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Report of the Director of the Mint

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Report of the Director of the Mint Fiscal Year Ended June 30, 1925 REPOET OF TEE DIEECTOR OF THE MINT TREA:SURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. C, September 15, 1925. SIR: In compliance with .the provisions of section 345, Revised Statutes of the United States, I have the honor to submit herewith a report covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1925, being the fifty-third annual report of the Director of the Mint. There is also submitted for publication in connection therewith the annual report of this bureau upon the production and consumption of the precious metals in the United States for the calendar year 1924. OPERATION OF THE MINTS AND ASSAY OFFICES INSTITUTIONS OF THE MINT SERVICE Eleven mint service institutions operated throughout the fiscal year ended June 30, 1925: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which makes large sales of fine gold bars; mints at New Orleans and Carson City conducted as assay offices; and assay offices at Boise, Helena, Dead- wood, Seattle, and Salt Lake City. The seven last-named institu­ tions are, in effect, bullion-purchasing agencies for the large institu­ tions, and also serve the public by making, at nominal charge, assays of ores and bullion. Electrolytic refineries are operated at the New York, Denver, and San Francisco institutions. ' COINAGE During the past fiscal year the output of domestic coin totaled 190,443,558 pieces, as compared with 262,178,080 pieces during the prior fiscal year. The requirement for coins below the dollar was materially less, permitting increase of the stock of gold double eagles as well as a larger coinage of silver dollars from bullion pur­ chased under the act of April 23, 1918. Gold coins were made at all three of the coinage mints, Philadelphia, San Francisco, and Denver, to a total value of $250,335,000. Silver dollars were made at Philadelphia and San Francisco to a total value of $18,308,000. The value of the subsidiary silver coin executed totaled $8,221,404, and minor coin $1,746,540, giving a total value of domestic coinage executed of $278,610,944, as compared with $180,088,460 for the prior fiscal year. Coin for foreign governments made at the Phila­ delphia Mint totaled 8,223,000 pieces for the Governments of Poland, Peru, Guatemala, and Venezuela, and at the San Francisco Mint 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1925 674 REPORT ON THE FIN'ANCES 4,500,000, pieces for Salvador, giving a total number of pieces for foreign governments of 12,723,000. The grand total of pieces executed during the year was 203,166,558, which compares with the total during the prior fiscal year of 271,810,276 pieces. GOLD OPERATIONS Gold acquired by the Government at the several mint service institutions during the fiscal year 1925 totaled $211,053,392.16. United States gold coin received by the mints for recoinage amounted to $1,812,397.95; transfers of gold between mint offices totaled $12,815,552.16; and the aggregate amount of gold received by the several mint service institutions during the fiscal year 1925 was $225,681,342.27. SILVER OPERATIONS Receipts of purchased silver during the fiscal year 1925 totaled 3,325,201.78 fine ounces, of which 298,159.77 fine ounces were Pittman Act silver, costing $1 per ounce. The average cost of other purchased silver was 68 cents per ounce, total cost being $2,058,520.67 for 3,027,042.01 fine ounces. Silver received in exchange for bars bearing the Government stamp totaled 1,481,747.75 fine ounces; United States silver coin received for recoinage totaled 1,764,223.72 fine ounces, the recoinage value being $2,438,452.07; silver deposited in trust by other governments totaled 2,515,635.23 fine ounces; and transfers between mint service offices totaled 1,334,103.53 fine ounces, making the aggregate quantity of silver received by the several mint service offices during the fiscal year 10,420,912.01 fine ounces. Deliveries of silver purchased under the act of April 23, 1918,. were completed on or before October 1, 1924. Approximately 18,000,000 silver dollars remain to be coined from the silver pur­ chased under this act. The New York market price of silver during the fiscal year ended June 30, 19^5, averaged $0.68813; the lowest price was $0.66125, on July 1, 1924; and the highest price $0.72375, on October 9, 1924. REFINERIES The three refineries—at New York, San Francisco, and Denver— were in operation throughout the year, reducing the large