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

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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^

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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

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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.

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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. The,output continues at• approximately half of that for the record year 1915, when the total was $101,035,700. Silver of domestic production during 1924 totaled 65,407,186 fine ounces, valued at $43,822,814; this compares with 73,335,170 fine ounces, valued at $60,134,839, for 1923, and with the record produc­ tion of 1915, 74,961,075 fine ounces, valued at $37,397,300.

INDUSTRIAL CONSUMPTION OF GOLD AND SILVER Gold consumed in the industrial arts during the calendar year 1924 is estimated at $65,887,851, of which $37,913,310 was new material. Silver used in the arts is estimated at 33,594,816 fine ounces, of which 24,664,236 fine ounces was new material. As compared with the prior year, gold consumption decreased about $3,400,000 and silver consumption decreased about 3,200,000 ounces.

IMPORT AND EXPORT OF DOMESTIC GOLD COIN The net export of domestic gold coin during the fiscal year ended June 30, 1925, was $107,910,658; during the prior fiscal year there was net import of $19,183,640. During the 11 fiscal years 1915- 1925, since the opening of the World War, there has been a net export of $889,103,715. Since 1870 the net export of domestic gold coin has been $1,766,752,779 as per tabulation Dy fiscal years, which may be found in another section of this publication.

APPROPRIATIONS, EXPENSES, AND INCOME Appropriations available for mint service during the fiscal year 1925 totled $1,692,853 and reimbursements to appropriations for services rendered amounted to $165,954.39, malting a total of $1,858,807.39. Expenses amounted to $1,846,646.36, of which $1,815,611.13 were chargeable to appropriations and $31,035.23 chargeable to income. The income realized by the Treasury from, the mint service aggre­ gated $9,108,120.73, of which $8,168,849.96 was seigniorage. The seigniorage included $4,142,765.86 on the coinage of silver dollars, which amount offsets an equal loss which was incurred when the silver dollars were melted and sold under terms of the Pittman Act. The seigniorage on subsidiary silver coin was $2,897,262.31; on nickel coin, $392,103.39; and on bronze coin, $736,718.40. Summary of appropriations, expenses, and balances, fiscal year 1925

Contingent Freight Items Salaries Wages expenses on bullion Total

Appropriations $307,660. 00 $1,054,203.00 $325,990. 00 $5,000. 00 $1, 692,853. 00 Earnings credited to appropriations. 120,005.20 45,949.19 165,954. 39 Total available. 307,660. 00 1,174,208.20 371, 939.19 5, 000. 00 1,858,807. 39 Expenses 296,820. 36 1,156,566.64 357,351. 54 4,872. 59 1,815,611.13 Unexpended balances.. 10,839. 64 17,641. 56 14, 587. 65 43,196.26

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DIRECTOR OF THE MINT 577

DEPOSITS OF GOLD AND SILVER, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1925 The number and value of deposits, transfers, gross income, and ex­ penses for the fiscal year 1925, and the number of employees on June 30, 1925, at each institution, are shown in the following table:

Num­ Num­ ber of ber of Em­ depos­ mint ploy­ Coining value Gross . Gross Excess of in­ Institutions its of serv­ of gold and sil­ ees income expense come (+) or gold ice ver received i ofexpenses(—) June and trans­ 30, silver fers 1925

PhUadelphia 9,231 969 $13,826, 055. 71 $6,909,063.97 $862,173. 00 +$6, 046,890.97 373 San Francisco 10,224 698 36,236, 267. 04 1, 009, 524. 52 317,138.00 +692,386.52 132 Denver _. 3,341 450 12, 084, 518.11 655,906. 05 222,134.68 +433,771. 37 87 New York 16,625 572 150,447, 596. 73 523,918.25 339,510. 34 +184,407.91 128 New Orleans...... 379 1 568,127.78 563.17 12,160. 34 -11,697.17 6 Carson City 304 160, 211.41 667. 22 5,602.66 -4,935.44 3 Boise 524 265,171. 02 ^ 4,109. 66 •7,338.46 -3,228. 80 4 Helena 507 393,568.42. 941.86 6,872.14 -5,930.28 3 Deadwood 16 12, 533.10 448.17 5,604.16 -5,155. 99 3 Seattle 1,658 2 5,826,817. 57 2, 276. 67 25, 541. 71 -23,265. 04 11 Salt Lake City 146 114,439. 59 701.19 4, 305.17 -3,603.98 2

Total field..-. 42,955 2,692 219, 935, 306.48 9,108,120. 73 1,808,380.66 +7,299,740.07 752 Mint bureau 38, 265. 70 -38, 265. 70 14

Grand total.. 42,955 2,692 219, 935, 306. 48 9,108,120. 73 1,846,646. 36 +7,261,474. 37 766 Fiscal year 1924 62, 255 3,103 525, 512,344. 02 8,616,444. 37 1,848,461.41 +6,767,982.96 762

1 Gold valued at $20.67 per fine ounce; silver for,standard dollars valued at $1.29 per fine ounce; and silver • or subsidiary coin at $1.38 per fine ounce.

COINAGE Details of the coinage executed during the fiscal year ended June 30, 1925, are given below: Domestic coinage of the United States mints during the fiscal year 1925

Total Denominations Philadelphia San Francisco Denver Value Pieces 0 GOLD

Double eagles $85, 535, 000.00 $89,910,000.00 $74, 890,00b. 00 $260,336,000.00 12,516,760

SILVER

Standard dollars 16,580,000.00 1,728,000.00 18, 308,000.00 18, 308,000 Half dollars, Stone Mountain 1,157, 354,50 1,167, 354. 60 2, 314,709 Half dollars, Lexington-Con­ cord 81,049.50 81,049.60 162 099 Quarter dollars 2,478,000.00 715,000.00 778,000.00 3,971, 000.00 15,884,000 Dimes 2, 255,000. 00 116,000.00. 641, 000.00 3,012,000.00 30,120,000

Total silver 22, 551, 404.00 2,559,000.00 1,419,000.00 26, 629,404.00 66,788,808

MINOR

5-cent nickels 689, 200. 00 71,850.00 32,900.00 793,960.00 15,879,000 1-cent bronze 830,630.00 60,960.00 61, 000. 00 • 952,590.00 95, 269,000

Total minor .. . . 1,519,830.00 132,810. 00 93,900.00 1,746, 640.00 111, 138,000

Total value . . 109, 606, 234.00 92, 601,810. 00 76, 402,900.00 278, 610,944.00 Total nieces 152,642,658 17,776,600 20,024,600 190, 443,658 Prior fiscal year, total value.. $72,901, 660.00 $39, 391,900.00 $67,795,000.00 $180,088,460.00 Prior fiscal year, total pieces 214, 328,830 39, 473,000 8, 376, 260 262,178,080

60501—FI 1925t 37

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578 KEPORT ON THE FINANCES

Coinage for other countries by the United States mints, fiscal year 1925 Struck at Philadelphia Mint: Pieces Poland, 2 zlote, silver _._ 5, 160, 000 Peru, un sol, silver _. 253, 000 Guatemala, 1 quetzal, silver 10, 000 Venezuela, 5 centimo, nickel^ 2, 000, 000 Venezuela, 123^ centimo, nickel 800, 000 Struck at San Francisco Mint: San Salvador, 5 centavos, nickel 3, 000, 000 San Salvador, 10 centavos, nickel 1, 500, 000 , Total foreign _... 12,723,000

ISSUE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION

' The value of the fine gold bars issued in exchange for gold coin and bullion monthly by the United States mints at Philadelphia, San Francisco, and Denver, and the assay office at New York, during the fiscal year 1925 was as follows:

EXCHANGED FOR GOLD COIN OR GOLD CERTIFICATES

Months Philadelphia San Francisco Denver New York Total

1924 July.. $75,426.15 $15, 263. 69 $2,820,310.17 $2,911,000,01 August 159,489.97 25, 290. 92 5, 563, 264. 74 5, 748, 045. 63 September.-. 604, 531. 96 230, 052. 70 6,928, 259. 55 7, 762,844. 21 October 207,498. 79 25, 005. 78 5, 532, 525. 05 5, 765, 029. 62 November 152,434. 84 30, 012. 43 7, 547, 359. 86 7, 729,807.13 D ecemb er '. 564, 079. 21 230, 348.44 • 21,337,273.58 22,131, 701. 23 1925 • January 4, 627,946. 27 14, 763, 631.17 50, 391, 942. 72 69, 783, 520.16 February 3, 258, 249. 31 14,968,138. 46 26, 680, 763. 22 44, 897,145. 99 March 70,315. 69 2, 393, 328. 02 5, 308, 050. 34 7, 771, 694. 05 April...... 176, 251. 79 1,045,191.11 6,838, 939. 72 8, 060,382. 62 May • 100,559.63 35,071.12 6,142, 793.12 6, 278,423. 87 June -. 95, 505.15 10, 014. 20 4, 310, 026.16 4, 415, 545. 51 Total 10, 092, 288. 76 33, 761, 343. 04 149,401,508.23 193, 255,140. 03 Prior fiscal year 1 734,186. 34 432, 007. 39 55,874.167. 00 57, 040, 350. 73

EXCHANGED FOR GOLD BULLION

Months Philadelphia San Francisco Denver . New York Total

1924 July $42,153. 62 $7,896. 70 $10, 548. 43 $440, 595. 07 $501,193. 82 August 53,710. 05 6, 257. 35 10, 324. 52 318, 405. 54 388,697. 46 September 39, 625. 49 5, 678. 99 9, 515. 82 349, 345. 26 404,065. 56. 0 ctober _. 45, 072. 92 6, 576. 88 9, 692. 37 436,118.38 497,460. 55 November 53, 069.80 4, 652. 95 11, 687. 00 429,073. 05 498, 482. 80 D ecember 58, 594. 59 4, 295. 98 11,208.62 430, 347. 07 504,446. 2& 1925 January 72, 628. 08 5, 360. 06 16, 207. 72 447,933.10 542,128. 96 February 33, 874; 91 5, 860. 92 10, 490. 50 329, 615. 47 379,841. 80 March 54, 030. 49 6,484. 28 12, 330. 78 . 434,951.42 507, 796, 97 April 42, 751. 57 9, 439. 97 12, 252. 65 379, 635. 29 444, 079. 48 May.- 52,160. 11 3, 466. 99 10, 077. 04 368, 505. 64 434, 209. 78 June 35, 114. 61 1, 223. 42 11, 393. 93 328,616.88 376, 348. 84 Total-... 582, 686. 24 67,194. 49 135, 729. 38 4, 693,142.17 5,478,752.28 Prior fiscal year.. 1,136, 449. 40 78, 023. 44 86,290.42 4, 647, 359. 38 5, 948,122. 64

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DIRECTOR OF THE MINT 579

RECEIPTS AND DISBURSEMENTS OF GOLD BULLION AND BALANCES ON HAND

Receipts and disbursements of gold bullion during the fiscal year 1925 and balance on hand on June 30, 1925, as compared with June 30, 1924, are shown in the following table:

Receipts dur­ Disbursements Balance on June ing fiscal year Total during fiscal Balance on June Institutions 30, 1924 1925 (details year 1925 30, 1925 below) (details below)

Philadelphia $228, 951, 946. 62 $10, 453,302. 36 $239,405, 248. 98 $100, 745, 676. 98 $138, 659, 572. 00 San Francisco 454, 000,135. 79 40, 627, 994. 52 494, 628,130. 31 123, 764, 717. 04 370, 863.413. 27 Denver 139, 695, 941. 48 12,119,114. 80 151,815,056. 28 75,039, 061. 92 76, 775, 994. 36 New York 2,501,414,467.53 141,816, 227. 41 2, 643, 230, 694. 94 154,151,433. 54 2,489, 079, 261. 40 New Orleans 1, 433, 085. 63 559,014. 04 1,992,099. 67 1,756,694.99. 235, 404. 68 Carson City 58, 313.16 202, 545, 72 260, 858. 88 244,173. 66 16, 685. 22 Boise 25,864. 97 223,4n.74 249, 276. 71 242, 763. 72 6, 512, 99 Helena 30,120. 28 318, 981. 95 349,102. 23 314, 784. 84 34, 317. 39 Deadwood 2,144.98 1, 271. 03 3,416. 01 2, 758.11 657. 90 Seattle 433, 708. 93 6, 755,892. 34 6,189, 601. 27 6, 637, 344. 09 552, 257.18 Salt Lake City... 57, 662.12 110,127. 95 167,690.07 122, 961. 80 44, 728. 27

Total...... 3, 326,103, 291. 49 212,187, 883. 86 3, 538, 291,175. 35 462, 022, 370. 69 3,076, 268,804. 66

DETAILED RECEIPTS OF GOLD BULLION

Surplus Deposits, bullion including recovered Transfers from Institutions United States (including mints and TotaJ uncurrent coin shipment assay offices gains)

Philadelphia... $10, 451,486.1 3 $1,816. 23 $10, 453,302 . 36 San Francisco.. 34, 348,522 . 47 9, OIL 71 $6, 270,460. 34 40, 627,994 . 62 Denver... 10,061, 009. 33 1, 975. 32 2,056,130.16 12,119,114 . 80 New York 137, 317,043 . 56 10, 635. 71 4,488, 548.14 141,816,227 . 41 New Orleans... 558, 836. 74 177. 30 659, 014. 04 Carson City.... 202, 479. 07 66.66 202, 646. 72 Boise 223, 069. 27 342. 47 223, 411. 74 Helena 318, 803.16 75,43 103. 36 318, 981. 95 Deadwood 1, 266. 56 4,47 1,271 . 03 Seattle 5, 755,209 . 27 269. 63 '41T44 5,755,892 . 34 Salt Lake City. 110, 079. 74 48.21 110, 127. 95 Total.-... 199, 347, 805. 30 24,423.13 12, 815, 655. 43 212,187,883. 86

DETAILED DISBURSEMENTS OF GOLD BULLION

Bars paid to Sold in Wastage depositors and Transfers to sweeps, Institutions mints and Manufactured and ship­ issued in ex­ manufac­ into coin ment Total change for coin assay offices tures, etc. losses

Philadelphia $10, 676,046.18 $4,494, 232.89 $29, 593. 43 $86, 635, 000. 00 $10,805.48 $100, 745,676.98 San Francisco.-. 33,828, 537. 53 25, 258. 44 89,910,000. 00 921. 07 123, 764,717. 04 Denver .... 135, 729. 38 13, 332. 54 74, 890, 000. 00 75,039,061. 92 New York 154,094, 650. 40 66, 783.14 154,151,433.54 New Orleans 1, 756, 694. 99 1, 756, 694. 99 Carson City 244,173, 66 244,173.66 Boise 242, 763. 72 !^ 242, 763. 72 Helena 314, 784. 84 314, 784. 84 Deadwood.. 2, 746. 26 . n.85 2, 758.11 Seattle... 6, 637, 317. 89 26.20 5, 637,344.09 Salt Lake City 122, 941.18 20.62 122,961. 80

Total 198, 734, 962. 49 12, 816, 655. 43 124, 967. 66 260, 335,000. 00 11, 785. 22 462,022,370.69

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580 REPORT ON' THE FINANCES

PURCHASE OF MINOR COINAGE METAL FOR USE IN DOMESTIC COINAGE

During the fiscal year 1925 there were purchased at the mint at Philadelphia 10,451,878.49 troy ounces of minor coinage metals at a cost of $170,953.59, which includes 2,635,871.88 troy ounces in nickel blanks'prepared for stamping, costing $91,605.63. ^^:There were also purchased during the same period at the mint at San Francisco 1,857,763.51 troy ounces of minor coinage metals at a cost of $22,755.69. The Denver Mint purchased 1,166,725 troy ounces of copper for use in minor coinage, costing $12,740.64.

MINOR COIN DISTRIBUTION COSTS The minor coinage distribution costs paid during the fiscal year 1925 from the profits on minor coinage amounted to $30,161.63.

MINOR COINS OUTSTANDING The following statement shows the coinage of minor coins, by denominations, the amount on hand, issued, melted, and outstanding June 30, 1925. Minor coins were first manufactured at the Phila­ delphia Mint in 1793; at the San Francisco Mint in 1908; at the Denver Mint in 1911.

Amount issued and Denominations Coined On hand Issued (net) Melted outstanding June 30,1926

Philadelphia: Copper cents $1,562,887. 44 $1,562,887. 44 $382,658.17 $1,180,329.27 • Copper half cents i 39,926.11 39,926.11 39,926.11 Copper nickel cents.:... 2,007,720.00 2,007,720.00 807,285. 54 1,200,434.46 Bronze 1-cent pieces 38,279,726.83 $313,301.00 37,966,426.83 880,469. 32 37,08.5.966.51 Bronze 2-cent pieces 912,020.00 912,020.00 342,836.10 669,183.90 Nickel 3-cent pieces 941,349.48 941,349.48 286,403. 60 664,945.98 Nickel 6-cent pieces 58, 713,018.10 742, 289.00 67,970,729.10 6, 542,586. 20 52,428,142.90 Total. 102,456,.647.96 1,056,590.,00 101,401,057. 96 8, 242,128.83 , 158,929.13 San Francisco: Bronze 1-cent pieces 3,460,460.00 60,349.09 3,400,110.91 16,086.17 3,384,024.74 Nickel 6-cent pieces 2,790,400.00 62,924. 60 2, 727,476. 60 74,336.66 2,663,139.85 Total. 6,250,860.00 123,273. 59 6,127,586.41 90,421. 82 6,037,164.69 ' Denver: Bronze 1-cent pieces 3,207,300.00 48,619.16 3,158,680.84 9,028.83 3,149,652. 01 Nickel 5-cent pieces 4,186,816. 00 106,760.00 4,180,065.00 110,923. 60 3,969,131.60 Total 7,394,115.00 155; 379.16 . 7,238,735.-84 119,952,33 7,118,783.61 Grand total. 116,101,622.96 1, 334, 242.76 114,767,380. 21 8,462, 602.98 106,314,877. 23 Deduct $5.05 copper cents, $12.70 two-cent pieces, and $76.29 three-cent nickel pieces melted at San Francisco Mint, coined at Philadelphia....i $88.99 Deduct $12,32 bronze two-cent pieces and $1.38 nickel three-cent pieces melted at Denver Mint, coined.at Philadelphia .-,... 13.70 102.69 Total amount outstanding. 106.314,774.54

i There is no record of the melting of the old copper half cents, but it is believed that few, if any, are now in circulation. OPERATIONS OF THE ASSAY DEPARTMENTS The principal work of the assay departments of the coinage mints and the assay office at New York during the fiscal year 1925 is sum­ marized as follows: i

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DIEECTOR OP THE MINT 581

Philadelphia. San Francisco Items Samples Assays Reports Samples Assays Reports

Number Number Number Number Number Number Silver purchases (Pittman Act). 280 296 280 3 14 2 Deposits and other purchases • 15,186 61,617 23,134 92,234 10,827 Redeposits: 1,680 4,230 594 Gold ingots 6,189 8,242 2,063 10,165 13,702 179 Silver ingots 17,212 18,171 8,601 1,912 2,090 60 Refinery •7,365 13, 777 7,276 Melting and refining department 374 811 270 1,542 6,152 532 Coining department 63 128 28 69 307 24 Assayers' bars 73 297 10 Proof gold and silver 36 217 17 Annual assay work 136 153 136 Special assays of bulhon and ores 87 243 87 310 Polish silver ingots (750 fine) 5,088 6,321 2,651 Guatemalan silver ingots (720 fine) 28 32 17 Peruvian silver bars and coin (500 fine). 364 398 182 Other foreign fine silver 2,359 2,399 2,359 Mass melts 382 1,291 92 404 1,283 18 18 81 13 20 126 60 Miscellaneous... 172 505 138 109 276

Total 47,963 99,905 23,421 46,624 133,798 19,689 Prior fiscal year. 63,113 102, 359 32,086 46, 263 133,918 25, 748

Denver New York Items Samples Assays Reports Assays Reports

Number Number Number Number Number Number Deposits and other purchases 10,138 48,244 3,331 47,271 144,053 ,16,371 Redeposits 894 4,238 415 Gold ingots — 4,605 23, 736 918 Silver ingots 1,413 2,850 468 Refinery 3,210 18, 268 1,179 5,404 12,891 2,106 Melting and refining department 44 212 22 Coining department 44 210 22 Assayers' bars 90 307 45 Special assays of bullion and ores. 82 374 .47 615 3,091 328 Platinum and palladium 8 69 8 49 89 10 Mass melts 2 9 1 52 147 12 Sweeps —. 27 1,053 21 94 479 37 Miscellaneous 364 1,096 195 418 1,662 262

Total.. , 20,921 I 100,666 6,672 53, 903 162,402 19,126 Prior fiscal year 17,857 61,366 6,675 63, 313 179, 522 21,985

PROOF BULLION (1.000 FINE) In order to estabhsh uniformity in assay of bulhon in the offices of the mint service all proof gold and proof silver is made at the mint at Philadelphia and furnished to other offices when required. The anaount made during the fiscal year 1925 was: Gold, 678 ounces; silver, 600 ounces. OPERATIONS OF T^E MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1925 The aggregate quantity of metals operated upon in the above- mentioned departments of the coinage mints and assay office at New York during the fiscal year ended June 30, 1925, was 64.82 million fine ounces of gold and 96.49 million fine ounces of silver. There were also operated upon at the coinage mints 38.81 million ounces of minor coinage metal. The figures in the table following are based on the figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Eevised Statutes, are as follows: Melter and refiner—gold, 0.001; silver, 0.0015; coiner—gold, 0.0005; silver, O.OQl.

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582 REPORT ON THE FINANCES

GOLD BULLION

Legal Wast- Amount amount operated Sur­ of plus Amount Amount upon, in­ wastage Wast­ Institution and department cluding re­ ounces received returned on age oper­ reworked amount covered ated metal received upon

•

. Fine Fine Fine Fine Fine Fine ^ine Philadelphia Mint: ounces ounces ounces oimces ounces ounces ounces Melting and refining ... 12, 351,875 12,351,380 12, 753,565 12,352 495 0.039 Coining 11, 143, 523 11,143, 496 11,132,090 5,572 27 .002 San Francisco Mint: Melting and refining 9, 962,082 9, 962, 441 10, 893,820 9,962 359 Coining--. 8, 275, 950 8, 275, 906 8, 060, 625 4,138 44 .005 Denver Mint: Melting and refining . 5, 962, 262 6,962, 666 6, 411, 082 5,962 403 Coining.:. 5, 506, 029 5, 506, 024 5, 216, 307 2, 753 5 .001 New York assay oflice: Melting and refining 11,946,377 14, 946, 390 10, 358, 622 11, 946 13 Total melting and refining. 40, 222, 596 40, 222, 876 40, 416, 989 40, 222 775 495 Total coining 24, 925, 502 24, 925, 426 24, 409, 022 12, 463 76

Grand total 65,148, 098 65,148, 302 64,826,011 52, 686 776 571 V

SILVER BULLION

Fine Fine Fine Fine Fine Fine Fine Philadelphia Mint: ounces ounces ounces ounces ounces ounces ounces Melting and refining.. 38, 875, 766 38,887, 627 40,127, 356 58, 313 11,861 Coining •_. 37, 747, 220 37, 744, 443' 37, 693,115 37, 747 2,777 0.074 San Francisco Mint: Melting and refining.. 11,145, 782 11,146,195 6, 052,173 16, 718 413 • Coining.- 3, 809, 472 3,809, 039 3, 406,939 3,809 433 .127 Denver Mint: ' Melting and refining.. 6,123, 986 6,123, 014 3, 336, 765 9,186 972 .291 Coining-- 1,828, 612 1, 828,483 1, 673,802 1,829 129 New York assay office: Melting and refining.. 4, 502, 615 4, 509,130 3, 530, 712 6,754 6,515 Total melting and refining. 60, 648,149 60, 665, 966 53, 047, 006 90, 971 18,789 972 Total coining 43,385, 304 43, 381,965 42, 673, 856 43,385 3, 339

Grand total- 104,033,453 104, 047, 931 95, 720, 862 134, 356 18,789 4,311

NICKEL COINAGE METAL

Gross Gross Gross Gross Gross Gross Gross Philadelphia Mint: ounces • ounces ounces ounces ounces ounces ounces Melting and refining . 2,362, 640 2.357, 433 1,035,073 5,107 4.933 Coining _ 5, 466, 649 5,463,316 1,382.667 3,333 2.411 San Francisco Mint: Melting and refining 2, 321. 035 2, 319,053 2, 321,035 1,982 .854 Coinins 1, 697, 513 1, 695, 519 1, 610, 652 1,994 L238 Denver Mint: Melting and refining.. 1, 240, 469 1, 240,121 215, 849 338 1.571 Coining-- ^. 215,148 215, 083 152, 636 65 .427 Total melting and refining. 5, 924, 034 6,916, 607 3, 571,957 7,427 Total coining 7, 379, 310 7, 373, 918 3,145, 946 5,392 Grand total 13, 303,344 13, 290, 625 6, 717,902 12,819

BRONZE COINAGE METAL

Gross Gross Gross Gross Gross Gross Gross Philadelphia Mint: ounces ounces ounces ounces ounces ounces ounces Melting and refining 15,401,465 16, 352, 426 14, 056, 518 49,039 3.488 Coining 15,739,777 15, 737, 784 13, 713, 266 1,993 .145 San Francisco Mint: A Melting and refining . 1,694,937 1, 694,116 1, 694, 937 821 '. 485 Coining - 925, 030 924, 210 924, 626 820 .887 Denver Mint: f- Melting and refining 1, 285, 352 1, 282,194 849, 263 3,168 3.719 Coinins 859, 730 858. 929 859, 730 801 .931 Total melting and refining 18, 381, 754 18, 328, 736 16, 600, 718 53,018 Total coining ... •17, 524, 537 17, 520, 923 16,497, 621 3,614

Grand total. -- 35,906, 291 35,849, 659 32, 098,339 56, 632

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DIBECTOE OF THE MINT '583

REFINING OPERATIONS The net product of electrolytically refined gold and silver of the mint service dui-ing the fiscal year 1925 was 8,613,061.003 fine ounces; other electrolytic output included the equivalent of the refined metals used for aiding the processes, 1,625,735.323 fine ounces; the product of melting operations (only) totaled 2,379,086.064 ounces, making the total output of the refineries 12,617,882.39 fine ounces. Details are shown in the following table:

San Francisco Denver Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 905, 955. 056 2,137, 975. 03 985, 679. 318 1, 230,495. 37 Crude, without charges-_ 8, 200. 731 7,065. 01 0.999 and over (fire process only) 1,196, 358, 377 ' 0.992 and over, to aid processes 368, 716. 081 10, 707. 46 12,302. 840 239, 667. 33 Retreated, unrefined . ... 110, 617. 503 149, 797. 76 8Y, 509. 525 107, 745. 37 Apparent gain 175, 930

Total _ - 2, 581,822, 947 2, 298, 480, 25 1, 093, 692. 414 1,584,973.08 Bullion obtained from processes: Unrefined . . 109, 008, 940 131,862.96 118. 564. 892 124, 569. 88 Output 0,999+ fine- Used to aid processes 368, 716. 081 10, 707.46 12,302.840 239, 667. 33 Electrolytic product 907, 739, 549 2,154, 578. 79 962, 724. 847 1, 218,188. 03 Other product . 1,196,358. 377 Apparent loss 1,331. 04 99. 835 2, 547. 84 Total 1 '. -- 2, 581,822, 947 2,298,480. 25 1,093, 692. 414 1, 584,973. 08

New York Total Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges '. 1, 705,151. 367 1, 761, 243. 34 3, 596, 786. 731 5,119,713. 74 Crude, without charges .* 8, 200. 731 7,065. 01 0.999 and over (fire process only) 994, 761. 637 2,191,119.914 0.900 standard (copper base, for bar- making only) 187,966.150 187,966.150 0.992 and over, to aid processes 585,073. 612 409, 268. 00 966,092. 533 669, 642. 79 Retreated, unrefined I 785, 750.487 597,627. 72 983,877. 516 855,170. 85 Apparent gain 6, 512. 24 175. 930 6, 512. 24

Total- 4, 258, 703.143 2, 764, 651. 30 7, 934, 218. 504 6, 648,104. 63 Bullion obtained from processes: Unrefined 1, 042, 257. 980 434,165. 47 1, 269,831. 812 690, 598. 31 Output 0.999+ fine- Used to aid processes 585, 073. 612 409, 268.00 966, 092, 533 659, 642. 79 Electrol^'tic product 1, 448, 611. 957 1, 921,217. 83 3,319, 076. 353 5,293,984. 65 Other product 1,182, 727. 687 2, 379,086. 064 Apparent loss.... 31. 907 131. 742 3,878. 88 Total. 4, 258, 703,143 2,764,651. 30 7,934,218. 504 6,648,104. 63

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584 REPORT ON THE FINANCES

INGOT MELTS MADE The following statement shows the number of melts made for do­ mestic ingots and the weight of metal involved during the fiscal year 1925:

Melts Weight

Mints Passed first Re- Con­ Melted Passed Per cent melting melted demned passed

Gold: Fine ounces Fine ounces Philadelphia.. 1,914 133 16 12,363,334.439 11,441,853.321 92.64 San Francisco 1,984 18 29 8,310,364.821 8,062, 552.602 97.01 Denver ._ 915 3 0. 6, 232. 285.298 5, 215, 870. 288 99.68 Total 4,813 164 46 25,885,984. 658 24, 720, 276. 211 95.49 Silver: Philadelphia - . 8,676 20 5 40,035,701. 20 39,203,546.71 97.92 San Francisco 943 0 4 3, 751,140. 37 3,721,186.44 99.20 Denver 465 3 0 1,717,830.98 1,706,781.05 99.35 Total 9,984 23 9 45, 604, 672. 65 44,631,514. 20 98.08 Nickel: Gross ounces Gross ounces ' Philadelphia 292 0 0 ' 1,035,073.16 1,035,073.16 100.00 San Francisco 639 0 0 1,662,427. 70 1, 646, 663. 80 99.65 Denver > 67 0 0 216,147. 70 215,147.70 100.00 Total 998 0 0 2,902,648.66 2,896,884. 66 99.80 Bronze: Philadelphia 3,980 0 0 14,056, 618. 64 14,056,618. 54 100.00 San Francisco . 222 0 0 860,264.30 848,279.00 99.76 Denver i... 247 0' 0 845,705. 40 845,705. 40 100.00 Total 4,449 0 0 15, 752,478. 24 15, 750, 502. 94 99.98

FINENESS OF MELTS FOR GOLD AND SILVER INGOTS The statement following shows the number of gold and silver ingot melts made, also their reported fineness, during the fiscal year 1925:

Gold ingot melts Silver ingot melts

For United States coin • For United States coin For foreign coin

Ingot Phila­ San Fran­ Ingot Phila­ San Fran­ Ingot Phila­ fineness delphia cisco Denver fineness delphia cisco Denver fineness delphia

899.6 20 7 898.00 10 Peruvian 899.7 114 20 17 898.25 22 500.0 1 145 899.8 333 62 409 898. 60 1,154 899.9 328 751 437 898. 60 52 .50 900.0 740 1,118 54 898. 70 76 Polish 900.1 219 33 1 898. 75 336 760.0 2,551 , 900.2 120 4 898.80. 72 87 900 3 40 898.90 85 899.00 5,402 86 899.10 247 . 45 Guatemalan 899. 20 20 720.0 1 17 899. 25 1,277 1 899.30 261 16 899. 50 315 268 2 899. 60 2 899.75 52 899.80 33 900.00 7 10 900. 25 1 1,914 1,985 918 8,576 943 468

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DIRECTOR OF THE MINT 585

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED During the fiscal year 1925 the coinage mints aiid the assay oflB.ce at New York manufactured 147,030 gold and 7,044 silver bars, valued at $173,852,741.22, as shown by the following table:

Gold bars Silver bars Institutions Number Fine ounces Value Number Fine ounces Value

Philadelphia 12,523 518,022,142 $10,708,468.05 921 187,788.69 $259,600.75 San Francisco 7,762 920,624, 616 19,030,999.78 452 44,907. 22 30,426.70 Denver--- -. 710 7,896,909 163, 222.92 68 2,530.36 1,690. 30 New York 126,036 6,870,947,697 142,035,094.39 6,603 2,062,996.04 1,623,238.33 Total 147,030 8,317,490,364 171,937,785.14 7,044 2,298,222.31 1,914,956.08 Prior fiscal year 183,628 23,623,078,668 486, 265,191.79 10,713 2,949, 111. 31 2,419,044.93

INGOTS OPERATED UPON BY COINING DEPARTMENTS AND i PERCENTAGE OF COIN PRODUCED

Items Philadelphia San Francisco Denver , Total

DOMESTIC COINAGE Gold: Ingots operated upon (ounces) - 11,132,090.37 8,060,624.91 6,216,307.39 24,404,022.67 Percentage of good coin produced--. 38.95 64.03 69.45 64.49 Silver dollars: Ingots operated upon (ounces) - 23,944,041.69 2,478,783.37 26,422,826.06 Percentage of good coin produced 53.76 64.10 53.41 Subsidiary silver: Ingots operated upon (ounces).- 8,028,610.66 928,156.73 1,573,801.78 10,530,668.16 Percentage of good coin produced.-_ 67.17 64.81 65.22 69.04 Nickel: Ingots operated upon (ounces) 746,367.29 364,266.20 152,636.20 1,263,269.69 Percentage of good coin produced.-- 69.33 65.13 69.35 62.19 Bronze: Ingots operated upon (ounces) 13,713, 265. 71 924,625. 60 869,729.80 15,497,621.01 Percentage of good coin produced.-. 64.18 66.09 70.95 64.67 FOREIGN COINAGE Silver: Ingots operated upon (ounces) 5,720,463.20 5,720,463.20 Percentage of good coin produced 38.17 38.17 Nickel: Ingots opyerated upon (ounces) 636,300.00 1,266,385.60 1,892,686.60 Percentage of good coin produced 49.84 65.28 60.07

PERCENTAGE OP GOOD COIN PRODUCED TO PIECES STRUCK

Denomination Philadelphia San Francisco Denver Total

Double eagles: Blank struck (number) i 4,839, 784 4, 629,449 3,884,794 13,254,027 Percentage of good coin produced..- 92.60 99.24 96.38 95.97 Silver dollars: Blanks struck (number) .. 18, 606, 020 2,019,100 20,625,120 Percentage of good coin produced 89.41 85.53 89.03 Subsidiary silver: Blanks struck (number) . 35,366,767 4,083, 295 9,678,760 48,928,812 Percentage of good coin produced..- 98.82 98.46 99.40 99.98 Nickel: Blanks struck (number)' 13,889,402 1,461,882 ^ 666,318 16,007,602 Percentage of good coin produced... 99.24 98.97 98.76 98.67 Bronze: Blanks struck (number) 83,439,290 6,185,070 6,171,894 96,796,268 Percentage of good coin produced... 99:56 98.66 98.83 99.43 FOREIGN COINAGE Silver: Blanks struck (number) 8,784,667 8,784,667 Percentage of good coin produced.... 83.77 83.77 Nickel: Blanks struck (number) 3,082,446 4,760,460 7,832,906 Percentage of good coin produced 96.80 94.72 96.64

60501—FI 1925t 38

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586 EEPORT ON THE FINANCES

SWEEP CELLAR OPERATIONS, FISCAL YEAR 1925

Material Metal content

Quantity Bars recovered Tailings, Institutions Source Net Bar­ avoir­ Bags rels dupois Gold Silver Gold Silver pounds

Ounces Ounces Ounces Ounces Philadelphia a-- Melting department. _ 547 84,074 103.262 ' 12, 721.83 981. 235 8,054.82 San Francisco- do -. . 262 19,762 324. 949 284.67 341.969 686 30 Denver. • _ do 117 10,622 114. 027 182. 27 San Francisco Refinery 664 52,623 924. 514 1, 722.15 807. 630 1,771. 66 Denver do - 852 70,463 792. 599 3, 012. 75 New York do 1,577 130,602 3, 591.189 7, 313. 30 Philadelphia... Coining department. _ 71 10,982 128. 523 1,426. 57 Denver do 10 612 48.476 46.78 Philadelphia... Deposit melting room. 11 "12" 6,747 72.136 88.46 122. 036 180. 67 San Francisco.. do... 13 807 60. 041 62.00 16. 200 61.77 Denver do 132 10,638 98. 311 182.60 New York do...... 418 29. 965 1, 245. 728 980 39

BULLION GAINS AND LOSSES The net gains from operations on gold and silver bullion during the fiscal year 1925 amounted to $278,508.08, as follows: .

Mint at— Assay office Minor Item at assay Total Philadel­ San Fran­ New York offices phia cisco Denver

Recovered from refining and coining operations $10,841. 25 $7,758.13 $8,341.13 $4,415. 06 $31,355. 57 Recovered incident to receipt of deposits 1,882.03 2, 034.17 3, 377.83 50, 985. 03 $848. 71 59,127. 77 Net gain on shipments to Government refineries 187. 99 187 99 Gain on lightweight and muti­ lated coin purchased for re­ coinage 49.01 64.81 47.39 50. 43 201. 64 Receipts from sale of by-prod­ ucts 45, 304. 75 5, 573. 20 164, 957. 90 215, 835.85 Total gains 12,772. 29 55,151. 86 17, 339. 55 220. 408. 42 1, 036. 70 306, 708.82 Wasted in refining and coin­ ing operations _ 13, 468. 58' 1,314.57 842. 34 15 625 49 Loss on assay value of opera­ tive sweeps sold . 3,846. 64 1, 670. 30 3, 219. 74 3, 838. 67 12, 675. 25 Total losses 17, 315. 22 2,984. 87 4,062.08 3,838. 57 28,200. 74 Net gains 52,166. 99 13, 277.47 216, 669. 85' 1, 036. 70 278, 508. 08 Net losses .-. 4, 542. 93

WASTAGE AND LOSS ON SALE OF SWEEPS The value of metals wasted in the operative departments during the fiscal year ended June 30, 1925, was $16,539.45. A loss of $12,575.25 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same. Details are given in the table following.

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DIBECTOK OF THE MINT 587

Mint at— Assay Items Philadel­ San Fran­ office at Total phia cisco Denver New York Gold wastage: Melting and refining department $10, 246. 22 $10, 246. 22 Coining department 559. 26 $921. 07 $106.81 1, 587. 14 Silver wastage: Melting and refining department 649. 51 649. 51 Coining department 2, 663.10 393. 50 86.02 3,142. 62 Nickel wastage: Melting and refining department 107.18 3L82 9.72 148. 72 Coining department 84. 41 3L99 L03 117.43 Bronze wastage: Melting and refining department 561. 28 8.66 37.03 606. 97 Coining department 22. 82 8.64 9.38 40.84 Loss on sale of sweeps 3,846. 64 1, 670. 30 3, 219. 74 $3,838.57 12, 675. 25 Total wastage and loss 18,090.91 3, 065. 98 4,119.24 3,838. 57 29,114. 70

• Reimbursernents: Nickel and bronze wastage, from minor coinage profits. 775. 69 81.11 57.16 913. 96 other wastage and loss on sweeps, from contingent appropriation 17,315.22 . 2, 984. 87 4, 062. 08 •3,838.57 28, 200. 74 Total reimbursements _ __. 18, 090. 91 3, 065. 98 4,119. 24 3, 838. 57 29.114. 70

ENGRAVING DEPARTMENT Mr. George T. Morgan, connected with the engraving department of the mint service since 1876, and who was commissioned engraver in 1917, died January 4, 1925, and has been succeeded by Mr. John R. Sinnock. During the fiscal year ended June 30, 1925, the engraving depart­ ment made 2,903 working dies for domestic coinage, including those for the half dollars issued in commemoration of the Stone Mountain memorial and of the Battle of Lexington and Concord.^ Master dies, hubs, and working dies were made for Philippine, Polish, Vene­ zuelan, Guatemalan, Peruvian, and Salvadorean coinage.

