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, viz: "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 estimated annually by the Director of the Mint, and be proclaimed on the 1st 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 1, 1874, and ending with that issued on January 1, 1890. Since that date, in compliance with the act of October 1, 1890, these valuation statements have been issued quarterly, beginning with the statement issued on January 1, 1891.

The fact that the market exchange value of foreign coins differs in many instances 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 statement:

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 legaltender 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 Inited States gold by the Secretary of the Treasury. The value of the gold coins of if they had the single gold standard. silver-standard countries is calculated at that of the pure gold they contain, just as

"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 purposes 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 1, 1874, to January 1, 1899, 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 reductions 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 into account that the ruble of Russia, for instance, fluctuated from 77.17 cents in 1874 to 37.4 cents in April, 1897, such computations are wholly misleading. All computations of values, trade, wages, prices, etc., of and in the "fluctuating-currency countries" should be made in the values of their currencies in each year up to and including 1890, and in the quarterly valuations thereafter.

To meet typographical requirements, the quotations for the years 1876, 1877, 1879, 181, 1882, and 1891-95 are omitted, these years being selected as showing the least fluctuations when compared with years immediately preceding and following.

To save unnecessary repetition, the estimates of valuations are divided into three classes, viz: (A) Countries with fixed currencies; (B) countries with fluctuating currencies, and (C) quarterly valuations of fluctuating currencies.

Corrected to April 1, 1899.

7

A.-Countries with fixed currencies.

The following official (United States Treasury) valuations of foreign coins do not include "rates of exchange."

Coins.

Gold-Argentine ($4.82,4) and Argentine; silver-peso and divisions.

Gold-20 crowns ($4.05,2) and 10

crowns.

Gold-10 and 20 franc pieces; silver-5 francs.

Gold-5, 10, and 20 milreis; silver-, 1, and 2 milreis.

sil

Gold-escudo ($1.25), doubloon
($3.65), and condor ($7.30); sil-
ver-peso and divisions.
Gold-2, 5, 10, and 20 colons; sil-
ver-5, 10, 25, and 50 centisimos.
Gold-doubloon ($5.01,7);
ver-peso (60 cents).
Gold-10 and 20 crowns.
Gold-10, 20, 50, and 100 piasters;
silver-1, 2, 10, and 20 piasters.
Gold-10 and 20 marks ($1.93 and
$3.85,9).

Gold-5, 10, 20, 50, and 100 francs;
silver-5 francs.

Gold-5, 10, and 20 marks.
Gold-sovereign (pound sterling)
and half sovereign.

Gold-5, 10, 20, 50, and 100 drach-
mas; silver-5 drachmas.
Silver-gourde.

Gold-5, 10, 20, 50, and 100 lire; silver 5 lire.

Gold-1, 2, 5, 10, and 20 yen.

Gold-10 florins; silver-, 1, and
23 florins.
Gold—$2 ($2.02, 7).

Gold-1, 2, 5, and 10 milreis.
Gold-imperial ($7.718), impe-
rial ($3.80), and 1 ruble; silver-
4., and 1 ruble.
Gold-25 pesetas; silver-5 pese-

tas.

Gold-10 and 20 crowns.

Gold-5, 10, 20, 50, and 100 francs; silver-5 francs.

Gold-25, 50, 100, 200, and 500 piasters.

Gold-peso; silver- -peso and

divisions.

Gold-5, 10, 20, 50, and 100 bolivars; silver-5 bolivars.

In 1874-75 the gold standard prevailed.

The gold standard was adopted Oct. 1, 1892.

(See Consular Reports, No. 147, p. 623.) Values are

still, however, frequently expressed in the florin or gulden, which is worth 2 crowns, or 40.6 cents. 3 Gold standard adopted Oct. 1, 1897. (See Consular Reports, No. 201, p. 259.)