quantities- of unparted and unrefined bars into usable gold and silver bullion. Production of electrolytically refined gold totaled during the past fiscal year 3,319,076 ounces, as compared with 3,925,962 ounces dur-^ ing the fiscal year 1924. Electrolytically refined silver totaled 5,293,985 ounces, as compared with 6,616,817 ounces during the fiscal year 1924. COMMEMORATIVE COINS AND MEDALS The last session of Congress authorized the issue of six commemora­ tive coins—one quarter eagle and five silver half dollars. The issue of a commemorative silver medal was also authorized. Since 1914 the authorizations of commemorative coins have included 6 gold coin^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1925 1. MEMORIAL HALF DOLLAR—STONE MOUNTAIN 2. MEMORIAL HALF DOLLA R—LEX I NGTON-CONCORD SESQUICENTENNIAL 3. MEMORIAL M EDAL—NO RSE-AM ERICAN CENTENNIAL Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1925 DIRECTOR OF THE MINT 575 and 15 silver half dollars. Commemorative coins have become so numerous that the interest of the general public in them appears to be comparatively small. The quantities authorized by Congress are seldom made, and of those actually made considerable quantities are returned to the mints for melting because the organizations having in charge their distribution are unable to dispose of them. Numerous issues of commemorative or ^'souvenir^' coins also have a tendency to add to the difficulties of maintaining the integrity of the circulating medium. Two commemorative coins and one medal were issued during the year under review, as follows: The Stone Mountain half dollar was issued in commemoration of the commencement of the work of carving on Stone Mountain, in the State of Georgia, a monument to the valor of the soldiers of the South. The obverse of the coin shows equestrian figures of Gen. Robert E. Lee and Gen. Thomas J. (Stonewall) Jackson reviewing the Con­ federate armies. The motto, ^'In God We Trust'' appears at the top of the coin, and to the left the legend '^Stone Mountain, 1925.'' The reverse bears an eagle, emblematic of liberty, poised on a mountain crag, with a background of stars dimly visible, together with the inscriptions ^'United States of America," ^^E Pluribus Unum," and the denomination of the coin. Five millions of these pieces were authorized. The design is the work of Gutzon Borglum. The Lexington-Concord half dollar was issued in commemoration of the one hundred and fiftieth anniversary of the Battle of Lexington and Concord. The obverse of the coin shows a figure of the Minute Man. The motto ^'In God We Trust" with other usual legends appears on the obverse. At the base of the obverse of the coin the words ^'Patriot Half Dollar" appear. The device used on the reverse is a representation of the old belfry at Lexington, with the inscription ''Lexington-Concord Sesquicentennial, 1775-1925." Three hundred thousand of these pieces were authorized. The designs were executed by Chester Beach. ^ The Norse-American medal, issued in lieu of a coin, is commemora­ tive of the arrival in the United States of the first shipload of Norse immigrants. The obverse bears the figure of«a Norseman stepping ashore on the American Continent. In the background appears a Viking ship, and above the inscription ''Norse-American Centennial 1825-1925." The reverse shows a viking'ship in full sail. Above the inscription '^ Authorized by Congress of the United States of America" appears, and below the inscription ''A. D. 1000," which is the year in which the Norsemen are supposed to have landed on the mainland of America. The medal is executed in silver and is octagonal in form. The issue of 40,000 medals was authorized by Congress. The design was executed by James E. Eraser. STOCK OF COIN AND MONETARY BULLION IN THE UNITED STATES On June 30, 1925, the estimated stock of doniestic coin in the United States was $2,025,682,976, of which $1,220,149,927 was gold, $522,061,078 standard silver dollars, and $283,471,971 subsidiary silver coin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1925 576 REPORT ON THE FINANCES The stock of gold bullion in the mints, assay offices, and Federal reserve banks on the same date was valued at $3,166,045,914, a reduction during the year of $241,707,562; the stock of silver bullion wasl7,620,761.18 fine ounces, a reduction of 15,034,311.06 fine ounces. PRODUCTION OF GOLD AND SILVER Domestic gold production during the calendar year 1924 exceeded that of the four prior years, the total being $52,277,000, as compared with451,734^000 in .1923.
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