DIES MANUFACTURED

Issued to mint at— Manila, Items Unused Phila­ San P.I. Total delphia Francisco Denver

Domestic coinage: Number Number Number Number Number Number Regular gold coinage 20 390 205 76 691 Regular silver coinage _ 110 765 125 145 1,145 Regular minor coinage. ... 66 693 120 82 961 Memorial— Stone Mountain _.._ 80 80 Le.x;ington-Concord__ 26 '26 Philippine coinage 30 24. 54 Peruvian coinage 20 30 50 Polish coinage. . . 5 290 295 Venezuelan coinage 20 80 100 Guatemalan coinage.-._. 10 10 Salvadorean coinage _. 135 135 Total coinage working dies 271 2,364 685 303 24 3,547 Master dies and hubs manufactured for: United States coinage 27 Philippine coinage 10 Polish coinage j 8 Salvadorean coinage _ j 4 Guatemalan coinage _ 18 Venezuelan coinage _ ! 6 Peruvian coinage ' 2 other dies and hubs manufactured for: Stamped envelopes embossing dies 206 Interior Department seals. 9 Presidential medals 12 Other medals and military insignia ... 54 Dominican campaign medal • 56 . Grand total 3,959

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588 REPORT ON THE FINANCES

MEDALS SOLD Medals manufactured at the mint at Philadelphia were sold during the fiscal year as follows:

Items Pieces Value Gold medals.. _ 1378 $11, 242. 39 Silver medals 1 40,237 18, 378. 69 Bronze medals _. - ^ _ 10,937 6, 716. 60 Total, fiscal year 1925 51, 562 36,337.68 Prior fiscal year ... 19,348 ' 23,873. 03

.1 Includes 39,850 Norse-American medals authorized by act of Mai'ch 2,1925. EMPLOYEES The total number of officers and employees of the mint service on June 30, 1925, was 766, as follows:

" Departments Total Established Institutions under act Melting of- General Engrav­ Assailing Coining and 1925 1924 ing • refining

Bureau of the Mint Feb. 12,1873 3 0 14 14 Philadelphia...... Apr. 2,1792 |l47 9 14 140 63 373 350 San Francisco .. July 3,1862 ^68 13 28 33 132 134 Denver.. Apr. 21,1862 38 • , -7 17 25 87 89 New York Mar. 3,1853 74 20 34 128 133 New Orleans i Mar. 3,1835 6 6 6 Carson City i Mar. 3,1863 3 3 . 3 Boise. Feb. 19,1869 4 4 4 Helena .... May 12,1874 3 3 3 Deadwood. Feb. 19,1897 3 3 3 Seattle May 21,1898 11 11 11 Salt Lake City May 30,1908 2 2 2 Total, 1925 360 9 57 • 186 165 766 Total, 1924 360 9 67 176 150 752

1 Conducted as assay offices. WORK OF THE MINOR ASSAY OFFICES The following tables exhibit the principal work of the minor assay offices during the fiscal year 1925:

Dead- Salt Items New Carson Boise Helena Seattle Lake Orleans City wood City

Deposits received ^ number.. 377 304 524 507 16 1,660 146 Fineness, average gold...thousandths.. 450 447 238 187 222 836 656 Fineness, average silver. do 266 367 645 658 741 124 327 Weight before melting ounces.. 61,110 23, 034 48, 287 83,444 8, 503 336,867 9,648 Weight after melting do 60,143 21,879 46, 970 82, 072 8,367 334,141 9,574 Loss in melting do 967 1,155 1,317 372 36 2,716 74 Loss in melting per cent.. L68 5.01 0. 027 L52 0.44 0.806 0.077 Melts of bullion made number.. 380 307 524 510 22 1,669 159 Melts, mass of bullion, made do.... 33 • 7 7 12 2 76 8 Melts of D. M. R. grains.. do 4 4 3 4 1 4 3 Melts of assayers' chips.... do 1 4 3 7 2 49 2 Value of deposits, gold... dollars.. 558,803 202,479 223, 513 318,878 1,266 , 769,892 110,128 Value of deposits, silver, at cost..do 10, 776 5,429 20, 675 37,120 . 5, 550 28, 303 2,116 Bullion shipped gross ounces.. 149, 878 28, 565 48,691 82,771 13,368 324, 237 13, 383 Value of gold shipped dollars.. 1,-756, 696 244,173 242, 763 214,785 2,746 , 637, 318 122, 962 Value, cost, ofsilver shipped do 20, 511 .8, 082 21,188 37, 576 8,607 27,421 4,881 Quartation silver made .ounces.. 25 23 61 25 253 Quartation silver used do 17 22 26 191 30 Proof gold received do 5 20 Proof gold used ^ ..do 2H 2 1^ 13,^ Proof silver used ..do 12 1 Cupels made ..number.. 2,605 1,900 4,203 3,500 600 2,600 Cupels used do 1,915 1,669 2,588 3,152 600' 1,940 Crucibles used do 15 34 43 508

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DIRECTOR OF THE MINT 589

ASSAYS MADE

On bullion de­ On miscellaneous posits mint service metal On nonmint bullion and ores Institutions Sam­ As- Re­ Sam­ As- Re­ Sam­ As­ Re­ • Metals determined in ples says ports ples . says ports ples says ports ores tested

Num­ Num­ Num­ Num­ Num­ Num­ Num­ Num­ Num­ ber ber ber ber ber ber ber ber ber New Orleans 756 1,701 378 76 186 38 6 13 6 Gold, silver, copper. Carson City 540 1,214 305 67 150 31 219 313 219 Gold, silver, copper, lead, zinc, tin, iron, tungsten. Boise 854 1,817 624 38 ^4 14 675 781 675 Gold, silver, copper, lead. Helena . 1,014 2,464 ,507 48 140 23 .Deadwood 32 88 16 9 72 9 383 393 383 Gold, silver, copper, lead. zinc, tin, iron. Seattle 4,312 11,121 1,668 430 1, 209 128 142 676 142 Gold, silver, copper, lead, zinc, tin, iron, tungsten. Salt Lake City.... 146 982 146 78 78 78 410 881 280 Do.

GOLD HECEIPTS AT SEATTLE Statement of gold deposits at the Seattle assay office from the opening of the institution on July 15, 1898, to the close of business June 30, 1925: Number of deposits... ^ _--_J- 72, 766 Troy ounces..-- _._...... _ _._..._-_ 16, 853, 877. 87 Avoirdupois tons . . : 577 Coining value . -_.... . $288, 676, 336. 54 Origin of th^ foregoing Alfliskfl * Circle-.-...... _ $1, Oil, 580. 95 Cook Inlet .I . 4,632,683.06 . Copper River 6, 242, 513. 74 JEagle-.- -_-... 1, 158, 200. 23 Iditarod .... 15,321,923.09 Koyukuk...- i 2,130,284.03 . Kuskokwim. 493, 28L 44 Nome _- 70,922,862.32 Southeastern Alaska 9, 386, 317. 95 Tanana . -. 50, 597, 158. 06 Unclassified 2,767,506.28 — $164,564,311.15 Canada: British Columbia . 23,992,955. 43 Yukon Territory.. .--...... _- 92,304,090. 28 All other sources . 7, 814, 979. 68 Total . 288,676,336. 54

LABORATORY, BUREAU OF THE MINT From the domestic coinage of the calendar year 1924 the assayer of this bureau tested 462 gold coins and 502 silver coins, all of which were found within the legal requirements as to weight' and fineness. The greatest deviation in fineness of gold coins from standard (the limit of tolerance being one one-thousandth above or below) was 0.6 one-thousandth above and 0.5 one-thousandth below. The greatest deviation in fineness of silver coins above standard (the limit of tolerance being 3 one-thousandths above or below) was 0.7 one-thousandth, while the greatest deviation below was 0.9 one- thousandth.

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590 REPORT OlSr THE FIISTAlSrCES

The following table summarizes results of fineness tests on domestic coin:

Number of gold coins Number of silver coins Fineness (tiiousandths) Phila­ Denver San Fran­ Phila­ San Fran­ Denver Total delphia cisco Total delphia cisco

899.1. 4 4 899.3 19 4 2 25 899.5 3 1 4 47 10 5 62 899.6 10 4 14 899.7 11 38 21 70 899.8 31 56 51 138 101 44 23 168 899.9 59 28 50 137 900.0. 51 6 24 81 111 43 11 165 900.1 8 2 4 14 1 1 900.2 1 2 3 32 18 5 55 900.4 13 5 18 900.6.... 1 900.7 2 2 4 1 Total.^ 160 144 158 462 330 126 46 502 Average fineness 899.909 899.801 899. 859 899. 854 899. 856 899. 924 899.837 899. 871

Average weights of domestic coins tested as compared with standard weights

STANDARD WEIGHTS Double eagle grains.. 516.000 Silver doUar do 412. 500 Half dollar do 192. 900 Quarter dollar do 96. 450 Dime . do 38. 580 Philadelphia: o 160 double eagles . grains.. 516. 010 184 standard silver dollars do 412. 418 • 6 half dollars . .do 193.120 60 quarters do 96. 344 80 dimes . ...do 38. 545 San Francisco: 158 double eagles ...... -. do 516. 000 42 standard silver doUars do 412. 463 34 quarters-...... do 96. 419 50 dimes ._-L do 38. 593 Denver: 144 double eagles.....^ do 515. 977 18 quarters do 96. 396 28 dimes . do.__. 38. 639 Summary of work of mint bureau laboratory

Items Number

Gold assays made Silver assays made.. 601 Miscellaneous assays made : 38 Total assays 5,737 Certificate bar samples (71 melts). San Francisco 774 Certificate bar samples (636 melts), New York... 1,931 Counterfeit coins examined.. 15 Double eagles examined 462 Standard silver dollars examined .._.. 226 Half dollars examined 6 Quarter dollars examined 112 Dimes examined 158 Cupels made 6,404 Cupels used 5,984 Ounces Proof gold used.... 24.30 Proof silver used 4.00 Inquartation silver used 182. 80

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DIRECTOR OF THE MINT 591

ASSAY COMMISSION S ANNUAL TEST OF COIN Section 3547 of the Revised Statutes provides for an annual test of the domestic coinage executed during the prior year, by a com­ mission of whom part are ex officio members, the others being appointed, without compensation, by the President. The purpose is to secure a due conformity in the gold and silver coins to their respective standards of fineness and weight.^' The commission, which met at the Philadelphia Mint February 11 and 12, 1925, reported the following results of their examination: Your committee on counting respectfully reports that the packages containing the pieces reserved from the coinage made during the calendar year 1924 by the several mints for the trial of coins, in accordance with section 3539 of the Revised Statutes of the United States, were delivered to us by the superin­ tendent of the mint at Philadelphia, and upon comparison with the transcripts kept by the Director of the Mint were found to be correct as to date, number of delivery, number of pieces, and donomination. The verification of the packages being completed, they were delivered to the committees on weighing and assaying. The committee on weighing have to report that they have weighed the coins shown in an appended list and have found them to be standard within the legal tolerances. The coins were selected at random from those reserved by the mints at Philadelphia, San Francisco, and Denver. The coins were directly weighed against a set of sealed coin-weights which were accompanied by a certificate signed by the Director of the Bureau of Standards, Department of Commerce, and which gave the value of the weights in terms of United States standard. The weighings were made on a Troemner balance supplied by the Philadelphia Mint, which was tested by your committee .as to the equality of the arms and as to its sensibility, which were entirely satisfactory. The committee on assaying respectfully reports that it has completed the assays of coin selected from the residues representing all denominations coined by the mints at Philadelphia, San Francisco, and Denver during the year 1924. The coinage laws provide for variations in the fineness of individual coins of one one-thousandth for gold and three one-thousandths for silver, and as shown by the schedules which follow, the coinage of the three mints has been within the legal limits allowed. The assay balances and materials used in assaying and examined by the com­ mittee were found to be satisfactory; the c(5mmittee, therefore, considers the assays to be accurate. Assays of individual gold coins selected

Highest Lowest Mint assay assay

Fineness Fineness Philadelphia ..:. 900.4 899.8 ^an Francisco 900.4 899.9 Denver __ 900.5 899.7

Assays of individual silver coins selected

Highest Lowest • Mint assay assay

Fineness Fineness Philadelphia .. .. . 900.0 898.4 San Francisco 900.2 898.6 Denver . .. ' ...... 900.7 898.4

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592 REPORT G'N THE FINANCES

Assays of coins melted in mass

Gold Silver Mint coins coins

Fineness Fineness Philadelphia.. 900.1 899.5 San Francisco:. 900.1 899.5 Denver

The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1925, is respectfully submitted, R. J. GRANT, Director of the Mint. Hon. ANDREW W. MELLON, Secretary of the Treasury.

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REPORT OF THE DIRECTOR OF THE MINT

TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. C, September 20, 1926. SIR: In compliance with the provisions of section 345, Kevised Statutes of the United States, I have the honor to submit herewith a report covering the operations of the mints and assay ofl&ces of the United States for the fiscal year ended June 30, 1926, being the fifty-fourth 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 1925.

OPERATION OF THE MINTS AND ASSAY OFFICES

INSTITUTIONS OF THE MINT SERVICE Since the Charlotte assay oflBice was closed on June 30, 1913, 11 mint service institutions have been operated: Coinage mints at Philadelphia, San Francisco, and Denver; assay ofiice at New York, which makes large sales of fine gold bars; mints at New Orleans and Carson City conducted as assay offices; and assay offiqes at Boise, Helena, Deadwood, Seattle, and Salt Lake City. The seven last- named institutions are, in effect, bullion-purchasing agencies for the large institutions, and also serve the public by making assays of ores and bullion. Electrolytic refineries are operated at the New York, Denver, and San Francisco institutions.

.COINAGE The domestic coinage made during the fiscal year ended June 30, 1926, consisted of $64,315,565 in gold, $19,183,178 in silver, and $5,115,675 in minor coin, a total of $88,614,418 represented by 372,171,282 pieces, which compares with the prior yearns total domestic coinage of $278,610,944 represented by 190,443,558 pieces. Each of the three coinage mints, at Philadelphia, San Francisco, and Denver, made gold, silver, and minor coins. The demand for nickels and cents was again in evidence, nearly 302,000,000 pieces having been made as compared with 111,000,000 during last year and 168,000,000 during the next preceding year. The gold coinage was consequently materially reduced (by about 70 per cent). The number of silver dollars executed totaled 11,432,700, and subsidiary silver coins 54,479,756 pieces, each of the three mints contributing thereto. In addition to the above the mints struck 16,676,000 pieces, foreign coin as follows: 40,000 pieces in gold for Costa Rica and Guatemala, 6,230,000 pieces of silver for Poland, Guatemala, Venezuela, and Peru, and 10,406,000 pieces in nickel for Salvador and Peru. A grand total of 388,847,282 pieces of coin as the output for 1926 compares with 203,166,558 pieces during the prior year. 645

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646 REPORT ON THE FINANCES

GOLD OPERATIONS Gold acquired by the Government at the several mint service institutions during the fiscal year 1926 totaled $178,800,676.48. United States gold coin received by the mints for recoinage amounted to $2,088,238.39; transfers of gold between mint offices totaled $27,604,313.30; the aggregate amount of gold received by the several mint service institutions during the fiscal year 1926 was $208,493,228.17, which compares with $225,681,342.27 during the prior year. SILVER OPERATIONS Receipts of purchased silver during the fiscal year 1926 totaled 4,992,831.43 fine ounces, the average cost of which was 69 J^ cents ' per ounce, total cost being $3,470,901.73. Silver received in exchange for bars bearing the Government stamp totaled 1,656,972.97 fine ounces; United States silver coin received for recoinage totaled 1,828,581.76 fine ounces, the recoinage value being $2,527,847.60; silver deposited in trust by other governments totaled 2,489,563.52 fine ounces; and transfers between mint service offices totaled 2,048,557.39 fine ounces, making the aggregate quantity of silver received by the several mint service offices during the fiscal year 13,016,507.07 fine ounces, as compared with 10,420,912.01 fine- ounces during the prior year. Silver dollars remaining to be coined from bullion purchased under the Pittman Act amounted to about 6,500,000. The New York market price of silver during the fiscal year ended June 30, 1926, averaged $0.68317; the lowest price was $0.633025, on April 22, 1926; and the highest price $0.731875 on September 5, 1925. ^ 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 3,272,689 ounces, as compared, with 3,319,076 ounces during the fiscal year 1925. Electrolytically refined silver totaled 4,977,646 ounces, as compared with 5,293,985 ounces, during the fiscal year 1925. IMPROVEMENTS N At the Denver Mint an improvement in the deposit melting room has been the installation of gas in connection with the melting operations. The heat of the waste gases is utilized in connection with a recuperator for preheating the air used for mixing with the gas. This has resulted in reducing the time required for the various melts,, increasing the life of the graphite crucibles, as well as reducing con­ siderably the temperature of the room. At the San Francisco Mint two large rectangular-type oil-burning melting furnaces in the deposit-melting room were replaced by three cylindrical-type oil-burning furnaces having greater fuel economy and smaller maintenance cost. In the assay department the boiling- table was reconstructed to eliminate portable burners with their^ connecting hose, and to provide a clear table top with burners rigidly

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COMMEMORATIVE COIN DESIGNS

1. Sesquicentennial gold quarter-eagle 2. Sesquicentennial half dollar 3. California's Jubilee half dollar 4. Vancouver Centennial half dollar

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DIRECTOR OF THE MINT , 647

supported, having pipe connections underneath and a stop cock for each burner. This makes a more efficient working apparatus. At the Philadelphia Mint two new automatic weighing machines are being constructed. At the New York assay office the bar department was moved from the vicinity of the cashier's office near the public lobby on the first floor to the second floor of the rear building, where more space could be assigned and the noise of stamping bars would be less objectionable

COMMEMORATIVE COINS Special design coins authorized by Congress were issued during the past fiscal year, as below: In commemoration of the one hundred and fiftieth anniversary (sesquicentennial) of the signing of the Declaration of Independence, a two and one-half dollar gold piece and a silver half dollar were issued. The gold coin bears on its obverse a draped-female figure representing Liberty, standing on a segment of the globe and holding a lighted torch in one hand, while in the other is held a scroll (the Declaration of Independence); the dates 1776 and 1926 also appear. On the reverse is a likeness of Independence Hall. Other mottoes and inscriptions are as required by the coinage laws. The coin was designed by J. R. Sinnock, mint engraver. The obverse of the sesquicentennial half dollar shows profile like­ nesses of Washington and Coolidge, while on the reverse is shown an illustration of the Liberty Bell with the dates 1776 and 1926. This coin also was designed by J. R. Sinnock. In commemoration of the seventy-fifth anniversary of the admission of California into the Union of States Congress authorized the issue of a special design half dollar. The obverse illustrates a miner wash­ ing or 'Spanning'' gold from gravel, with the wording "California's Diamond Jubilee.'' On the reverse California's symbolic bear is shown. This coin was designed by J. Mora. The Vancouver half dollar, authorized by Congress in commemo­ ration of the one hundredth anniversary of the founding of Fort Vancouver, Wash., by the Hudson Bay Co., bears on the obverse the likeness and name of Dr. John McLoughlin, the builder of the fort, with the dates 1825 and 1925. On the reverse appears a full- length figure of a frontiersman with gxm, while in the background^the fort and a mountain peak are illustrated. The coin was designed by Mrs. Laura G. Frazer..

STOCK OF COIN AND MONETARY BULLION IN THE UNITED STATES On June 30, 1926, the estimated stock of domestic coin in the United States was $2,054,657,476, of which $1,232,243,292 was gold, $533,491,184 standard ^silver dollars, and $288,923,000 subsidiary silver coin. The stock of gold bullion in the mints, assay offices, and Federal reserve banks on the same date was valued at $3,268,733,645, an increase during the year of $102,687,731; the stqck of silver bullion was 10,073,737.60 fine ounces, a reduction of 7,547,023.58 fine ounces.

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648 REPORT ON THE FINANCES

PRODUCTION OF GOLD AND SILVER Domestic gold production during the calendar year 1925 was $49,860,200, as compared with $52,277,000 in 1924*. The output continues at approximately half of that for the record year 1915, when the total was $101,035,700. Silver of domestic production during 1925 totaled 66,155,424 ounces, valued at $45,911,864; this compares with 65,407,186 ounces, valued at $43,822,814, for 1924, and with the record production of 1915, 74,961,075 fine ounces, valued at $37,397,300.

INDUSTRIAL CONSUMPTION OF GOLD AND SILVER Gold consumed in the industrial arts during the calendar year 1925 is estimated at $65,953,870, of which $36,161,849 was new material. Silver used in the arts is estimated at 39,826,579 fine ounces, of which 29,929,163 fine ounces was new material. As compared with the prior year, gold consumption was about the same and silver consumption increased about 6,200,000 ounces. IMPORT AND EXPORT OF DOMESTIC GOLD COIN The net export of domestic gold coin during the fiscal year ended June 30, 1926, was $46,614,511; during the prior fiscal year there was net export of $107,910,658. During the 12 fiscal years 1915-1926. since the opening of the World War, there has been a net export of $935,718,226. Since 1870 the net export of domestic gold coin has been $1,813,367,290, as per tabulation by fiscal years, which may be found in another section of this volume. APPROPRIATIONS, EXPENSES, AND INCOME Appropriations available for mint service during the fiscal year 1926 totaled $1,693,204.17, and reimbursements to appropriations for services rendered amounted to $144,742.17, making a total of $1,837,946.34. Expenses amounted to $1,800,042.69, of which $1,735,217.74 was chargeable to appropriations and $64,824.95 chargeable to income. The income realized by the Treasury from the mint service aggre­ gated $10,400,989.25, of which $9,546,613.78 was seigniorage. The seigniorage included $2,590,024.53 on the coinage of silver dollars, which amount offsets an equal loss which was incurred when the silver dollars were melted and sold under terms of the Pittman Act. The seigniorage on subsidiary silver coin was $2,607,772.55; on nickel coin, $2,165,755.84; and on bronze coin, $2,183,060.86.

Summary of appropriations, expenses, and balances, fiscal year 1926

Salaries and Contingent Freight on Items wages expenses bullion Total

Appropriations . _ _ 1 $1,360 929.17 $324, 775. 00 $7,500. 00 $1, 693,204.17 Earnings credited to appropriations 114,217. 92 30, 524. 25 144,742.17 Total available __. 1,475,147. 09 . 356, 290 26 7,500 00 1,837,940 34 Expenses 1 1,409, 204.10 319, 252. 82 0 760 82 1, 735, 217. 74 Unexpended balances - 65, 942. 99 30 04O 43 730 18 • 102, 728. 60

Includes $749.17 paid from special fund—charges on silver dollar bullion sold.

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DIRECTOR OF THE MINT 649

DEPOSITS OF GOLD AND SILVER, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1926 The number and value of deposits, transfers, gross income" and expenses for the fiscal year 1926, and the number of employees on June 30, 1926, at each institution, are shown in the following table:

Num­ Num­ ber of ber of Coining Em­ de- mint value of gold Gross Gross Excess of ploy­ Institutions .posits service and silver income expense income (+) or ees of gold trans­ received i of expenses (—) June and fers 30,1928 silver

Philadelphia 10 687 L920 $ia 952, 824. 91 $0 297,180 07 $814,081. 93 +$5,48a 09a 14 336 San Francisco__.. a 738 953 30 83a 729. 92 2,411,173. 09 312, 593.12 +2,09a 579. 97 127 Denver 2,959 176 0 431,676. 64 1, 241,417. 24 222, 733. 24 -f 1, Oia 684. 00 85 New York 15, 719 2,156 123, 54.a 102. 08 442, 230 63 342, 594. 39 +99, 630 24 125 New Orleans . 392 484,404. 58 . 577. 92 11, 593. 34 -11, 015. 42 6 Carson City 296 297, 546. 45 797. 91 5, 948. 63 -5,150 72 3 Boise • .474 171,981. 68 1, 563. 25 7, 745. 37 -0 182.12 4 Helena _ 412 331,807. 89 881. 80 0 561. 93 -5, 680 13 3 Deadwood . . 6 3,150 59 417. 50 6,410 CO -4,992. 50 3 Seattle- L708 2 7, 495, 337. 57 4, 208.11 27,150 88 . -22,942. 57 11 Salt Lake City 139 5a 948. 66 541. 73 4,175. 28 -a 633. 56 2 Total 41, 530 5,207 192, 609, 510 97 10 400 989. 26 1, 760 587. 91 +a 640 401. 34 706 Bureau of the Mint 39,454. 78 -30 454. 78 14

Grand total 41, 530 5,207 192, 609, 510 97 10 400 989. 25 1,800,042. 69 +a 60O 940 56 719 Fiscal year 1925 42,955 2,692 219,935, 3C0 48 9, lOa 120 73 1,840 646. 36 +7, 261,474. 37 768

1 Gold valued at $20.67+ per fine ounce, silver for standard dollars valued at $1.29+ per fine ounce, and silver for subsidiary coin at $1.38+ per fine ounce.

COINAGE Details of the coinage executed during the fiscal year ended June 30, 1926, are given below: ° • Domestic coinage of the United States mints during the fiscal year 1926

Total Denominations Philadelphia San Francisco Denver Value Pieces

Double eagles $23,570 000 $18,270,000 $10,390, OCO $52,230,000 2,611,600 Eagles...... 10,140 000 10,140, OCO 1,014,000 Quarter eagles 1,445,000 1,445, 000 578,000 Quarter eagles ^ 500, 565 500,565 200,228 Total gold . 34,210, 565 18,270 000 11,835,000 64, 315, 565 4,403, 728 Silver dollars. 1, 994,000 7,0,90,000 2,348,700 11,432,700 11, 432, 700 Half dollars i . 500, 264 500,264 1,000,528 Half dollars 2 70 100 75,100 150, 200 Half dollars 3- . 25,014 25,014 50,028 Quarter dollars 3,037,000 3,037,000 12,148,000 Dimes 2,846,000 597,000 670, ioo 4,113,100 41,131,000

Total silver _ 8, 377,284 7,787,114 a 018,800 19,183,178 66,912,458

6-cent nickels 2,086,105 312,800 222,500 2,621, 405 62,428,100 1-cent bronze. -. 1, 912,070 253,600 328,600 2,494, 270 249,427,000

Total minor . 3,998,175 566,400 551,100 5,115, 675 301,855,100 Total value..- 46, 586,004 28,823, 614 15,404,900 88,814,418 Total pieces 278,924,354 45,789, 728 47,457, 200 372,171,'282 Prior fiscal year: Total value.- $109,606, 234 $92,60L810 $76,402,900 $278,810 944 Total pieces 152,642, 558 17,770 500. 20, 024, 500 190,443,568

1 Sesquicentennial. 2 Cahfornia jubilee. 3 Fort Vancouver. 11439—FI 1926

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650 REPORT ON THE FINANCES Coinage for foreign governments by the United States mints aggre­ gated 40,000 pieces in gold, 6,230,000 pieces in silver, and 10,406,000 pieces in nickel during the fiscal year 1926, giving a total of 16,676,000 pieces.

Struck at Struck at Countries and denominations San Fran­ Philadelphia cisco

Pieces Pieces Costa Rica, gold, 2 colones 15,000 Guatemala: Gold, 20 quetzales. aooo Gold, 10 quetzales. : OOOO Gold, 5 quetzales _ 16,000 Silver, one-half quetzale 400,000 Silver, one-fourth quetzale. 1,160, OCO Venezuela: Silver, 6 bolivarp 800, OCO Silver, 1 bohvar 456, 000 Poland, silver, 2 zlotys 840,000 Peru: Silver, 1 sol 2, 675,000 N ickel, 20 centavos 2,500,000 Nickel, 10 centavos..-. _ L 800 OCO Nickel, 5 centavos 4,000,000 San Salvador: Nickel, 10 centavos 600,000 Nickel. 5 centavos 1, OCO, 000 Nickel, 1 centavo— 600,000 Total fiscal year.. ^ 1.4, 576, CCC 2, ICO 000 Prior fiscal year.. 8, 223,000 4,600,000

ISSUE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION The A^alue of the fine gold bars issued in exchange for gold coin and bullion monthly by the United States mints at Philadelphia, San Francisco, and Denver, and the assay office atNew York, during the fiscal year 1926 was as follows: EXCHANGED FOR GOLD COIN OR GOLD CERTIFICATES Months Philadelphia San Francisco Denver NewYork Total 1925 July $65,386.37 $25,026. 87 $4,416,851.70 $4,508,283. 74 August 110,68a 09 230,439.15 4,048,368. 28 4,387,395.52 September 90,5n.81 15, OIO 91 6,878,075. 28 8.983 803 78 October 120,598.34 276,099.38 6, 662, 543.89 8, 049,241. 59 November 156,833. 28 40, 015.43 5,317, 970 64 5, 513,828.33 December 76, 460 85 39a 374. 04 3, 35a 611. 83 3,830,352. 52 1928 January 120, 671. 01 208,330 01 4, 289, 840 94 4, 818,650. 98 February . 70 320 09 490,787. 40 • 4,310,130 66 4,871,258.16 March . 95, 470 70 1,010 792.76 4, 683,643. 44 5, 789,90O 90 April 120,66a 08 169,760 09 3,846, 223.70 4,136,841.85 May ._ 86,444. 92 248,734. 37 3,69a 007.64 4,032,186. 93 June 65,404. 20 319,720 20 6,433,125. 03 5, 818,240 43 Total L17a38L30 3,429, 096. 39 65, 929,120 01 80, 634, 677.70 Prior fiscal year. 10,092,288.76 33,781,343.04 149,401, 608.23 193,295,140 03

EXCHANGED FOR GOLD BULLION 1926 July $39, 222. 65 $4,453. 48 $11,474. 97 $350,913.29 $408,064.39 August 49,059.36 5, 809. 86 11,726. 84 336,464. 97 403,06O 03 September 4a 642.38 6,780.74 11,887. 42 317, 60O 30 384,790 82 October 68,885.33 7, 694. 09 13,102.33 429,450 32 609,141.07 November 62,453.83 6, 641. 99 11,420 98 401,793.83 472.310 41 December 57, Oia 80 6,339. 29 13,397.47 ' 412, 269.39 489,024.75 1926 January 66,631.48 7,896.32 14,893.41 406,064.86 495,486.05 February 43,883. 21 8,267.46 10, 934. 62 402, 646. 65 466, 731.94 March 68,142.33 7,887. 97 12,33a 63 492, 513.34 66a 862.17 April 4a 732.31 7,897.86 12,370 57 485, 615. 28 654, 615. 99 May 49, 695. 22 7, 614.12 12, 561. 83 460,687.76 530,45a 92 June..: 41,473.93 10, 670 12 38a 111. 63 440,264. 68 Total 611,740 69 77,243.17 146, 796. 07 4,883,940 29 5,719, 720 12 Prior flscal year. 682,886. 24 67,194. 49 136,720 38 4,69a 142.17 5,478,762.28

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DIRECTOR OF THE MINT 651

RECEIPTS AND DISBURSEMENTS OF GOLD BULLION AND BALANCES ON HAND Eeceipts and disbursements of gold bullion during the fiscal year 1926, and balance on hand on June 30, 1926, as compared with June 30, 1925, are shown in the following table:

Receipts Disburse­ during fiscal ments dur­ Balance on ing fiscal Balance on Institutions year 1926 Total June 30, 1925 (details be­ year 1926 June 30, 1926 low) (details be­ low)

Philadelphia ._ ._ $13a 659, 572.00 $8,882, 666. 89 $147, 542, 23a 89 $54,886, 745.11 $92, 655,493. 78 San Francisco- 370 863,413. 27 42, 783,949. 4(j 413, 647,362. 73 21, 792, 040. 91 39L856,32L82 Denver 76, 775, 994.36 9, 439,866. 52 86, 215, 859.88 12,006,347.07 74, 209, 612. 81 New York 2, 489,079, 261. 40 146,010,194. 90 2, 834,089,456.30 60, 90a 319.15 2, 573,186,137.15 New Orleans •.. 235,404. 68 460 886. 72 692, 291. 40 488,030.11 204, 261. 29 Carson City 16, 885. 22 284,183. 54 300 868. 76 268,840 76 32,02a 01 Boise 8, 512. 99 164, 821. 75 171, 334. 74 157,95L89 13, 382. 85 Helena 34,317. 39 295,843. 34 330,160 73 308, 536.01 21, 824. 72 Deadwood 657. 90 647. 25 1, 205.15 523. 43 681. 72 Seattle 552, 267.18 7,377, 325. 54 7, 929, 682. 72 7, 626,986. 38 302, 596. 34 Salt Lake City .. . 44, 728. 27 67,374. 47 102,102.74 90, 960 22 11,13a 52 Total -. a 076, 268,804. 66 214, 753, 869. 38 3, 291,022,464.04 158, 630, 290 03 3,132, 492,174. 01

Detailed receipts of gold bullion

Surplus Deposits, in­ bullion cluding United recovered Transfers from Institutions States uncur­ (including mints and Total rent coin shipment assay ofiices gains)

Philadelphia.- $8,874, 437. 49 $8,229. 40 San Francisco.. 34" , '" 960 87 a 147. 05 $a 147, 845. 54 42,783, 949. 46 Denver.. 8, 63a 096C . 98 8, 645. 40 79a 123.14 9,439,885. 52 New Ydrk 350, 638r . 68 10, 666. 27 18, 649,000 95 146,010 194. 90 New Orleans.- 120 450?726 . 80 150 92 • 450 886. 72 Carson City... 284, r070 . 52 na 02 284,183. 54 Boise 184,4481 . 83 339. 92 164, 821. 76 Helena 295,6628 . 64 111. 34 103. 36 295, 843. 34 Deadwood 647. 25 647. 26 Seattle ', 370 542• . 87 369. 23 413. 44 7, 377, 325. 54 Salt Lake City 67,3315 . 89 5a 58 57, 374. 47 Total..., 187,123, 443. 82 34, 720 13 27, 695,486. 43 214, 753, 650 38

Detailed disbursement's of gold bullion

Bars paid to Sold in depositors Transfers to sweeps, Wastage Manufactured and Institutions and issued mints and manu­ into coin Total in exchange assay ofiices factures, shipment for coin etc. losses

Philadelphia $1,78a 101.89 $ia653,652.11 $20314.34 1$34,424,525.58 $151.19 $54,886,745.11 San Francisco 3,506,330 56 15,701.35 la 270 000 00 21,792,040 91 Denver 146,796.07 24,444.19 11,835,000 00 100 81 12,006,347.07 NewYork 60,813,060.30 90,25a 85 6O90a31O15 New Orleans 48a03Oll • 48a03Oll 'Carson City . 26a 840 75 - 26a 840 76 Boise 157,951.89 157,951.89 Helena 30a 536.01 30a 536.01 Deadwood 523.43 523.43 Seattle.. 7, 626, 986.38 7, 626,986. 38 Salt Lake City... 90,965. 75 a 47 90, 969.22

Total 66,254,297.82 27,595,480 43 150,718.73 64,529, 525. 68 26L47 15a 530,290 03

1 Includes foreign coin: Costa Rica, $13,960.58; Guatemala, $200,000.

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652 REPORT ON THE FINANCES

PURCHASE OF MINOR COINAGE METAL, FOR USE IN DOMESTIC COINAGE During the fiscal year 1926 there were purchased at the mint at Philadelphia 24,558,058.81 troy ounces of minor coinage metals at a cost of $403,788.27, which includes 6,522,702.09 troy ounces in nickel blanks prepared for stamping, costing 1227,656.65. There were also purchased during the same period at the mint at San Francisco 5,324,991.64 troy ounces of minor coinage metals at a cost of $61,364.47. The Denver Mint purchased 4,230,639.58 troy ounces of minor coinage metals for use in coinage, costing $54,389.54.

MINOR COIN DISTRIBUTION COSTS The minor coinage distribution costs p>id during the fiscal year 1926 from the profits on minor coinage amounted, to $62,550.13.

MINOR COINS OUTSTANDING The following statement shows the coinage of minor coins, by denominations, the amount on hand, issued, melted, and outstanding June 30, 1926.' Minor coins were first manufactured at the Phila­ delphia Mint in 1793; at the San Francisco Mint in 1908; at the Denver Mint in 1911.

Amount. issued and Denominations Coined On hand Issued (net) Melted outstanding June 30,1926

Philadelphia: Copper cents...... $1,662,887.44 $1,562,887.44 $382,668.17 $1,180320 27 Copper half cents i_. 39,926.11 39, 926.11 39,926.11 Copper nickel cents.. 2,007,720 00 2,007, 720.00 807,545.21 1,200,174.79 Bronze 1-cent pieces. 40191,796.83 $821,616.00 39,370181.83 912, 684. 99 3a 467,498.84 Bronze 2-cent pieces . 912,020. 00 912,020.00 342,639. 02 669,380 98 Nickel 3-cent pieces.. 941,349.48 941,349.48 286,495.68 654,853.82 Nickel 5-cent pieces.. 60,799,123.10 "686,'594.'00' 60 na 629.10 6,677,269.70 54,441,259.40 Total.. 106,454,822.! 1, 502,209.00 104,952, 613. 98 a 409,192.75 0543,421.21 San Francisco: Bronze 1-cent pieces... 3,714,060.00 179,514.71 3,534,645. 29 17,607.51 a5ia937.78 Nickel 6-cent pieces 3,103,200.00 197,994. 50 2,906,205.50 82,160 80 2,823,054.70 Total.. 6,817,260 00 377,509.21 0 430 750 79 99,75a 31 8,339,992.48 Denver: Bronze 1-cent pieces. 3,535,900.00 129,026. 63 3,400 874.37 11,457. 06 a 395,417.31 Nickel 6-cent pieces.. 4,409,315.00 31, OCO. 00 4,37a 316.00 161,078.70 4, 217,230 30 Total 7,945,215.00 160,025. 63 7,785,189.37 172,535.76 7,612,653.61 Grand total. 121,217,297.96 2,039, 743.84 119,177,664.12 a 681,480 82 no, 49a 087. i Deduct $6.05 copper cents, $13.88 two-cent pieces, and $92.76 three-cent nickel pieces melted at San Francisco Mint, coined at Philadelphia ^ $111.69 Deduct $12.32 bronze two-cent pieces and $1.38 nickel three-cent pieces melted at Denver Mint, coined at Philadelphia ._ 13.70 126.39 Total amount outstanding.. 110,496,941.91

» There is no record of the melting of the old copper half cents, but it is believed that few, if any, are now in circulation. OPERATIONS OF THE ASSAY DEPARTMENTS The principal work of the assay departments of the coinage mints and the assay office at New York during.the fiscal year 1926 is sum­ marized as follows:

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DIRECTOR OP THE MINT 653

Philadelphia San Francisco Item Assays Reports Samples Assays Reports

Number Number Number Number Number Number Silver purchases (fine bars). 2,158 2,158 2,158 Deposits and other purchases 13,778 54,857 8,280 20 747 87,4C9 9,802 Redeposits L906 4,593 662 Gold coinage ingots 1,854 2,050 618 2,150 2,759 31 Silver coinage ingots 10198 10,409 5,083 O049 0668 167 Refinery 7,058 13,985 10,769 Melting and refining department 120 Coining department 77 166 Assayers' bars 203 10 Proof gold 26 208 13 Annual assay commission coin tests. 116 140 118 Special assays of bullion and ores 27 118 27 35 358 Silver purchases for foreign coinages. 2,290 2,372 2,258 Mass melts 438 L728 108 349 950 22 Sweeps. 25 105 15 20 174 81 Miscellaneous 364 793 234 1,405 a 644 485 Total 3L335 75,135 16,948 39,805 120,789 21,808

Prior fiscal year. 47.963 90 905 23,421 46,624 133,798 10 689

Denver New York Item Samples Assays Reports Sarnples | Assays | Reports

Number Number Number Number Number Number Deposits and other purchases 7,958 31,737 2,958 45,861 134,398 15,860 Redeposits 444 1,899 178 Gold coinage ingots • 680 1,467 116 Silver coinage ingots ... a 039 0 966 1,010 Refinery 2,201 a 182 828 2,231 Melting and refining department. 156 878 . 62 Coining department 24 62 12 Assayers' bars... 38 92 19 Special assays of bullion and ores. ' • 10 20 5 639 2,463 317 Platinum and palladium 4 42 2 14 100 9 Mass melts 18 126 6 48 138 12 Sweeps 26 354 13 168 72 Miscellaneous 323 548 232 636 239

Total.- 14,821 52,375 5,439 62,876 152,305 la 740 Prior fiscal year 20,921 IOO 666 0 872 53,903 182,402 19,126

PROOF BULLION (l.OOO FINE) In order to establish- uniformity in assay of bullion in the offices of the mint service, all proof gold and proof silver is made at the mint at Philadelphia and furnished to other offices when required. The amount made during the fiscal year 1926 was: Gold, 685 ounces^^^No proof silver w'as made during the year.

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1926 The aggregate quantity of metals operated upon in the above- mentioned departments of the coinage mints and assay office at New York during the fiscal year ended June 30, 1926, was 25.40 million fine ounces of gold and 66.97 million fine ounces of silver. There were also operated upon at the coinage mints 106.29 million ounces of minor coinage metal. The figures in the table following are based on the figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, are as follows: Melter and refiner—gold, 0.001; silver, 0.0015; coiner—gold, 0.0005; silver, 0.001.

