Page. Seigniorage on coinage should accrue to the Govern- ment, Various ratios considered, Probable result of coining silver dollars, - 120 125 GENERAL SUMMARY OF THE MOVEMENTS of Silver, USE OF SILVer for Purposes of MANUFACTURE, NATIONS AND POPULATIONS UNDER THE THREE SYS- COINS OF THE UNITED STATES, AUTHORITY FOR COIN- ING AND CHANGES IN WEIGHT AND FINENESS, MONEY AND LEGAL TENDER IN THE UNITED STATES. CHAPTER I. BRIEF EXPLANATION OF TERMS COMMONLY USED IN TREATING OF BULLION, MINTS, COINAGE, AND MONEY. A SSAYING.-Chemical analysis of metals or ores. This term, as employed in reference to mints and coinage, refers particularly to the processes for determining the component parts and relative proportions of a mixed alloy of gold and silver, or of the various alloys used for the manufacture of minor coins. Refining.-Extraction of base from precious metals; usually performed by the aid of heat and oxidizing fluxes. Parting-The separation of gold and silver when the two metals compose an alloy, either native or artificial, for the purpose of obtaining the metals respectively in the form of fine bars. This is accomplished, first, by dissolving the silver with acids and subsequently precipitating; or, second, by converting silver into a chloride by heat and chlorine gas, and then reducing the chloride to a metallic state. Alloying-Compounding two or more metals together in suitable or legal proportions for coinage. Gold and silver are alloyed with copper for standard coins, and alloys are variously made of nickel and copper, or of copper, tin, and zinc for minor coins. Fine Bars.-Gold or silver bars resulting from the operations of parting and refining. Bars containing 99 per cent. of pure metal are generally considered as fine bars. Unparted Bullion.-Gold containing silver, or silver containing gold, which has not been subjected to the parting operation. Amalgam.-Gold or silver extracted from ores or other substances by the use of mercury, and left in a porous or spongy condition when the mercury is removed by distillation. Fineness.-A term indicating the proportion of pure metal contained in a piece of gold or silver. Fineness is expressed in thousandths: that is, pure metal is 1000 fine. United States coin is 100% fine, or, decimally, .900 fine. Fineness is estimated by jewelers and workers in the precious metals by "carats," pure metal being 24 carats. Thus, 22 carats, the British standard for gold coins, is 24, or, decimally, .916 fine. Deposit-Melting.—The operation of melting a deposit of gold or silver at the mint to secure a homogeneity of metals preliminary to taking a sample for assaying. Remedy of the Mint.-The legal variation allowed from the fineness and weight prescribed by law for the coins. Trial of the Pyx.-The annual test, made by special commissioners, of the fineness and weight of coins reserved from each delivery of coin by the coiner to the superintendent. These coins are known as Pyx Coins because kept in a pyx, or chest. Refractory Bullion.—Gold or silver bullion which contains a small percentage of lead, tin or antimony, and which is therefore too hard or brittle to roll, cut or stamp, with facility. Wastage. The amount of gold and silver lost in the processes which the metals undergo preparatory to striking the coins. This "wastage" by law must not exceed a certain percentage of the gross amount of metals worked. |