4 See note to table of fluctuating currencies.

5 For an account of the adoption of the gold standard, see Review of the World's Commerce, 1896-97, p. 254.

1 The silver standard prevailed in Austria-Hungary up to 1892.
(see Consular Reports, No. 147, p. 623) established the gold standard.
The Egyptian pound became fixed in value at $4.94.3 in 1887.
The Netherlands florin fluctuated up to the year 1880, when it became fixed at 40.2 cents.

$0.39, 8 .80, 6

.80, 6 .80, 6 4.90

.38, 3

.86, 9 .87,5

.80, 6

.64.5

. 72, 7

85 .85 .85 4.94, 3

. 40, 4

99, 7

.91, 7

.92, 3

85

.68

76,7

The law of August 2 of that year

Bolivia
C. Amer-
ica.

China..

Colombia
Ecuador.
India 1.

Japan 2
Mexico

Persia
Peru...
Russia..

VALUES OF FOREIGN COINS AND CURRENCIES.

C.-Quarterly valuations of fluctuating currencies.

Monetary unit.

Silver boliviano..$0. 45, 5
Silver peso - - - - - -
45, 5

Amoy tael.

Canton tael
Chefoo tael...
Chinkiang tael..
Fuchau tael.
Haikwan tael
Hankau tael.
Ningpo tael
Niuchwang tael..
Shanghai tael
Swatow tael.

Takao tael

Tientsin tael

Silver peso.
.do...

Silver rupee....

Silver yen.
Silver dollar
Silver kran.

Silver sol
Silver ruble

Silver mahbub

Monetary unit.

Jan. 1.

.71,7
.73, 7
71, 9

.70

.70, 8

70, 4

77,2

74, 3 .47, 4 .47,4 . 22, 5 .51, 1 .51,5 .08, 7 47,4

37,9

74,9

.67, 3

71,4

45,5

.45,5

21, 6

49, 1

49,5

.45, 5
.36,4

. 41, 1

1897.

$0.44,1
44, 1

.75, 7

75, 5

.72, 4

.73, 9

.70

.77

. 70, 8 72,8 .71

69, 1

. 69,9

76, 2

73, 4

. 46, 8 46,8 . 22, 2 .50, 5 50,8

.08.6

. 46, 8 .37, 4

68.3

.75, 6

. 65, 2

69,2

44, 1

44, 1

21

47, 6

47,9

.44, 1

.35, 3
39, 8

71, 7

71,5

. 68, 6

.70 1

66, 3

73, 1

.67, 1
. 68, 9
67, 2
65, 5

.66, 2

72, 2
69,5

.44, 3

44, 3
21, 1

$0. 48, 6 $0.48, 6 $0. 49, 1 $0.49,3 $0.49, 7
.48, 6
48, 6
49, 1
49,3 . 49, 7

.75, 1

. 48, 2
.08, 2

.44, 3

.75, 2

41, 2

.19, 6

.80

44, 6 .07, 6 .41, 2

71,8

.76,2

48, 6

48, 6

23, 1 .52,4 .52,8 I .09

. 48, 6 .38,9 .43,8

68,5

68, 3

.65,5

.66, 9
63,4

. 69, 7
.64, 1
.64, 3

65, 9

62, 6

.63, 3

.66

75,9

.66,4 .42.4 .42, 4 .20, 1

80,8

Silver boliviano. $0. 47, 4 $0. 46, 8 $0. 44, 3 $0. 41, 2 $0. 42, 4 $0. 40, 9 $0. 41, 8 $0. 43, 6 $0. 43, 9 $0. 43, 4
Silver peso
.47, 4
46, 5 44, 3
.41, 2
1, 2,

.41, 4

40, 9,

41. 8

43, 6

.43, 9

. 43, 4

.46 .07, 8 42, 4

72,5

1898.

Jan. 1. Apr. 1. July 1. Oct. 1. Jan. 1. Apr. 1. July 1. Oct. 1. Jan. 1. Apr. 1.