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654 EEPOKX ON THE FINANCES

GOLD BULLION

Legal Amount amount operated Wastage Institution and Amount Amount of per 1,000 upon, Surplus Wastage department received returned including wastage recovered ounces reworked on operated metal amount upon received

Philadelphia mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Melting and refining. 4,052,974 4, 053, 245 4, 262, 632 4,053 271 Coining __ _. 3, 795, 059 3, 795,052 3, 590 lis 1,897 7 0 002 San Francisco Mint: Melting and refining. 4, 651,018 4, 651,198 4,190 825 4,651 180 Coining.. 1, 96a 277 1, 96a 318 1, 624, 896 984 41 Denver Mint: Melting and refining. 1, 38a 714 1, 38a 810 1, 34a 331 1, 389 96 Coining 920, 630 920, 550 831, SOS 460 20 New York Assay Office: Melting and refining. 11, 801, 211 IL 801, 465 9, 547, 841 1L801 254 Total melting and refining 21, 89a 917 21, 894, 718 19, 350 629 21, 894 801 Total coining 0 683,866 0 683, 920 6, 052,822 3, 341 61 7

Grand total 2a 577, 783 2a 57a 638 25, 403, 451 25, 235 862 7

SILVER BULLION

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fi7ie oz. Fine oz. Fine oz. Fine oz. Melting and refining. 16, 58a 527 15, 594, 220 15,772,403 23, 383 6, 693 Coining. .10 176, 870 10 174, 580 15, 770 886 10 175 I, 290 0.082 San Francisco Mint: Melting and refining. 13, 541, 720 la 542, 287 12, 390, 945 20 312 567 Coining 10, 681, 363 10, 679, 524 10, 437, 746 10, 681 L839 .178 Denver Mint: Melting and refining. 0 473, 606 8, 474, 524 5, 020 913 9,710 918 Coining _ a 921,182 3, 920, 885 3, 690,112 a 921 297 .080 New York Assay Office: Melting and refining 5, 257, 772 5; 257, 310 3, $77,196 7,886 462 .088 Total melting and refining. 40, 861, 625 40, 868, 341 37, 067, 457 81, 291 7,178 462 Total coining 30 77a 415 30, 774, 989 29,904, 744 30, 777 a 426 Grand total.- 71, 640, 040 71, 643, 330 66, 972, 201 51, 205 7,178 a 888

N ICKEL COI NAGE METAL

Philadelphia Mint: ' Gross oz. Gross oz. Gross oz. Gross oz. Gross oz. Gross oz. Gross oz. Melting*and refining 0 017,155 0 009, 083 2, 592, 868 a 072 3.113 Coining-_ 11,175, 057 11.162,395 a 309, 675 12, 662 a 828 San Francisco Mint: Melting and refining. 3, 592, 613 3. 580 898 3, 592, 613 5,715 1.591 Coining 2,002, 924 • 2, COC, 565 2, 002, 784 2,359 1.178 Denver Mint: Melting and refining. a 050 225 3,053, 734 1, 240.556 2,491 2.008 Coining 1, 28a 071 L 282, 929 1,020, 614 142 .139 Total melting and refining 12, 665, 993 12, 649, 715 7,426, 037 ' la 278 Total coining 14, 461, 052 14,445, 889 0 333,073 . 15,163 Grand total 27,127, G45 27,095,604 13, 759, no 31, 441

BRONZE COINAGE METAL

Philadelphia Mint: Gross oz. Gro.ss oz. Gross oz. Gross oz. Gross oz. Gross oz. Gross oz. Melting and refining. 37, 860,179 37, 751,062 37, 71L 536 109,117 2.893 Coining 37, 729, 685 37, 680 868 30 213, 664 42, 817 1.182 San Francisco Mint: Melting and refining. 5, 511, 409 5, 505, 605 5, 511, 4C9 5,744 L042 Coining-. 3,89a 793 3, 890, 456 3, 893,422 a 337 .857 Denver Mint: Melting and refining. 5,144,189 5.139, 550 4, 699,179 4, 639 .987 Coining 4,66L038 4, 659; 549 4, 504, 550 1, 489. .330 Total melting and refining 4a 515, 777 48, 396, 277 47, 922,124 119, 500 Total coining 46, 284, 516 40 236,873 44, 611, 636 .47, 643 Grand total.. 94,800, 293 94, 633,150 92, 533, 760 167,143

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DIBECTOE OF THE MINT 655

REFINING OPERATIONS The net product of electrolytically refined gold and silver of the mint service during the fiscal year 1926 was 8,250,334.858 fine ounces; other electrolytic output included the equivalent of the refined metals used for aiding the processes, 1,748,930.168 fine ounces; the product of melting operations (only) totaled 1,774,870.451 fine ounces, making the total output of the refineries 11,774,135.477 fine ounces. Details are shown in the following table:

San Francisco Denver Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 69a 960 941 1,905,983. 02 631, 821. 768 879,456. 39 Crude, without charges . 548. 794 12.62 26,858. 370 5,800 91 0.999 and over (fire process only) -. 1,105,760 124 0.992 to 0.999, not required to aid proc­ esses 160 219 49 54 0.992 and over, required to aid processes. 623,357. 738 8,898. 80 Re-treated, unrefined no, 650 165 131,844. 61 117,341. 880 114,114. 21 Re-treated, refined, to aid processes.. . 195,814.45 Apparent gain 117. 683 46. 32 30 048 Total - -- 2,437,411.345 2,044,783. 27 676,017.073 1,196,240 50 Bullion obtained from processes: Unrefined 77,841. 670 ea na 84 79,747.474 , 88,144.01 Output 0.999-f fine— >, Used to aid processes 623,367. 733 a 898.80 195,814.45 Electrolytic product 730,442. 913 1,969,787. 83 596,269. 599 910,072.80 Other product - 1,105, 760 124 Apparent loss .. .. 1,20O 24 Total 2,437,411.346 "2,044,780 27 670 017.073 1,195, 240 50

New York Total Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 1,929,282. 358 2,249,128. 63 3,157,874. 055 6,034, 685. 04 Crude, without charges.., 27,405.164 5,810 43 0.999 and over (fire process only) 632,813. 341 1,73a 582.466 0.992 to 0.999, not required to aid proc- 169. 219 40 54 0.992 and over, required to aid processes. 660,261.160 482,60O 02 469,496.82 0.900 standard-copper base (for bar making only) 30 280 313 30 289. 313 Re-treated, unrefined 277,327. 821 319,160 33 605,310 666 565, no 15 Re-treated, refined, to aid processes 195,814.45 Apparent gain. 253. 423 407.052 40 32 Total. 3,436,227. 414 3,030,886.98 8,549, 665.832 6,270,910 75 Bullion obtained from processes: Unrefined 260,888.801 418,477. 845 826,233. 68 Output 0.999+ fine- Used to aid processes...^. 660,261.160 462, 600.02 1,083,818.898 666,311. 27 Electrolytic product 1,945,976.128 2, 097,805. 69 3,272,688.638 4,977,646. 22 Other product 669,101.327 1,774,870 451 Apparent loss 510 44 1, 710 ( Total. 3,43a 227.414 3,030,886.98 6, 549, 665.832 8,270,910 75

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656 REPORT ON THE FINANCES

INGOT MELTS MADE The following statement shows the number of melts made for domestic ingots and the weight of metal involved, during the fiscal year 1926:

Number of melts Weight of metal Per cent Mints Passed Con­ Melted Passed passed first Remelted demned melting

Gold: Fine ounces Fine ounces Philadelphia 618 28 9 3, 807, 209. 259 a 430 681. 695 9011 San Francisco 430 0 0 1, 750 531. 221 1, 74a 998. 971 90 58 Denver 116 0 0 667, 340 492 641,152. 422 90 07 Total... L164 26 9 6, 234, 089. 972 5,820,833. 088 9a 37 Silver: Philadelphia 5,083 8 0 15, 607, 250 05 15, 04a 314. 21 90 38 San Francisco 2,606 2 4 10, 340 207. 91 10 270 321.10 90 29 Denver. _ LOlO 5 1 a 831, 672. 92 , 3, 735,475. 82 97.49 Total a 699 15 5 29, 785,136. 88 29, 052, 111. 13 97.54 Nickel: 2\oy ounces Iroy ounces Philadelphia 719 0 0 2, 592, 867. 98 2, 33a 542. 00 9019 San Francisco 754 0 0 1,921, 75a 65 1, 916, 043. 50 90 70 Denver ... 375 0 0 1, 259, 839. 95 1, 220, 559. 50 90 87

Total L848 0 0 6, 774,466. 58 5,475,145. 00 94. 82 Bronze: Philadelphia IL 032 0 0 37, 711, 535. 94 36, 520, 04O CO 90 83 San Francisco LOCI 0 0 3, 899,166. 29 3, 893,422. 5o 90 85 Denver L357 2 0 4, 740 303. 50 4, 661,037. 60 9a 20

Total la 390 2 0 46. 357, 005. 73 45, 074,499. 60 97. 23

FINENESS OF MELTS FOR GOLD AND SILVER INGOTS The statement following shows the number of gold and silver ingot melts made, also their reported fineness, during the fiscal year 1926:

Gold ingot melts Silver ingot melts

For United States coin i For United States coin For.foreign coin

Ingot Phila­ San Fran­ Ingot Phila­ San Fran­ Ingot Denver Phila­ fineness delphia Denver fineness delphia cisco • cisco fineness delphia

890 5 1 89a 00 4 Polish 890 6 13 898. 25 19 890 7 57 898. 50 397 2 890 8 146 11 12 89a 60 305 44 750 0 278 890 9 109 267 93 898. 70 52 90O0 206 148 11 89a 75 181 9C0 1 31 4 898. 80 276 143 90O2 19 898. 90 174 Guatemalan 900 3 1 890 00 L759 , 257 899.10 951 183 • 899. 20 84 720 0 393 890 25 402 890 30 411 39 890 40 16 Peruvian 890 50 203 559 8 890 60 5 899. 70 2 50O0 L273 899. 75 32 890 80 83 1 90O 00 29 16 900. 20 6. Venezuelan 90O 40 1

583 430 118 a 026 2,608 LOlO 835.0 105

1 Includes the few ingots required for a small quantity of gold Costa Rican and Guatemalan coin of 900 fineness.

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DIRECTOR OF THE MINT 657

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED During the fiscal year 1926 the coinage mints and the assay ofiice at New York manufactured 138,522 gold and 6,926 silver bars, valued at $170,478,160.97, as shown by the following table:.

Gold bars Silver bars Institutions Number Fine ounces Value Number Fine ounces Value

Philadelphia 4,298 91,392.847 $1, 889, 257. 82 San Francisco 9,831 1,947, 766. 641 40, 263, 907. 83 477 4a 151. 98 $29, 235.12 Denver 725 a OIO 198 165, 771. 53 New York 12a 670 8,100 430 586 120 231,123.14 8,449 2, 533,446. 67 1,89a 865. 63 Total 13a 522 a 153, 609.172 16a 550 06O 32 0 928 2/ 570 597. 65 1, 928, ioo. 66 Prior fiscal year 147, 030 a 317,490 364 171,937, 785.14 7,044 2, 29a 222. 31 1,914,950 08

INGOTS OPERATED UPON BY COINING DEPARTMENTS AND PERCENTAGE OP COIN PRODUCED TO AMOUNTS OPER.VTlBD UPON

Items Philadelphia San Francisco Denver Total DOMESTIC COINAGE / Oold: 3, 567,056. 760 1, 824,895. 649 831,807. 614 6,023,780 023 IngotPercentags operatee of good upod coin n(ounces produce) d 47.79 6a 97 6a82 62.36 Silver dollars: Ingots operated upon (ounces) 2,817,432. 81 9,466,154. 94 2,944,7ia31 15,228,308.08 Percentage of good coin produced 54.72 67.89 • 81. 68 5a 04 Subsidiary silver: Ingots operated upon (ounces) 7,817, 364. 72 971, 591. 35 745, 394.17 9, 534,350 24 Percentage of good coin produced 59. 07 59. 49 65.00 50 58 Nickel: Ingots operated upon (ounces).- 614, 590 40 1,484,891. 00 1,020, 614. 30 3,120 095. 70 Percentage of good coins produced 50 87 67.73 70 05 80 85 Bronze: Ingots operated upon (ounces) 36, 213, 664. 00 a 89a 422. 00 4, 504, 550 30 44, 611, 630 30 Percentage of good coin produced 55.93 85.12 72.93 5a 46 FOREIGN COINAGE Oold: Ingots operated upon (ounces) 29,061. 270 29.061. 270 Percentage of good coin produced 35. 61 35.61 Silver: Ingots operated upon (ounces) 6,142,088. 46 5,142,088. 46 Percentage of good coin produced 46.82 45.82 Nickel: Ingots operated upon (ounces) 2, 695,085. CO 517,893. 00 3, 212,978. 00 Percentage of good coin produced 4a 81 62.07 46. 75

PERCENTAGE OF GOOD COIN PRODUCED TO PIECES STRUCK

Items Philadelphia San Francisco Denver Total

DOMESTIC COINAGE Oold: Blanks struck (number) 2,66L864 928,897 1, na 915 4,804,678 Percentage of good coin produced- 93.92 9a 34 9a 63 96.92 Silver dollars: Blanks struck (number) .^ 2, 245,461 7,907,562 2,352,394 12,605,417 Percentage of good coin produced 8a 84 80 66 90 84 91.43 Subsidiary silver: Blanks struck (number) 41,920 210 6, 282, 547 a 714,098 54,916,855 Percentage of good coin produced 90 27 9a 21 90 20 90 22 Nickel: Blanks struck (number) 42, 004, 020 6, 336, 221 4,489, 690 62,829,931 Percentage of good coin produced 90 33 98.73 , 9011 90 23 Bronze: Blanks struck (number) --- 192, 207, 688 25, 60a 928 32, 900, 572 260, 717,188 Percentage of good coin produced-- 90 53 90 02 ' ^ 99.87 90 48 FOREIGN COINAGE Gold: Blanks struck (number) 63,342 63,342 Percentage of good coin produced 6a 16 6a 15 Silver: Blanks struck (number) a 221,838 ..^. a 221, 838 Percentage of good coin produced • •80 88 80.88 Nickel: Blanks struck (number) 9, 214, 872 2,172,102 11,388,974 Percentage of good coin produced 9013 90 68 92.01

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658 REPORT ON THE FINANCES

SWEEP CELLAR OPERATIONS, FISCAL YEAR 1926

Material Metal content

Quantity Bars recovered Tailings

Source Net avoir­ Bags dupois Gold Silver Gold Silver pounds

Ounces Ounces Ounces Ounces Philadelphia Melting department-. 162 23,398 124.707 2,419.28 San Francisco . . do 244 17,715 77.812 789.15 111.340 1,040.35 Denver do 239 19, 556 88.983 561.84 San Francisco Refinery 683 43, 250 812.193 1,878.14 582.915 1, 519.77 Denver do - . 509 45,048 370 317 1,050. 52 NewYork ---do ...i... 1, 734 130 038 4, 366. 272 7, 275. 70 Philadelphia Coining department... 29 a 918 71. 989 1, 348.86 Do Deposit melting room. 20 2,934 130 771 104.68 San Francisco do 16 867 61.277 60 81 ia980 30 84 Denver. 188 1.3,708 79. 299 222.08 New York ""do"r"""""i" 484 30,881 1, 628.032 956. 64 Total - 4,177 337, 310 941. 282 2,737.10 7, 588. 805 . 16,530.31

BULLION GAINS AND' LOSSES The net gains from operations on gold and silver bullion during the fiscal year 1926 amounted to $326,936.30, as follows:

Mint at— Assay Minor Item oflice at assay Total Philadel­ San Fran­ New York offices phia cisco Denver

• Recovered from refining and coining operations $10,407.78 $5,117.26 $3,272.42 $5, 243. 78 $24,041. 24 Recovered incident to receipt of bullion deposits 6,392. 99 1,903. 57 a 512.11 37,3ia64 $1,108.31 49,230 62 Net gain on shipments to Gov­ ernment refineries. 243.39 243.39 Gain on light weight and mu­ tilated coin purchased for recoinage : 40 67 30 86 4012 120 55 Receipts from sale of by­ products 68,634. 76 4a 890 32 160,646.59 268,077.67 Total gains 15,850 34 65, 586.45 55, 680 85 .203, 253.13 L 361.70 341, 722.47 Wasted in refining and coining operations 1, 070. 99 1, 770 60 280 62 298.72 3,42083 Loss on assay value of opera­ tive sweeps sold 1, 292.21 1,450 14 2,83013 5, 774.86 11,366.34 Total losses 2,363. 20 3, 238. 64 3, no 75 6,073. 58 14, 786.17 Net gains. 13,487.14 62.347.81 62,570 10 197,179. 55 L 351.70 326, 936.30

WASTAGE AND LOSS ON SALE OF SWEEPS The value of metals wasted in the operative departments during the fiscal year ended June 30, 1926, was $6,050.82. A loss of $11,- 356.34 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same. Details are given in the table following:

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DIRECTOR OF THE MINT 659

Mint at- Assay office at Total Item New Philadel- San Fran­ Denver York phia cisco

Gold wastage: Melting and refining department- Coining department , $151.19 $151.19 Silver wastage: Melting and refining department. $298.72 298.72 Coining department 910 80 $1, 779.50 $280 82 2, 970 92 Nickel wastage: Melting and refining department- 292.15 7a 49 16. 55' 382.19 . Coining department 458.28 30 34 2.24 49086 Bronze wastage: Melting and refining department. 1,113. 92 63.23 78.91 1, 256. 06 Coining department 437.10 30 73 18.05 491.88 Loss on sale of sweeps. , 1, 292.21 1,459.14 2,83013 5,774.86 11,356. 34

Total wastage and loss.. 4,664.85 3,442.43 3,226. 50 6,073. 58 17,407.16 Reimbursements: Nickel and bronze wastage on domestic coin, from minor coinage profits _ 1,840 58 177. 52 115.75 2,142.85- other wastage and loss on sweeps, from contin­ gent appropriation 2,816.07 3, 264. 91 3, no 75 6, 073.58 15,264. 31

Total reimbursements.. 4,664.66 3, 442.43 3,226. 50 0 073. 58 17, 407.16

ENGRAVING DEPARTMENT During the fiscal year ended June 30, 1926, the engraving depart­ ment made 3,417 working dies for domestic coinage, including those for the memorial coinage in celebration of the Sesquicentennial of American Independence, the Fort Vancouver Centennial, and California's Diamond Jubilee. Master dies, hubs, and working dies were made for Philippine, Polish, Venezuelan, Guatemalan, Costa Kican, Peruvian, and Salvadorean coinage. Dies manufactured

Issued to the mint at—

Manila, Item Unused Total Phila­ San P.I. delphia Fran­ Denver cisco

Domestic coinage: ^ Number Number Number Number Number Number Regular gold coinage 36 80 70 38 222 Regular silver coinage 86 719 210 85 L099 Regular minor coinage 13 L323 340 270 1,948 Memorial coinage 11 89 50 150 Philippine coinage . 3 125 128 Peruvian coinage 260 260 Salvadorean coinage ^ 4 40 44 Costa Rican coinage 6 6 Guatemalan coinage 5 134 139 Venezuelan coinage 6 64 89 Polish coinage _ 57 57

Total coinage working dies 219 2.715 670 391 125 4,120 Master dies and hubs manufactured for— United States coinage ..- 18 Philippine coinage 8 Memorial coinage.- 22 Guatemalan coinage - .. 21 Venezuelan coinage 4 Peruvian coinage . ._ 8 Salvadorean coinage... _ 2 Pohsh coinage 5 other dies and hubs manufactured for stamped envelopes embossing dies 38 Other medals, etc . 24 Military insignia 31

Grand total .<4, 297

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660 REPORT ON THE FINANCES

MEDALS SOLD Medals manufactured at the mint at Philadelphia were sold during the fiscal year as follows:

Items Pieces Value

Gold medals _ . . . _ _ 111 $8,766.04 Silver medals 635 1, 294.88 Bronze medals a 755 8, 369.01 Total, fiscal year 1926 9,391 14,418.91 Prior fiscal year -... 51, 552 36, 337. 88

EMPLOYEES The total number of officers and employees of the mint service on June 30, 1926, was 719, as follows:

Employees by departments Total Established Institution under act Melting of— Gen­ En­ Assay­ Coin­ and re­ June June eral graving ing ing fining 30,1928 30 1926

Bureau of the Mint.. Feb. 12,1873 11 3 14 14 Philadelphia Mint Apr. 2,1792 136 '9" 13 126 52 336 373 San Francisco Mint . July 3,1852 58 12 27 32 127 132 Denver Mint _. Apr. 2L1862 38 6 18 23 85 87 New York assay office Mar. a 1853 70 19 36 125 128 New Orleans A'lint ^ Mar. a 1835 6 8 6 Carson City Mint ^ Mar. a 1863 3 3 3 Boise assay office Feb. 19,1869 4 4 4 Helena assay office May 12,1874 3 3 3 Deadwood assay office Feb. 19,1897 3 3 3 Seattle assav office . May 21,1898 11 11 11 Salt Lake City assay office May 30,1908 2 2 2 Total, 1926 343 9 53 171 143 719 Total, 1925. 360 9 57 • 185 155 766

> Conducted as assay offices.

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DIRECTOR OF THE MINT 661

WORK OF THE MINOR ASSAY OFFICES The following tables exhibit the principal work of the minor aSsay offices during the fiscal year 1926:

New Carson Boise Helena Dead- Salt Lake Item Orleans City wood Seattle City

Deposits received number _. 392 474 .412 L710 139 Fineness, average gold ...thousandths.. 391 458 528 310 600 Fineness, average silver..do 357 324 343 667 702 129 249 Weight before melting..ounces.. 57,800 29,966 10 077 47,070 1,956 434,922 4,724 Weight after melting do 66,554 28,863 15,118 40 149 L943 432,017 4,815 Loss in melting -do L246 L113 959 921 13 2,905 109 Loss in melting per cent.. 2.16 a 71 5.98 1.95 0 66 0 66 2.31 Melts of bullion made.number.. 300 474 414 10 1,702 147 Melts, mass, of bullion made :number-. 43 10 82 7 Melts of D. M. R. grains..do 4 '3 4 4 4 3 Melts of assayers' chips. ..do 2 2 3 7 1 53 1 Value of deposits, gold..dollars.. 456,884 284,126 184,781 295, 676 647 7,418, 288 57, 354 Value of deposits, silver, at cost ._ dollars.. 13, 585 O608 3, 572 17, 657 L273 38, 622 771 Bullion shipped..gross ounces.. 68, 575 26, 748 14, 777 46, 530 L949 443,734 6,932 Value of gold shipped..dollars.. 488,030 288,841 157, 952 308, 637 523 7, 626,949 90,966 Value, cost, of silver shipped - dollars., 15, 748 0198 a 659 17, 842 L278 39, 526 ,L124 Quartation silver made.ounces.. 19 18 25 26 203 25 Quartation silver used do— 18 21 24 206 50 Proof gold-received ..do— 5 20 Proof gold used -do 0 2 2.6 17 0 8 Proof silver received do Proof silver used ..do 1L3 H\ 3 Cupels made number.. L678 1,333 a 407 550 17,136 2,000 Cupels used do 2,038 L314 1,529 aooo 550 12,247 1,350 Crucibles used ..do 16 37 27 2,610 4 129 29

ASSAYS MADE

On bullion de­ On miscellaneous On nonmint bullion and ores posits mint service metal Institution Sam­ As­ Re­ Sam­ As­ Re­ Sam­ As­ Re­ Metals determined in ples says ports ples says ports ples says ports ores tested

Num­ Num­ Num­ Num­ Num­ Num­ Num­ Num­ Num­ ber ber ber ber ber ber ber ber ber New Orleans 784 L764 392 94 233 49 7 14 7 Gold, silver. Carson City 296 L162 296 31 78 18 185 292 185 Gold, silver, lead, copper. Boise.. 725 L368 474 44 110 17 372 434 372 Gold, silver, copper, lead, zinc. Helena . 824 L904 412 44 128 Deadwood 12 24 12 2 4 1 286 404 404 Gold, silver, copper, lead and other metals. Seattle 4,750 n, 818 L707 262 1,184 139 109 380 109 Gold, silver, copper, lead, zinc. Salt Lake City- 139 973 129 11 88 11 194 320 127 Do.

GOLD RECEIPTS AT SEATTLE Statement of gold deposits at the Seattle assay office from the opening of the institution on July 15, 1898, to the close of business June 30, 1926: Number of deposits ^ 74, 474 Troy ounces 1 .17,,288, 799. 83 Avoirdupois tons 592. 3 Coining value $296, 133,246. 75

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662 REPORT ON THE FINANCES

Origin of the foregoing Alaska: 'Circle- $1, 045, 228. 93 Cook Inlet 5, 333, 019. 38 Copper River___ 6, 398, 316. 67 Eagle 1, 219, 476. 29 Iditarod 15, 750, 379. 03 Koyukuk 2, 175, 624. 04 Kuskokwim 1 491, 902. 13 Nome 71, 985, 341. 98 Southeastern Alaska 11, 504, 860. 12 Tanana 50, 805, 219. 49 Unclassified 2, 767, 506. 28 $169, 476, 874. 34 Canada: British Columbia . 24, 831, 776. 35 Yukon Territory 93, 267, 748. 62 All other sources 8, 556, 847. 44 Total 296, 133, 246. 75

LABORATORY, BUREAU OF THE MINT From the domestic coinage of the calendar year 1925 the assay er of this bureau tested 426 gold coins and 464 silver coins, all of which were found within the legal requirements as to weight and fineness. The greatest deviation in. fineness of gold coins from standard (the limit of tolerance being 1 one-thousandth above or below) was 0.1 one-thousandth above and 0.4 one-thousandth below. The greatest deviation in fineness of silver coins above standard (the limit of tolerance being 3 one-thousandths above or below) was 1.1 one-thousandths, while the greatest deviation below was 1.8 one- ' thousandths. The following table summarizes results of fineness tests on domestic coin:

Number of gold coins Number of silver coins Fineness (thousandths) Phila­ San Fran­ Phila­ San Fran­ delphia cisco Denver Total delphia cisco Denver Total

898.2 .. 1 1 898.9 6 3 8 899.1.-. 12 3 16 899.2 "' i' 1 899.3 30 1 4 35 8906 - 85 11 3 99 8906 1 1 899.7 8 9 16 33 2 1 1 4 899.8 40 59 89 188 73 21 4 98 899.9 - 46 54 42 142 2 4 1 7 900.0 16 23 12 51 79 27 6 112 900.1 4 5 2 11 900.2 44 13 3 60 900.4- 10 7 17 90O6 i...- 1 3 4 900.7 1 1 900.8 1 1 901.1- . \ 1 1- Total 114 160 182 426 344 92 28 464 Average fineness 890 872 890 871 890 833 899.857 899.757 890 977 890 811 890 792

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DIRECTOR OF THE MINT 663

AVERAGE WEIGHTS OF DOMESTIC COINS TESTED AS COMPARED WITH STANDARD WEIGHTS Standard weights Doubleeagle grains.. 616.000 Quarter eagle do 64.600 Silver dollar.- do.... 412.500 Half dollar- do.... 192.900 Quarter dollar do..._ 96.450 Dime do 38.680 Average actual weights Philadelphia: 114 double eagles^__' ^grains.. 515. 994 102 standard silver dollars do 412. 540 58 half dollars------..do 192. 914 70 quarters do 96. 523 114 dimes do 38. 538 San Francisco: 150 double eagles do 516. 042 44 standard silver dollars do 412. 500 14 half dollars do 192. 781 34 dimes do___. 38. 572 Denver: 148 double eagles do 515. 986 14 quarter eagles do-_-- 64. 508 28 dimes -_-do 38. 735

SUMMARY OF WORK OF MINT BUREAU LABORATORY

Item Number Item Number

Gold assays- 2,086 Counterfeit coins examined 8 Silver assays- 834 Double eagles examined-. __ 412 Platinum assays. - 18 Quarter eagles examined-- 14 Palladium assays 13 Standard silver dollars examined 148 Miscellaneous assays _. __ . ,_ _. ._ 55 Half dollars examined 72, Quarter dollars examined 70» Total assays a 006 Dimes examined-- 178 L882 Certificate bar samples (64 melts), New Cupels used 2,382 York 144 Proof gold used ounces.. O40 Certificate bar samples (28 melts), San Proof silver used do 4.90 Francisco ^ 238 Inquartation silver used do 85.80 Miscellaneous samples 18

ASSAY COMMISSION S ANNUAL TEST OF COIN Section 3547 of the Revised St;atutes provides for an annual test of the domestic coinage executed during the prior year, by a com­ mission,' of whom part are ex officio members, the others being appointed, without compensation, by the President. The purpose is ^Ho secure a due conformity in the gold and silver coins to their respective standards of fineness and weight.'^ The commission, which met at the Philadelphia Mint February 10 and 11, 1926, reported the following results of their examination: ^ Your committee on counting reports that the packages containing the pieces reserved by the several mints for the trial of coins, in accordance with section 3539 of the Revised Statutes, were delivered to us by the superintendent of the mint at Philadelphia, and upon comparison with the transcripts kept by the Direc^r of the Mint were found to be correct.

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664 REPORT ON THE FINANCES Several packages were selected from the-deliveries of each month from each mint of all denominations coined, and the coins contained therein were counted and found to agree with the number called for in each package. The reserved coins were then delivered to the committees on weighing and assaying. In the reports of those committees will be found an account of the disposition of these coins. The committee on weighing have to report that they have weighed the coins- shown in the appended list and have found them to be. standard within the legal tolerances. The coins were selected at random from those reserved by the mints at Philadelphia, San Francisco, and Denver. The coins were directly weighed against a set of sealed coin weights which were accompanied by a certificate signed by the Director of the Bureau of Standards, Department of Commerce, and which gave'the value of the weights in terms of United States standard. The weighings were made on a Troemner balance supplied by the Philadelphia Mint, and was tested by your committee as to the equality of the arms and as to its sensibility^' which were entirely satisfactory. ' Making a comparison with the standard Troy pound weight as against 10 ounces+ 2 ounces, we found the agreement to be within 0.00005 ounce. The committee on assaying has completed the duties assigned to it in connec­ tion with the assaying of coins selected from the different reserve samples rep­ resenting deliveries of all denominations of gold and silver coined during the calendar year 1925 by the mints at Philadelphia, San Francisco, and Denver. The coinage law provides for legal variations of 1 one-thousandth above or below standard, fineness (900) on gold coin and 3 one-thousandths on silver coin. We therefore take pleasure in reporting that the coinage for 1925 has been safely within the legal limits, as shown by the following schedules: ^ . Assays of individual gold coins selected

Lowest Mint assay

Philadelphia. .Sah Francisco. Denver

Assays of individual silver coins selected

Mint Highest Lowest - assay • assay

Fineness Fineness Philadelphia _. 890 8 898.2 San Francisco ,. 90O7 890 5- Denver _ . 890 8 899.3

Assays of coins melted in mass

Silver Mint coins

Fineness Philadelphia.. 899. 3 San Francisco. 890 6 Denver. 890 a

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DIRECTOR OF THE MINT 665

The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1926, is respectfully submitted. R.J. GRANT, Director qf tlie Mint. Hon. ANDREW W. MELLON, Secretary qf the Treasury.

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666 EEPOET ON THE FINANCES TABLES FROM THE REPOET OF

Deposits and purchases of gold during

New Source and description Philadelphia San Francisco Denver NewYork Orleans

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Alaska 300. 202 10 839.399 60 891 460 115 4.306 36, no 136 100.149 .601 118, 256.090 61. 448 8.418 75.021 28, 804.161 34.821 40O 947 97. 392 146. 281 75.884 21. 332 283. 658 3, 111. 615 385.-878 51.725 5,677.339 41.148 4, OIO 381 23.131 278,430 948 Utah 1.033 7.893 16.143 117. 882 11. 235 Philippine Islands - 24,883. 206 Porto Rico - - 43.168 Other Grains, deposit melting room... 126. 858 70 690 14. 719 264. 568 7.738 879.080 196,557.942 35,683. 366 279,309. 922 7.738 Domestic refinery bullion: Less than 0.992 fine. 222, 632. 704 1, 690 172 29, 925.311 1,120 667.341 1.146 1,306,40O 909 99.760 Total domestic purchases. 30, 804. 371 1, 323,225.283 258, 297.204 L 686, 310 003 107.486 80 819.970 243,954. 341 no 221. 874 67,958.962 7,860 365 105,903. 203 35,071. 614 0 984. 636 959, 791.627 8, 296.082 Foreism bullion, refined 18.010 2, 754,949.378 Jewelers' bars, dental scrap, etc- 150 513. 296 30 664.807 19, 468.418 435, 963. 688 5, 647.362 Total deposit purchases .. 374,040. 840 1, 638,805. 946 394, 970 941 6,804,979. 664 21,9C0 295 REDEPOSITS PURCHASED 68.619 31.671 97.926 5,120 730 20L689 Bars stamped by United States Government . 28.182 111.693 18, 283. 892 271.287 220 773 403. 602 263. 688 -' Total redeposits pur- 367.988 364.137 501.428 21,844. 290 201. 689 Total Dirrchases 374,408.808 1,639,170 082 396,48L369 5,828,823.944 22,101.884 REDEPOSITS TRANSFERRED Domestic coin from Treasury.. 61, 234. 921 24, 741.463 19,07O 910 Domestic assay coins 431.989 Unrefined bars - _ - 394,002. 028 38,650 208 901,945.421 150 000 60 000 200.000 Total redeposits trans- 61,860 910 418,893.491 67,889.118 902,146.421 Grand total, fine ounces.. 426,075. 718 2,058, 063. 673 463,170 487 6, 728, 769.365 22, IOL 884 Value of— Purchases $7,739,716.96 $33,884,662.85 $8,175,325.46 $120,447,006.68 $466,888.48 Domestic coin Treasury transfers — 1,069, no 82 511,451.08 394,416.74 8,93010 8,147,845.63 798,123.33 18,849,000.91 Total value 8,807,768.88 42, 643, 949.48 9,367,885.62 139,098,007.49 460 880 48 Number of fineness determina­ tions required: Deposits of gold and silver. 0217 8,728 2,959 15,607 392 Redeposits purchased 2,191 12 112 Redeposits transferred L920 953 176 2,168 Deposits in trust 2,279 Total determinations.... 12, 807 9,691 3,135 17,876 392

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DIEECTOE or THE MINT 667 THE DIRECTOR OF THE MINT

the fiscal year ended June 30, 1926

Deadwood Salt Lake Carson Boise Helena Seattle City Total

Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces 72.012 17..696 230 520.782 248,256.998 744 1.349 35,225.684 344.884 93.057 112. i4"5 356.249 119,231.892 28, 913.993 406.947 3,170.188 0 738 334.538 663 3,833.884 15.512 13,731.078 . 50.981 10.227 14,092.686 13,324.895 1.187 39.996 123.868' 16, 987.119 5,720 064 20 442 61. 690 4,210 934 113.108 L 827.028 10 193.562 1.453 278,438.401 36.827 45.753 122.685 5,332.924 5,588.634 11.235 24,883.205 43.168 177.501 177.501 2.695 O022 2.250 10 055 1.915 611 406 13,872.474 7,704.321 13,938.160 21.896 242, 620 529 2,357.128 792,832.620 697.944 224,929.820 22,284.099 2,484,384.555 13,872.474 7,704.321 13,938.160 21.895 265,502.572 2,357.128 3, 501, 946.895 22.970 516, 828.282 80 828.490 1,202,874.651 2,754, 987.386 72.131 281.816 365.133 4.578 0470 480 417.458 655, 736.163 13,744.606 7,960137 14,303.293 20 473 358,830 512 2,774.682 8,632,352.277

3.814 6,630.249 5.388 1O40O133 4.484 L153.894

. 4.484 O180 23,093.076 13,744.606 7,970621 14,303.293 20473 368,839.692 2,774.682 8,665,445.353

96,050294 431.989 1,334,500 857 20 000 420.000

20.000 1,430,414.940 13,744.606 7,970.621 14,303.293 26.473 358,850 692 2,774.682 10,086,860.293 V $284,120 23 $164,76L08 $296,875.14 $547.26 . $7,417,874.78 $57,364.47 $178,923,927.23 1,984,987.84 413.43 27,604,313.30 284,120 23 184,781.08 296,875.14 547.26 7,418,288.19 57,354.47 208,493,228.17

296 470 412 8 1,701 139 36,925 4 7 2,328 2 6,207 2,279

298 474 412 8 1,710 139 40737

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668 REPORT ON THE FINANCES

Deposits and purchases of silver during

San Fran­ New Source and description Philadelphia cisco Denver New York Orleans

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Alaska 40 86 1,927. 30 9 31 4071 Arizona .27 33,458. 08 3,812'. 98, California - .05 23,594.23 18. 20 .78 Colorado - 18. 46 15, 844. 70 203. 92 Georgia -- 40 30 Idaho 20 39 40 71 33.08 Michi gan - 7, 593.19 Montana 90 33 78.69 Nevada -• 34, 544. 20 80 29 New Mexico - 95.60 218, 836. 39 North Carolina 18. 66 Oregon 487. 97 2.35 South Dakota 75, 6C0 42 Utah .10 .37 Washington 2.73 30 82 Wvominc . LC3 Philippine Islands 12,148. 95 Porto Rico _- . .- - 50 89 Other Grains, deposit melting room 158. 49 104.66 16.39 350 68 8.03 Total unrefined 270 53 106, 601. 90 238, 790 23 83, 888. 67 8.03 Domestic refinery product: Less than 0.992 fine 29,18L33 99, 620 15 Over 0 992 fine i, i52, 599. 54 , 341, 324. 30 Total domestic purchases 1,152, 870 07 ICO 501. 90 267,971. 58 524, 842.12 8.03 Foreign coin 481. 35 1,163. 64 290 555. 93 109. 94 Foreign bullion, crude 0 711. 73 964, 379. 07 100,268. 69 982, 417. 76 10, 770 30 Foreign bullion, refined . _ . 1,197, 681. 68 Jewelers' bars, dental scrap, etc 143, 760 96 334,148. 89 11, 304. 49 417, 210 08 9, 017. 66 Total deposit purchases __ 2, 504, 505. 79 1, 390 193. 40 379, 644. 64 2, 224, 034. 88 19,905. 92

REDEPOSITS PUK CHASED Domestic coin 2, 788. 25 374. 27 L 347. 35 Bars stamped by United States Gov­ ernment 19, 220 08 Surplus (recoveries) 5, 692. 96 • 567.10 Total redeposits purchased 8,481.21 941. 37 1,347.35 19, 220 08 Total purchases, 2, 612, 987. 00 1, 397,134. 77 380,891.99 2,243, 254. 96 19, 906. 92

REDEPOSITS TRANSFERRED Domestic coin frora Treasury 1,215,024.98 388,182. 93 242, 609. 84 Refined bars 1, 349, 529. 43 Unrefined barsL 73,212.19 60, 924. 41 574, 710 36 Proof bullion 75.00 IOO 00 Domestic assay coins 254.18 Total redeposits transferred... 2, 664, 808. 65 439,470 12 293, 534. 26 574,810 36

DEPOSITS IN TRUST BY OTHER GOV­ ERNMENTS Domestic refined bullion 2,064,128. 70 Foreign refined bullion . 426,434. 82 Total deposited in trust 2,489, 563. 62 - ••• 1 Grand total fine ounces 7, 667, 369. 07 1,838, 604. 89 674,426. 24 2,818, 071. 32 19,906. 92 Value: Cost of purchases $1,786,263.64 $942,093. 27 $261, 282. 20 $1, 517, 742.12 $13, 590 06 Cost of bullion transferred 1,148,195. 65 60 505. 43 34, 667. 75 463, 772.14 Coining value of subsidiary bul­ lion purchased 3,101,095. 60 27, 518.12 Subsidiary coining value of pur­ 3,470,120 96 1,930,894. 07 624, 685. 87 chased and transferred domes­ tic coin 1,883,887.17 608, 731. 92 337,248.68

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DIRECTOR OF THE MINT 669

the fiscal ijear ended June SO, 1926

Salt Lake Carson Boise Helena Deadwood Seattle Total City

Fine ounces Fine, ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces 16.35 2.96 33,850 92 35,893.41 • LOl .17 37,272. 61 59. 63 7.81 14.80 62.31 23, 767. 81 16, 087. 08 40 30 1,833. 85 1.72 37.73 2,23 1,978. 71 7, 593.19 2.33 26,622. 88 18.93 1.86 25, 824. 02 9, 260 93 8.48 51. 38 18. 80' • 43,964. 08 218 931 99 L24 19. 80 3,195.29 28.28 210 78 3,930 87 .53 • 75, 600. 95 ^ 384. 24 384 71 47.90 662. 65 863.10 L03 12,148. 96 - ' 50 89 85.47 85.47 2.87 7.85 L04 3.05 L07 663. 03 . 9, 323. 43 6,119. 86 26,694. 07 1.77 34, 667. 74 687. 46 . 504,853.68 128,810 48 1,493,923.-84

9, 323.43 5,110 85 25,694. 07 1.77 34, 567. 74 687.46 2,127, 588. 00 301, 310 76 16,041.14 2, 073, 588. 58 L 197, 681. 68 1 384.42 78.45 443.46 1,881.42 5,425. 35 485. 74 924,129. 91 0 707. 86 5,198. 30 26,137. 53 1,883.19 56, 034. 23 1,153. 20 8, 624,298. 93 -^ 4, 509. 87 = .43 19, 220 51 24.90 6, 284. 98 24.90 .43 30, 015. 34

9, 707. 85 6, 223. 20 26,137. 63 1,883.19 66, 034. 66 1,163. 20 0 654,314.27

1,823, 817. 73 1,349, 629. 43 698, 852. 96 175. 00 264.18 3,872, 629. 28

2,064,128. 70 426,434. 82 , 2,489, 563. 52 1 9, 707. 85 6, 223. 20 20 137. 63 1, 883.19 66,034. 66 1,153. 20 13,018. 507. 07

$0 608. 58 $3, 677. 89 $17,813. 81 $1, 273, 40 $38,621.74 $772. 48 $4,589,40019 1,697,140 87

13, 420 22 7,220 80 30 132. 75 2, 603. 34 77,462. 81 1, 694.19 9,192,748.43

2, 627,847. 67

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670 REPORT ON THE FINANCES

Deposits of gold at United States mints and assay offices since 1873

Character of gold deposited

Domestic, bullion, Surplus Fiscal year ended including bullion, Total June 30— domestic Domestic Foreign Foreign grains, refinery coin bullion coin jewelers' product bars, old from foreign plate, etc. ores, etc.

