austria $0.371 $0.359

Boliviano of Bolivia .751 .727

Sucre of Ecuador .751 .727

Rupee of India .357 .346

Yen of Japan .810 .784

Dollar of Mexico .816 .790

Sol of Peru .751 .727

Rouble of Russia .601 .582

Mahbub of Tripoli .677 .656

Peso of United States of Colombia .751 .727

The monetary unit of Egypt has been nominally changed from the piaster to the pound containing one hundred piasters.

The monetary unit of Ecuador also has been nominally changed from the peso to the sucre, but with no change as to weight or fineness.

In regard to Japan, in the table for 1887 the values of the gold and silver yen were estimated separately, for the reason that while by law the standard of Japan is gold, silver is practically the standard of value, and invoices of merchandise from Japan are generally in terms of the silver yen.

Aggregate Issues of Paper Money in War times.

The following table exhibits the amount per capita issued of the Continental money, the French assignats, the Confederate currency, and the legal-tender greenbacks and National bank notes of the United States.

Population.

Continental money. 3,000,000 in 1780 $119.84

French assignats. 26,500,000 (France in 1790) 343.98

Confederate curr’cy. 9,103,332 (11 Confederate States, 1860) 71.89

Greenbacks and national bank notes. 31,443,321 (United States in 1860). $750,820,228 23.87

Refining (by acids), fiscal year 1887.

Mint or Assay Office. Gross ounces. Gold. Silver. Total value.

Standard ounces. Value. Standard ounces. Value.

Philadelphia. 721,765 190,539 $3,554,912 553,437 $643,999 $4,188,911

San Francisco. 1,506,217 365,970 6,808,744 1,248,071 1,452,300 8,261,044

Carson. 45,447 3,606 67,088 45,665 53,137 120,225

New Orleans. 15,544 4,840 90,046 11,167 12,994 103,040

New York. 3,822,148 764,676 14,226,530 3,005,812 3,497,672 17,724,202

Total. 6,111,121 1,329,631 $24,737,320 4,864,152 $5,660,102 $30,397,422

Value in United States Money, of One Ounce Troy of Gold, at different Degrees of Fineness.

500 Fine $10.33.6

510 ” 10.54.3

520 ” 10.74.9

530 ” 10.95.6

540 ” 11.16.3

550 ” 11.36.9

560 ” 11.57.6

570 ” 11.78.3

580 ” 11.99.

590 ” 12.19.6

600 ” 12.40.3

610 ” 12.61.

620 ” 12.81.7

630 ” 13.02.3

640 ” 13.23.

650 ” 13.43.7

660 ” 13.64.3

670 ” 13.85.

680 ” 14.05.7

690 ” 14.26.3

700 ” 14.47.

710 ” 14.67.7

720 ” 14.88.4

730 ” 15.09.4

740 ” 15.28.7

750 ” 15.50.4

760 ” 15.71.1

770 ” 15.91.7

780 ” 16.12.4

790 ” 16.33.1

800 ” 16.53.8

810 ” 16.74.4

820 ” 16.95.1

830 ” 17.15.8

840 ” 17.36.4

850 ” 17.57.1

860 ” 17.77.8

870 ” 17.98.4

880 ” 18.19.1

890 ” 18.39.8

900 ” 18.60.5

910 ” 18.81.1

920 ” 19.01.8

930 ” 19.22.5

940 ” 19.43.1

950 ” 19.63.8

960 ” 19.84.5

970 ” 20.05.2

980 ” 20.25.8

990 ” 20.46.5

1000 ” 20.67.2

N. B.—When there is an intermediate degree of fineness, a short calculation is necessary. For every one-thousandth, add 2.07 cents per ounce for gold. Thus, one ounce of gold at 992 fine—$20.50.6

Comparison of Expressing the Fineness of Gold in Thousandths, and in Carats.[29]

500 Fine 12.00 Carats

510 ” 12.08 ”

520 ” 12.15 ”

530 ” 12.23 ”

540 ” 12.31 ”

550 ” 13.07 ”

560 ” 13.14 ”

570 ” 13.22 ”

580 ” 13.29 ”

590 ” 14.05 ”

600 ” 14.13 ”

610 ” 14.20 ”

620 ” 14.28 ”

630 ” 15.04 ”

640 ” 15.11 ”

650 ” 15.19 ”

660 ” 15.27 ”

670 ” 16.03 ”

680 ” 16.10 ”

690 ” 16.18 ”

700 ” 16.25 ”

710 ” 17.01 ”

720 ” 17.09 ”

730 ” 17.17 ”

740 ” 17.24 ”

750 ” 18.00 ”

760 ” 18.08 ”

770 ” 18.15 ”

780 ” 18.23 ”

790 ” 18.31 ”

800 ” 19.07 ”

810 ” 19.14 ”

820 ” 19.22 ”

830 ” 19.29 ”

840 ” 20.05 ”

850 ” 20.13 ”

860 ” 20.20 ”

870 ” 20.28 ”

880 ” 21.04 ”

890 ” 21.11 ”

900 ” 21.19 ”

910 ” 21.27 ”

920 ” 22.02 ”

930 ” 22.10 ”

940 ” 22.18 ”

950 ” 22.25 ”

960 ” 23.01 ”

970 ” 23.09 ”

980 ” 23.17 ”

990 ” 23.24 ”

1000 ” 24.00 ”