.76, 9

49, 1
49,1

. 23,3
52,9
.53,3
09
.49, 1

39,3

44,3

66, 2

.66

. 63, 3' . 64, 6, .61, 2 . 67, 3 .61,9

.63

.62

.60, 4

.61, 1

.66, 6

. 64, 1
40, 9

.40, 9
. 19, 1

.44,4
.07,5
40, 9

.76, 3

.81, 2

.77,3

.49,3

.65

.49, 3

. 23, 4

.53, 2
. 53, 6

. 09, 1

.49, 3
.39,5

44, 5

67, 6 67, 4 64, 6 66 .62, 5

68, 8

63, 2

72,9

.63, 4

.61.7

.62, 4 68 .65, 5 .41, 8 .41,8

.19, 9

45, 4 .07, 7 .41, 8

70, 6

70,4 .67,5 69 .65, 3

71, 8,

66

67,9

66, 2

.64, 5

.65, 2

.71

.76,9

68, 4

43, 6

.43, 6 .20,7

. 81,9

.47, .08 .43, 6

.73, 5

78

. 49, 7
.49, 7

. 23, 6

.53, 2
.54
. 09, 2
49, 7
.39, 8
.44,9

1899.

The commercial value of the rupee to be determined by consular certificate.
2 See footnote, table of fixed currencies.

$0.49 .49

.71

70, 8

67, 9 .69,3

65,6

72,2

66,4

68, 2 .66,5

.64, 8,

.65, 5

.71, 4 . 68, 8 43,9 .43,9

.20, 8

.79, 3

.79

47,7

.08, 1
43,9

75.8

.77.4

73.3

.80,6

.74, 2

.76, 2

.74,3 .72,4

.73, 2

.79.8

.76.8

.49

.49

23, 3

52, 8

.53, 2

.09
49
.39,2
.44, 2

.70, 2 .70 .67.2

. 68, 6 65 .71.4 . 65, 7 . 67, 5 . 65, 9 64 1

. 64,9 .70.7 68 .43.4 . 43. 4 .20,6

.47,2

.08 .43, 4

The following table embraces only such weights and measures as are given from time to time in Consular Reports and in Commercial Relations:

Foreign weights and measures, with American equivalents.

FOREIGN WEIGHTS AND MEASURES.

Do.

Cuadra

Double or metric.

China..

Sarawak.

Siam (Koyan)

Argentine Republic..

Paraguay..

Paraguay (square)

Uruguay

Metric.

British

Russia..

Spain..

Greece.

American equivalents.

4.422 gallons.
7.6907 bushels.
0.02471 acre.
25 pounds.
1.011 pounds.
25.3175 pounds.
32.38 pounds.
25.3664 pounds.
32.38 pounds.
25.36 pounds.
25.4024 pounds.
4.263 gallons.
28 inches.
5.44 square feet.
1.12 pounds.
20.0787 gallons.
11.4 gallons.

100 pounds.

361 12 pounds.

832 grains.

7,096.5 square meters.

0.1 inch.

140 gallons.

5.4 gallons.

529 pounds.
500 pounds.
113 pounds.
575 pounds.
124.7036 pounds.
175 pounds.
300 pounds.

1.3333 (13) pounds.
1.31 pounds.
1.35 pounds.
2.12 pounds.
4.2631 gallons.
117.5 pounds.
110.24 pounds.
110.11 pounds.
112.43 pounds.
113.44 pounds.
93.7 pounds.
123.5 pounds.
110.24 pounds.
220.46 pounds.
14 inches.
3,098 pounds.
2,667 pounds.
4.2 acres.
78.9 yards.
8.077 square feet.
Nearly 2 acres.
35.3 cubic feet.
112 pounds.
2.6997 acres.
1.599 bushels.
Half ounce.

(See Consular Reports, No. 144.)

Among merchants in the treaty ports it equals 1.333 pounds avoir

11