1873.. 868, 570 $27, no 948 $426,108 $518,642 $774, 218 $57, 704,386 1874.. 736,388 0 275,367 3,182,620 9,313,882 654,354 49,142, 511 1875.. 266,125 L 714,311 739, 440 L 111, 792 724,628 38, 656,294 1876.. 37, 690, 529 417, 947 1,141, 906 2, IIL 084 681,819 41, 943,285 1877.. 43, 478,104 447,340 1, 931,183 2,093, 261 837, 911 48, 787, 779 1878.. 48, 075,124 301,022 2,068,679 1,310 461 907, 932 52,660 218 1879.. 38, 549, 706 '198,083 1, 069, 797 1,498,820 937, 751 42, 254,157 1880.. 35, 821, 706 209,329 21, 200, 997 40, 426, 560 1,176, 508 98,835,097 1881.. 35, 815, 037 440, 777 37, 771,472 55,462,388 1,343,431 130,833,103 1882.. 3L 298, 512 599, 357 12, 783,807 20,304,811 1, 770,166 66, 756, 653 1883.. 32, 481, 642 374,129 4, 727,143 6, 900, 084 L858,108 46,347,106 1884.. 29, 079, 596 263,117 6, 023, 735 9, 095, 462 L 864, 769 46,326,679 1885.. 31, 584,437 325,210 n,22L847 7,893,218 L 860 363 52,894,075 1888.. 32, 456,494 393, 646 • 4,317, 068 . 5,673,565 2,069,077 44,909, 740 1887.. 32, 973, 027 510 985 22, 571,329 9,890 512 2, 265, 220 68, 223,073 1888-. 32, 400,307 492,513 21, 741,042 14,690885 2,988, 751 72,225,498 .1889.. 3L 440, 779 585, 067 2,136,517 4,447, 476 3, 528, 597 42,136.438 1890.. 30, 474, 900 655,475 2, 691, 932' -5,298,774 3, 542,014 42,663,095 1891.. 31, 555,117 583,847 4,054,823 8,250 304 4,035,710 48,485,801 1892.. 31, 981, 646 567, 988 10, 935,155 14,04O 188 3,636,603 61,131,460 1893.. 33, 288,168 792, 470 2,247,731 8,293,296 3,830,178 40449,841- 1894.. 38, 896,951 2,093,616 16, 614,118 12,380 407 3,118,422 71,909,513 1896.. 44, 371, 950 1,188,258 14,108,4^6 2, 278,814 3,213,809 65,16i, 067 1896.. 63, 910, 957 1, 670,006 6, 572,390 3,227,409 3,388,622 618,240 68,769,384 1897.. 60, L 015,314 9,37L621 13,188,014 .2,810,249 87,003,338 1898.. 69, 881,121 1,187,683 47,210,078 2, 936, 943 1899.. 262,487 26, 477,370 147,693,19^ 78, 1,158,308 30, 336,560 32,785,162 2,964,684 143,497,191 1900.. • 87,458,83 6 3,517, 641 1901.. 929, 696 1,389,097 22,720,160 18,834,496 133,820,120 92, i, 118,180 3,950 657 1902.. 94, 622,079 27,189, 659 27,90O 489 153,101,681 1903.. 96, 514,298 L 488,448. 18,189,417 13,968,162 4, 28.4^ 724 132,680,830 1904.. 87, 74.6, 627 960,908 16,331, 059 8,950,595 4,247,583 127,004,443 1905.. 101, 618,315 2,159,818 30802,224 46,152, 784 4,892,931 177, 763,384 1S06.. 103, 838,268 3,404, 967 17,645,627 15,141,878 6,668,483 143,378,970 1907.. 114, 217,462 1, 614, 291 30 317,865 6,648,512 4, 790,558 153,109,494 1908.. 111, 735,878 2, 754, 283 36,656, 546 17,221,252 5,731,112 176,580, 655 19C9.. 119, 727,439 3, 989,773 71,774,351 13, 684,426 0 231,547 207,415, 976 1910.. 104, 974,559 3,432,288 16,021, 521 1,034,378 5,341, 604 145,557,230 1911.. 120, 910,247 3,603,140 15, 761.852 405,226 5,620 331 130,371,108 1912.. 119, 338,150 2, 949,199 35, 673,116 10,066,643 6,783,886 175,383,091 1913.. 118, 504, 953 3,490, 769 20, 914,22^ 2,155, 233 6,025,502 151,929,881 1914.. 113, 278,957 1,840880 3L 985,879 2, 732,439 6,061,727 161,131,878 1915.. 119, 217, 239 4, 719,876 18,978,572 3,261, 967 6,057,184 146,296,550 1916.. 120 722,159 4, 209,612 22,881,854 15,420, 256 5,748,959 167,477,920= 1917.. 204, 355,339 2, 522, 290 91,099, 419 271,541,705 6,330 201 492,216,774! 1918.. 101, 416,485 1, 90O 126 671, 448,086 124, 111, 619 8,040828 900867,998 1919.. 83, 350 336 6,431,236 153,405,687 40,422,147 7,812,167 309,487,722. 1920.. 106, 410 689 24, 521, 645 34, 568,699 15,268 8, 907, 616 151,363,364 1921,. 72, 714,4.80 6,079,373 78,021,266 29,003,844 10 989,866 229,511, 038 1922.. 60 746,328 L 887, 929 509,493,374 70813,705 12,798,620 673,708,108 1923.. 74, 102, 007 2,491,089 346,479, 206 123,967, 764 14,300,128 550'984, 615 1924.. 8L 777, 074 2,340, 594 192,071,404 48,033,348 12,834,632 330,15L885- 1925.. 78, 877,663 3,008,442 278,706,141 116,698,431 13,242, 795 491,432,883. 1926.. 72, 415, 616 1,812,398 83,062,092 34,418, 655 13,194, 277 211,165,085' 2,088,238 81,816,854 10,683,789 13,665,249 180,568,640

Total 3,829,267,698 148,698,880 3,141,469,653 1,417,723,! 286,609,339 1,802,749,218

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DIRECTOR OF THE MINT 671

Deposits of silver at the United States mints and assay offices since 1873

Character of silver deposited

Domestic Domestic coin Foreign coin Fiscal year bullion, Surplus ended June including bullion, Philip­ Total 30— domestic Foreign grains, refinery pines jewelers' product bullion United Ha­ Other bars, old from States waiian plate, foreign For re­ etc. ores, etc. coinage

Fine Fine Fine Fine Fine Fine Fine Fine ounces ounces ounces ounces ounces ounces ounces ounces 1873.. 6,819,104 37,955 59,877 210 171 141,235 7,074,342 1874.. 8,370 849 46, 287 89, 474 163,748 213, 524 8, 882, 682 1875-. 11, 729, 014 10 984 399, 240 124, 285 180 104 12, 429, 627 1876.. 18, 685, 953 3,753 269, 835 109, 245 138, C96 19, 206, 882 1877.. 20 987, 687 795,376 2, 284, 732 189,988 316, 364 24, 652,998 1878.. 22, 271, 284 4,930 4, 824,919 265, 541 • 167,356 27, 524,030 1879.. 20 832, 329 8,206 829, 836 540, 349 181, 347 22, 372, 068 1880-. 24,852,680 30 395 892, 826 823, 615 192,866 26, 792, 282 1881-. 22,025, 225 5, 852 1, 014, 862 568,038 201, 251 23, 815,028 1882.. 23,942,987 98, 669 1,103,408 665, 803 269,825 26, 080, 692 1883-. 25,336, 643 492, 888 L 414, 767 979, 758 292, 680 28, 610 516 1884.. 24, 334, 762 117, 689 1,952, 731 1, 534, 782 300 310 28, 248,164 a885.. 24,943, 394 878, 741 1, 627, 619 867, 858 . 330981 28, 454, 591 1886-. 25,101, 639 210 015 1,145, 017 • 628,545 361, 316 27,.'452, 532 1887.. 29, 293, 372 6,848, 585 L 127, 213 271,166 "396,656 36," 938,992 28,921, 649 1, 202,177 1, 290 390 67, 549 485,190 31, 960 956 29, 60O 387 394, 346 1, 063,90O 328, 278 502,223 31, 895,132 1890.. 29,187,135 468, 302 1, 852,165 951,162 526, 270 32,983,024 1891.. 50 667,116 637, 652 1, 767,908 1,970 912 633, 073 55, 670 881 1892.. 50 817, 548 6, 036, 246 1, 560 618 349, 652 672, 661 84. 332, 725 1893.. 56,976, 082 5, 340 912 1, 738, 711 505,171 682, 728 . 65.149, 604 1894.. 15, 290 815 5, 012, 080 994, 901 622, 725 467,958 22,194, 459 1895-. 0 809, 626 3, 016, 905 1, 362,141 15, 291 580 125 11, 783, 088 1896.. 4, 420, 770 3,170 768 • 680 757 150 942 604, 386 9, 027, 623 1897-. 3,914,985 2, 208,953 620 085 101,157 473, 755 7, 324,936 1898.. 2, no 690 1, 243, 050 209,987 O808 249,468 3, 828,003 1899.. 5, 584, 912 8, C60 988 718, 077 19, 382 484, 761 12, 886,108 1900.. 4,977,978 3, 587, 992 1, 088, 019 44, 704 657, 831 10, 250 524 1901.. 2,466, 749 2, 613, 570 1, 306,149 4, 250,198 • 667.647 11, 204, 311 1902.. 1, 425,060 2, 275, 090 1,152, 023 29, 265 675, 430 5, 450 888 1903.. 12, 523, 630 2, 050, 225 461,886 1, no 463 21, 869 627,108 16, 794,981 1904-. 0 99L187 1,923, 609 148, 788 1, 361, 701 12, 567,137 1,47L 963 652, 015 18, no 400 1905-. 4, 923, 655 1, 333, 595 3,847 1, 906, 410 17, 703, 766 92,995 739, 311 16, 703, 379 1908-. 2, 398, 871 959, 568 3,895 3,162, 507 1 61, 333 1, 287, 858 832, 544 8, 500 376 1907-. 20, 388.163 770,269 2, 552, CC3 4, 680 791 282, 612 636,722 29, 310 580 1908-. 10 114, 553 786, 085 2,963, 399 8, 870, 033 134,974 648, 007 29, 517, 051 1909-. 5, 375, 389 659, 935 2, 326, 847 7,320 312 2L917 520 715 10 225,115 . 191C-. 1, 547,145 548, 821 1,162, 240 1, 391, 587 13, 296 460 935 6,124, 023 1911-. 3,-220, 236 393,906 799,105 • 621,800 6, 040 495, 013 5,636,100 1912.. 5, 635, 513 468, 694 957, 233 227, 295 7,934 640 117 7, 827, 233 1913.. 3,104. 347 280 688 624, 215 342,289 17, 010 577, 423 4,945,972 1914.. 9, 752, 614 589,972 527, 233 143, 873 85,141 672, 687 11, 671, 420 1916.. 7, 250 205 491, 028 2,130 138 136,247 383, 439 536, 887 10,927,944 1916-. 9, 346, 085 569,510 1,860 420 138, 067 204, 470 898,026 12, 810 677 1917.. 7, 556, 359 6, 240 994 2, 327, 785 149,198 810 725 882, 893 17,974, 016 1918-. 21,155,924 8,170 334 6,780 on 1,911, 378 7,145, 336 984, 628 40 133, 607 1919-. 2, 869,447 456, 283 1, 870 071 618, 531 4, 801,019 1,145, 067 11, 360 518 1920.. 5, 338,184 54L 117 2,205, 086 225 4, 413, 248 1, 274, 743 13, 770 583 1921.. 63, 640 055 507, 894 2,158,717 763, 075 830, 570 67, 800 311 1922.. 61,994, 780 1, 734, 696 1, 705, 424 5, 219, 623 748, 708 61, 401, 231 1923.. 68,903, 846 2, 387, 425 1, 522, 320 198, 834 768, 359 73, 760, 784 1924.. 17, 690 587 1, 492, 369 3, 296,980 113, 755 880, 430 23. 474, 111 1925.. 1, 692, 032 1, 764, 224 2, 03O 099 182,266 895, 840 6,564,460 1926.. 2,127, 588 1, 828, 582 3, 27L 270 30L 311 930 416 8,459,166 Total. 962, 734, 489 87,692,625 618,724 88,853,834 30 883,860 46,148,370 29,17L658 1, 249,003. 460

' Spanish-Filipino coins.

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672 REPORT ON THE FINANCES

Authority for United States coinage, by denominations, with standard weight and • fineness, and total coined GOLD COINAGE

Total coined to June 30, 1928 Standard Standard Denominations Authorizing acts weight fineness Pieces Value

60-dollar piece, com­ memorative: Panama-Pacific In­ ternational Ex­ Thou­ position— Grains sandths Octagonal Jan. 16, 1915.. L290 900 L609 $76,450 00 Round do L290 900 L510 75,60000 Doubleeagle ($20) Mar. 3, 1849.. 618 900 Feb. 12,1873.. 518 900 151,080 808 Eagle ($10). Apr. 2, 1792-- 270 918% 3,02L 732,120 00 258 899. 225 June 28, 1834. 62,811, 985 Jan. 18, 1837.. 258 900 Feb. 12, 1873. 268 900 528,119,850 00 Half eagle ($5). Apr. 2, 1792.. 135 918% June 28, 1834. 129 899. 225 78, 249,869 Jan. 18, 1837.. 129 .900 391,249,345.00 Feb. 12, 1873. 129 900 Quarter eagle ($2.50)... Apr. 2, 1792.. 67.5 June 28, 1834. 64.5 899. 225 18, 434, 590 Jan. 18, 1837- 84.5 900 48,086,475.00 Feb. 12, 1873- 64.5 900 Quarter eagle ($2.50), commemorative: Panama-Pacific In­ Jan. 16, 1915-. 900 10,017 25,042. 60 ternational Expo­ sition. Sesquicentennial Ex­ Mar. 3, 1925... 64.5 900 200,226 500, 686.00 hibition. 3-dollar piece i Feb. 21, 1853; Feb. 12, 1873. 77.4 900 639, 792 1, 619,370 00 1 dollar 1 Mar. 3, 1849; Feb. 12, 1873. 25.8 900 19, 499, 337 19,499,337.00 1 dollar, commemora­ tive: Louisiana Purchase June 28, 1902. 25.8 900 260, 258 260, 258.00 Exposition. Lewis and Clark Ex­ Apr. 13, 1904- 25.8 900 60,069 60,069.00 position. Panama-Pacific In­ Jan. 16, 1916- 25.8 900 25, 034 25,034. 00 ternational Expo- • sition. McKinley Feb. 23, 1916. 25.8 900 30, 040 30, 040. 00 Grant Feb. 2, 1922.. 25.8 900 10,016 10,016.00 Total gold.. 4,009, 358,477. 60

SILVER COINAGE

Dollar. Apr. 2, 1792 416 892.4 Jan. 18, 1837 (discontinued, il2H 900 act Feb. 12, 1873). Feb. 28, 1878... il2H 900 > 842, 081,021 $842,06L 02L 00 July 14, 1890 il2H 900 Mar. 3, 1891 il2H 900 Apr. 23, 1918 il2H 900 1 Discontinued act Sept. 26, 1890. 2 Silver-dollar coinage: Act Apr. 2, 1792— From 1792 to 1805 --.- $1,439,517 During 1836 - -• LOCO From 1839 to Feb. 12, 1873 8,590,721 $8,031,238 Act Feb. 28, 1878 - --' - 378,166,793 Act July 14, 1890, to Oct. 31, 1893, date of repeal of purchasing clause of Sherman Act ..-- 36,087,285 Act Nov. 1, 189:3, to June 12, 1898 42,139,872 Act June 13, 1898, war-revenue bill 108,800188 187,027,345 Act Mar. 1, 1891, trade dollar conversion - --. 5, 078,472 Act Apr. 23, 1918, Pittman Act replacement- Old design, since Feb. 21, 1921 86,730,000 Peace dollar, since Dec. 29, 1921 177,027,173 263,767,173

842,081,021 NOTE.—Silver-dollar coinage suspended 1806 to 1835 and 1874 to 1877. The bullion value of the dollar was greater than its coin value prior to 1878.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

DIEECTOR OF THE MINT. 673 Authority for United States coinage, by denominations, with standard weight and fineness, and total coined—Continued

SILVER COINAGE—Continued

Total coined to June 30, 1926 Standard Standard Denominations Authorizing acts weight fineness Pieces Value

Thou­ Grains sandths Trade dollar 3 Feb. 12, 1873 (discontinued, 420 900 35, 965, 924 $35,966,924.00 , actMar. 3, 1887). Dollar, commemora­ tive: Lafayette Mar. 3, 1899.. 4123^ 900 60,028 60,026.00 Half dollar Apr. 2, 1792.. 208 Jan. 18, 1837.. 206H 900 Feb. 21, 1853. 192 900 445, 695, 312 222, 797,858. 00 Feb. 12, 1873. 4 192. 9 900 Half dollar, commem­ orative: Columbian Exposi-. Aug. 5, 1892.. 192.9 900 5,002,105 2, 501,062. 60 tion. Panama-Pacific In­ Jan. 16, 1915.. 192.9 900 80,030 30,015. 00 ternational Exposi­ tion. Illinois Centennial... Junel, 1918... 192.9 900 100,058 60,029.00 Maine Centennial... May 10 1920.. 192.9 900 60 028 26,014; 00 Landing of Pilgrims May 12, 1920.. 192.9 900 300,186 160,082.60 Tercentennial. Alabama Centennial. May 10,1920.. 192.9 900 70,044 35, 022.00 Missouri Centennial. Mar. 4, 1921... 192.9 900 60, 028 26,014. 00 . Grant '.. Feb. 2, 1922... 192.9 900 100 061 60,030. 50 Monroe Doctrine Jan. 24, 1923... 192.9 900 274,077 137,038. 60 Centennial. Huguenot-Walloon.. Feb. 20 1923.. 192.9 900 142,080 71.040 00 Stone Mountain Mar. 17, 1924.. 192.9 900 2,314, 709 1,157,354.60 Battle, Lexington- Jan. 14, 1925... 192.9 900 162, 099 81, 04O 60 Concord. California Diamond Feb. 24,1925.. 192.9 900 160, 200 75,100 00 Jubilee. Fort Vancouver do._ 192.9 900 60, 028 25,014.00 Sesqui centennial Mar. 3, 1926.. 192.9 900 1,000, 528 500, 284. 00 Exhibition. Quarter dollar Apr. 2, 1792.. 104 Jan. 18, 1837.. 1033^ 900 Feb. 21, 1863. 96 900 592, 222,341 148,065, 585.25 Feb. 12, 1873. 5 96.45 900 Quarter dollar, com­ memorative: Columbian Exposi­ Mar. 3, 1893.. 900 40,023 10,005. 76 tion. 20-cent piece... _• Mar. 3, 1876 (discontinued, 9 77.16 900 1, 356, OCO 271, OCO 00 act May 2, 1878). Dime.. Apr. 2, 1792 41.6 892.4 41^ Jan. 18, 1837 900 1,242,849,797 124, 284,979. 70 Feb. 21, 1853 38.4 900 Feb. 12, 1873 7 38. 68 900 Half dime. Apr. 2, 1792 20. 8 • 892.4 Jan. 18, 1837 20^ 900 j- 97,604,388 4,880, 219.40 Feb. 21, 1863 (discontinued, 10 2 900 act Feb. 12, 1873). 760 3-cent piece.. Mar. 3, 1851.. } 42,730 240 1, 282, 087. 20 Mar. 3, 1853 (discontinued, n.62 900 act Feb. 12, 1873). Total silver.. 3,310, 306, 312 1,384,571,824. 30

8 Coinage limited to export demand by joint resolution July 22,1878. Redeemed $7,889,036 at face value under act Mar. 3, 1887, converted into 5,078,472 standard dollars and $2,889,011 subsidiary silver coin. * 12H grams, or 192.9 grains. « 6H grams, or 98.46 grains, fl 5 grams, or 77.18 grains. ? 2H grams, or 38.58 grains.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

674 REPORT ON THE FINANCES Authority for United States coinage, hy denominations, with standard weight and fineness, and total coined—Continued MINOR COINAGE

Total coined to June 30, 1926 Standard Denominations Authorizing acts Standard composi­ weight tion Pieces Value

5-cent (nickel) May 16, 1868 •k Grains Feb. 12,1873 } 77.18 (8) L 388, 232, 762 $68,311,638.10 3-cent (nickel) Mar. 3, 1885 30 («) Feb. 12, 1873 (discontinued, 30 («) } 31,378,318 941,349.48 act Sept. 28,1890). 2-c^nt (bronze) Apr. 22, 1884 (discontinued, 98 C) 45,601,000 act Feb. 12,1873). 921,02O 00 Cent (copper) Apr. 2, 1792 284 (10) Jan. 14,1793....: 208 Jan. 28, 1798 " ^ . 188 i 166,288,744 1,562,887.44 Jan. 18, 1837 (discontinued, 188 act Feb. 21, 1857). Cent (nickel) Feb. 21, 1867 (discontinued, 72 (12) 200,772,000 2,007,720.00 act Apr. 22, 1884). Cent (bronze) Apr. 22, 1864 48 (8) Feb. 12, 1873 48 }4,744,176,883 47,441,758.83 Half cent (copper) Apr. 2, 1792 132 («) Jan. 14,1793 104 (10) Jan. 26,1796 6 84 7,985,222 39,928.11 Jan. 18, 1837 (discontinued . 84 act Feb. 21, 1857). Total minor 8, 562,433, 727 121,217,297.98 Total coinage 10,183,950,897 5,515,147,399. 76

8 Composed of 76 per cent copper and 25 per cent nickel. 9 Composed of 96 per cent copper and 6 per cent tin and zinc, w All copper. n Proclamation of the President, in conformity with act of Mar. 3,1795. i« Composed of 88 per cent copper and 12 per cent nickel.

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Coinage of each mint, hy value, with grand total pieces, since organization to close of business December 31, 1925 • Philadelphia, New Orleans, Carson, Charlotte, Dahlonega, Denomination San Francisco, Denver, Total value Total pieces 1793-1925 1854-1925 1906-1925 1838-1881; 1870-1893 1838-1861 1838-1861 1879-1909

Gold: 50 dollars • $150,950 00 $150,960 00 3,019 Double eagles.. $1, 048. 707, 540 00 1, 658, 240, 620 00 $246, 810, 000. 00 $16, 375, 600. 00 $17, 283, 660. 00 2, 985,417,120 00 149, 270, 858 Eagles- 287, 854, 320 00 144, 624, 080. CO 59, 092, 800. 00 23, 610, 890.00 2, 997, 780 00 517,979, 850 00 61, 797, 985 Half eagles 206, 538,105.00 140,140, 040.00 26, 483, 300. 00 4, 618, 625. 00 3, 548, 085. 00 $4,405,136. 00 $6, 536, 056. 00 391, 249, 345.00 78, 249, 869 3 dollars- : 1, 357, 718. 00 186, 300. 00 72, 000. 00 3, 360 00 1, 619, 376. 00 639, 792 Quarter eagles. 37, 458, 322. 50 1, 886, 297. 50 2, 704, 200. 00 3, 023,157. 50 544, 915. 00 494, 625.00 46, 111, 517. 50 18,444, 807 Dollars 18, 673, 821. 00 115, 266. 00 1, 004, OCO. 00 109,138. 00 72, 529. 00 19, 874, 764.00 19, 874, 764 3,962,402,912.60 318,180, 882 Total gold .- 1, 698, 289, 824. 60 1,946, 343,433. 60 335, 070, 300.00 48, 704,172. 60 23,829,425.00 5, 059,188. 00 j 8,106, 569.00 •pi

Silver: Q Dollars :. 418, 080,416.00 171, 051,073.00 42, 219,000. 00 187, 111, 629.00 13, 881, 329.00 832, 343, 347. 00 832, 343, 347 H Trade dollars 5,107, 524.00 28, 847, 000.00 4, 211, 400.00 35,985, 924.00 35, 985, 924 O Half dollars 125, 304, 741. 00 46, 953, 559. 50 13,180, 660 00 40,117, 338.00 2, 654, 313. 60 227, 210, 612.00 454, 421, 024 pi Quarter dollars '... 98, 731, 308.76 19, 218, 634. 26 14,390 800 00 15, 086, 750.00 2, 679,198. 00 148, on, 591. 00 692, 048, 364 20 cents 11, 342.00 23L OCOOO 28, 658.00 271, 000. 00 1, 356, 000 O Dimes- ._. 82, 748, 379.40 19,135, 218.90 12, 940,880 00 8, 807,990. 80 2,090, no. 80 123, 722, 579. 70 L 237,225,797 Half dimes -_ 3, 948, 791.90 119,100.00 812, 327. 50 4, 880, 219.40 97, 604, 388 3 cents 1, 260,-487. 20 21, 800. 00 1, 282, 087. 20 42, 736, 240

Total silver 733,192,9.90 25 282, 355, 485. 66 82, 737, 240 00 249,968, 535.10 25, 445, 009.30 1, 373, 687, 260 30 3,293, 698,084 Minor: 6 cents _- 59,922, 573.10 3,103, 200.00 4, 409, 315.00 67, 435, 088.10 1, 348,701, 782 3 cents. - - 941, 349.48 941, 349.48 31,378,318 '2 cents : 912, 020. 00 912,02O 00 45, 601, 000 1 cent - _. 42, 918,174. 27 3, 711, 460. 00 3, 397, 300. 00 60, 026,934. 27 5, 002, 693,427 Halfcent 39, 920 11 39,928.11 7,985, 222

Total minor 104, 734, 042. 98 6,814,660 00 7, 806, 615.00 119, 355, 317. 98 6, 436, 369, 727

Total value 2, 436, ^16, 857. 71 2, 234, 613, 579.15 425, 614,165. 00 298, 660, 707. 60 49, 274, 434. 30 5, 059,188.00 6,106, 569. CO 6, 456,445,490 76 Total pieces 7, 740, 906, 818 1,120, 915, 862 708,116, 640 419, 076, 613 66, 636,119 1,208,131 1, 378, 710 10, 048, 238, 693

Oi

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Coinage of each mint during the past 10 calendar years

BY VALUE AND DENOMINATION

• Mints 1916 • 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total

PHILADELPEIA Gold' Double eagles . $4, 565, 000. OC $10,570,000.00 $27, 510, 000.00 $11, 320, OOO 00 $88, 470, 000.00 $56, 635, 000. 00 $197, 070,000.00 Eagles- . Half eagles Quarter eagles Dollars $20, 028.00 $10, 014. 00 10,010 00 - 40, 058.00 Total gold 20, 026.00 10,014.00 4, 565, OCO. OC10 , 670, OOC. CO 27, 520, 016. 00 n, 320, occ. 00 86,470,000 00 66, 635, 000. 00 197, no, 056.00

Silver- Dollars 45, 696, 473. 00 51, 737, 000. 00 30, 8C0, 000.00 n, 811, OOO 00 10,198, 000. CC 160, 242, 473. 00 Half dollars 304, OOO 00 6,148, OOC. 00 $3, 367, 029. 00 $481, OOC. 00 3, 311, C70 00 233, 062. 50 50, 030. 50 71, 040. 00 1, 238, 404. 00 16, 201, 636. 00 Quarter dollars... 460, COO 00 6, 665, OCC. 00 3, 560,-OCO CO 2, 831, 000. CO 6,965. COO. 00 479, OCO. 00 2, 429, 000.00 2, 730, CCO'GO 3, 070, OCO. 00 28,179, OCO. 00 o Dimes 4, 067, COO 00 5, 523, OCC. 00 2, 668, OCO CC 3, 574, 000. 00 5,.903; OOOCO 123, OCC. CO 5, 013, OCO OC 2, 401, OCO. CO 2, 661, 000. 00 31, 833, OCC. 00 Total silver -.. 4, 831, OOO 00 17, 324, 000.00 9, 595, 029. 00 6, 886, OCO. 00 18,179, 070.00 46, 531, 535. 50 51, 787, 030. 50 38, 242, OOC. 00 17, 013, 040. 00 17, 067, 404. 00 225, 456,109.00 o Minor* 6 cents. 3,174, 903. 30 2, 571, 201. 45 1, 604, 315. 70 3, 043. 400. CO 3,154, 650. 00 633,150. 00 1, 785, 750 00 1, 081, 000. CC L-778, 256. 00 18, 726, 825.45 1 cent 1, 318, 330 77 1, 984, 297. 85 2, 881, 048. 34 3, 920, 210. 00 3,101, 650 00 39L 570. 00 747, 230 00 75L'78O00 1, 399, 490. 00 16, 476, 810 98 Total minor... 4, 493, 240 07 4, 535, 499. 30 4,485, 362. 04 6, 963, 610 00 6, 258, 300. 00 924, 720. 00 2, 532,980 00 1, 832, 780 00 3,177,745.00 36, 202, 236.41

Total value.. . 9, 344, 266.07 21, 869, 513. 30 14, 080, 391.04 13, 849, 610. 00 27, OCO, 370.00 68, 026, 255. 50 79, 307, 046. 50 52, 094,980.00 105, 315, 820 00 76, 880,149. CO 467, 768, 401.41

SAN FRANCISCO t2j Gold: Double eagles _ 15, 920, 000.00 11,160, OCO CO 53,160, 000. 00 68, 560, 000.00 76, 530, 000. do 214, 320, 000.00 Eagles L 385, OCO 00 1, 265, OCO. 00 2, 650, 000.00 > Half eagles 1, 200, OOC. 00 1, 200 000.00 Quarter ea-gles O Dollars zn Total gold 18, 605, OCO 00 12, 425, COO. 00 53,160, 000.00 58, 650, 000.00 75,530,000 00 218,170, 000.00

Silver: Dollars •_ 21, 695, CCC. 00 17,475, 000. 00 19, 020, OOO 00 1, 728, OCO. CO 1, 810, OCC. CO 61, 528,000.00 Half dollars 254, 000. 00 3, 253, OOO 00 5,141, OCO 00 776, 000. 00 2, 312, OCO. 00 274, OCO. 00 1, 226, 038. 50 100,114. 00 13, 336,152. 60 Quarter dollars..- 1, 876, OCO 00 2, 768. OCC. CO 459, OCC. 00 1, 595, 000. 00 340, OCO 00 715, 000. CO 7, 753, 000.00 Dimes. 1, 627, 000. 00 2, 733, OOO 00 1, 930; CCC. 00 885, OCO 00 1, 382, OCO. 00 644, COO. 00 712, OCO CO 585, OCC. 00 10, 498, OOO 00 Total silver 1, 881, 000. 00 7, 862, OOO 00 9, 839, OCO CO 2,120,000 00 5, 289, OCO 00 21, 969, 000. 00 17, 475, 000. 00 21, 230, 038. 50 3,155, 000. 00 2, 295,114. 00 93,116,152. 60

Minor: 5cents...- 593, 000. CO 209, 650 00 244,100. 00 376, 050. 00 484, 450:00 77, 850 00 307,100. 00 7L 850 00 312, 800. 00 2, 676, 860 00 1 cent 225,100.00 326, 200. CO . 346,800 00 1, 397, 600. 00 462,200.00 152,740 00 87, OCO. 00 no 960 00 263, 800. 00 3, 378, 400. 00 Total minor- 818,100. 00 535, 850 00 590, 900. 00 1, 773, 650 00 946, 650 00 230, 590. 00 394,100. 00 188, 810 CC 576, 600. 00 8 055 250 00

Total value 21, 204,100.00 8, 397, 850 00 10, 429, 900.00 3, 893, 650 00 18, 660, 650. 00 22,199, 590 CO 70, 635, 000. 00 21, 624,138. 50 61, 893, 810 00 78,401, 714. 00 317, 340,402. 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

DENVER

Gold: Double eagles 34,045,000,00 80,990, OOO 00 58, 770 OCO 00 153,805,000. 00 Eagles "" Quarter eagles __-rrr 1, 445, OCO 00 1, 445, 000. 00 Total gold 34,045,000. 00 60, 990, OCO. 00 60, 215, OCO 00 165, 250,000. CO 20, 346, OCO 00 15,063, 000. 00 0 811, OOO 00 42, 219,000.00

Silver: Dollars SS S Half dnllarc; 1, 362, 700. 00 1, 920 520 00 775, 500.00 104, OCC. 00 5, 248,420.00 Quarter doUars... 1,933, 400. CO 1, 845,000. 00 896,600.00 778, OOO 00 7, 574, 200. CO 7,445, 780. CO Dimes SS S 940,200 00 2,267,480 00 1, 917,100 CO 108, COO. 00 881, OOO 00 5n, 700. 00 Total silver 2,188,800. 00 4, 228,300. CO 0 039, OOO CO 2,062,400.00 3, 589, 200.00 20, 557, OCC. CO 15,063, OCO CC 0 811, OOO CC 1,459, OCO 00 611, 7C0 00 62,487, 400.00

Minor: Five cents 660 650.00 495, 640 00 418,100. OC 400,300.00 470, 900.00 262, 900.00 222, 500.00 2, 936,890. 00 One cent 359, 660. 00 551, 200.00 478, 300.00 571, 540 00 492,800.00 71, 600 00 25, 200.00 225, 800. OC 2, 776,000. CO

Total minor l,.02O 210 00 1,046,740 00 890 400.00 971,840 00 983, 700.00 71, 600 00 288,100. 00 448, 300.00 6,712, 890.00 Q Total value.... 4, 652, 900. OC20 , 567, OCO 00 15,134, 600. 00 40, 860 OCO CO 62, 737, ICO 00 61,176, OOO CC 223,460, 290 CO 3,195,010.00 5,273, 040. CO 6, 936,400. 00 3,034, 240 00 H ALL MINTS

Grand total value . 33,743,378.07 36, 640,403. 30 31,445, 691.04 20, 777, 500.00 50, 213, 920 00 100,782,845.50 165,078, 840 50 114, 675,118. 50 229,946,730 00 216, 468, 863.00 998, 559,093'91 o

BY NUMBER OF PIECES

Philadelphia: Gold 20,026 10,014 228, 250 628, 600 1, 385, 518 560 000 4,323, 500 2, 831, 750 9, 893, 556 Silyer 43,118,000 90,142, OCO 47, 854,058 48,026, COC 93, 512,140 49, 308, 698 51, 837, 061 90, 646, COC 46, 883,080 50, 584,808 611, 691, 745 Minor 196,331, 743 247,853, 814 320,190, 948 452,889, OCC 373, 258,000 49, 820 OCO no 438, CCC 96, 798, COO 175, 514,100 2,022, 093, 606 Total..-. 238,469,769 338,005,828 367,845,006 500,915, COO 460 998,390 90 857,098 53.222, 677 201,650 000 148,004, 580 228, 910 658 2, 643, 678, 906 San Francisco: Gold..... 1,174, 500 684, 500 ^ 2,658,000 2, 927, 5C0 3, 770 500 11, 221, CCC Silver 10 778, 000 41, 340 000 40, 654,000 12,238,000 24,824, OOC 22, 243,000 17, 475, OCC 29, 272, 077 11, 708,000 7, 860 228 224,192, 305 Minor 34,370,000 30 813,000 39, 562,000 147,281, OCO 65, 909,000 10 831,000 • 14,842, OCC 13,133, OCC 32, 630 CCC 391,377,000 Total-- 62,322, 500 78,153,000 80 216,000 169, 519, OOC 81,417, 500 39,074, OCC 20,133, 000 44,114, 077 27, 768, 500 44, 072, 728 626, 790 305 Denver: Gold 1, '702, 250 3, 049, 500 3, 510 500 8,268, 250 Silver 7,819,200 19,841,000 33, 907,840 13,048,000 24,308,400 21, 833, OCC 15, 063, OCC 0 811,000 9, 922, OCO 6,117, OCO 157,470, 440 Minor 49,289, OCC 85,030, 800 66,192,000 85,160,000 68, 898, CCC 7,160 000 7, 778, OCC 27, 030 OOC 330 337, 800 Total 57,108,200 84, 871,800 90,099,840 78,208,000 83, OOO 400 21, 633, OCC 22, 223, 000 8, 613,260 20, 749, 500 36, 663, 500 •502,070 490 All mints: Grand total pieces 347,900,469 501,030, 828 638,160,846 738, 842,000 631,422, 290 160, 364,098 95, 678, 577 254, 277, 327 196, 522, 580 308, 648, 886 3, 772, 545, 701

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678 REPORT ON THE FINANCES Combined gold coinage of the mints of the - United States, by denominations and calendar years, since their organization

50 Double Quarter Calendar year Half eagles 3 dollars dollars eagles Eagles eagles Dollars *

1793-1795 $27,950 $43,636 1796 60,800 10 996 $165.00 1797-- 91,770 32,030 4,390 00 1798 79, 740 124,335 1,635.00 1799_- 174, 830 37,255 1, 20O 00 1800 259, 650 68, no 1801 292, 540 130,030 1802 160 900 265,880 6,530 00 1803 - 80 790 167,530 1, 057. 60 1804 97,950 152,376 8,317.50 1806_- 185, 916 4,452. 50 1806 320,485 4,04O 00 1807 420,465 17,030 00 1808 277,890 6, 775.00' 1809 189,376 1810-- 501,435 1811 - - 497,906 1812 290 436 1813 477,140 1814 77,270 1815 3,175 1818_- 1817-- 1818 242, 940 1819 258, 616 1820 1,319, 030 1821_- 173,205 16,120 00 1822 88,980 1823 72,425 1824.. 86, 700 6, 60O 00 1826__ 145,300 11,086. 00 1826-- 90,345 1,90O 00 1827_. 124, 666 7, OOO 00 1828-- - 140 145 1829.. 287, 210 8, 507. 60 1830 - _ . 631,756 11,350 00 1831 702,970 n,30O00 1832 787,435 11, OOO 00 1833 968,150 10 40O 00 1834 3,660,846 293, 426. 00 1836 1,857,670 328, 505. 00 1838_- 2, 786,736 1,369,965. 00 1837 1,036,805 112, 70O 00 1838 72, 000 1, 60O 420 137,345. 00 1839 382,480 802, 745 191,622. 50 1840 473,380 1, 048, 630 163, 672. 50 1841 _ 650 310 380 945 54, 802. 50 1842 .- 1,089,070 865,330 85,007. 60 1843 2, 506, 240 4,276,425 1,327,132. 50 1844 - 1,250,610 4, 087, 715 80 345. 00 1845 _ 736, 530 2, 743,640 276, 277. 50 1846.- - 1, 018, 750 2, 736,155- 279,272. 50 1847 _ 14,337, 680 6,382,685 • 482,060 00 1848 1, 813,340 1,863, 580 98,612. 50 1849 0 775,180 1,184,645 111, 147. 60 $938,78& 1850 - - - . $28,226, 220 3,489, 610 860 160 895,547. 60 511,301 1861 48, 043,100 4,393, 280 2,651,955 3,887,337. 60 '3,858,820 1852 44,860 520 2, 811,060 3,680,635 3,283,827. 60 2,201,145 1853__ : 26,646, 520 2, 622,530 2,305,095 3, 519,616. 00 4,384,149 1854 18, 052,340 2,305, 760 1, 513, 236 $491,214 1,898,397. 50 1,657,018 1855_- - 25„046,820 1,487, 010 1, 257,090 171,465 600,700 00 824,88a 1858 - 30,437, 560 1,429, 900 1,806,665 181, 630 1,213,117. 60 1,788,998 1857 L. 28, 797, 600 481, 060 L 232,970 104,673 796,235. 00 801,602 1858 - 21, 873,480 343, 210 439,770 6,399 144,082. 50 131,472 1859 13, 782,840 263,930 381, 235 46,914 142,220 00 193,431 1860 22,684,400 278,830 362,366 42,466 164,380 00 5L234 1861.-. 74, 989,060 1, 287,330 3,332,130 18,216 3,241,295. 00 527,499' 1862__ 18,926,120 234,960 60 825 17,356 300,882. 50 1,326,865 1863-- 22,187,200 112.480 97,360 16,117 27,075.00 8, 260 1884 _ 19,958,900 80, 800 40 540 8,040 7,186. 00 6,960 1865 27, 874,000 207,060 144, 535 3,495 82,302. 60 3,725 1868 _ 30 820, 600 237,800 253,200 12,090 .105,175.00 7,180 1867- 23,436,300 121,400 179,600 7,950 78,125.00 5,250* 1868 - 18,722.000 241,650 288,626 14,625 94,062. 60 10, 525 1869 17,238,100 82,850 163,925 7,575 84,612. 60 5,925 1870 22, 819,480 164,430 143, 660 10,805 61,387. 60 0 335 1871 20,456,740 254,860 245, 000 3,990 68,376.00 3,930 1872.- 21,230 600 244. 500 275,360 6,090 52,576.00 3, 530- 1873.- 55,456,700 173, 680 764,605 75 612, 662. 50 126,125 Total, 1793- 1873 680,468,000 55,658, 940 68,889,385 1,189,883 26,750,302. 50 19,181,92r

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DIEECTOE OP THE MINT 679 Combined gold coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Double 60 dollars Eagles Half eagles Quarter Calendar year eagles 3 dollars eagles Dollars

1874 $33,917,700 $799,270 $203,530 $126,460 $9,850 00 $198,820 1876 32,737, 820 78,360 105, 240 80 30,050. 00 1878.-_J... 48,388,920 104,280 61,820 136 23,062.60 3,245 1877 43, 604,700 2n, 490 182,660 4,484 92,630 00 3,920 1878- 45,910 600 1,031,440 1, 427,470 240 972 1,160,860 00 3,020 1879 28,889,280 6,120,320 3,727,155 9,090 331, 225, 00 3,030 1880 17,749,120 2L 715,160 2% 831,765 3,108 7,490 00 1,636 1881 14, 585, 200 48,798, 260 33,458,430 L660 1, 70O 00 7,660 1882 23,296,400 24,740,640 17,831,886 4,620 10, IOO 00 6,040 1883 . 24,980,040 2,696,400 L647,990 2,820 4,90O 00 10,840 1884 19', 944,200 2,110,800 1,922,260 3,318 4,982.50 8,206 1886 13,876, 560 4, 815, 270 9,066,030 2,730 2, 217.50 12, 205 1888 22,120 10, 821, 800 18,282,160 3,426 10, 220 00 6,016 1887 5, 662,420 8,708, 800 9,660,435 18,480 15,706.00 8,643 1888 21,717,320 8, 030,310 L 560,9^0 16,873 40, 246. 00 16,080 1889 10996,120 4,298,850 37,825 7,287 44,120 00 30,729 1890 19, 399,080 756,430 290,640 22,032. 60 1891 25,891,340 L950000 1, 347, 065 27,600. 00 1892 19,238,780 9,817,400 5,724,700 0 362. 60 1893 27,178,320 20,132, 450 9, 610,985 75, 265. 00 1894 48,350,800 28,032,780 6,152, 276 10, 305. 00 1895 45,163,120 7,148, 260 7, 289, 880 16, 297. 60 1898 43, 931,760 2,000,980 L 072,315 48,005.00 1897 67, 070, 220 12,774, 090 6,109,415 74,760 00 1898 54,912,900 12,867,970 10,164,475 60, 412.60 1899 73,693,680 21,403, 520 16, 278,646 88,375. 00 1900 , 80681,680 3, 749, 600 8, 673, 650 168,012. 60 1901 : 34,150, 520 46, 038,180 21, 320, 200 228,307.50 1902 35,697,580 5, 620,130 6, 657, 810 334, 332. 60 1 76,080 1903.... 24,828,580 7,768,970 10, 410,120 603,142. 50 » 175,178 1904 227,819,440 2,709,880 2, 446,680 402,40O 00 2 25,030 1905 37, 440, 220 5,703, 280 5,916, 040 644,860 00 2 35,039 1908 55,113,800 18, 903,920 8, 334,100 441, 225. 00 1907 96,860 620 26,838,790 7, 570 980 841,120 00 1908 109, 263, 200 14,813, 360 6,149, 430 1,412, 642. 60 1909 • 59,774,140 6,987, 530 2L 910,490 1,104, 747. 60 1910 60,788, 340 34,863,440 7,840, 260 1,231, 705. 00 1911 30 392, 000 5,866,950 12, 018,195 1,899, 877. 60 1912 2, 996, 480 7,050,830 6,910,720 1,640,492. 60 1913 n, 926,760 6, 080,710 6, 820,495 1, 805,412. 60 1914 40,926,400 7, 025, 600 3, 785, 625 1,720,292. 50 1915 8 $150,950 14, 391, 000 4,100, 760 3,760,376 41, 540, 292. 60 8 26,034 1916 .. . 15,020,000 1, 385,000 L 200,000 »20,026 1917 »10,014 1918 . . 1919 1920 15,725,000 1, 265,000 1921 10, 670,000 1922 80, 870,000 »10,018 1923 45, 385, 000 1924 208,010, 000 1.926 190,935,000 1,445, OOO 00 Total: 1874-1925... 150,950 2,304,951,120 482,322,910 322,369,960 449,493 19,38L 216. 00 692,827 1793-1873... 880,460000 55, 656,940 68,889,385 1,189,883 28, 760, 302. 60 19,181,927 Grand total 160,950 2,985,417,120 517,979,860 391,249, 346 1, 819, 378 48, 111, 617. 60 19,874,764

1 Louisiana Purchase Exposition. 2 Lewis and Clark Exposition,. 8 Panama-Pacific Internationsl Exposition coins. * Includes $25,042.50 Panama-Pacific International Exposition coins. fi McKinley memorial coins. 6 Grant memorial coins.

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680 REPORT ON THE FINANCES Combined silver coinage ^ of the mints of the United States, by denominations and calendo/r years, since their organization

Trade Dollars Quarter Dimes Calendar year dollars Half dollars dollars Half dimes 3 cents

1793-1795 $204,791 $161, 572.00 $4,320 80 1798 72,920 $1,473. 50 $2,213. 60 511. 50 1797 7,778 1,950 00 63.00 2, 626.10 2, 226. 35 1798 327, 636 2, 765.00 1799 " 423, 515 1800 220,920 2,178. 00 i, 205. 55 1801 64, 464 15,144. 50 3, 464. 00 1, 695. 50 1802 41, 650 14, 946. 00 1, 097. 60 650 50 1803 68, 084 15, 857. 50 3, 304. 00 1,892. 60 1804 19, 670 78, 259. 60 1, 684. 60 826. 60 1806 321 105, 881. 00 30,348.50 12, 078. 00 780 00 1806 419, 788.00 6L 531. 00 1807 525, 788. 00 . 55,160 76 18, 50O 00 1808 684, 300 00 1809 702, 905. 00 4, 471.00 1810 638,138.00 , 635.50 1811 601,822. 00 6, 618. 00 1812. 814, 02O 60 1813-- -.. 620, 961. 50 1814 . 519,537.50 42,160 00 1816 z 17, 308. CO 1816. 23, 576. 00 5, OCO 75 1817 607, 783. 50 1818 .- 980.161. 00 §5,293.55 1819 1,104, COO 00 36, OOC. 00 1820 375, 561. 00 3L861.00 94, 268. 70 1821 652, 898. 50 64, 212. 76 118, 651. 20 1822 779, 786. 50 16, 02O CO 10, OOO 00 1823 847, ICO 00 4, 460 00 44, OOO 00 1824 . 1, 752,477.00 1825 L 471, 583. 00 42. 000,00 6L 000. 00 1826 2,002, 090. 00 1827 2, 746, 700. 00 1, OCO. 00 121, 60O 00 1828 1, 537, 600. 00 25, 5C0 00 12, 6C0 00 1829 1, 856, 078. 00 77, CCC. CO 61, 500. 00 1830 2, 382,400. 00 51, COO 00 62, OCO CC 1831 2, 930 830 00 99, 500. 00 77,136.00 62,135. 00 1832 2, 398, 500. 00 80, 000. 00 62, 250 00 48, 250 CO 1833..J.- 2, 603,000. 00 39, OCO 00 48, 600.00 68, 500. 00 1834 3, 200 002. 00 71, 5C0 00 63, 500.00 74, OOO 00 1835 • . 2, 670 003. 00 488, 000. 00 141, OCO 00 138, OCO. 00 1836 LOCO 3, 273, ICO 00 118, OOO 00 119, OOO 00 95,000 00 1837 1, 814, 910 00 83,100. 00 104, 20O 00 113, 8C0 00 1838..-. 1, 773, OCO 00 208, COO 00 239, 493.40 112, 750 00 1839 300 1, 748, 768. 00 122, 786. 60 .229,638.70 108, 285. 00 1840 61,005 1,145, 054.00 153, 331. 75 253,358.00 113, 954. 25 1841 173, 000 355, 60O 00 143, OCO 00 363, OCO 00 98, 250 00 • 1842 184, 618 1,484,882. 00 214, 250 00 390,750 00 58.250 00 1843 165,100 3,060 000 00 403,400. CO 152, OOO 00 58, 250. 00 1844 20, 000 1, 885, 500. 00 290, 30O 00 7, 250.00 32, 500. CO 1845 24,600 1, 341, 5C0 00 . 230, 5C0 00 198,500 00 78, 200. 00 1846 169, 600 2, 257, CCC. 00 127, 50O 00 3,130 00 1,360 00 1847 140, 750 1,870, OCO 00 276, 60O 00 24, 500. 00 63, 700. 00 1848 16, 000 1, 880, COC. 00 36, 60O 00 45,150 00 83,400. 00 •• 1849 62, 800 1, 781, OCO 00 85, OCO 00 113, 900. 00 72,450 00 1850 47, 600 1, 341, 50O 00 160, 70O 00 244,160 00 82, 260 00 1851 L300 30L 375. 00 62, OOO 00 142, 650 00 82,050. CO $186 022 00 1862 LIOO no, 565. 00 68, 285.00 198, 650 00 63,026.00 659,906.00 1853 u 46, no 2,430,354.00 4,148, 565.00 L 327,301. 00 785, 251.00 342,000.00 1854 33,140 4, IIL OCO 00 3, 468, 000. 00 824,000.00 365, OOO 00 20,130 00 1865 28, 000 2; 288, 725. 00 857,350 00 207, 500.00 117, 60O 00 4,170 00 1868 83, 600 1, 903, 500.00 2,129, 500.00 703, OCO CO 299, OCO 00 43,740 00 1867 94,000 1,482, OOO CO 2, 726, 50O 00 712, OCO. 00 433, OOO 00 31, 260 00 1868 - 6, 998, ODO 00 2,002, 250 00 189,000.00 258,000 00 48,120 00 1859 630 600 2, 074, OCO 00 42L OCO 00 97, OCO 00 • 46, OOO 00 10,960 00 1880 733,930 1,032,850 00 312,350 00 78, 70O 00 92, 950 00 8, 610 00 1861 ... 78, 600 2, 078, 950 00 1, 237, 850 00 209, 860 00 164,050. 00 14,940 00 1862 12,090 802,175. 00 249,887. 50 102,830 00 74,62.7. 50 10, 906. 60 1863 27, 860 709,830 00 48, 016. 00 17,190 00 6, 923. 00 843 80 1864 31,170 518, 785. 00 28, 617. 60 28,907. 00 4, 623. 60 14.10 1865 47, 000 593,450 00 25; 075. 00 18, 650 00 8, 675. 00 265.00 1866 49, 825 899,812.60 n, 381. 26 14,372. 60 6, 538. 26 881.76 1887 80,325 810.162. 50 17,156. 25 14, 862. 60 , 8,431. 25 138.75 1868 182, 700 789, IOO 00 31, 60O 00 72,825. 00 18, 295. 00 123 00 1869 424,300 726,960 00 23,160 00 70,660 00 2L93O00 153.00 1870. . 4$. 445,482 829,768. 60 23,935.00 . 52,160 00 26,830 00 120 00 1871 1,117,138 1, 741, 855.00 63, 265. 60 109,371. 00 82,493.00 127.80 1872 1,118,600 868,775.00 88, 782. 50 281,045. 00 189,247. 50 68. 50 1873 $L 226,000 296,600 L 693, 780 00 414,190 50 443,329.10 61,830 00 18.00 Total:. 1793-1873.. 1,226,000 8,031,238 100,541, 253.00 22, 288,021. 60 9,242,070 20 4,880, 219.40 1,282,087.20

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\ DIRECTOR OF THE MINT 681 Combined silver coinage ^ of the mints of the United States, by denominations and calendar years, since their organization—Continued

Trade Quarter Calendar year Dollars Half dollars Dimes Half dimes dollars dollars Scents

1874 $4,910,000 $1,40O 660 00 $216,976.00 $319,151.70 18751 8,279,600 6,117,750 00 1,278,376.00 2,400 670 00 18781 6,192,150 7,451, 575.00 7,839,287. 60 3,015,115.00 18771 13,092,710 7, 640,255.00 6,024,927. 60 1,735,051.00 18781 4,259,900 2.2,'495,'655 726,20O 00 849, 200.00 187,880 00 1879 L541 27,560,100 2, 950 00 3, 675.00 1,610 00 1880 L987 27,397,365 4,877. 60 3,738.76 3,736.60 1881.. 980 27,927, 976 6,487.'60 3, 243. 75 3,497.60 1882 L097 27, 574,100 2,750 00 4, 075.00 391, no 00 1883 979 28,470,039 4, 610 60 3,859. 76 767, 571.20 1884 28,138,875 2,837. 60 2,218. 76 393,134. 90 1886 28, 697, 787 3, 085.00 3,632. 60 257, 711. 70 1888 -. 31,423,886 2,943. 00 1,471. 60 658,409.40 1887 ... 3c;, 611, 710 2,856.00 2,677. 60 1, 573,838. 90 1888 .. 31,990833 6,410 50 30O 708. 25 721, 648. 70 1889 34,65L811 0 366. 60 3,177.75 835,338. 90 1890 38,043, 004 6, 295.00 20,147. 50 1,133,481. 70 1891- 23, 582,735 100,3C0 00 L 551,160 00 2,304,671.60 1892 6, 333,245 2 1, 852,138. 50 2, 960,331.00 1, 695, 365. 50 1893- 1.466,792 3 4,003, 948. 50 4 2, 683,843. 25 759, 219. 30 1894 3,093,972 3, 667, 831. 00 2,233, 448. 25 205, 099. 80 1895-- • 862,880 2,364,852.00 2,265, 390 25 225,088.00 1898 ... 19. 876,762 1, 507,855.00 1,386, 70O 25 318,58L80 1897 12, 661, 731 2,023, 315. 50 2, 524,440 00 1, 287,810 80 1898 14; 428, 735 3, 094, 642. 60 3, 497, 331. 75 2,015, 324. 20 1899 16,182,848 4,474, 828. 60 3, 994, 211. 60 2,409,833.90 (5\ 1900 «2S,01C,938 5,033, 817. 00 3, 822,874. 25 2,477,918. 20 1901 . 22,686,813 3,119,928.60 2,644, 369. 26 2, 507,350 00 1902. 18,160, 777 4,454, 723. 60 4, 817, 589. 00 2, 795,077. 70 1903 10 343,765 3,149,763. 60 3, 561, 510 00 2i 829,405. 50 1904 8,812, 850 2, 331, 654. 00 3, Oil, 203. 25 1, 540,102. 70 1906- 1,830, 863. 60 2,020, 662. 60 2,480 754.90 1906 5,426, 414. 50 2, 248,108. 75 2,976,604.60 1907 5, 825, 587. 50 3,899,143. 76 3,453, 704. 60 1908 5, 819, 686. 50 4, 262,138. 25 2,309,954. 50 1909.- 2, 529, 025.00 4, no 662. 50 1, 448,165.00 1910 1,183, 275. 60 936,137. 75 1, 625, 055.10 1911 1, 688, 811. 50 1,410, 535. 76 3, 359, 954. 30 1912 2, 610, 760 00 1, 277,176.00 3, 453,070.00 1913._ ' 663, 313. 60 493, 853. 26 2,027, 062. 20 1914 568,305.00 2,388, 652. 50 3,136,885. 60 1915 -- . 61, 486, 440 00 1, 969, 612. 50 658,045. CO 1916-- 1, 066, 20O 00 2,096,200 00 6, 720,400.00 1917 ... 10 751, 700.00 9,464,400. CO 9,196,200.00 1918 UO, 434, 540 00 8,173, OOO 00 6,865,480 00 1919 1,839, 500.00 3, 776, OCC. 00 5, 452,900.00 1920-- 8 6, 398, 570 00 9,456, 60O 00 9,202,100.00 1921 987,736,473 If 611, 062. 50 479, 000. 00 231, OCO 00 1922 84,276,000 1.1 50,030. 50 1923 60 631, OCO 12 1, 226,.038. 50 2,769,000 00 5, 657, OOO 00 1924 13, 539,000 13 71, 04O 00 4, 223, OCO 00 3,794,000 00 1926 11,808,000 1* 1, 338, 518. CO 3,070, 000. 00 3,657,700.00 * Total: 1874-1925 34, 740, 924 824,^:12,109 120 669, 259. 00 125,723, 569. 60 114,480,500 50 1793-1873... 1, 226,000 8,031,238 100, 541, 253. 00 22,288,021.50 9, 242,079. 20 $4,880,219.40 $1,282,087.20 Grand total. . 36, 965, 924 832,343,347 227, 210 512.00 148, on, 591. 00 123, 722,579. 70 4,880,219.40 1,282,087.20

1 Twenty cents silver coinage, 1875, $286,698; 1876, $5,180; 1877, $102; 1878, $120; total, $271,000. 2 Includes $476,000 in Columbian coins. 8 Includes $2,026,052.60 in Cohimbian coins. < Includes $10,006.75 in Columbian coins. * Includes $50,026 Lafayette souvenir coins. 8 Includes $30,016 in Panama-Pacific International Exposition coins. 7 Includes $50,029 Illinois Centennial coins. 8 Includes $25,014 Maine Cent(mnial and $100,058 Landing of Pilgrims coins. 8 Includes $1,006,473 "Peace" coins. 10 Includes $50,028.50 Landing of Pilgrims, $26,014 Missouri Centennial, and $35,022 Alabama Centennial coins. 11 Grant memorial coins. 12 Includes $137,038.50 Monroe Doctrine commemorative coins. 18 Huguenot-Walloon commerc.orative coins. 14 Stone Mountain $1,157,354.53; Lexington-Concord $81,049.50; ..California Jubilee $76,100; Vancouver $26,014. NOTE.—The silver dollar coinsi executed subsequent to 1920 represent an equivalent nmnber of dollars converted to bullion under the act of Apr. 23,1918—259,121,564 for export to India and 11,111,168 for domestic subsidiary coin. . 11439—FI 1926 ^^45 *

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682 REPORT ON THE FINANCES Combined minor coinage of the mints of the United States, b denominations and calendar years, since their organization

Calendar year 6 cents 3 cents 2 cents Cents Half cents

1793-1795. $10, 880 33 . $712.67 1798 9, 747.00 577.40 1797 8, 975.10 535.24 1798 - - 9, 797.00 1799 9, 045.85 60 83 1800 - - - 28,221.75 1, 057.85 1801 - 13,628.37 1802 34, 361.00 71.83 1803 24, 713.53 489. 50 1804 * 7, 568.38 5, 276. 58 1805 9,4n.l6 4, 072. 32 1806 - 3,480 00 1. 780 00 1807 7, 272. 21 • 2, 380 00 1808 11, 09O 00 2,000 00 1809 2, 228. 67 5, 772.88 1810 •1 14,586.00 1,076.00 1811 - ... 1...... 2,180.25 316.70 1812 1 10 765.00 1813 4,180 CO 1814 1 3, 578.30 1815 1816 < .28, 209.82 1817 . 39, 484.00 1818 31, 670 00 1819 26, 710 00 1820 44,075. 60 ^821 3, 890 00 ^822 20, 723. 39 1823 1824 12, 620 00 1825 14, 61 i. 00 315.00 1826 16,174.25 1 170 00 1827 23, 677. 32 1828 22, 606.24 3,030.00 1829 14,145. 00 2, 435.00 1830 17,115.00 1831 33, 692. 60 . 11.00 1832 23, 820.00 1833 27,390 00 770 00 1834 18, 661.00 600 00 1835 38, 784. CO 705.00 1836 21, no 00 1, 990 00 1837 55, 583.00 1838 83,702.00 1839 31, 288. 81 1840 24, 627.00 1841 16,973.67 1842 23, 833. 90 1843 24, 283.20 1844 23, 987. 62 1845 38, 948.04 1846 41, 208.00 J847 81,830 69 1848 64,157.99 1849 41, 786.00 199 32 1850 44, 268.44 199.06 1851 98,897.07 738 38 1852 60, 630 94 1853 66,411.31 648 47 1854 42, 361. 66 276. 79 1866 16, 748. 29 282. 60 1868 ...I 26,904. 63 202.15 1857 177,834. 58 176.90 1868 248,000.00 1859 364,000.00 1860 205, 660 00 1861 101,000.00 1862 280,750.00 1863 498,400. CO 1884 $396, 950 00 529, 737.14 1885... $341,460 00 272,800 00 354, 292.86 1866 $737,126. 00 144,030.00 63, 640 00 98, 266.00 1887 1, 545,475.00 117, 450 00 68. 775.00 98, 210. GO 1868 1,440 860 00 97, 580 00 56,075.00 102, 665.00 1889 819, 760.00 48,120 00 30, 930 00 84, 200.00 1870 • . 240,300 00 40,050.00 17, 225.00 62, 760 00 1871 28,050.00 18,120 00 14,425.00 39,295.00 1872 301, 800.00 25, 880 00 1, 300.00 40,420 00 1873 227, 500. CO 35,190 00 116,765.00 Total, 1793-1873.... 5,349,850 00 867, 840 00 912, 020.00 4, 929, 807.44 39,92011

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DIEECTOE OF THE MINT 683

Combined minor coinage of the mints of the XJnited States, by denominations and calendar years, since their organization—Continued

Calendar year 5 cents 3 cents 2 cents Cents Half cents-

1874 $176,90O 00 $23,700.00 $141,876.00 1875 104,860 00 6,840 00 135, 280 00 1876 126,600.00 4,880 00 79,440 00 1877 8, 525. 00 1878 117.50 70 50 57,998. 50 1879 1,456.00 1,238.00 162,312.00 1880' 997. 75 748. 65 389„^40 6o 1881 3, 618. 75 32,417. 25 392,:il5.75 1882 673,830 00 759. 00 385,8n.00 1883 1,148,471. 05 318. 27 465,981. 09 1884 663,697.10 180 26 232,617.42 1886 • 73,824. 50 143. 70 117,653.84 1888 160 614.60 128. 70 176,542. 90 1887 763,182.60 238. 83 452,264. 83 1888 636,024.16 1,232. 49 374,944.14 1889 794,068.05 848. 83 488,693. 61 1890 812,963.60 571,828. 64 1891 841, 717. 60 470, 723. 60 1892 684,982.10 378,498. 32 1893 668, 509. 76 466,421. 95 1894 270,656. 60 167, 521. 32 1896 498,994. 20 383,436. 36 1896 442,146.00 390,672.93 1897 1,021,430 75 604.683. 30 1898 626, 604. 35 498, 230 79 1899 1,301,461. 55 536,000.31 1900 1,362,790 75 668,337. 84 1901 1,324, OIO 65 798, 111. 43 1902 1, 574,028. 96 873, 767. 22 1903 - 1,400,336. 26 860,944. 93 1904 1,070,240 20 613,28015 1905...•.. 1,491,.383..80 . .80.7,191.63 1906 1,930, 886. 25 960,222. 55 1907 L960,74O00 1,081,380 18 1908 1,134,308.85 334,429. 87 1909 579, 620 30 • 1,178,882. 83 1910 1, 608,467. 65 1, 628,482.18 1911 1,977,968. 60 1,178, 767. 87 n92 1, 747,436. 70 829,950 60 1913 ^ 3,682,961. 95 984,373. 62 1914 1,402,380 90 806.684. 32 1915 1,603,088. 60 • 659, 761. 20 1918 4,434, 553. 30 1,902,990 77 .1917 3, 276,391. 45 2,841,697.85 1918 2, 266,515. 70 3, 706,140 34 1919 . . ' 3,819, 760 00 5,889,350 00 1920 4,110,000 00 4,056,660.00 1921 .... 811, OOO 00 644,310 00 1922 71,60O 00 1923 2,092,850 00 834,230 00 1924 1,415, 750 00 893,940 00 1925 2,313,555. 00 1,889,090 00 Total: 1874-1925. 62,094,238.10 73, 60O 48 45,097,126. 83 1793-1873 5,340,850,00 867,840 00" $912,020 00 4,929,807.44 $39,928.11 Grand total . 87,435,088.10 941,349.48 1 912.020 00 50,026, 934. 27 39,926.11 '

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684 REPORT ON THE FINANCES

w. Total gold, silver, and minor coinage of the United States, by calendar years

Calendar year Gold Silver .Minor Total value

1793-1796 $71,485.00 $370,883.80 $11,373.80 $463,641.80 1796 -.: 77,960 00 77,118. 50 10,324.40 165,402.90 1797 . 128,190 00 14,660 45 9,510 34 152, 250 79 1798.. 205, 610 00 330, 291. 00 9, 797. 00 545,698.00 1799 213, 285. 00 423, 515. 00 9,108. 88 845,908. 88 1800 317,760 00 224, 296. 00 29, 279. 40 67L 335. 40 1801 .1 422, 670. 00 74, 768,00 13, 628. 37 510,956. 37 1802 423,310 00 58,343.00 34,422.83 •510 075. 83 1803 268,377. 50 87,118.00 25,203. 03 370 698. 63 1804 258, 642. 60 IOO 340 60 12,844.94 371, 827. 94 1805 . 170,367. 60 149, 388. 60 13,483.48 333, 239.48 1806 .- 324, 605. 00 471, 310 00 6, 260 00 801, 084. 00 1807 . 437,495.00 697,448. 75 0 652. 21 1, 044, 596. 98 1808 284, 665. 00 884, 300 00 13,090. 00 982,065.00 1809 169,375. 00 707,376. 00 8,001. 63 884, 752. 53 1810 601,435. 00 638, 773. 60 15, 660 00 1,155,888. 50 1811 497,905. 00 1 608, 340 00 2,495. 95 L 108, 740 96 1812 290,435. 00 1 814,02O 60 . 10 755. 00 L 116, 210'50 1813 477,140 00 620,961. 60 4,180 00 1,102, 271:60 1814 77, 270 00 561, 687. 50 3, 578. 30 842, 635.-80 1815 3,176. 00 j 17,308. 00 20,483. 00 1818 . 28, 575. 75 28, 209,82 56,785.57 1817 607, 783. 50 39,484. 00 647, 267. 50 1818 - . . 242,940.65 • 1, 070, 454. 60 31, 670 00 1, 345. 064. 50 1819 .... 258,615. 00 1,140, OCO 00 20 710 00 1,425,326. 00 1820 1,319, 03O CO 501, 680 70 44, 076. 50 L 864. 780 20 1821 189,325. 00 1 825, 762. 46 3, 890 00 1,018,977. 46 1822 .88, 980 00 i 805, 80O 50 20 723. 39 915, 509.-89 1823 .- 72,425. 00 895, 660 00 967,975.00 1824 93, 200. 00 1, 752,477. 00 12, 620 00 L 858, 297. 00 1825 156, 385. 00 1, 564, 583. 00 14, 926. 00 1, 735,894. 00 1828 - - - 92, 245. 00 2, 002,09O 00 10 344. 25 2, no, 679. 25 1827 -- - 131, 565. 00 2,869, 200.00 23, 577. 32 3,024,342.32 1828 140,145. 00 1, 575, 600. 00 25, 636. 24 1, 741, 381. 24 1829 - 295, 717. 50 1,994, 578. 00 10 580 00 2, .300 876. 60 1830- - 1 643,106. 00 2,495,4C0 00 17,115. 00 3,155, 620 00 1831 - 714, 270 00 3,176, 600 00 33, 803, 80 3,923,473. 60 1832 798,435. 00 2, 679, OCO 00 23, 620 00 3,401, 055. 00 1833 978, 550 00 2, 769, 000. 00 28,160 00 3, 765, 710 00 1834 " 3, 964, 270 CO 3,415, 002. 00 19,151. 00 7,388,423. 00 1835 2.186.176. 00 3,443, 003. 00 39, 480 00 5, 668, 867.00 1838 - . 4,135, 70O 00 3, 806, IOO 00 23,100. 00 7, 784,900. 00 1837 1,148, 305. 00 2,090 OIO 00 55, 583.00 3,299,898.00 1838 1, 809, 765. CO 2, 333, 243.40 63, 702. 00 4,200710 40 1839 1,376, 847. 50 2,209, 778. 20 3L280 61 3, 617,912. 31 1840 - - - 1, 675,482. 60 1, 726, 703. OO . 24, 827. 00 3,420 812. 60 1841 - - 1, 091,857. 50 1,132, 750 00 15, 973.67 2, 240, 581.17 1842 1,829,407. 50 2,332, 750 00 23,833. 90 4,185,991.40 1843-...... 8,108, 797. 50 3,834,750 00 24, 283. 20 11,967,830 70 1884 5,427, 670. 00 2, 235,650 00 23, 987. 52 7,687, 207. 62 1845 3, 766,447. 50 1,873, 20O 00 38, 948.04 5,888, 696. 50 1846 4.034.177. 50 2, 558, 580 00 41, 208.00 6, 633,965. 64 1847 20,202,325.00 2,374,450 00- 81,830 69 22, 638, 811. 89 1848 3, 775, 512. 60 2,040,050. CO 64,157. 99 6,870 720 49 1849 9, 007, 761. 60 2,114,950. 00 41,984. 32 11,164, 895. 82 1850 - ' 31,981, 738. 50 1, 866, IOO 00 44,467. 60 33,892,300 00 ]851. - - -- 62, 814,492. 60 744,397. 00 99,835.43 63,488,624.93 1852-- - - 56, 846,187. 50 999,410 00 50, 630 94 67,896, 228. 44 1853 39,377, 909. 00 9,077, 671. 00 87, 069. 78 48, 522, 539. 78 1854-.1 25, 915, 962. 50 8, 619, 270 00 42, 638. 35 34, 677,870 86 1855 29,387,968. 00 3,60L245.00 16,03O 79 32,905, 243. 79 1856 30 857, 768. 50 5,142, 240 00 27, IOO 78 42,027,115. 28 1857 32, 214, 04O 00 6,478, 760 00 178, OIO 48 37,870,810 46 1858 22, 938,413. 50 8,496, 370 00 246, OOO 00 31, 679, 783. 60 1859 14,780,570 00 3, 284,460 00 384, OOO 00 18,429,020.00 I860 23,473,654.00 2, 259,390 00 205, 660 00 25,938,704. 00 1861 83,395, 530 00 3,783,740 00 101, OOO 00 87,280,270 00 1862 20 875,997. 60 1, 252, 510 60 280, 750 00 22,409, 264. 00 1863 - 22,445,482. 00 809, 267. 80 498,40O 00 23,763,149. 80 1884 20 081,415. 00 809, 917.10 920 687.14 . 21,618, OIO 24 1865 I 28, 295,107. 50 891,005. 00 968, 552. 86 29,964, 685. 38 1866 31,435, 945. 00 982,40O 26 1,042, 960 00 33,461,314. 25 1867 23.828, 625. 00 908, 878. 25 1,819,910 00 26, 657,411. 25 1868 . 1 19, 371.387. 50 1,074,343. 00 , L 697,150 00 22,142,880 50 1869 17, 582, 987. 60 1, 260 143. 00 983, OOO 00 19,812,130 60 1870 23,198, 787. 60 1, 378, 265. 50 350, 325. 00 24,927,388.00 1871 21, 032,685. 00 3,104,038. 30 99, 890 00 24, 236,613. 30 1872 21, 812, 645. 00, 2, 504, 488. 50 369, 380 00 24,680 513. 50 1873 67, 022,747. 50 4,024,747.80 379,465. 00 61,426,950 10 Total, 1793-1873 862,114,437. 60 147,489,898. 30 12, 090,443. 66 1, on, 694, 770 35

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DIRECTOR OF THE MINT 685

Total gold, silver, and ndnor coinage of the United States, by calendar years—^Con.

Calendar year Gold Silver Minor Total value

1874- $35,264,630.00 $6,851,77070 $342,475. 00 $42,448, 881., 70 1875 32,961,940 00 16,347,893. 00 246,970 00 48, 640 803. 00 1876 46,579, 452. 50 24, 503, 307. 50 210,80O 00 71, 293,560 00 1877 43,999,864.00 28,393,045. 50 8, 525.00 72,401,434. 60 1878 ,. 49,786, p52. 00 28, 618,860 00 58,186. 60 78,363,088. 50 1879 39,080,080.00 27, 669,776. 00 165,003. 00 86,814,859. 00 1880 82, 308, 279. 00 27,411,893. 76 391,395. 95 90, 111, 368.70 1881 ,. 98,850,890 00 27,940,163. 76 428,161.75 125, 219, 205. 50 1882 65, 887, 885. 00 27,973,132. 00 960,40O 00 94,821, 217. 00 1883 '... 29, 241,990. 00 29, 246,968. 45 1, 604,770 41 60,093,728. 88 1884 23,991,766. 50 28, 534,868.16 796,483. 78 - 63,323,100 43 1886 27,773, 012. 50 28,982,176. 20 191,822. 04 66,926,810 74 1886 28,946, 542. 00 32, 086,709.90 343,188.10 61, 375,438.00 1887 23,972, 383. 00 35,191,081. 40 1, 216,688. 26 60,379,160 66 1888 31,380, 808. 00 33,025, 606. 45 912, 20O 78 65,318,615.23 1889 21.413.931. 00 35,496, 683.16 1,283,408.49 58,194,022. 84 1890 20,467,182. 60 39, 202, 908. 20 1,384, 792.14 81, 054,882. 84 1891 29, 222,005. 00 27,518,856. 60 1,312,441. 00 68, 053,302. 60 1892 34, 787,222. 50 12,841,078.00 961,480 42 48, 389,780 92 1893 . 56,997,020 00 8, 802, 803. 05 L134,93L70 66, 934,754.7& 1894- 79,648,160 00 9, 200, 350 86 438,177. 92 89,184,688. 77 1896 69,618, 357. 50 6, 698, OIO 26 882,430 58 66,190 798. 31 1898 47,053,06O 00 23, 089, 899. 05 832, 718. 93 70,976, 677.98 1897 70 028,486.00 18,487, 297. 30 1,626,100. 05 98,041,882. 35 1898 77,985, 757. 60 23,034,033. 45 L 124,835.14 102,144, 626. 09 1899 111, 344, 220 00 20 061, 619. 90 1,837,451. 86 139, 243,191.78 1900 99,272,942. 60 38, 345, 347. 45 2,031,137. 39 137, 649,427.34 1901 1 101, 735,187. 50 30, 838,460 75 2,120,122.08 134, 693, 770 38 1902 47.184.932. 60 30, 028,187. 20 2,447, 796.17 ' 79,660896.87 1903 . . 43,683,880 50 19,874,440. 00 2, 261,281.18 65,809,807. 88 1904 233, 402,430 00 15,895,609. 95 1,683, 529. 35 250,781, 569. 30 1905 49, 638,439. 00 8,332,180 90 2, 298,555. 43 58, 269,176. 33 1908 78,793, 045. 00 10, 651,027. 85 2,890,908. 80 92,334,981. 85 1907 131,907,490 00 13,178,435. 76 3,042,120 18 148,128,061.93 1908 131, 838,832. 60 12,391,777. 26 1,468,738. 72 146,499,148. 47 1909 88,776,907. 50 8,087,852. 60 1,756,388.93 98,621,148. 93 1910 104,723,735. 00 3,744,468. 35 3,036,929. 83 111, 605,133.18 1911 58,178,822. 50 6,457,301. 55 3,168,720 47 65,790, 850 52 1912 17,498, 522. 60 7,340,995. 00 2, 677,380 30 27,416,903. 80 1913 25, 433,377. 50 3,184, 228.96 4,667,335.47 33, 284, 941.92 1914 63,457,817. 60 8,083,823. 00 2, 208,071. 22 6L749,71L72 1916.... 23,968,401. 60 4,114,097. 50 2,082,839. 70 30,145,338. 70 1918 18,526,028. 00 8,880,800. 00 8,337,660. 07 33,743,376. 07 1917 ' 10, 014. 00 29,412, 300. 00 8,118,080 30 35, 640,403. 30 1918 25,473,029.00 5,-972,882.04 31,445,691.04 1919 11,068,400. CO 9,709,100. 00 20,777, 500. 00 1920 10990,000 00 25,057,270 CO 8,186, 860. 00 60,213,920 00 1921 .- 10, 670,000.00 . 89,057, 536. 60 1,166, 310 00 100,782,846. 50 1922 80,680,010 00 84,326, 030. 60 71,60O 00 166,076,640 60 1923 46,366,000. 00 66,283,038. 60 2,927,08O 00 114,575,118.60 1924 ... . 208,010,000.00 2L 627,040 00 2,309, 890.00 229,946,730 00 1926 192,380,000 00 ' • 19,874,218.00 4,202,646.00 216,466,863.00

Total: 1874-1925.... 3,110,288,475. 00 1, 228,197, 382.00 107,264, 874.41 4,443,760,71L 41 1793-1873 852,114,437. 50 147,489,898. 30 12,090,443.55 1, on, 694,770 36

Grand total 3,962,402,912.60 1,373,887, 280 30 119,356,317. 96 6,455,446,490 76

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686 REPORT ON THE FINANCES

STOCK OF MONEY IN THE UNITED STATES JUNE 30, 1926 On June 30, 1926, the stock of domestic coin in the United States was $2,054,657,476, as shown by the following table:

Stock of domestic coin in the United States June 30, 1926

Item Gold Silver Total

Estimated stock of coinin United States June 30, 1925 $1,220,149,927 $805, 533,049 $2,025,682,978 Coinage executed, fiscal year 1928- '.... . 84,315, 565 19,183,178 83,498,743 Net imports, United States coin, fiscal vear 1928 644, 613 544,613 Total. ... ^ 1, 284,485,492 825, 260,840 2,109,726,332 Less: Net exports United States coin, fiscal vear 1926 46,614,511 46, 614, 511 United States coin withdrawn from monetary use, face value, fiscal year 1926 2,107,889 2,748, 656 4,854,345 United States coin used in industrial arts, estimated, fiscal year 1926 3, 500,000 100,000 3, 600,000 Total 52,222,200 2,846, 866 65,088,858 Estimated stock of coin in United States June 30,1928 1,232,243,292 822,414,184 2,054, 857,476

'•"'NOTE.—The number of standard silver dollars coined to June 30, 1928, was 834,029,783, which added to the Hawaiian dollar coinage, 500,000, plus the number imported from the Phihppine Islands, 160,000, and the number returned in Government transports, 496,859, equals 835,176,842. Since July 1, 1898, the number of standard silver dollars exported in transports has been 2,496,000, the net export.from Novem­ ber, 1919,-to July, 1920, in movement du6 to the high .price or silver,'was 28,287,142, those melted under the terms of the Pittman Act of Apr. 23,1918, totaled 270,232,722, those melted otherwise (mutilated, etc.) since 1883 numbered 215,265, and the number of Hawaiian dollars melted to June 30, 1928, was 466,329, a total disposition of 301,685,458, leaving in the United States on June 30, 1926, 533,491,184 standard silver dollars and 288,923,000 dollars in subsidiary silver coin. Bullion in mints and assay offices June 30, 1926

Bullion Value

Gold $3,132,492,174.01 Silver (cost value) .... 8,438,119.88 Total L . . 3,140,930,293.69

Basic metallic stock June 30, 1921, 1922, 1923, 1924^ i925, and 1926

Coin and bullion June 30,1921 June 30,1922 June 30,1923 June 30,1924 June 30,1925 June 30,1926

Gold $3, 294,909,763 $3,784,651,712 $4, 049, 563, 748 $4,490,807, 303 $4,386,195,841 $4, 500,976,937 Silver!.. 819,725,982 698,719,352 792,041,753 812,449,277 822,017, 285 832,487,922 Total 3,914,835,746 4,481,371,064 4,841, 596, 501 5,303,256, 680 5,208,213,126 5,333,464,859

1 Silver bullion is a potential rather than an actual monetary asset, since it can not be represented by circulating certificates nor paid out as cash until coined.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926 Location, ownership, and pePcapita circulation of monetary stock JuneSO, 1926

Money held in the Treasury ' Money outside of the Treasury

Amount held Reserve In circulation Stock of Kind of money in trust against against Held for Fed­ Held by Fed­ money i All Other Total gold and silver United States eral Reserve eral reserve certificates (and notes (and banks and money Total banks and treasury Per treasury not agents agents 2 Amount capita 3 of 1890) notes of 1890)

Gold coin and bullion 4 $4, 500,970 937 $3, 713,832, 294 $1,880,510,609 $154,188,886 $1, 717, 348, 235 $181, 784, 564 $787,144, 643 $341,861,293 $445, 283, 350 $3.85 Gold certificates ...... 5(1, 680, 510, 609) 1, 880 510, 809 823,139,480 1,057, 371,129 015 QfoTiHorrl cil-iTor /Inllovc F,^^ 4Q1 1.Q4 465,291; 706 4.?9;2-.'i0 81Q . 6,0.-^1,887 68.199. 478 16. 622. 698 51. 576. 880 45 Silver certificates . . 6(457,903,515) 457,903, 515 80', 182; 441 377; 741; 074 3.27 Treasury notes of 1890 5(L35O304) 1, 350 304 1, 360 304 .01 Subsidiary silver.. . 288,923,000 0 147, 966 0 147, 966 282, 775,034 12, 702, 955 270, 072,079 2.34 United States notes 340 681,016 3, 835,118 3, 836,118 342,845, 898 47, 930 371 294, 915, 527 2 55 pi Federal reserve notes 1, 995, 205, 700 910 527 910 527 1, 994, 289,173 314, 882, 629 1, 679,406, 544 14.54 Federal reserve bank notes 6, 713,148 134, 743 134, 743 5, 578,405 125, 697 5,452, 708 .05 o National-bank notes 702, 669, 244 17, 759, 862 17, 759, 852 684,909,392 33, 432, 870 651,470 522 6.64 TotaL June 30, 1928 8, 373, 660 229 6 4, 207, 918, 206 2,139, 770, 428 154,188, 888 1, 717, 348, 235 7190 610 857 0 305, 512, 461 1, 470 860, 334 4, 834, 652,117 41.85 § Comparative totals: June 30, 1925 8,221,191,643 6 4,174, 598,940 2, 059, 798, 696 163, 820 986 1, 752, 744, 435 208, 434, 823 0 100 391729? 1, 369, 927,062 4, 730 464, 237 41.51 o Nov. 1, 1920 8, 320 338,267 6 2,406,801, 772 690 854, 226 162, 979, 026 1, 200 341, 990 350 620 630 0 610 390, 721 987, 962, 989 5, 628,427,732 52.36 Julyl, 1914 3, 738, 288, 871 8 L 843, 452, 323 1, 507,178, 879 150,000,000 186,273,444 3, 402,016,427 3,402, 015, 427 34.35 Jan. L 1879 1,007,084,. 483 8 212,420,402 21, 602, 840 100,000,000 90,817, 762 810 260 721 810 260 721 10 92 w 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. Does not include silver bullion (a potential monetary asset) to the value of $8,438,120, nor nickel and bronze coin, the value'of which depends almost exclusively on the Government impression rather than intrinsic metallic value or a specific reserve. 2 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. 3 Population of continental United States'(estimated) JuneSO, 1928,115,523,000; June 30, 1925,114,104,000; Nov. 1, 1920,107,491,000; July 1,1914, 99,027,000; Jan. 1, 1879, 48,231,000. •H * Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 5 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 8 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 7 This total includes $18,406,917 of notes in process of redemption, $151,662,551 of gold deposited for redem'ption of Federal reserve notes, $8,605,429 deposited for redemption of national-bank notes, $4,066 deposited for retirement of additional circulation (act of May 30, 1908), and $6,601,490 deposited as a reserve against postal savings deposits. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured hj a gold reserve of $154,188,886 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States, bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for 00 the redemption of national-bank notes secured by Government bonds.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

688 REPORT ON THE FINANCES Estimated monetary stock of gold and silver in the United States and the amount per capita at the close of each fiscal year since 1873

, Total stock of coin and bullion Per capita Fiscal year ended June 30— Population

Gold Silver Gold Silver Total metallic

1873 41,877,000 $135,000,000 $8,149,305 $3.23 $016 • $3.38 1874. 42, 796, OCO 147, 379,493 10,365,478 3.44 .24 3 68 1875 ...... ^ 43,951,000 121.134.906 19, 387, 995 2.75 .44 3.19 1878 45,137, 000 130.056.907 36,415,992 2.28 .81 3.89 1877 40 353,000 167, 501,472 66, 484, 427 3.81 L21 4.82 1878 47, 598,000 213,199, 977 88,047,907. 4.47 L86 6.32 1879 1 48,860 000 245, 741, 837 117, 620 341 5.02 2.40 7.42 1880. 50,155, 783 35L 841, 206 148, 622, 678 7.01 2.96 9.97 1881 1 6L 316, 000 478, 484, 638 175, 384,144 0 32 3.41 12.73 1882 52, 495, 000 608, 767, 715 203, 217,124 0 85 3.87 13.62 1883 63,693,000 542, 732, 063 233,007,985 10 10 4.34 14.44 1884 .t 54, 911, OCC .646, 500, 797 266, 568,142 0 93 4.85 14.58 1885 56,148, OCO 588, 897, 036 283,478, 788 10 48 6.05 15.63 1888. 57, 404, 000 590, 774, 461 312, 252,844 10 29 5.44 15 73 1887 58, 680,000 854, 520, 335 352, 993, 568 1L15 • OOO 17.15 1888. 69, 974,000 705, 818, 865 386, 6n, 108 n.76 0 44 18.20 1889 81, 289,000 680, 063, 505 420 548, 929 n.09 0 88 17.95 1890 62, 622, 250 695, 563, 029 463, 211, 919 ILIO 7.39 18.49 1891. 83, 975,000 846, 582,852 522, 277, 740 10 10 8.16 18 26 1892 66, 520,000 664, 275, 336 670, 313, 544 1015 8.70 18.86 1893- 60 946,000 597, 697, 685 615, 881,484 8.93 9.,20 18.13 1894 68, 397,000 827, 293, 201 624, 347, 757 018 013 18.31 1895 : 69,878, CCC 830 229, 825 825, 864, 949 OIO 8.97 18.07 1896 71, 390, OCO 699, 597, 964 628, 728,071 8.40 8.81 17.21 1897 72, 937, 000 890 270, 542 634, 509, 781 0 55 8.70 18.25 1898- . . . 74, 522,000 881, 514, 780 637, 672, 743 1L56 8.68 20 12 1899 76,148, OCO 962,865, 505 639, 286, 743 12.64 8.40 21.04 1900. 70 891,000 1,034, 439, 284 647, 371,030 13.45 8.42 2L87 1901 77, 754, OCO 1,124, 652, 818 861, 205,403 14.47 8.60 22.97 1902. 79,117, 000 1,192, 395, 607 670, 540,105 15.07 8.48 8.38 23.55 1903 80 847, 000 i; 249, 552, 758 677, 448, 933 16.46 23.83 1904... 81,887,000 1, 327, 672, 672 682,383,277 10 22 , 8.33 8.24 24.65 1905. 83, 259, OCO 1, 357, 881,186 886, 401, 168 10 31 24.55 1,472, 995, 209 687, 958, 920 17.40 8.12 1908-. 84, 662, OCO 8.20 25.52 1907 • 86,074,000 1,466, 056, 632 705, 330, 224 17.03 25.23 1, 616,140, 575 723, 594, 695 18.46 8.27 1908 87,496, OCO 8.25 20 73 1909 88, 926, 000 1, 640, 567,131 733, 250, 073 18.46 26.70 1, 635, 424, 513 727, 078, 304 18.10 8.05 1910 90, 363,000 7.79 2016 1911 93, 983, OCO L 753,134,114 732, 002, 448 18. 65 20 44 1,812,850 241 741,184,095 18.96 7.75 1912 . 95,660000 7.68 20 70 1913 97,337,000 1,860 619,157 745, 585, 964 1017 28.83 753, 663, 709 18.90 7.61 1914 99,027,000 1, 87L 8n, 723 7.53 28.61 1916 100, 726, OCO 1,973, 330 201 758, 039, 421 10 69 27.12 763, 218, 489 23.92 7.45 1918 102, 431,000 2,450, 510 328 7.42 3L37 1917 104, 145, 000 3, 018,964, 392 772,908,-391 28.99 ' 30 41 745, 747,094 20 71 7.04 1918 105, 869,000 3,145, 680 606 6.28 30 76 1919 107, 600,000 3,112, 320 547 568, 329, 597 28.92 34.20 25. 80 5.19 1920 105, 768, 000 2, 707,886, 274 648, 938,429 5.73 30.79 1921 108,087, 000 3, 294, 909, 763 619, 725,982 30 48 30 21 34,49 0 36 1922 109, 743,000 3, 784, 851, 712 690 719, 352 7.12 40 84 1923 .... in, 268,000 4, 049, 553, 748 792,041, 753 30 39 43. 51 30 85 7.21 1924 112,680000 4, 490,807, 303 812, 449, 277 7.20 47.06 1926 114,104, 000 4, 388,196,841 822,017, 285 38.44 38.98 7.21 46.84 1928 115, 523,000 4, 600, 970 937 832, 487, 922 4017

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926 Location, ownership, and per capita circulation of monetary stock, December 31, 1925

Money held in the Treasury Money outside of the Treasury

M . Stock of Amount held Reserve In circulation OS Kind of money money ^ in trust against against Held for Held by gold and silver United States All other CO Total Federal Total Federal certificates notes (and reserve banks money reserve banks Per- and Treasury Treasury and agents and agents 2 Amount notes of 1890) notes of 1890) capita 3 CD to Gold coin and bullion 4$4,408,695, 872 $3, 694,221,857 $L 71L 911,879 $163,820,988 $1, 849, 387, 435 $179,301, 667 $714,474,015 $290 438,680 $424, 037, 335 $3 69 9^ Gold certificates 6(L71L91L879) L71L91L879 597, 681,230 1,114, 330 649 9 71 Standard silver dollars ^ 623,720 078 454, 694,013 •448,358,384 - 8, 236,629 69,132,065 14, 271, 671 54,860, 494 48 1 Silver cei Llll ua Les " (446, 935,530) 446,955, 550 59, 490, 564 35/, 49o, Gib 3 38 i^ Treasury notes of 1890 6 (1,372,804) L 372,804 1, 372,804 .01 Ci Subsidiary silver 288, 693, 660 5, 531,839 6, 631, 639 283,182,021 8, 302,490 274,869, 531 2 39 United States notes 340 681,016 4, 386,076 4, 385, 075 342, 295, 941 49, 297, 743 292.998,198 2 66 Federal reserve notes .-.' 2, 205, 660 050 1, 543,974 1, 543, 974 2, 204,010 076 388, 328,688 1,815, 687, 388 15 82 Federal reserve bank notes 0 353,418 183,885 183,886 0 169, 533 in, 902 0 057,631 06 National-bank notes 704, 558, 427 14,953,850 14, 953,850 O 889, 602,577 63,180 715 636,421,862 5 54 H Total Dec. 31, 1925 O 8,484,286, 621 8 4,175,414, 293 2,180,270, 263 163, 620 986 1,649, 387,435 7 212,135, 609 8,469,122,491 1, 461,001,583 5,008,120, 908 43.62 Pi Comparative totals: O Dec. 31, 1924 8, 714, 731, 249 8 4, 303, 729,088 1,948, 697, 841 152,979,026 1, 987,350 635 214, 692, 686 0 369, 700,002 1, 366, 769,160 4,992,930,842 44 03 Nov. 1, 1920 8,326,338,267 8 2,406,801, 772 696,854,228 152, 979,028 1,208,341, 990 350 620 630 6,616, 390 721 987, 982,989 5,628,427,732 52 36 July 1, 1914 3, 738, 288, 871 81, 843,452,323 1,507,178,879 150 000 000 186, 273, 444 3,402, 016, 427 3,402,.015, 427 34 35 Jan. L 1879 1,007, 084,483 8 212,420,402 21, 602,840 100,000,000 90, 817, 762 810 260 721 810 266, 721 16 92 K 1 Includes United States paper currency in cii'culation in foreign counrties and the amount held by the Cuban agencies of the Federal reserve banks. Does not include silver bullion (a potential monetary asset) to the value of $15,148,024, nor nickel and bronze coin, the value of which depends almost exclusively on the Government impression rather than intrinsic metallic value or a specific reserve. 2 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. ^ 3 Population of continental United States (estimated) Dec. 31, 1925, 114,813,000; Dec. 31, 1924, 113,395,000; Nov. 1, 1920 107,491,000; July 1, 1914, 99,027,000; Jan. 1, 1879, 48,231,000. H * Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 8 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. • , 8 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 7 This total includes $18,194,749 of notes in process of redemption, $162,592,913 of gold deposited for redemption of Federal reserve notes, $13,026,127 deposited for redemption of national-bank notes, $4,585 deposited for retirement of additional circulation (act of May 30, 1908), and $6,576,290 deposited as a reserve against postal-savings deposits. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $153,620,986 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amoimt of gold or of gold and such discounted or purchased pa,per as is eligible under the terms, of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold-redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National bank notes are secured by United States bonds except "where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national-bank notes secured by Government bonds. | 00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

690 . REPORT ON THE FINANCES

Monetary stock of gold in the United States since 1873

Coin in national Coin in Bullion in Coin in Total stock End of year Treasury Treasury i banks, comp­ circulation troller's report ^ of gold

Fiscal year June 30: 1873 $55, 618, 687 $15,880 981 $3,818,088 $30, OOO 000 $105,006, 634 1874 60,972,107 9,639,738 6, 536,088 39, 607,488 115,656,419 1875 •45,382,484 8,258, 708 3, 710 682 31, 695, 680 89,047, 632 1876 41,912,168 9, 689,324 3, 226, 707 44, 533,218 99,260,417 1877 70 661, 703 10, 962,169 5,306, 283 39,058, 592 131,988,727 1878 122,130 831 0 323,372 8,191,952 39, 767, 629 170 419, 684 1879 129,920, 099 5,310 376 2L 530,848 53,601, 228 210 368, 549 . Calendar year: 1879 95,790 430 61,999,892 98,104, 792 46, 843,424 302, 738, 638 1880 61,481, 245 93, 789,622 92,184, 943 150,085,854, 397, 54L664 1881 84, 630 886 88,720 018 101,116,387 210 776, 833 485, 257,101 1882 119, 623,136 5L 601, no 75,320 033 234, 205, 711 480, . 655,990 1883 152, 608,393 85, 667,190 73,447,061 228, 296,821 520, 019,485 1884 171,653, 205 83,162, 982 70 170 911 216,813,129 620 700,227 1886 75,434,379 72,938, 221 96, 741, 747 313,340 322 558, 460, 669 1888 187,190 596 81,431, 282 97, 781,405 223,199,886 589, . 609,128 1887 182, 618, 963 123,145,136 99,162,377 245,145, 579 650 072, 055 1888 227,854. 212 97,456, 289 78, 224,188 248, 218,193 649, , 752,882 1889 240 401, 951 67, 265, 944 84,410 468 235,434, 671 633. , 618,934 1890. 220 220, 604 67,646,934 80,381,784 274,065,833 648, .284,155 1891 190 634,061 83, 675, 643 91, 889, 590 253, 765, 288 625, 864, 582 1892 150 662, 452 81,826, 630 100 991,328 242,621, 832 •582, 102, 242 1893 73, 624, 284 84,631,966 151, 233, 989 ' 281,940,012 591, 430,251 1894 9L 781,176 47,106, 966 161,117, 047 248,787,867 538, 793,056 1895 83,180 960 29,443,955 147, 308,401 242, 644,697 502, ,584,013 1898 121, 745, 884 54, 648, 743 161, 828, 050 251, 010,816 589, 233,493 1897 152,488,113 45, 279,029 187, 608, 644 252,419, 033 637, 794,819 1898 : 141, 07O 022 140,049,456 263,888, 745 286, 891, 578 831, , 899,801 1899 257, 300 368 143, 078,146 203, 700, 670 293, 387, 672 897, .472,754 1900 328,453, 044 153, 094, 872 199, 350, 080 307,870 474 988; 768,470 1901 417, 343, 064 123, 736, 775 190 172, 340 318, 388,468 L049, 639, 647 • 1902 458,159, 776 159,971,402 178,147,097 324, 262,498 1,120 630,773 1903 478, 970, 232 209,430 811 170, 547, 258 332, 730 989 1,191, 885, 290 1904 647, 261, 358 49,187, 017 195, IIL 219 325, 281,922 1, 210 821, 616 1905 662,153, 801 101,183, 778 196, 680,998 327, 549, 686 1, 287, 568, 263 1906...... 737, 677, 337 150 542, 687 188,090 624 376, OCO 767 1,468, 323,416 1907 788,467, 689 162,937,136 203, 289, 045 457,995,482 1, 612,.689,33 2 1908 924, 310 981 11L04L339 200 185, 761 411, 605,432 1. 650 149, 513 1909 934, 803. 233 97, 347, 289 213, 990 955 392, 507,842 1, 638,. 649,319 1910 982, 686,379 120, 720 077 227, 977, 678 378, 746, 080 1, 710, 035, 214 1911 I, 001,413, 292 183,088,870 235,184,404 379,941, 280 1, 799, 827,846 1912.... 996, 209, 422 258, 857,946 240,452, 237 385,717, 711 1, 880, 237.316 1913 987, 678,101 303, 585, 254 232.798,904 380,631, 886 L904, .694,145 1914 880 954, 878 304,354, 958 168, 680 282 451,128, 764 1,805, 098,882 1915 t, 042,818,106 843, 424,187 1-18,415,762 • 494, 796,127 2, 299, 454,182 1916 900 491, 238 L 294,802,847 120,396, OCO 545,275,466 2,868, 965, 541 1917 697. 301, 630 1, 688, 745,498 61, 560 000 612,913,462 3,042, , 520, 580 1918 775, 602, 510 1,855,410 512 64, 963,144 469, 344,068 3,165,,22 0 222 1919 547, 210, 009 1,810,807, 589 69,030 961 439,681,519 2,866,, 630,068 1920 237, 030, 307 2,141, 230, 971 90,465,187 473,321, 604 2,942,, 048,019 1921 264, 752, 204 2, 842,042, 979 141, 259, 718 412, 613,973 3,660, ,668, 874 1922 1.. 309, 443, 631 3, 037, 304. 758 176, 589, 047 410,138,179 3,933,, 475, 615 1923 332, 607, 368 3, 302, 669,150 214, 773, 928 397,150,417 4,247,, 200,861 1924... 509, 507, 870 3,407,221,820 191, 839,193 438, 838,331 4, 547,, 407,014 1925 594,404, 215 3, 229, 594, 288 178, 872,034 405, 825,335 4,408,,895,87 2

1 Includes Federal reserve bank holdings for 1918 and following years.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

DIRECTOR OF THE MINT 691

Average price of an ounce of gold in London and United.States equivalent since 1870

Equivalent in United Per cent States value of Lon­ premium o! Average London don price 2 price per stand­ average ard ounce to 1918, price above Calendar year inclusive, and Bank of For British England's per fine ounce standard For a fine thereafter i ounce minimum ounce (1.000) buying ' (0.9163^) rate

£ s. d. 1870 3 17 .0 01 $18.9190 $20 8389 0 00107 1871 3 17 OOl 18.9190 .20 6389 .00107 1872 ^- 3 17 0 24 18.9237 20 6440 .02572 1873 3 17 0 28 18. 9245 20 6449 .03001 1874 3 17 OOO 18.9188 20 6387 1875. 3 17 0 23 18. 9235 20 8438 .02485 1876 3 17 0 30 18.9249 20 6453 .03215 1877 3 17 0 42 18. 9273 20 6480 .04502 1878 3 17 0 41 18. 9271 20 6477 .04394 1879 3 17 Oil 18. 9210 20 6411 . 01179 1880 3 17 015 18. 9218 20 6420 . 01608 1881 3 17 0 35 18. 9259 20 6464 . 03751 1882 3 17 0 43 18. 9276 20 6482 . 04609 1883 -. . 3 17 0 18 18. 9224 20 6426 . 01929 1884 3 17 0 32 18. 9253 20 6458 . 03430 1885 ... 3 17 017 18. 9222 20 6424 . 01822 1886 3'U7 OIO 18. 9208 20 6409 . 01072 1887. 3 17 OOl 18. 9190 20 6389 . 00107 1888 3 17 0 21 18. 9231 20 6434 . 02251 1889 3 17 O04 18. 9196 20 6396 . 00420 1890 - 3 17 0 44 18. 9277 20 6484 . 04718 1891 "\3 17 10 29 18. 9450 20 6673 . 13820 1892 . 3 17 1017 18. 9425 20 6645 .12540 1893... 3 17 10 57 18. 9506 20 6734 .16827 1894 . _ 3 17 0 33 18. 9255 20 6460 . 03637 1895 . 3 17 O03 18. 9194 26. 6393 .00322 1896 3 17 10 16 18. 9423 20 6643 .12433 1897 3 17 n.23 18. 9840 20 6880 . 23901 1898 ^ . 3 17 10 48 18. 9484 20 6710 .15648 1899: 3 17 0 27 18. 9243 20 6447 . 02894 1900 3 17 0 91 18. 9373 20 6589 .09763 1901 3 17 0 83 18. 9356 20 6570 .08896 1902 3 17 0 55 18.9300 20 6509 .05896 1903 . 3 17 10 06 18. 9403 20 6621 .11361 1904 .• 3 17 0 94 18. 9379 20 6595 .10075 1905 . 3 17 0 42 18. 9273 20 6480 . 04502 1906 3 17 0 82 18. 9354 20 6568 . 08789 1907 . .. 3 17 0 95 18. 9381 20 6597 . 10182 1908 - 3 17 1019 18. 9429 20 8650 . 12755 1909 3 17 018 18. 9224 20 6426 . 01929 1910 3 17 O03 18. 9194 20 6393 . 00322 1911 3 17 OOO 18. 9188 20 6387 1912 3 17 OOO 18. 9188 20 6387 1913 . . 3 17 OOO 18. 9188 20 8387 1914 ...... 3 17 O04 18. 9196 20 8398 . 00429 1915 3 17 ' 0 00 18.9188 20 6387 1916 . 3 17" OOO 18. 9188 20 6387 1917 3 17 OOO 18.9188 20 6387 1918 . -- 3 17 OOO 18. 9188 20 6387 1919 4 10 L03 20. 0937 21. 9204 0 21033 1920 5 12 1L52 25.1958 27. 4863 33.17875 1921 V - 6 7 .60 23. 8758 26. 0463 20 20109 1922 .. 4 13 3.80 20 8144 22. 7066 10 01952 1923 . . 4 10 2.90 20 1284 21. 9583 0 39381 1924 4 13 8.3 20 8980 22. 7978 10 46141 1925 4 6 6.6 19. 0834 20 7964 .76410 Mint price per standard ounce (0.916^) 3 17 10 50 18. 9492 .16077 Equivalent per fine ounce . .. 4 4 11.45+ 20 6718 .16077 Bank rate per standard ounce (0.918^) 3 17 OOO 18. 9188 Equivalent per fine ounce . 4 4 0 82- 20 8387

1 London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounce basis. 2 Conversions on basis of legaii monetary parity; exchange not a factor.

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692 REPORT ON THE FINANCES Average commercial ratio of silver to gold each calendar year since 1687^.with gold considered as of legal monetary value

'. Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio

1687.... 14.94 1727.... 15.24 1767.... 14. 85 1807..- 15.43 1847... 15.80 1887... 2L10 1888-... 14. 94 1728.... 16.11 1768.... 14.80 1808.... 10 08 1848... 15.85 1888... 22.00 1689.... 15.02 1729-..- 14.92 1769.... 14. 72 1809...- 15.96 1849... 15.78 1889— 22 10 1690.... 15.02 1730..- .14. 81 1770.... 14.62 1810—. 15.77 1850... 15.70 1890— 10 75 1691 14.98 1731.... 14.94 1771.... 14.66 1811.... 15.53 1851... 16.48 1891— 20 92 {1692 14.92 1732..-. 15.09 1772.... 14. 52 1812..-. 1011 1852... . 16.59. 1892.- 23.72 a693.... 14.83 1733—. 15.18 1773.... 14.62 1813— 10 25 1863... 15.33 1893... 20 49 a694.... 14.87 1734..-. 15.39 1774.--- 14. 62 1814 15. 04 1854... 16.33 1894... 32 56 11696 16.02 1735— 15.41 1775-.. 14.72 1815— 15.26 1855... 15. 38 1895... 31.60 •1696...- 15.00 1736.... 15.18 1776 14.55 1816.... 15.28 1866.- 16.38 1896... 30 59 1897.... 15.20 1737 16.02 1777.... 14.64 1817.— 15.11 1857— 15.27. 1897... 34.20 1698.... 15. 07 1738.... 14.91 1778.... 14.68 1818.— 15.35 1868... 15.38 1898— 35.03 1699.... 14.94 1739.-- 14.91 1779 14.80 1819.... 15.33 1859... 15.19 1899— 34.38 1700.... 14.81 1740 14.94 1780.— 14.72 1820.... 15.62 1860... 15.29 1800— 33.33 1701.... 15.07 1741-- 14.92 1781-.- 14.78 1821.— 15.96 1861... 16.60 1901— 34.68 1702.... 15.52 1742-- 14.85 1782.... 14.42 1822 -. 15.80 1882... 15.35 1902— 3015 3703 16.17 1743- — 14.85 1783— 14.48 1823.... 15.84 1863— 16.37 1903— 38.10 1704.-.. 15.22 1744- — 14.87 1784— 14.70 1824 16.82 1884... 15.37 1904... 36.70 1705.— 15.11 1746--- 14.98 1785---- 14.92 1825.— 16.70 1866... 15.44 1905... 33.87 1706.... 15.27 1756—- 15.13 1788- — 14.96 1826—- 15.76 1866... 15.43 1906... 30 54 1707.... 16.44 1747 15.26 1787 14.92 1827 15.74 1887... 15.67 1907... 3L24 1708...- 15.41 1748.... 15.11 1788-- 14.65 1828— 15.78 1868... 15.69 19C8-- 38.64 1709..-- 15. 31 1749--- 14.80 1789.... 14.76 1829- — 15.78 1869... 15.60 1909— 30 74 1710 16.22 1750.--. 14.65 1790.... 15.04 1830-.. 15. 82 1870... 15.57 1910— 38.22 1711 15. 29 1751.... 14.39 •1791.... 15. 05 1831.... 15.72 1871 — 15.67 1911... 38.33 1712 15. 31 1752—- 14.50 1792.... 15.17 1832.— 15.73 1872— 15.63 1912... 33.62 1713- — 16.24 1763- — 14. 64 1793-.. 15.00 1833.— 15.93 1873... 15.93 1913... 34.19 •1714 15.13 1754- — 14.48 1794.... 15.37 1834.— 15.73 1874... 1018 1914... 37.37 ;1715.— 16.11 1755- — 14.68 1795 15.55 1835...- 16.80 1875... 10 64 1916... 30 84 1716--- 15.09 1768-.. 14.94 1796.... 15.65 1836...- 15.72 1876... 17.75 1918... 3011 1717 15.13 1757...- 14.87 1797..-- 15.41 1837--- 15. 83 1877.- 17.20 1917... 23.09 1718.... 16.11 1768--- 14.85 1798-- 15.59 1838—. 15.85 1878— 17.92 1918... 10 84 1719.... 15.09 1759.... 14.16 1799---. 16.74 1839..- 15.62 1779-- 18.39 1919... 10 63 •1720-... 15.04 1760.... 14.14 1800.... 16.88 1840.... 15.62 1880... 18.05 1920... 15.31 1721 15.05 1781---- 14.54 1801.... 15.48 1841...- 15.70 1881-. 18.25 1921... 25.60 1722—. 15.17 1782.... 15.27 1802.... 16.26 1842..- 15.87 1882..-. 18.20 1922... 27.41 1723...- 15.20 1763.... 14.99 1803.... 16.41 • 1843.... 15.93 1883... 18.64 1923... 20 62 1724.... 15.11 1764.... 14.70 1804.... 15.41 1844.... 15.85 1884... 18.61 1924... 27.78 1726— 15.11 1765...- 14.83 1805.... 15.79 1845.... 15.92 1886... 10 41 1926... 20 38 1726-.. 16.15 1788— 14.80 1806...- 15.62 1846.... 15.90 1886... 20 78

NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and Abell's tables, from 1879 to 1896 from daily cabled prices from London to the Bureau of the Mint, and since from daily London quotations.

RATIO OF SILVER TO GOLD, AS AFFECTED BY WORLD WAR During the period December, 1916, to June, 1920, it is probable that the world's basic silver price was that of New York rather than that of London. The normal.relationship between the two prices—^ .New York a fraction of a cent below the London quotation with exchange considered—did not prevail during this period, when the average monthly New York price varied between approximately 3 cents above and 6 cents below the London ^price. This period appears to have been initiated by enormous coinages to meet war- tinie needs, and large silver shipments from the United States to the Orient. Its close was coincident with the removal of the product of United States mines from the world market, purchases under the -Pittman Act of April 23, 1918, having begun in June, 1920. The ratio of silver to gold, based on the New York price, was for this period: Calendar year 1917, 24.85; 1918, 21; 1919, 18.44; 1920, 20.27. , With the partial release during the first half of 1919 of British governmental control of gold export, the London price of exportable gold advanced above its monetary par. The ratio of silver to this

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DIRECTOR OF THE MINT 693

gold, based on the average London price of both metals, follows: 1919, 17.53; 1920, 20.41; 1921, 32.34; 1922, 30.11; 1923, 31.35; 1924,30.62. Final release of British governmental control -^of gold export became effective Apiil 28, 1925, when the Chancellor of the Exchequer of Great Britain announced that the restrictions authorized by the gold, and, silver (export control) act of 1920 on export of gold would .be discontinued frora that date. This had the effect of restoring the gold standard to t-he United Kingdom. The example of Great Britain was followed by Australia, New Zealand, Netherlands, and the Dutch East Indies, and on June 1 by South Africa. On April 29, ,1925, the London quotation on gold dropped more than 1 shilling to 84s. lid. per fine ounce, as compared with 84s. 11.45d., mint par. Thereafter the quotation fluctuated between 84s. 103/^d. and 84s. llj^d. until January 29, 1926, when it touched 84s. 9^d.; it has since varied between the latter figure and 84s. I'lJ^d.

Bullion value of the silver dollar [371)4. grains of pure silver] at the annual average price of silver each calendar year since 1837

Year' Value Year Value Year Value Year Value Year Valu

1837.. $1.009 1855...... $1. 039 1873...... $1.00368 1891 $0 76416 1909 $0 40231 1838-..„.. L008 1856 1.039 1874....'.. .98909 1892 . 87401 1910 .41826 1839 .. 1. 023 1857 L046 1876 . 96086 1893 . 60351 1911 . 41709 1840- 1.023 1858 L039 1876 .90039 1894 . 49097 1912. . 47543 1841.. L018 1869 L062 1877. . 92958 1895 . 50587 1913 . 46760 1842-. L007 1860 L045 1878 .89222 1896 . 52257 1914 . 42780 1843.. L003 1861. L031 1879 . 88928 1897 . 46745 1915 . 40136 1844. 1.008 1862...... 1.041 1880 .88564 1898 . 46640 1916 . 63094 1845 1.004 1863 L040 1881 . 87575 1899 . 46525 1917 . 69242 1848__ 1.005 1884 1.040 1882 .87833 19C0 . 47968 1918 . 76142 1847 LOll 1885 L035 1883 . 85754 1901 . 48093 1919 . 86692 1848-. L0C8 1886 L038 1884 .85904 1902 . 40836 1920-- .. . 78844 1849- L013 1887 1.027 1885. . 82379 1903 . 41960 1921-. _. . 48817 1850- L018 1868 L025 1886 . 76931 1904 .44763 1922 . 52543 1851 L034 1889 L024 1887 . 76765 1905 .47200 1923 .50458 1852 ... L026 1870 L027 1888 . 72683 1906 . 52353 1924 . 51906 1863 1.042 1871 L026 1889 .72325 1907 . 61164 1925 .53681 1864.. L042 1872 L022 1890 .80927 1908 . 41371

VALU13S OF FOKEIGN COINS, OCTOBER 1, 1926 In pursurance of the jDrovisions of section 25, of the act of August 27, 1894, as amended by section 403, Title IV, of the act of May 27, 1921, and reenacted by section 522, Title IV, act of September 21, 1922, I hereby proclaim the following estimate by the Director of the Mint of the values of pure metal contents of foreign coins to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign merchandise exported to the United States during the quarter beginning October 1, 1926, expressed in any such iinetallic currencies: Provided, however, That if no such value has been proclaimed, or if the value so proclaimed varies by 5 per cent or more from a value mea.sured by the buying rate in,the New York market at noon on the day of exportation, conversion shall be made at a value measured by such buying rate, as determined by the Federal Reserve Bank of NewYork and published by me as certified by said bank pursuant to the provisions of said section 25 as amended. A. W. MELLON, Secretary of the Treasury.

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694 BEPOET 02T THE FIJTAlSrCES

Values of foreign coins

Value in Legal terms of Country Monetary unit United Remarks standard States money

Argentine Re­ Gold Peso $0 9848 Currency: Paper, normally convertible public. at 44 per cent of face value; now in­ convertible. Austria Gold Schillin g .1407 Belffium Gold and Franc. .1930 Member Latin Union. silver. Bolivia Gold Bolivia]3 0 .3893 12H bolivianos equal 1 pound sterUng, Brazil Gold Milreis. .6482 Currency: Government paper a part of which is legally convertible at 16 pence (=$0.3244) per milreis; now inconvert­ ible. British Colonies in Gold Pound J terling. 4. 8665 Australasia and Africa. British Honduras Gold •Dollar.. • 1.0000 Bultraria Gold Lev .1930 Gold Dollar ---- 1. OOOO Chile Gold..-- Peso - ". 1217 Amoy .7612 Canton .7489 Cheefoo .7184 Chin Kiang. .7338 Fuchau .6948 The tael is a unit of weight; not a coin. Haikwan--- .7643 The customs umt is the Haikwan tael. Kankow .7028 The values of other tads are based on Kiaochow. _ .7279 1 their relation to the value of the Haik- Tael-..' Nanking .7433 } wan tael. Niuchwany. .7044 The Yuan silver dollar of 100 cents is the China •_. Silver—1 Ningpo----- .7222 monetary unit of the Chinese Republic; Peking--..- . 7323 it is equivalent to 0.644+of the Haikwan Shanghai - - - .6881 tael. Swatow . 8939 Takau .7559 Tientsin--- . 7279 Yuan .4868 Hongkong-. Dollar- British 1 .4940 Mexican .4977 Mexican silver pesos issued under Mexican decree of Nov. 13, 1918, are of silver content approximately 41% less than the dollar here quoted; and those issued under decree of Oct. 27, 1919,- contain about 61% less silver. Colombia Gold Peso--- .9733 Currency: Government; paper and silver. Costa Rica Gold Colon .4653 Law establishing conversion office fixes ratio 4 colons=$1 U.S. Cuba Gold-..- Peso 1.COCO Denmark Gold Krone .2880 Dominican Re­ Gold Dollar 1. OOOC U. S. money is principal circulating public. medium. Ecuador Gold Sucre .4867 Egypt -1 Gold Pound (100 masters') - 4. 9431 The actual standard is the British pound sterling, which is legal tender for 97H piasters. Esthonia Gold Kroon .2680 Finland Gold MarkkE I .0252 France Gold and Franc . .1930 Member Latin Union. silver. Germany Gold ReichsEaar k .2382 Great Britain Gold Pound sterling 4. 8685 Greece Gold and Drachn la .1930 Member Latin Union. silver. Guatemala . Gold Quetzal 1. COCO Haiti Gold Gourde .2000 Currency: National bank notes redeem­ able on demand in American dollars. Honduras Silver- — Peso .4582 Currency, bank notes. Hungary Gold Pengo— .1749 Not fully effective until January 1, 1927. [The British sovereign and half sovereign /Gold Soverei gn 4.8685 I are legal tender in India at 10 rupees India [British] Rupee. .2177 1 per sovereign; actual exchange rates tSilver-.- I approximate. 15 rupees. Indo-China Silver--.. Piaster. .4949 Italy Gold Lira . .1930 Member Latin Union. Japan . Gold Yen .4986 Latvia Gold Lat .1930 Oold Dollar.... LOOOO Currency: Depreciated silver token coins Customs duties are collected in gold. Lithuania Gold Litas .1000 Currency: Notes of the bank of Lith­ uania, not now convertible.

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DIRECTOR OF THE MINT 695

Values of foreign coins-—Continued

Value in terms of Country Legal Monetary unit United Remarks standard States money

Mexico Gold Peso $0 4985 Netherlands.^ Gold Guilder (florin) .4020 N e w f oundl and Gold Dollar LOOCO Nicaragua Gold—- Cordoba 1.0000 Norwav Gold Krone . .. . .2680 Panama Gold Balboa 1.0000 Paraguay .. Gold Peso (Argentine) .9648 Currency: Depreciated Paraguayan pa­ per currency. Persia Silver- — Kran .0844' Currency: Silver circulating above its metallic value. Gold coin is a com­ modity only, normally worth double the silver., Peru Gold Libra 4. 8666 Philippine Islands Gold Peso .5000 Poland Gold Zloty .1930 Portugal - - Gold Escudo 1. 0805 Currency: Inconvertible paper. Rumania Gold Leu .1930 Russia Gold Ruble .5146 Pre-war unit. Salvador Gold Colon .5000 Siam .. Gold Tical .3709 Spain Gold and Peseta .1930 Valuation is for gold peseta; currency is silver. notes of the bank of Spain. Straits Settlements Gold Dollar .5678 Sweden Gold Krona . . 2680 Switzerland Gold Franc .1930 Member Latin Union. Turkey Gold Piaster . .0440 (100 piasters equal to the Turkish £.) Uruguay Gold Peso 1.0342 Currency: Inconvertible paper. Venezuela Gold Bolivar .1930 Yugoslavia Gold..— Dinar .1930

Changes in value of foreign coins during 1926

Value ,1926 Country Monetary unit Jan.l Apr. 1 Julyl Oct. 1

Chile Gold peso $0 3650 $0 1217 $0 1217 $0 1217 China Silver tael, Amoy .8287 .8009 .7805 .7612 Do Silver tael, Canton .8262 .7986 .7781 .7489 Do Silvextael, Chefoo .7926 .7680 .7465 .7184 Do Silvei tael, Chinkiang .8096 .7824 .7824 .7338 Do - Silve:: tael, Fuchau .7666 .7408 .7219 .8948 Do Silvex tael, Haikwan (customs) .8432 .8149 .7941 .7843 Do Silver tael, Hankow .7754 .7493 .7302 .7028 Do Silve* tael, Kiiaochow .. .8030 . 7761 .7663 . 7279 Do Silve:: tael, Nankin .8200 .7925 .7723 .7433 Do Silve* tael, Niuchwang .7771 .7511 .7319 .7044 Do Silve:: tael, Ningpo .7968 .7700 .7504 .7222 Do Silve:* tael, Peking . 8079 .7808 .7609 .7323 Do Silver tael, Shanghai .7570 .7315 .7129 .6861 Do Silver tael, Swatow •. .7655 .7398 .7210 .6939 Do Silver tael, Takau .8339 .8060 .7864 .7569 Do Silvei* tael, Tientsin . 8030 .7781 . 7563 .7279 Do Silvei: dollar (Yuan) .5370 .5190 .5058 .4868 Do Silvei* dollar, Hongkong Do Silver dollar, British 1 .5450 .6287 . 5133 .4940 Do Silvei: dollar, Mexican .6491 .5308 .6171 .4977 Finland Gold markka . .1930 .0252 .0252 .0252 Honduras .. . Silver peso.. .5055 .4886 .4761 . 4582 Hungary Gold pengo . .. .. , .1749 .1749 .1749 India (British).: Silver rupee .2401 .2321 .2262 .2177 Indo-China Silver piaster ...... 6429 .6278 . 5142 .4949 Persia Silve:: kran . .0931 .0899 .0877 .0844

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696 REPORT ON THE FINANCES

SUMMARY OF WORLD STATISTICS

COINAGE OF NATIONS CALENDAR YEAR 1924 .

Gold Silver

.Monetary Country Value in Value in Value in unit monetary Value of Fine United monetary fine ounces _ ounces units States units consumed i consumed named money named

United States Dollar 206,010, CCC $206,010,000 21,627,040 $12,162,899 16,322,256 Arabia . Real • 12,487 32,996 44,318 Austria Schilling 2,910,316 409,481 2 27, 261,846 3,762,075 5,052, 750 Brazil ._ Milreis 18, 294, 000 1, 751, 697 2,362,661 British Empire: Australia Pound 2,136, 556 10 397,550 234,450 587,183 788,604 British India ... . Rupee 2,867,311 733, 867 986,638 Briti-sh East Africa K. Shilling..... 45,104,464 2, 098, 936 2, 819,029 Ceylon 1.. Rupee _ 656, 806 100, 709 135,260 Great Britain Pound. 2, 090 203 2,360, 381 3,170 169 Travancore Fanam 350, OCO IL 197 15,039 Union of South Africa. Pound 3,618 17, 607 565,438 1,203, 037 1, 615,789 Chile Peso 1, 748,073 188,301 252, 902 China: Canton Dollar 11,021,800 4,960,107 8, 661, 796 Foochow . do 12, OCO, OCO 5,400, 323 7, 253,040 Yunnan do 8,400, OCO 3,062, 640 4,113,365 Colombia Peso 4,125, 095 $4,014, 965 Costa Rica. Colon 586, 096 126, 260 180 577 Czechoslovakia Crown 370 470 75, 057 Danzig, Free City of. Gulden 5, 704, 260 512, 048 887, 719 Egypt... Pound 10 500 5L901 50 QOO 139, 639 187, 548 French Colonies: Indo-China Piaster .3,392,851 1, 893, 726 2, 543,417 Tunis. - .- e>- Franc _ 1,290 - 249 1,811 181 243 G ermany Reichsmark. 261, 564,021 15, 663,402 21,023,694 Japan- Yen . 380 185 189, 622 39, 242, 768 9,131,323 12,264,052 Latvia Lat 10, OOC, 000 999,418 1,342, 291 Liechtenstein Franc 250,000 25, 669 34,341 Mexico -- Peso 21,970 OCO 10, 952,046 33, 060, OGC 9,496,747 12, 754,845 Netherlands - Florin 484,185 194, 642 8, CCC, 000 1,378, 607 1,851, 573 Persia Kran 1,180 250 117, 046 10 485,480 1, 634, 801 2,195,660 Peru Pound 8,213 39,969 332, 843 995,933 1,337,813 Poland Zloty 20, 397,876 1,831,074 2,469,270 Russia Ruble 16, 380 000 8,429,148 76, 228, 748 10 418,948 22, 051,881 Siam Tical 525,000 122, 531 • 164,668 Sweden l Krona 2, 037, 648 292, 658 393,062 S w i tzerland Franc • 19,410,176 2,090,849 2,808,167 Venezuela .. . . Bolivar 7, 000, OCO 719,025 965,705 Total 240, 899,172 " 101,869, 066 136,817,808

^ At the average price of a fine ounce of silver in London, $0.74455 in 192L; $0.70316 in 1925. • 2 Including 4,065,100 Maria Theresa thalers, equivalisnt to 16,175,846 schillings, on the basis of the 192 4 average price of silver in London. 3 Includes Kenya Colony coinage.

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DIRECTOR OF THE MINT 697

COINAGE OF NATIONS—Continued CALENDAR YEAR 1926-

Gold Silver

Country Monetary Value in Value in Value in unit monetary United monetary Value of Fine units States units fine ounces ounces named money named consumed consumed

United States Dollar - 192,380,000 $192,380,000 19,874,218 $10,629,143 14,967,650 Abyssinia Thalari 225.000 119,295 189,583 Austria SchOling--- 7,092,643 997,935 103,666,948 13,920,387 19,788,466 Brazil Milreis.'..... 1,448,000 130,815 186,960 British Empire: British Guiana Pound 600 L183 1,882 British India Rupee 3,814,748 922,461 1,311,320 Ceylon ...do 1,166,750 167,886 238,373 Great Britain . . Pound .. 3,620,431 17,132,177 952,786 1,218,606 1,'732,302 Hongkong Dollar 2,000,000 1,097,358 1, 669,943 Straits Settlements -do 2,153,149 410,218 683,144 Travancore. Fanam 700,000 21,159 30,078 Union of South Africa- Pound 6, 521,555 31,734,447 67,713 138, 665 190977 British East Africa Shilling 27,073,313 1,190 312 1,892,082 China: Foochow Dollar 12,000,000 5,102,224 7,263,040 Shanghai do 77,810 600 42,067,343 69,800,818 Tientsin do...... :::::::::::: • 7,068,807 3,82L022 6,43L756 Yunnan do . . L710,912 479,398 881,485 Egypt . ...^ Pound 4,000 19,772 100,000 283,862 375,092 French Colonies: Indo-China ^ Piaster 3,884,287 2,000,076 2,843,197 Tunis Franc L290 249 L811 171 243 Germany . Reichsmark- 180,734,018 10,219,045 14,626,832 Guatemala Quetzal 600,000 2,714, Oil 3,868,089 Latvia . . Lat 10,000,000 944,248 1,342,291 Lithuania Litas 7,499,971 228,994 325, 525 Mexico ._ Peso "35;85^5" "i7,"846,"355' 11,625,000 3,156,039 4,485,030 Netherlands Florin ... 14,266,,605 5,735,136 1,000,000 204,780 291,104 Persia . ... Kran 761,800 71,373 39,372,600 3,688,891 5,243,925 Peru Pound 13,054 83, 627 229,608 649,109 922,738 Poland .. Zlotv- . 90,030,621 7,836,738 10,864,542 Salvador Colon.. 4,555 2,000 2,000 1,018 1,447 Sweden Krona 7,745,140 2,075,698' 797,055 108,158 163,762 Switzerland Franc 8, 600,000 1,640, 600 2,150,000 1,094,060 1,666, 268 Total 269,699,113 114,244,371 162,403,611

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WORID'S MONETARY STOCKS OF GOLD, SILVER, AND PAPER MONEY AT THE CLOSE OF THE YEARS 1924 AND 1926 CO The following compilations have been made from such data as are available—avowedly incomplete. The amount of gold and silver 00 in circulation in many countries is not obtainable, and in some countries that held by private banks dan not be given. For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by the Government and Federal reserve banks. All foreign coin which comes into possession of the Government is converted into bullion. Monetary stock of principal countries of the world, end of calendar year 1924 [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

o Monetary unit Gold stock Per capita Paper circu­ Mone­ Metallic lation in tary stock Silver monetary Popula­ Country United stock • unit of Un­ stand­ States unclassi­ In banks tion classi­ ard Name fied and public In circu­ Total issuing Gold Silver Paper o equiva­ lation country fied lent treasuries stock w o North America: United States Gold—- Dollar..-. $L00 $4,647,407 $4, 647,407 $818,609 1 6,320,946 112,079 $40 57 $7.30 47.47 Canada -..do --do 1.00 $109,625 163,893 ^ 163,693 27,964 428,920 8,788 "$i2.'47' 18.83 3.18 48.81 Mexico do Peso .4985 2 238,503 14, 210 10 84 w British Honduras... -..do.-., Dollar 1.00 90 # 55 196 291 45 2.00 4.35 8.46 Costa Rica . do Colon .25 884 684 247 20, 564 498 L37 .49 41.27 Cuba.- ...do_ — Peso LOO 8,412 $25,238 33,848 12,388 3 317,376 3,123 10 77 3.96 101. 62 Dominican Repub- ...do..- Dollar 1.00 300 300 400 1,276 897 .33 .44 1.42 lie. Guatemala * ...do.-.. Quetzal.-. 1.00 208 208 8 32 25,339 2,454 .08 .01 10 32 Haiti do Gourde--- .20 2300 300 11,775 2,045 .14 6.78 a Honduras Silver... Peso («) 30 30 420 7 1,260 873 .04 '""."62" L86 Newfoundland ^ Gold-... Dollar LOO LOOO 1,000 2,300 2,000 265 3.77 8.88 7.55 Ul Nicaragua ...do__.- Cordoba-- LOO 315 3,268 700 .45 4.87 Panama 2 do _ . Balboa LOO 400 40 440 326 443 .99 .73 Salvador - ...do Colon .60 3,389 3,369 12,548 L651 2.17 7.77 Virgin Islands ...do--.. Dollar .986 86 88 ""75" 9 2, 600 25 3.44 100.00 British West In­ ""§."55' dies- Barbados 10 ...do...... do 1.0138 961 22 168 .14 010 Jamaica ...do-_-. Pound 4.8665 888 223 858 .28 Trinidad .-.do__-. Dollar--- 1.0138 854 » 2,602 391 1.03 8.85 Dutch West Indies-- -.do_-.- Guilder... .402 159 109 242 L480 188 .86 L67 8.92 French West In­ L46 dies- Guadeloupe -..do..'.. Franc.-..- .193 2324 324 294 35,000 230 1.41 .41 162.17 Martinique. ...do__.. --do .193 8 700 8 20,000 240 ""2."92" 83.33 South America: Argentina ...do.... Peso .9848 453,175 453,176 1,319,798 8,699 52.10 .... 151. 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Bolivia 12 ..-dO-_- Boliviano. .3893 8,205 1 8,205 2 17 33,685 2,890 I 2.84 1 .01 11. 05 Brazil . .do._ Milreis .5462 .54,498 54,498 3,007,874 30638 L78 . 98.18 Chile..:. ...do._., Peso .365 13 34,108 34,108 2,957 i< 292,400 3,755 O08 .79 77.87 Colombia . ..-do__- ...do.- .9733 1^ 7, 617 7,817 »4 9, 619 >6 29,121 5,865 L30 L62 4.97 Ecuador 2 --do Sucre .4867 4, 682 L657' 0339 2,008 10 119 2,000 3.17 LOO 8.06 Guiana— British do__ Dollar 1.0139 '6 200 1,633 298 .69 5.48 Dutch. -..do Guilder..- .402 79 79 333 2,400 108 .73 3.08 22.22 French ...... do... Franc .193* 94 94 194 10,760 26 3.81 7.46 413.85 Paraguay -..do_... Peso .9648 2 3,181 3,181 17 262, 707 LOOO 3.18 262.71 Peru ...do Pound 4. 8685 18 20,337 20,337 18 5,838 7,300 2.79 .80 . Uruguay .--do.--. Peso 1. 0342 67,002 57,002 2,960 68,600 1,529 37.28 L93 44.80 Venezuela s ...do Bolivar. _. .193 15,000 15,000 - 9,000 40000 2,412 0 22 3.73 10 58 Europe: Austria i». ...do--.. Schilling-. . 1407 1,558 L658 84 838,777 6,423 .24 .01 130 59 Relginm 18 ...do Franc .193 52,543 52,543 2014,289 7,674,216 7,466 7.04 LOl 1,027.89 Bulgaria .--do-_.. Lev .193 7,852 7,662 3,281 4,400,000 4,910 L58 .87 890 13 Czechoslovakia Krone .2026 19,374 19,374 6,161 8,810,357 13, 811 L42 .38 647.30 M Danzig . Gofd-- Gulden. _- .195 L947 31,912 400 4 87 70 78 Denmark ...do Krone .268 68,145 58,146 5,589 478,258 3,288 17.18 1 70 146.34 pi Esthonia 22 .--dO-_. Mark. ... . 00268 L390 L390 18 3,562,732 L107 1 25 .01 3,218.38 tei's Finland do --do- .193 8,379 8,379 193 1,249.946 3,367 2 49 .08 371. 23 0 France 23 -..do_-- Franc .193 710,394 710,394 69,008 40,603,965 39,210 18 12 1 50 1,035. 55 Germany . - do . Reichs­ .2382 146,892 145,692 82,483 8,358,743 69,853 2 43 1 04 100 21 0 mark. Great Britain and ...do- — Pound 4.8665 173,236 760,874 760,874 302,368 481, 617 47,334 3.88 10 07 0 39 10 17 0 Irish Free State. Greece 19 ...do_..- Drachma. .193 7,720 7,720 4,880000 5,188 L49 941. 58 >n Hungary -.do_... Krone .2026 6,000 5,000 4, 513,989,581 7,945 .83 58,164.76 H Iceland.. -. do . —do .268 603 603 8,988 98 0 28 93.62 Italy ...do Lira .193 83, 608 83, 608 116,831 20, 614,200 38, 901 2.15 3.00 1 527.34 MW Latvia .. . do Lat - .193 3, 026 3, 028 30, 727 1,603 2.01 20 44 Lithuania ...do Litas .10 114 :i4 810 92,982 2,293 .05 .27 40 65 g Malta ---do Pound ' 4. 8665 24 219 760 184 1.19 4.08 l—l Netherlands ...do Guilder-- .402 202,854 202, 864 • 49,282 970,025. 0 866 20 55 7.18 141. 30 !^ Norway., ...do Krone .268 39,456 39,468 3,611 391,300 2,632 14.99 1.33 148.67 H Poland 26... —do Zloty - .193 19,956 19,956 6, 308 875,800 27, 658 .72 .19 24.52 Portugal —do.—. Escudo 1.0805 10 483 10 483 4,941 1, 782, 625 0 033 L74 .82 292.18 Rumania ...do..-. Leu .193 26,020 26,020 26 2,651 19, 350 438 17, 393 L50 .15 1,112.89 Russia ...do Chervonetz 5.1455 73, 047 73,047 27 34, 504 62,408 . 142,038 .61 .24 .44 Spain.. —do- Peseta .193 484,164 489,164 125,691 1 4, 548, 658 21,347 22.91 5.89 I 212.99 1 Includes gold and silver certificates (representing coin and 10 stock held by one of three banks. 19 Stock in national banks. bullion held in trust in the Treasury) redeemable on demand. 11 Including amount held in banks. 20 Including minor coins. 2 Last 3^ear's figures. 12 On June 30, 1924. 21 Monetary standard not established. 3 United States currency. 13 At the mint. 22 Gold standard established June 20, 1924. * Gold standard established Nov. 26, 1924. 14 On Nov. 30 1924. 23 In Bank of France on Dec. 24,1924. * Stock in banks. 15 In circulation on June 30, 1924. 24 Including bronze coins. 8 Fluctuates with the price of silver. 18 Held in part, as note guaranty. 25 Gold standard established July 1,1924. " Stated in U. S. dollars, and including $800,000 in U. S. bills. 17 In October, 1924. 26 Including other coin. 8 Estimated on basis of data considered fairly reliable. 18 At the end of January, 1925. 27 On Dec. 1, 1924. 9 Stated in francs.

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Monetary stock of principal countries of the world, end of calendar year 1924—Continued O [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)] O

Monetary unit Gold stock Per capita Paper circu­ Mone­ MetalUc lation in tary stock Silver monetary Popula­ Country United Un­ stand­ States imclassi- In banks stock unit of tion ard Name fied and public In circu­ Total classi­ equiva­ lation issuing fied Gold Silver Paper lent treasuries country stock

Europe—Continued. Sweden « Gold.... Krona $0.288 $83,741 $83, 741 $1,098 537,293 6,904 $10 79 $018 91 00 Switzerland .-do Franc .193 96,319 $52,068 148,385 33,838 913,912 3,880 38.24 8.72 235 54 i Turkey 28 __ ...do Piaster-.. .044 345,528 345, 526 73,548 28158, 749 14, 549 23.75 5.08 10.91 Yugosl avia .. ...do Dinar .193 $894 13,985 13, 965 3,369 0 001, 604 12,017 "$0.'57" 1.18 .28 499 42 s Asia: British North —do Dollar .6678 L889 258 7 32 Borneo. o Ceylon 29 _ , --do . Rupee .3244 14 14 10 887 47, 994 4,505 2.37 10 65 China 30 Silver.-- Dollar («) L250 1, 250 147, 957 121, 922 427, 679 .35 .28 Cyprus Island Gold.... Pound 4. 8665 292 292 711 525 317 .92 2.24 1 86 Federated Malay ...do..... Dollar .5678 67 4,174 L325 .05 3.15 States. India; British —do Rupee .4867 108, 809 108, 809 399, 231 1, 792, 087 247, 003 .44 L62 7 26 Indo-China, French. Silver-- Piaster.... 70 629 93,448 19, 748 3.88 4.73 Japan (including Gold—- Yen...... («) 15,000 685, 738 585, 738 192,196 1, 832,184 73, 227 .20 8.00 2.82, 25 02 Taiwan). .4985 > Netherlands, East ...do..— Guilder... .402 63, 887 63, 667 188, 272 319, 934 49, 351 1.09 - 3.41 6 48 Indies. Palestine --.do Pound 4. 9431 494 L250 700 .71 1 79 a Persia 31 Silver-.- Kran («) 32, 726 62,000 9,500 " 3.44 5.47 Ul Philippine Islands.- Gold.... Peso .60 3,408 " 3,408 19, 007 32167,193 10, 314 .33 L84 15 24 Sarawak —do Dollar .5878 166 600 .28 Siam .-.do Tical .3709 44,710 114,387 9,410 4.75 12 15 Straits Settlements.. —do Dollar .6678 L682 L882 11, 603 104,916 935 L80 12.30 112.20 Syria ^ ^ -.do Pound 3. 880 13,857 7,930 2,140 '""e.'is" 3 71 Africa: Abyssinia 8 .^ Silver... Thalari... («) 340 225 8,000 .04 .03 Algeria .. Gold-... Franc .193 18,197 984,289 5,802 3.14 186 20 Belgian Congo —do- - ...do .193 33 109,950 15,000 7.33 Egypt 19 - do Pound 4.9431 L747 18, 608^ 16, 608 42,000 13,661 .13 1.22 3 10 Eritrea ...do Lira .193 1, 692 450 """3."76" Gambia...... do Pound 4.8665 119 210 .56 Gold Coast . ...do...... do 4.8686 L309 2,299 57 Guinea, French ...do..... Franc .193 L253 23,450 2,020 .82 11.61 Kenya'^ Colony and| —do Shilling... .2433 9,422 L194 2,629 3.73 .47 Uganda. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Madagascar ...do Franc .193 13, 703 261,000 3,382 4.05 77.17 Morocco, French do do .193 8,531 280,100 8,000 L42 40 88 Nigeria —do Pound 4.8665 0 621 294 18, 688 .36 .02 Nyasaland do do 4.8885 395 395 422 L178 .34 .36 Portuguese East —do Escudo 1.0806 332 78 410 .49 88,224 3,120 .13 .02 28.28 Africa. 2 Portuguese West —do ...do 1.0806 11, 300 4,000 2.83 Africa. 2 Reunion Island 8 .. - do Franc .193 L900 33,000 174 10 92 189. 85 Rhodesia -.do Pound 4. 8685 34 122 8 830 830 8 90 7 10,000 L867 .07 .44 .05 5.38 Senegal _ do Franc .193 183,107 L225 140 48 Sierre Leone _ -do - . Pound 4. 8885 150 68 1,541 .10 .04 Somaliland— British.- ..:do._.. Rupee .3244 '292 300 344 .85 '.87 French ...do Franc .193 33 3^ 241 0693 206 .16 L17 32.00 Italian do , Rupee .3244 L863 2,000 1,000 L86 2.00 Tanganyika.. ...do--.. Shilling.. . .2433 *" 3,528 9, 259 7,200 .49 L29 Tunis 8. . ...do Franc .193 3,000 3,000 800 35 208,902 2,095 L43 .38 90 71 Union of South ...do.-.. Pound 4. 8886 55,020 9>,733 64, 753 17,325 11,828 0 929 0 34 2.60 L71 Africa. West Africa, French 8 ...do---, Franc .193 3, OCC lOC'OOO 11,464 C.28 10 57 Q Zanzibar do Rupee .3244 945 4,854 197 4.80 24.64 Oceania: Australia do Pound 4. 8665' 107,924 122, 010 122,010 57, 094 6,436 10 85 22.44 10 50 i New Zealand _ do ...do 4. 8665 37, 581 O750 1,293 20 08 5.22 Fiji Islands. -.do.... —do 4.8665 496 498 742 320 164 3.02, 4.52 L95 o Society Islands ...do Franc .193 19, 723 28 704. 39 Total 619,191 9, 603,489 96,427 9, 899,898 2, 971, 660 1,703, 902 .36 5.69 L74

2 Last year's figures. 30 Incomplete. 0 Fluctuates with the price of silver. 31 On Dec. 20, 1924. 8 Estimated on basis data considered fairly reliable. 32 Exclusive of 2,614,688 pesos in U. S. Federal Reserve Bank notes. 19 Stock in national banks. 33 Oct. 31, 1924. ^ 28 On Jan. 31,1924. Paper circulation stated in Turkish pounds ($4.3965). 34 Stock of gold and silver in Northern Rhodesia. 29 On Dec. 23,1924. 35 Tunisian notes of the Bank of Algiers. H NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract ofthe United States, 1924. Blanks indicate no figures available rather than no stock. (Jold held abroad as follows, not included in the above figures (presumably reported by the country having actual possession): Canada, $13,046,889; Brazil, $2,433,250; Peru, $5,158,490; Czechoslovakia, $7,700,540; Esthonia, $142,708,487; France, $359,813,953; Germany, $49,334,078; Latvia, $1,629,139; Lithuania, $2,963,802; Rumania, $82,630,958; Spain $0370,970; Switzerland, $1,322,986; Japan, $156,529,000; Philippine Islands, $52,528,097; Straits Settlements, $3,783,688.

O

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Monetary stock of principal countries of the world, end of calendar year 1925 O [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)] to

Monetary unit Gold stock Per capita Paper circu­ MonCr Metallic lation in Silver tary stock monetary Popula­ Un­ Country United stock unit of tion stand-. unclassi­ In banks In circu­ classi­ States fied Total issuing Gold Silver Paper ard Name and public lation fied equiva­ treasuries country lent stock

North America: United States Gold— Dollar $L00 $4,408, 698 $4, 408, 696 $827, 588 15,423,421 , 112,079 $39.33 $7.38 48 38 Canada —do —do--—. LOO $49,915 2 150 769 150 769 26,268 401, 060 8,788 "$5." 68" 17.83 2.98 45.63 Mexico 3 ...do Peso .4985 LlOl 10 683 10 883 7,783 3,220 14, 210 .08 L17 .64 .22 British Honduras ...do Dollar LOO 90 90 195 653 45 2.00 4.33 14.51 § Costa Rica 4 do Colon .25 684 684 247 20, 654 498 L37 .50 41 27 Cuba —do Peso LOO 4,731 $18, 924 23, 656 8,413 4 317, 378 3,123 7.57 2.69 101. 82 Dominican Repub­ ...do Dollar LOO 300 300 400 2,300 897 .33 .44 2 56 O lic. Guatemala ...do..... Quetzal... LOO 4 208 208 5 500 4 25, 339 2,454 .08 .20 ' 10 32 Haiti ...do Gourde... .20 250 250 16, 783 2,046 .12 8 19 Honduras Silver... Peso (6) 30 30 420 7 1, 250 673 .04 """.'62' 1.88 Newfoundland Gold..-. Dollar..... LOO 4 1, 000 LOCO 4 2, 300 8 186 285 3.77 8.88 .89 Nicaragua - ...do Cordoba.. LOO 8 435 6,898 700 .82 9 85 Panama -do . Balboa LOO 300 300 110 443 .67 .24 Salvador do Colon .60 5,005 5,005 16,119 L551 3.22 10 39 Virgin Islands —do..... Dollar .965 85 3 88 72 10 2, 500 25 3.52 ""i'ss" 100.00 British West In­ > dies- Barbados do do 1. 0138 41 940 156 .28 6 02 888 Jamaica 4 ...do-..- Pound ... 4. 8665 223 858 L03 .26 Ul Trinidad do Dollar 1. 0138 L625 4,260 391 4.16 10 89 Dutch West Indies ...do Guilder... . 402 334 334^ 183 L582 166 2.01 LIO 9 53 French West In­ dies- Guadeloupe 11 ...do Franc. .193 299 299 54 40,297 230 L30 .23 175.24 Martinique do do .193 4 700 4 20, 000 240 """2.'92" 83.33 South America: Argentina ...do Peso .9648 435,880 435, 880 1, 319, 798 8,699 6011 151.72 Bolivia ...do BoHviano- . .3893 8,223 8,223 4 17 38, 591 2,890 2.85 13.35 Brazil do Milreis .5462 54,298 54, 298 2,829,134 30, 636 L77 92.35 Chile 12 .-do Peso .1217 13 25, 217 25, 217 4 2, 957 13 388, 346 3,755 0 71 ""'."79" 103.42 Colombia 4 —do ...-do .9733 7,617 7, 817 9, 5f9 29,121 5,865 L30 L82 4 97 Ecuador i4 —do Sucre . 4887 4,600 L500 6,000 2.000 16,000 2,000 3.00 LOO 8.00 Guiana- British do Dollar 1. 0139 201 1,571 298 .67 5.27 Dutch —do Guilder... .402 94 94 300 2,950 108 .87 2.76 27.31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

French * ...do Franc .193 94 94 194 10, 780 26 3.61 7.48 413.84 Paraguay ...do Peso .9648 14 3, 000 3,0CD 4 282, 707 LOOO 3.00 282. 71 Peru ...do Pound 4.8686 19,164 19,184 0 400 7,300 2.63 .88 Uruguay...... do Peso 1. 0342 50814 58, 814 3,304 15 50 282 L529 37.15 2.18 32.89 Venezuela i4 ...do Bolivar.-. .193 15,000 15,000 9,000 40, 000 2,412 0 22 3.73 16,58 •ope: Austria 16 ...do Schilling.. .1407 2,087 2,087 9 463 890, 001 6,423 .32 .07 138. 68 Belgium 16. ...do Franc .193 52,855 62, 855 917,469 7,813, 692 7,466 7.08 2.34 1,04O 57 Bulgaria ...do..... Leu .193 7,981 7,981 3,351 3, 655, 301 4,910 L82 .88 744. 48 Czechoslovakia (17) Krone .2028 14 19, 014 19, 014 14 5, 070 8,408, 351 13, 811 L39 .37 817. 76 Danzig.. Gold.... Gulden..- .196 5 6 L950 34, 617 400 .01 4.87 80 54 Denmark ...do Krone .268 66,085 56, 085 3,627 437,737 3, 268 17.13 1.11 133.94 Esthonia.. ...do Mark . 00268 133 133 11 3,457, 418 L107 .12 .01 3,123. 23 Finland" .-do ..-do .0252 8,357 8,357 22 1,309, 306 3,367 2.48 388.86 France ...do Franc.-•-- .193 710, 968 710, 968 61,993 51,085,133 39,210 18.13 i..58 1,302. 88 Germany ...do Reichs­ .2382 264, 753 201, 753 106, 932 0 497, 452 59,853 4.42 L78 108. 65 mark. Great Britain and -.do Pound 4.8665 712,086 712, 088 305, 245 438,156 47, 334 15.04 0 44 0 26 M Irish Free State. Greece i6_ .-do Drachma. .193 8,941 8,941 5, 682, 309 6,168 L73 1,099. 61 a Hungary i9 ...do Pengo .1749 10, 407 10, 407 167 415, 515 7,945 L31 .02 52.29 o Iceland ...do do . .288 4 803 603 4 8, 988 96 0 28 93.82 H Italy —do Lira .193 137,958 137,968 20 32, 096 21,449, 700 38,901 3.54 .82 55L39 o Latvia —do Lat. .193 4,548 4,548 3,860 61, 443 1,503 3.02 2.50 40 88 trt Lithuania —do Litas .10 174 174 75} 81, 918 2,293 .07 .32 35.72 Malta —do Pound 4. 8665 9 219 800 184 L19 4.34 o Netherlands -.do— Guilder... .402 178,080 178,080 48,130 899,818 0885 25.94 7.01 131. 07 ^ Norway ..-do Krone .268 45,513 45, 513 0 673 362, 800 2,632 17.29 2.53 137. 84 Poland : ...do Zloty .193 15,195 15,195 17,362 663,265 27,658 .56 .83 24.06 Portugal ...do Escudo . 1. 0805 9,287 9,267 1,964 1,766, 693 0033 L59 .32 292. 83 g Rumania...... -.do Leu .193 28,735 28, 735 9 893 26,480,185 17,393 L53 .05 1, 52L 31 H Russia 21 .-.do Chervo­ 5.1465 93,858 93, 858 73,100 78,138 142,038 .68 .51 .65 netz. g Spain 22 ...do Peseta...- .193 489,629 489,629 125, 737 4,445,134 21,347 22.93 6,89 208. 23 Sweden. -.. .-.do Krona .268 61,876 61,876 22,752 529,789 5,904 10 48 3.85 80 73 Switzerland-. ...do Franc .193 81,601 63,707 135, 208 49,344 877,315 3,880 34.84 12.71 228.11 Turkey ...do Piaster .044 4 345,526 345, 526 4 73, 548 23158,749 14,549 23.75 5.05 10 16 Yugoslavia i6 ...do Dinar .193 14,657 14, 657 3,375 6,062, 684 12,017 L22 .28 604. 51 »Includes gold and silver certificates (representing coin and bullion held in trust in 12 New monetary unit established Sept. 17, 1925. the Treasury) redeemable on demand. 13 On Jan. 19,1928. 2 Including some silver coin. 14 Estimated. 3 In Bank of Mexico. 15 Gold certificates, Nov. 30,1925. 4 Last year's figures. 16 Stock in national bank. 6 Silver coin in circulation in April, 1926. 17 Monetary standard not established. 6 Fluctuates with the price of silver. 18 New monetary unit established Dec. 21,1925, 7 Stated in United States dollars and including $800,000 in United States bills. 19 New monetary unit established Nov. 21, 1925. 8 Government notes only. 20 Incomplete, 9 Including minor coins. 21 On Jan. 1, 1926. 10 Stated in francs. 22 On Jan. 2, 1928. " On June 30,1926. 23 stated in Turkish pounds. o CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Monetary stock of principal countries of the world, end of calendar year 1925—Continued

[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita Paper circu­ Mone­ MetaUic lation in tary ,.- SUver Country United stock monetary Popula­ stand­ unclassi­ In banks stock Un­ States In circu­ unit of tion classi­ ard Name fied and pubUc Total issuing Gold Silver Paper equiva­ treasuries lation fied lent country stock

Asia: British North B omeo Gold..- DoUar $0 5878 2,377 258 9.21 Ceylon 24 - do — Rupee .3244 $15 $15 $12,438 57,971 4,505 $2.76 12 86 China 20 Silver... Dollar («) $22, 798 L250 L250 164,143 192, 728 427,679 $005 .38 .45 Cyprus Island 4 Gold.... Pound 4. 8685 292 292 711 525 317 ""$0."92' 2.24 1.86 Federated Malay .-do Dollar .5878 80 9,748 L326 .04 7.35 States. India, British —do—.. Rupee .4887 81,464 8L484 1, 608,206 1,917, 820 247,003 .33 . 0 51 7.76 o Indo-China, French- Silver... Piaster.... 97,118 4 76,629 101,470 300 19,748 '""4.'9i' 3.88 74.76 Japan, including Gold.-. Yen («) 13,907 576,788 575,768 4192,198 251, 721,208 73,227 .19 """7."86' 2.82 23.65 Taiwan. .4985 Netherlands East ...do Guilder... 76,327 78,327 188,357 388,310 49,361 L54 3.41 7.88 Indies. .402 Palestine do Pound 148 LOCO 700 .21 1.43 Persia Silver— Kran 4. 9431 4 32,726 4 52, 000 9,500 3.44 5.47 Philippine Islands. _ Gold-- Peso 3,237 3,237 18,934 26134,606 10,314 .31 L83 13.-04 Sarawak do DoUar («) 4 158 600 .28 > Siam --do TicaL .60 44,452 125,134 9,410 4.72 13,29 Straits Settlements.. —do DoUar .6678 L754 1,754 12,155 198,633' 935 L87 13.00 212. 44 o Syria do Pound •.3709 is, m 9,816 2,140 """§.'45" 4.68 Africa: .5678 Ul Abyssinia 6_. Silver.-. Thalari... 3.860 340 225 8,000 .04 .03 Algeria Gold.... Franc..:., («) 18,374 917,411 5,802 3.17 158.12 Belgian Congo do do .193 68,492 15, OCC 4.43 Egypt ...do Pound .193 10 710 18,710 36,938 36, 672 13,551 L23 2.72 2.82 Eritrea ...do Lira 4. 9431 4 1,692 450 3.76 Gambia do Pound .193 ' 4 119 210 .58 Gold Coast . do . do 4.8665 1,336 2,299 .58 Guinea, French do Franc 4. 8665 4 1,253 <23,450 2,020 .62 11.81 Kenya Colony and —do Shilling... .193 9,422 L194 2,529 3.72 .47 Uganda.4 .2433 Madagascar- ...do Franc .193 4,852 603,807 3,382 L43 148. 97 Morocco ...do ...do- .193 L839 193 394,483 OOOO .31 .03 - 65.74 Nigeria do... . Pound 4. 8665 4,995 347 18,688 .28 .01 Nyasaland do do 4. 8665 300 $49 349 L248 1,176 .29 LOO Portuguese East —do Escudo —- 1. 0805 487 488 973 5 27 40,478 3,120 .31 12.97 Africa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Portuguese West . .do ...do 1.0805 80,000 4,000 20.00 Africa. Reunion Island ^4 —do Franc .193 L900 33,000 174 10 92 180 85 Rhodesia. Northern -.do Poimd 4.8665 37 37 59 931 .04 .08 Rhodesia, Southern --do .-do 4.8666 2,020 2,020 808 2.60 Senegal ...do Franc .193 467, 699 L225 381. 79 Sierra Leone ...do Pound 4.8685 184 160 L541 .11 .09 SomaUland— British . ...do-... Rupee .3244 329 300 344 .98 .87 French * ...do..-. Franc .193 33 33 241 8, 593 206 .16 L17 32.00 Italian * ...do..— Rupee .3244 L883 2,000 LOOO L88 2.00 Tanganyika ...do ShiUing... .2433 4,178 8,612 7,200 .58 .91 Tunis ...do Franc .193 28 239,664 2,096 114.39 Union of South Af­ ...do Pound 4.8686 46,230 n,680 58,910 17,204 10,694 8,929 8.21 2.48 L64 rica. Zanzibar ...do Rupee .3244 875 3,791 197 3.43 19.24 Oceania: Australia ...do Pound 4.8886 184,275 127,840 127,840 64,092 6,436 30 22 23.61 0 95 New Zealand . ...do...... do 4.8665 37,888 6,948 L293 29.13 6.37 Fiji Islands ...do ...do 4.8686 491 491 774 350 164 2.99 4.72 2.13 Society Islands ...do Franc .193 27,041 28 986.76 O Total . 427,698 9, 609,793 93,986 9, 803,769 4,288,872 L 703,310 .25 5.63 2.62 i * Last year's figures. 24 On Dec. 23, 1925. « Fluctuates with the price of silver. 25 Bank notes only, on Jan. 2, 1926. o >o Stated in francs. 26 Exclusive of 1,277,780 pesos in United States Federal reserve bank notes. " Estimated. 27 There also circulate Portuguese pound notes to the amount of 868,252 pounds. '0 Incomplete. 28 Tunisian notes of the Bank of Algiers. NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract of the United States, 1924. Blanks indicate no figures available, rather than no stock. Gold held abroad.as follows, not included in the above figures (presumably reported by the country having actual possession): Canada, $18,772,373; Mexico, $2,090,596; Chile, $25,273,375; Peru, $3,430,883; Esthonia, $2,563,274; France, $359,813,935; Germany, $23,010,358; Grieece, $4,826,000; Italy, $80,887,000; Lithuania, $3,064,347; Poland, $10,598,209; Rumania, $82,630,958; Spain, $6,892,921; Switzerland, $8,639,960; Japan, $128,813,000; Straits Settlements, $843,573; Morocco, $16,247,000 (gold and silver); Union of South Africa, $6,388,933 (gold and sUver).

O

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WORLD PRODUCTION OF GOLD AND SILVER O World production of gold and silver, 1924 o.nd 1925 [The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint]

Calendar year 1924 Calendar year 1925

Gold Silver ^Gold Silver Country

Value Value ^ KUos, Ounces, KUos, Ounces, Kilos, Ounces, KUos, Ounces, Value ($0.74456 Value ($0.70346 fine fine fine fine fine fine fine fine per ounce)! per ounce)! pi

North America: O United States 70 091 2,440 338 $50 570 294 2,033,183 65,360 840 $48,669, 534 72,159 2,319, 920 $47,950 991 2,056,203 66,100 922 $48, 503, 575 pi Canada 47,448 1,525,380 31, 532,403 613, 883 19, 730 323 14, 694,877 53, 989 1,735. 735 35, 880 819 629, 206 20, 228,988 14, 230 284 Mexico _ 24, 797 797, 223 10 480, 082 2, 845, 603 91,480 138 68,110 917 24,541 788, 993 10 300 929 2, 889,128 92,885,465 65,341, 209 O Total 148, 334 4, 768, 941 98, 582, 759 5,492, 869 170 589,299 131,481,328 150 689 4,844, 648 100 147, 739 6, 574, 537 179, 221,375 126,075, 0G8 Central America and West W Indies 2 2,708 87, 075 1,800000 83, 550 2, 686,150 2,000,000 3,009 90 750 2, 000 OCO 84,010 2, 700,935 1, 900,000 South America: Argentina 2 90 2,903 60 OCO 822 20000 . 14,891 83 2,661 55, OCO 560 18,000 12, 662 Bolivia 30 ,964 10 928 151, 092 4, 857,608 3, 610 781 12 386 7,979 135,195 4,340 532 3, 057, 612 BrazU 4.500 144, 675 2, 990 697 890 28, 613 21, 304 3, 375 108, 506 2, 243, 018 57 L833 1,289 Chile . -- 2,107 67, 725 4 1,400, 000 104,438 3,357, 688 4 2, 500, OCO 2,107 67, 725 4 1,40O 000 110, 540 3, 553,862 ^ 2, 500,000 Colombia 3, 009 90 750 5 2, 000, OCO 90 4 2,900 2.159 3,009 98, 750 4 2, OCO 000 90 4 2,900 2,040 a Ecuador.-. L204 38,700 4 8C0 000 2,177 4 70, OCO 52,119 1,128 . 30 281 4 750 000 2,177 4 70,000 49, 242 Ul. Guiana— British 197 0 337 131,000 283 9,107 188, 258 Dutch 322 10 352 213, 995 271 .4 8. 700 6,478 \ 308 0 902 204,692 i 264 4 8,500 5,979 French 1,975 63,496 1, 312, 578 [ 1,251 40, 220 83L421 Peru 3,700 118,955 2,450 018 582,180 18,717,087 13,935,994 3.662 117, 733 2,433, 758 619, 516 19,917,439 14,011,122 Uruguay 12 248 Venezuela 4540 17, 361 358,883 84 4 2, 700 2,010 950 30, 542 631, 359 4 100 3,215 2,282

Total 17, 674 568, 230 11, 740 347 841, 844 27,065, 296 20,15L 736 10 168 519, 813 10 745,483 868,499 27,922, 281 19, 842, 208 Europe: Austria. _- . 61 L961 40, 537 892 28, 678 21,352 58 L885 38, 553 744 23,920 16,827 Czechoslovakia 280 9,002 180 088 22, 785 732, 538 545,418 236 7,587 150 837 22, OCO 707,300 497, 657 France,- 616 10 804 409, 385 4,599 147,858 110 089 1,150 36, 972 764, 279 0 263 201,355 141,645 Germany. 3 200 O430 132, 920 3 116, 734 3, 752,998 2, 794,332 4 200 0430 132, 920 4 120, COO 3, 858, OCO 2,713,949 Great Britain.. 969 31,153 23,195 1,009 32,439 22, 820 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Greece 4 12 386 7,979 < 5,000 100,750 119,688 7,909 254,274 178,871 Italy 48 1,543 31,897 15,458 • 490 975 370 028 60 1,929 39, 876 0 977 320, 761 225,643 Norway 13,200 424,380 315,976 12,000 385,800 271,395 Poland OOOO 192,900 143,626 O600 212,190 149,287 Rumania,- .- - . . . 1,311 42.149 871, 297 2,248 72, 209 53, 764 1,562 40 897 1,031,462 2,333 4 \5,000 52,769 Russia 20 800 958; 070 19,805,060 7,778 4 250 000 180 140 33,000 1,060 950 21,931, 778 7,776 4 250 000 175,865 Spain. . . 30 987 4 20 000 89,579 2,879, 966 2,144, 307 30 967 4 20,000 102, 764 3,303,863 2, 324,135 Turkey.-- 29 932 19, 266 O840 210 906 183,733 3 29 932 19, 266 3 8,840 210 908 164,896 Yugoslavia 243 7,812 161,488 972 31,260 23, 287 236 7,687 150 837 812 26,108 18,384 Total..,. 32,830 1,049,058 21, 686,917 "293,050 9,421, 661 7, 014,915 30 661 1,175,118 24, 291,808 307,027 9,870 914 0 943,792

Asia: British India ..-. 12,328 390 349 8,193, 259 166,138 5,309, 203 3, 953,020 . 12,249 393,807 . . 8,140 711 161,009 4, 854,923 3,415,244 China 3,337 107, 300 2, 218, 087 3,421 4 110 000 81, 902 3,337 3 107,300 2, 218,087 3,421 4 110 000 77,381 Chosen (Korea) — 4,172 134,128 2, 772,671 . L700 54,662 40 899 4,172 3 134,128 2, 772, 671 1,700 3 54, 682 38,452 East Indies- British 752 24,187 4 500 OCC • 752 24,187 4 500, OCO tJ Dutch--. 3, 869 124, 388 2, 671, 327 64, 799 2, 083, 256 1, 65L 109 4,128 132, 715 2, 743,462 74,184 2, 385,016 1, 677,763 l—l Fed Malay States 465 14, 960 309, 250 440 14,146 292,424 pi Indo-China 11 349 7, 219 3 11 349 7,219 Q 3, 542, 320 2, 837,470 8,398 "5, 581, 394 171,073 6 5, 600 000 3, 869,030 Japan 7,606 244, 500 5, 054, 262 110 181 6 270 OCO H 2,485 79, 893 1,851,536 .L341 43,113 32,100 2, 928 94., 135 1,945,943 2,132 68,644 48,218 Philippine Islands Q Sarawak 27 858 17, 738 27 8 858 17,738 pi Taiwan . .. 269 8,853 178, 873 342 11,008 8.196 281 0036 186, 762 455 13,182 0269 o Total. 36,320 1,135, 565 23.474,219 340 922 11,153, 562 8,304,4»8 30 723 1,180 660 24,400 409 403,928 12, 980 307 9,135.347 ^ Oceania: AustraUa- ^ New South Wales 581 18, 685 380 253 287,921 9,256,671 0 892,145 604 19.422 401,488 295,490 4 9, 500,000 6,882,870 H Northern Territory 7 225 4,651 14 445 0 199 Queensland 3,074 98,841 2,043,224 8,605 270 651 205, 983 L443 40 406 959, 297 n,990 385,489 271,176 ^ South Australia 27 880 18,191 32 1,017 757 44 L406 20 064 45 L458 L025 t—l Victoria 2,089 67,167 1,388,465 131 4,216 3,139 L471 47,298 977, 695 65 2,082 L465 West Australia 15,087 485, 035 10 020 561 2,773 89,146 66.375 13,725 441.252 9.121,486 2,333 4 75,000 52,759 H Tasmania . 145 4, 628 95,628 19,974 642.158 478,126 110 3,524 72,847 22,712 730,194 513,662 Papua 87 • 2,166 44,775 67 3 2,166 44,775 New Zealand ...... 3,805 122,341 2, 529,012 15,553 500,023 372,297 3,459 111,202 5 2,298,759 13,077 420 425 5 295,752 .

Total 24.882 790 966 16, 530 760 334,989 10, 769,882 8,018,822 20 937 673,119 13.914, 610 345.712 IL 114,648 7,818, 709 Africa: Abvssinia 822 4 20 000 413,436 622 4 20,000 413,438 Belgian Congo . 3,674 118,119 2,441, 738 3,819 122,781 2,538,108 British West Africa (Gold - Coast, Ashanti, Nigeria)... 7,276 233, 910 4,835,348 0211 199,697 4,128,102 Egypt 29 934 19. S07 11 1 354 7,318 1 Average price per fi ne ounce in London. 4 Estimate based on other years' production, »Estimate ) based on United States imports of ore and bull ion. 5 Amount exported. 3 Last year' s figures. 6 Estimate based on first eight m onths' output. O

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

World production of gold and silver, 1924 and 1925—Continued o [The production figuresgive n below are based upon the preceding data and those published in prior issues of the Director of the Mint] (X)

Calendar year 1924 . Calendar year 1925

Gold SUver Gold Silver Country

Value KUos, Ounces, KUos, Ounces, Kilos, Ounces, KUos, Value Value ($0.74456 Value Ounces, fine fine fine fine fine fine fine fine ($0.70346 per ounce)! per ounce)!

Africa—Continued. French West Africa (Guinea, Ivory Coast, Sudan, Sene­ O gal) 408 13,117 $271,152 109 3,504 $72,434 TVTadacascar 336 10,802 223,297 419 13,471 278,470 Portuguese East Africa 165 5,321 110000 382 12,292 254,098 39 L260 $886 o Rhodesia- Northern 39 L245 25,738 7,303 234,805 $174,828 39 . L250 25,840 184 5,287 3,705 Southern 19, 526 827,729 12,970307 5,178 •160472 123,948 18,087 581,504 12,020,752 4,760 152, 705 107,422 Sudan, Anglo-Egyptian 252 8,088 167,190 263 8,466 4175,000 Tanganyika 244 7,863 162,543 23 733 548 277 8,898 183,938 31 1,010 710 Transvaal, Cape Colony, and Natal ^ -- 297,824 9,576,040 197,933,599 43,451 L390943 1,040,108 298,525 9, 597,592 198,399, 790 30 127 L16L470 817,047 Total.. 330 394 10 822,168 219,579,651 55,955 1,798, 953 L 339,428 328,764 10,569,809 218,497,288 4L111 1,32L 712 929,770 591,942 19,031,001 393,405,853 7,448,979 239,484,703 178,310,725 592,841 19,059,915 394,003,335 7,624,824 245,138,172 172,444,894 Total for world .. o lAverage price per fine ounce in London. 4 Estimate based on other years' production. Ul

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Production of gold and silver in the world since the discovery of America

[From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the production Is the annual estimate of the Bureau of the Mint]

Gold SUver Percentage of production

Annual average for period Total for period Annual average for period Total for period By weight By value Period

Coining value Fine ounces Value Fine ounces Value Fine ounces Coining value Fine ounces in standard Gold SUver Gold SUver sUver dollars

1493-1620.... 180 470 $3,855,000 6.221,160 $107,931,000 1, 511,050 $1.964,000 42,309.400 $64, 703,000 11 89 60 4 33.6 1521-1544-... 230 194 4,760 000 5,524, 666 114,205,000 2,899, 930 3,740,000 . 69 598,320 89, 980 000 7.4 92.8 55.9 44.1 pi 1646-1680.... 273, 596 5,666,000 4,377,544 90,492,000 10 017, 940 12,952,000 180 287,040 207, 240 000 2.7 97.3 30 4 80 8 1581-1580.... 210 908 4, 540 000 4,398.120 90,917, OCO 9, 628, 925 12,450,000 192, 578,500 248, 990 000 2.2 97. J 20 7 73.3 a 1681-1600.... 237,287 4,905,000 4,745,340 98,096.000 13,467, 636 17,413.000 280352,700 348, 254,000 1.7 98.3 22 78 1601-1620-.. 273,918 5,882,000 5,478,360 113,248.000 13,590 235 17,579.000 271, 924, 700 351, 570 000 2 98 24.^: 76.8 1621-1840-... 280 845 6,510 000 6,330 900 110324,000 12,654, 240 1O36L000 253, 084,800 327, 221,000 2.1 97.9 25.2 74.8 s 1841-1680.... 281, 956 5,828,000 • 5,839,110 11O57L0C0 11.770 545 15,220 000 236, 530 900 304, 525,000 2.3 97.7 27.7 72.3 1661-1680.... 297, 709 0154,000 5, 954,180 123,084,000 10 834, 550 14,008, OCO 210 691,000 280 160 000 2.7 97.3 30 6 60 6 o 1681-1700.-.. 346,095 7,154,000 8, 921, 895- 143,088,000 10 992, 085 14,212,000 219.841, 700 284, 240 000 3.1 90 9 33.6 60 5 1701-1720-... 412,163 8, 520 000 8,243,260 170 403, 000 11,432, 640 14, 781,000 228, 650 800 295, 629,000 3.6 90 6 30 8 1 73.4 H 1721-1740-.. 613,422 12,88L 000 12,268.440 263, 81 LOOO 13, 863, 080 17, 924, OCO 277.281.600 358, 480 000 4.2 95.8 41.4 1 58.8 1741-1760-... 79L 211 16,350 000 15,824.230 327,110 000 17,140 612 22,182,000 342.812,235 443, 232,000 4.4 95.8 42.5 67.6 1761-1780-... 685,688 13, 781, 000 13,313,315 275.211,000 20 985, 591 27,133,000 410 711,820 542. 658,000 3.1 90 9 33.7 60 3 1781-1800...- 571,948 11, 823, 000 n, 438,970 230 464,000 28.261, 779 30 540 000 585,235, 680 730 810 000 2 98 24.4 75.6 1801-1810.... 571,583 11,816,000 6,715,627 118,152.000 28, 746, 922 37,168,000 287,460 225 37L 677, 000 1.9 98. L 24. L 75.9 1811-1820.... 367,957 7,60O 000 3,870 668 70 063,000 17,385. 756 22,470 000 173,857,555 224 786,000 2.1 97.9 25.3 74.7 1821-1830.... 457,044 0 448,000 4,570 444 14,807, 004 148, 07O 040 191. 444,000 3 33 87 1831-1840.... 94,479,000 19.144,000 97 1 852,291 13,484, 000 8,622, 913 134,841, OCO 10 175,867 24,793,000 191, 758,675 247j 930 000 3.3 90 7 1 35.2 64.8 1841-1860.... 760 502 30 393, 000 17.605, 018 0 8 1861-1856.... 383,928,000 25,09O 342 32,440000 250 903,422 324, 400 000 93.4 52.9 47.1 410324 132.513, 000 32,061, 621 662,560 000 28,488,697 30 824,000 142,442, 988 184, 169,000 18.4 8L8 78. :i 21.7 1866-1860.... 486,262 18.2 1881-1865..,. 134, 083,000 32,431,312 670 415,000 29,096,428 37, 618,000 145,477,142 188, 092, 000 8L8 78. . 21.9 949,582 122, 989. OCO 29, 747,913 814, 944, OCO 35,401, 972 46, 772, OCO 177,000 862 228,, 881,000 14.4 85.6 72.9 27.1 1868-1870.... 270 086 12.7 1871-1875..^. 129, 814, OCO 31.350430 848,071,000 . 43,051,583 65,633, OCO .2r6,257, 914. 278,,313,00 0 87.3 70 30 691,014 115,677,000 27.956.068 63,317,014 81,864,000 310 585. 089 400 322.000 8.1 9L9 58.6 41.5 1876-1880...- 643,110 677,883,000 114,580 000 •27,715.650 672, 931,000 78, 775, 602 101,861,000 393,878,009 500 256, 000 8.6 93.4 53 47 1881-1885-... 794,755 5 1888-1890.... 90 110 000 23,973, 773 496.582, OCO 92,003, 944 118, 955,000 460 010 722 594, 773,000 95 46.5 54.5 481,282 112,895,000 27,30O 411 1891-1896-,.. 882,565 684,474,000 108, 911,431 140 815,000 544.657,165 0 704, 074,000 4.8 95.2 44; 5 65.5 1896-1900.... 162.947, 000 39,412,823 814,736.000 167,681,331 203, 742,000 787, 90O 666 1,018, 708, 000 4.8 96.2 44.' = 56.8 440 939 257,30L100 82,234, 698 1901-1905.... 606 730 1,280 605,400 185, 893,304 214,229, 700 828,468,522 1,071, 148,400 7 93 64.8 45.4 322,819,800 78,033,660 1,613,099,100 167,996,408 217,20O 200 839, 977,042 1,08O 030 900 8.6 9L6 50: J 402 1906 19,471.080 402,503,000 185,054,497 213, 403,800 10 5 80 5 85.3 34.7 1907 19,977,280 412,960 600 184,20O 984 238, 180 600 0 8 90.2 63.4 30 8 1908 2L 422,244 442,837,000 203,131,404 262, 634,500 0 5 90.5 62.8 37.2 O 1909 21,985, 111 454,050 100 212,140 023 274, 293,700 0 4 90.6 1 62.3 1 37.7 CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1926

Production of gold and silver in the world since the discovery of America—Continued O [From 1493to 1885 is from a table of averages for certain periods^ compUed by Dr. Adolph Soetbeer; for the years since, the production is the annual estimate of the Bureau of the Mint]

Gold SUver Percentage of production

Annual average for period Total for period Annual average for period • Total for period By weight By value Period

Coining value Fine ounces Value Fine ounces Value Fine ounces Coining value Fine ounces in standard Gold Silver Oold Silver sUver dollars

1910 ..- 22,022,180 $455,239,100 221, 716, 873 $280 662,700 9 91 6L4 38.6 1911 22,397,136 462, 989, 761 226,192, 923 292,451,600 9 91 81.2 38.8 O 1912 - 22,605,068 487, 288.203 230 904,241 298,642,862 8.9 91.1 81 39 1913 22,254,983 460 051,329 210 013, 423 271, 532,606 0 5 90.5 82.8 37.2 1914 21,301,836 440 348,027 172, 283, 596 222, 724,649 11. 89 60 4 33.6 1916 22,737,620 470 02O 251 173, 000 607 223, 677,423 11.6 88.4 67.7 32.3 o 1916 22,031,094 455,423,138 • 18O80L919 233, 764,096 10.8 80 2 601 33.9 1917 20345,628 420 570 361 180 125, 017 240 640 486 9.8 90.2 83.8 36.4 1918- 18, 614, 039 384, 780 308 203.150 431 262, 870 779 8.3 91.7 ' 50 4 40 6 1919 17,698,184 385, 853, 933 179.840 940 232, 533,256 8.. 9 9L1 61.1 38.9 1920 10 130 110 333,423, 975 173,290 382 224,059, 968 8.-6 9L5 50 7 40.3 1921 16, 974, 962 330 231, 792 171.286.542 221,460 095 8.4 91.6 50 8 40 1 1922 15,451, 945 310 420 083 200 815,448 271,270 538 0 8 93.2 54.9 45.1 1923 . 17, 790 597 367, 764, 279 240 000 534 318,072,933 0-7 93.3 53.8 48.4 1924 - 19, 031, 001 -393,405, 653 230 484, 703 300 630 787 7.4 92.6 66 44 1925 - 19,059, 915 394, 003,335 245,138,172 310 940323 7.2 92.8 55.4 44.8 > Total 983,274, 092 10 912, 620 894 13,702,100 450 17, 715,854,791 0 6 . 93.4 52.9 47.1 o Ul

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DIRECTOE OF THE MINT 711

Production of gold and silver in the world since 1860 [The annual production of 1860 to 1872 is obtained from 6-year period estimates compUed by Dr. Adolph Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint]

Gold SUver

Calendar years Fine ounces Value Fine ounces Commercial value!

1860 8,488,262; . $134,083; 000 29,096,428 $39i337;i000 1861 6, 949,582 122,989, COO 35,401,972 46, i'91; OCk) 1862 5,949,582 122, 989,000 t 36,401,972 47,651,000 1863 5,949,5.82 122,989,000 1 35,401,972 47,616,000 1864 5, 949,582 122, 989, OCO 35,401,972 47,616,000 1865 6,949,582 122,989,000 35,401,972 47,388,000 1866 8,270,086 129,614,000 43,061,583 67,646,000 1867 0 270,086 129,814,000 43,051,583 57,173,000 1868 6, 270,086 129,614,000 43,061,583 57,088,000 1869 - 6, 270,086 129, 614,000 43,061,683 57,043,000 1870 0 270 086 120 614,000 43,061,583 57,173,000 1871 6,591,014 115,577,000 63,317,014 83,958,000 1872 5,591,014 115,577,000 63,317,014 83,705,000 Total 78, 766,630 1,628,252,000 647,997,231 729,563,000 1873 4,653,675 96,200000 63,267,187 82,120,800 1874 4,390,023 90, 750,000 66,300 781 70,674,400 1875 4, 710 563 97,500000 62,261,719 77,578,100 1878 6,018,488 103,700,000 87, 753,125 78,322,600 1877 6,512,196 113,947,200 82,879,916 75,278,600 1878 ^ 6,761,114 119,092,800 73,386,451 84,640,000 1879 6,262,174 108,778,800 74,383,495 83,532,700 1880.. 6.148.880 106,436,800 74,796,273 , 85,640,600 1881 4,983,742 103,023,100 79,020872 89,925,700 1882 4,934,088 101,996,600 86,472,091 98:232,300 1883 4,614,-588 '95,392; COG 89,175 •023: 98; 9^; 300 1884 4,921,169 101,729,800 81,667,801 90,785,000 1886. 5,246,572 108,435,600 91,609,969 97,518,800 1886 6,135,679 106,183,900 93,297,290 92,793,500 1887 5.116.881 105,774,900 96,123,588 94.031,000 1888 6,330,775 110,198,900 108,827,606 102,186,900 1889 5,973,790 123,489,200 120,213,611 112,414,100 1890 6, 749,306 118, 848, 700 120 095,082 131,937, OCO 1891 6,320,194 130,660,000 137,170, OCO 136,600,200 1892 7,094,266 146,661,600 153.151.762 133,404,400 1893 , 7, 618, 811 167,494,800 165,472,621 129,119,900 1894 8,784,362 181,175,600 164,610394 104,493,000 1895 9, 615,190 198,763,600 167,500,960 109,645,600 1896 9,783,914 202,251,600 157,061,370 105,869,300 1897 11,420068 238,073,700 160421,082 98,262,700 1898.... 13,877,806 288,879,700 169,056,263 99,742,600 1899 14,837,775 308, 724,100 168,337,462 101,002,600 1900 12,316,135 254,578,300 173,691,364 107,620400 1901 12,826,627 260,992,900 173,011,283 103,806,700 1902 J, 14,354,680 296,737,600 162,763,483 88,264,700 1903 16,852,620 327, 702,700 167,689,322 90,552,200 1904 ,. 10 804,372 347,377,2C0 164,195,268 95,233,300 1905 18,396,451 380,288,300 172,317,688 105,113,700 1908 10471,080 402,503,000 165,054,497 in, 721,100 1907 19,977,260 412,966,800 184,206,'984 121,577>'l00 1908 \ 21,422,244 442,837,000 • 203,131,404 108,656,100 1909 21; 966, 111 464,059,100 212,149,023 110,384,400 1910 22,022,180 466,239,100 221.715.763 119, 727,000 1911 22,397,136 462,989, 761 226,192,923 122,143,800 1912 22,605,068 467,288,203 230,904,241 141,972,220 1913 ^.. 22, 254,983 460,061,329 210013,423 128,848,107 1914 21,301,838 440348,027 172,263,696 96,261,769 1915 22, 737,620 470026,261 173,000,507 89,911,684 1918 22,031,094 465,423,136 180,801,919 124,011,387 1917 20346,628 420579,361 186,126,017 188,240,688 1918...i^. 18,614,039 384,786,308 203,159,431 200002,336 1919 17, 898,184 366.863.933 179,849, 940 201,688,402 1920 18,130,110 332.823.934 174,423,975 176,668,331 1921 16,974.982 330,231,792 171,286,642 108,110,295 1922 16,461,946 319,420,083 209,815,448 142,536,023 1923 17,790,697 367,784,279 246,009,534 172,275,552 1924 10031,001 393,406, 863 239,484,703 178,310,725 1925 J 19,069,915 394,003,336 245,138,172 172,444,..894 Total 670429,645 13,868,396,863 7,997,306,190 6,040,373,490 Grand total 749,196, 276 15,486,847,863 8,545,302,421 6,769,938,490

1 At the average par price of a fine ounce of sUver in London, excepting the years 1918 to 1922, inclusive^ for which the mean of the New York bid and asked prices was used.

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KEPORT OF THE DIRECTOR OF THE MINT

TREASURY DEPARTMENT, BuREATT OF THE MINT, Washington, D. C, September 10, 1927. SIR: In compliance with the provisions of section 345, Revised Statuties 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, 1927, being the fifty-fifth 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 1926.

OPERATION OF THE MINTS AND ASSAY OFFICES

INSTITUTIONS OF THE MINT SERVICE

All of the 11 mint-service institutions were in operation during the fiscal year ended June 30, 1927; 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 con­ ducted 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 assays of ores and bullion. Electrolytic refineries are operated at the New York, Denver, and San Francisco institutions.

DEADWOOD ASSAY OFFICE

The Deadwood (S. Dak.) assay office was closed June 30, 1927, the Congress having discontinued the appropriations for its support. This office was established 30 years ago, under the acts of June 11, 1896, and February 19, 1897, its natural and exclusive territory being the Black Hills region of South Dakota. Its receipts of bullion were never large, except during a period of about three years (1910-1913) when the Homestake Co., the only large producer in that territory, was induced to deposit its product at the Deadwood office; the yearly receipts were then from six million to eight million dollars in value. During five years the deposits amounted to about $1,000,000 annually, but during most of the life of the office the values received varied from a few hundred thousand dollars to a very few thousand dollars. in recent years. Only 14 bullion deposits, worth $2,936.52 were received during its last two years of operation. The principal work of the office during recent years has been the making of assays of samples of ores for prospectors and others. 729

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730 REPORT ON THE FINANCES

COINAGE The domestic coinage executed by the United States mints- dur­ ing the fiscal year 1927 was greater in value than that of the prior fiscal year by about $14,000,000., although the number of pieces was approximately 61,000,000 fewer. The principal factors in this result were about $20,000,000 more gold coin and 68,000,000 fewer pieces of minor coin. The total domestic coinage was 310,960,019 pieces, with value $102,653,129.50, as compared with the prior year's 372,171,282 pieces, valued at $88,614,418. The 1927 total consisted of gold, $83,955,000; silver dollars, $4,456,900; subsidiary silver, $9,572,659.50; nickel, $2,910,100; and bronze, $1,758,470. As is usual, the Philadelphia Mint made most of the minor and subsidi­ ary silver coin, as well as some silver dollars and about $26,000,000 in gold. The San Francisco Mint was principally engaged upon gold coin and silver dollars, while the Denver Mint made silver dollars and small coin. Coinage for foreign governments was made during the past fiscal year only at the Philadelphia Mint. The total was 7,099,000 pieces, which compares with 16,676,000 pieces during the prior year. For Guatemala, 90,000 gold pieces were made; for Venezuela, 1,545,000 silver pieces and 2,800,000 nickel pieces; for Peru, 620,000 silver pieces and 1,194,000 nickel pieces; and for Nicaragua, 500,000 silver pieces, 100,000 nickel pieces, and 250,000 bronze pieces. The 1927 combined total of domestic and foreign pieces, 318,059,019, compares with last year's 388,847,282 pieces.

GOLD OPERATIONS Gold acquired by the Government at the several mint service institutions during the fiscal year 1927 totaled $224,246,630.64. United States gold coin received by the mints for recoinage amounted to $2,704,940.81; transfers of gold between mint offices totaled $11,821,953.15; the aggregate amount of gold received by the several mint service lustitutions durittg the fiscal year 1927 was $238,773,- 524.60, which compares with $208,493,228.17 during the prior year. SILVER OPERATIONS Receipts of purchased silver during the fiscal year 1927 totaled 6,747,524.27 fine ounces, the average cost of which was 59.9 cents per ouince, total cost being $4,041,552.81. Silver received.in exchange for bars bearing the Government stamp totaled 992,969.28 fine ounces; United States silver coin received for recoinage totaled 2,630,930.19 fine ounces, the recoinage value being $3,637,021.17; silver deposited in trust by other governments totaled 285,961.04 fine ounces; and transfers between miut-service offices totaled 969,555.07 fine ounces, making the aggregate quantity of silver received by the several miat-serviee offices duriag the fiscal year 11,626,939.85 fine ounces, as compared with'13,016,507.07 ounces duriug the prior year. Silver dollars remaining to be coiaed from bullion purchased under the Pittman Act amounted to about $2,000,000. • The New York mairket price of silver during the fiscal year ended June 30, 1927, averaged $0.57672; the lowest price was $0.518125 on October 19, 1926; and the highest price $0.660625 on July 2 and 3, 1926.

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1. OREGON TRAIL HALF DOLLAR 2. VERMONT-BENNINGTON HALF DOLLAR

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DIKECTOB OF THE MINT 731

REFINERIES . The New York and San Francisco refineries were in operation throughout the year, as usual. The Denver refinery operated only duriag the last half of the year, on silver bullion only. The quantity of gold and silver in unrefined bullion on hand was reduced during the year by about 45 tons, but there is still on hand about 437 tons, approximately 54 per cent of which is gold. Production of electrolytically refined gold during the fiscal year •ended June 30, 1927, totaled 2,752,093 fine ounces (94.35 tons) as •compared with 3,272,689 fine ounces (112.2 tons) during the prior fiscal year, and electrolytically refined silver totaled 3,690,118 fine ounces (126.5 tons) as compared with 4,977,646 fine ounces (170.7 tons) during prior year.

COMMEMORATIVE COINS Coins of special design, authorized by Congress, were issued during the fiscal year 1927, as follows: The Vermont-Bennington half, dollar was authorized by act of Congress approved February 24, 1925, in commemoration of the one hundred and fiftieth anniversary of the independence of Vermont and of the battle of Benniagton. It was designed by Charles Keck. In addition to the legends and inscriptions required by basic law, the obverse of the coin bears a likeness of Ira Allen, with his name as founder of Vermont. The reverse carries the figure of a catamount, the name and date of the Battle of Benniagton, which occurred August 16, 1777; also- the year of the coin's issue, 1927, and the words '^Half Dollar.'' The Oregon Trail half dollar is a special-design coia authorized by act of Congress May 17, 1926, to commemorate the heroism of the pioneers who traveled to the Far West, and to aid in erection of suitable monuments to • commemorate the tragic events associated with that emigration, which resulted in addiag new States to the Union. The obverse of the coin bears a likeness of an old-time Conestoga wagon drawn by oxen over the brow of a hill and toward the setting sun. The phrase '^Oregon Trail Memorial" appears, as well as other inscriptions required by law. On the reverse of the coin appears the full-length figure of an Indian with typical headdress, blanket, and bow. The left hand of the Indian is raised as if in warn­ ing to those of the East. The Oregon Trail is traced across a map of the United States as a background on this side of the coin, which was designed by Mrs. Laura G. Frazer.

STOCK OF COIN AND MONETARY BULLION IN THE UNITED STATES On June 30, 1927, the estimated stock of domestic coin in the United States was $2,138,004,166, of. which $1,304,469,861 was gold, $537,944,446 standard silver dollars, and $295,589,859 subsidiary silver coin. The stock of gold bullion ia the mints, assay offices, and Federal reserve banks on the same date was valued at $3,260,628,275, a decrease during the year of $8,105,370; the stock of silver bullion was 9,068,349.88 fine ounces, a reduction of 1,005,387.72 fine ounces.

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732 REPORT ON THE FINANCES

PRODUCTION OF GOLD AND SILVER Domestic gold production during the calendar year 1926 was $48,269,600, as compared with $49,860,200 in 1925. The output has declined to under 48 per cent of that for the record year 1915, when the total was $101,035,700. Silver of domestic production during 1926 totaled 62,718,746 ounces, valued at $39,136,497; this compares with 66,155,424 ounces,, valued at $45,911,864, for 1925, and with the record production of 1915, 74,961,075 fine ounces, valued at $37,397,300.

INDUSTRIAL CONSUMPTION OF GOLD AND SILVER Gold consumption in the industrial arts during the calendar year 1926 is estimated at $74,333,684, of which $43,268,236 was new material. Silver used in the arts is estimated at 39,408,393 fine ounces, of which 29,407,601 fine ounces was new material. As comparQ(i with the prior year, silver consumption was about the same and gold consumption increased about $8,400,000. IMPORT AND EXPORT OF DOMESTIC GOLD COIN The net export of domestic gold coin during the fiscal year ended June 30, 1927, was $5,500,953; during the prior fiscal year there was net export of $46,614,511. During the 13 fiscal years 1915- 1927, since the opening of the World War, there has been a net export of $941,219,179. Since 1870 the net export of domestic gold coin has been $1,818,868,243, as per tabulation by fiscal years, which may be found in another section of this volume.

APPROPRIATIONS, EXPENSES, AND INCOME Appropriations available for miat service during the fiscal year 1927 totaled $1,684,750, and reimbursements to appropriations for services rendered amounted to $58,023.03, making a total of $1,742,773.03. Expenses amounted to $1,668,244.53, of which $1,606,311.35 was chargeable to appropriations and $61,933.18 chargeable to income. The income realized by the Treasury from the mint service aggre­ gated $9,416,010.56, of which $8,842,025.89 was seigniorage. The seigniorage iacluded $1,009,519.98 on the coinage of silver dollars, which amount offsets an equal loss which was incurred when the silver dollars were melted and sold under terms of the Pittman Act. The seigniorage on subsidiary silver coin was $3,848,205.08; on nickel coin, $2,443,230.81; and on bronze coin, $1,541,070.02.

Summary of appropriations, expenses, and balances, fiscal year 1927

Salaries and Contingent Freight on Items wages expenses bullion Total

Appropriations $1,368,260.00 $319,000. 00 $7,600. 00 $1 684, 750. 00' Earnings credited appropriations 46,380. 73 12, 642.30 68,023. 03 Total available '... 1,403, 630. 73 331642.30 7, 600. 00 1, 742, 773. 03 Expenses 1, 324, 700. 73 277, 278.82 1 331. 80 1, 606,311. 35 Unexpended balances 78, 930. 00 51363.48 3,168. 20 136,461 68

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DIRECTOR OF THE MINT 733

DEPOSITS OF GOLD AND SILVER, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1927 The number and value of deposits, transfers, gross income, and expenses for the fiscal year 1927, and the number of employees on June 30, 1927, at each institution, are shown in the following table:

Num­ Num­ ber of ber of Coining value Excess of Em­ despoits Gross Gross income (+)- ployees Institutions mint of gold . of gold service and silver income expense. or of ex-: June SO, and trans- • received ^ penses (-) 1927 silver fers

Philadelphia 10,360 787 $21, 007,010. 92 $6,706, 419. 76 $740, 546.49 +$6,966,873. 27 310 San Francisco 11,351 1,195 101,900, 272. 00 1,151,991 56 290,447.81 +861, 543. 74 124 Denver . . 2,631 . 308 17, 390,-67199 1, 235, 874. 02 196,943.49 +1,038,930. 53 SO New York...:'. ll 754 586 107,632,026.46 315, 668. 23 331,941 46 -16, 286. 22 124 New Orleans 434 1,178, 910. 87 1,084. 49 13,119. 88 -12,035.39 7 Carson City 173 167, 667. 80 316. 70 6,038.17 -5,722.47 3^ Boise 376 """ 144,466.15 1,124. 27 7, 269. 05 -6,141 78 4 Helena 272 295, 207. 73 665. 73 6, 673. 49 -6,017. 76 3 Deadwood 1,137. 06 472. 67 6,412. 30 -1939.73 3 Seattle 1497 6, 223,120. 78 2,017.10 26, 286.14 -24, 269. 04 11 Salt'Lake City 64 27,301 91 397.14 4,196. 49 -3,798.35 2

Total - - 41,920 2,876 265,867,676. 67 9,416,010. 56 1 628,876. 76 +7, 787,133. 80 671 Mint Bureau 39,367. IJ -39,367. 77 14

Grand total 41,920 2,876 256,867, 676. 67 9,416, 010. 66 1, 668,241 63 +7, 747, 766.03 685 Fiscal year 1926 41,530 5,207 192,609, 510. 97 10,400,989. 25 1,800,042.69 +8, 600,946. 56 719-

1 Gold valued at $20.67+ per fine ounce, silver for standard dollars valued at $1.29+ per fine ounce, and' silver for subsidiary coin at $1.38+ per fine ounce.

COINAGE Details of the. coinage executed during the fiscal year ended June 30, 1927, are given below:

Total Denomination Philadelphia San Francisco Denver Value Pieces

Double eagles $25,050,000 $57,790,000.00 $82,840,000.00 4,142,000- Quarter eagles 1115,000 1115,000.00 446,000 Total gold 26,165,000 67,790,000.00 83,955,000. 00 4,588,000'

Silver dollars 848,000 2,340,000.00 $1,268,900 1456,900.00 4,456,90O' Half dollars' 24, 015 50,027. SO 74,042. 50 148,086 Half dollars 2 20,017 20,017. 00 40,034 Quarter dollars 3,315,000 774,000.00 429,000 1518,000.00 18,072,000 Dimes. 3,916,000 447,000.00 597, 600 4,960,600.00 49,606,000 Total silver _. 8,128,032 3,611,027. SO 2,295, 500 14,029,569. 50 72,323,019

6-cent nickels _.. 2,382, 700 191,200. 00 336,200 2,910,100. 00 68,202,000 1-cent bronze 1,408,410 81,660.00 268,400 1,758,470. 00 175,847,000' Total minor .. ._ . 3,791,110 272,860.00 604,600 4,668,570. 00 234,049,000-

Total value 38,079,142 61,673,887.50 2,900,100 102,653,129.60 Total pieces 243, 549, 564 24,885,555 42,524,900 310,960,019' Prior fiscal year: Total value _ $46, 586,004 $26,623, 514. 00 $15,404,900 $88,611418.00 Total pieces —. 278,924,354 45,789, 728 47,457,200 372,171,282-

' Oregon trail. 3 Bennington sesquicentennial.

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734 REPORT ON THE FINANCES Coinage for foreign governments (by the United States mint at Philadelphia only) during the fiscal year 1927 aggregated 7,099,000 pieces, as follows:

Country and denomination Pieces Country and denomination Pieces

Guatemala: Venezuela: Gold, 20 quetzales 46, 000 Nickel, 12}/^ centime 800,000 Gold, 10 quetzales 12, 000 Nickel, 5 centime 2,000,000 Gold, 5 quetzales. . 32,000 Nicaragua: Venezuela: Nickel, 5 centavo 100,000 Silver, 2 bolivar 1,000,000 Bronze, 1 centavo 250, 000 Silver 1 bolivar 545,000 Peru: Silver, unsol 620,000 Total pieces 7, 099,000 Nicaragua: Silver, 10 centavo 500,000 Total pieces prior fiscal year.. 16, 676,000 Peru: Nickel, 10 centavo 1,191 000

ISSUE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION The value of the fine gold bars issued in exchange for gold coin and bullion monthly by the United States mints at Philadelphia, San Francisco, and Denver, and the assay office at New York, during the fiscal year 1927 was as follows:

EXCHANGED FOR GOLD COIN OR GOLD CERTIFICATES

Month Philadelphia San Francisco Denver New York Total

1926 July $60,333.55 $388,591.47 $2, 579,061 35 $3,027,986.37 August 95,443.42 403,129.20 4,298, 585. 20 1797,167.82 September 75,457.99 140, 617.22 1 672,173.75 4,888,248.96 October . 117,205. 61 31,806.78 6,633,184.10 6,781,196.49 November 136,400.53 25,579.49 11,899,842.71 12,061,822.73 December 95,736. SO 72, 547. 66 3, 647,379.28 3,815, 663.24 1927 January 80,482.35 191,784. 68 5,330,590.76 6, 602,857.79 February 105, 572.49 228,329.20 11111527.27 14,449,428.96 March 100,367. S3 480,812. 35 5, 679,946.13 6,261,125.81 April. 110,387.37 330,117.77 1307,600.17. 1748,105. 31 May 85,354. 60 448,751 54 4,203,940.46 4,738,046. 60 June no, 330.19 342, 519.80 4,585,696.97 6,038,646.96 Total.:.— 1,173,07173 3,084,587.16 71,952,528.15 76,210,187.04 Prior fiscal year_. 1176,361 SO 3,429,096.39 55,929,120. 01 60, 634, 577. 70

EXCHANGED FOR GOLD BULLION

San Month Philadelphia Francisco Denver New York Total

1926 July $50,809.77 $5,696.19 $13,073.04 $469,895.84 $539,474.84 August._._ 44, 684. 53 5,254. 94 12,942.01 322,292.45 385,173.93 September.. 53,499.19 4,182. 32 11, 281 51 323,791 29 392,76131 October. 69,349.12 9,976.66 13,164.95 470.888.75 653,379.38 November 62,553.23 8,046.15 12,147.18 418, 667.47 601,414.03 December 48,415.21 8,422.07 16,809.85 256,272.46 329,919.69 1927 January 6118144 6,740.69 18,170.70 302,091.82 388,184.65 February 45,659.59 6,276.45 13,382.54 221096.58 288,315.16 March 56,586.84 18,362.42 13,595.38 265,86143 354.396.07 April 41212.26 5, 629.19 13,369.02 299,169.72 362,380.19 May 49,166. SO 9,430.38 11817.64 216,046.08 289,450.30 June 30,183.15 1049.70 10,279.18 173,364.48 211876.61 Total—... 606,190.63 88,067.06 163,032.90 3,742,428.37 4,699,718.96 Prior fiscal year. 611740.69 77,243.17 146,796.07 4,883,940.29 6,719,720.12

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DIRECTOR OF THE MINT 735

RECEIPTS AND DISBURSEMENTS OF GOLD BULLION AND BALANCES ON HAND Receipts and disbursements of gold bullion duriag the fiscal year 1927, and balance on hand on June 30, 1927, as compared with June 30, 1926, are shown in the following table:

Receipts dur­ Disbursements Balance on ing fiscal year during fiscal Balance on Institutions June 30, 1926 1927 (details Total year 1927 (de­ JuneSO, 1927 below) tails below)

Philadelphia $92, 656,493. 78 $13,168,181. 65 $106,813, 676. 43 $32,930, 792. 66 $72, 882,882. 88 San Francisco 391,866, 321 82 99,163, 232. 87 491, 018, 551 69 60,980,403.86 430,038,160.83 Denver 74,209, 612. 81 16,438, 028. 96 90, 647,541. 77 182,879.93 90,461 eei 84 New York 2, 673,186,137.16 102,143,166. 62 2,676,329, 303. 67 266,823, 646. 54 2,409,606, 657.13 New Orleans 20126129 1,145, 748. 67 1 360,009. 96 1211, 602. 60 138,407.46 Carson City 32, 028. 01 158, 096. 28 186,121 29 180,185.08 1939. 21 Boise . . 13,382.86 138, 300. 27 151 683.12 131146.28 20, 636.84 Helena 21, 621 72 264, 796. 01 276,420.73 252, 321 OS • 21099.70 Deadwood .. 681 72 110146 1, 783.18 1 783.18 0.00 Seattle 302,596. 34 6,161,498. 87 , 6,464,095.21 • 6, 203,38117 250,711 04 Salt Lake City 11,133. 62 26, 373. 04 37, 506. 56 26, 378. OS 11,128. 53 Total. 3,132,492,171 01 238,773, 524. 60 3,371265,698.61 367,924,523.15 3,003,341,176.46

Detailed receipts qf gold bullion

Surplus Deposits in­ bullion Transfers cluding United recovered from mints Institutions States uncur­ (including and assay Total rent coin shipment offices gains)

Philadelphia. _ . $13,107,787.00 $8,665.49 $41,729.16 $13,168,181.65 San Francisco 92,601,169.92 17,868.61 6,544,194.34 99,163,232.87 Denver 11968,669.68 2,728.98 1,466,740.30 16,438,028.96 New York .. 98,368,732.88 15,66109 3,768,772.66 102,143,166.52 New Orleans '. 1,146,243.05 298.90 206.72 1,145,748.67 Carson City _ _ _ _ 153,067.60 38.68 153,096.28 Boise ^ 137,976.53 221.38 103.36 138,300.27 Helena 254,723.31 72.70 254,796.01 Deadwood . 1. _ _ 1,064.89 46.67 1101.46 Seattle 6,160,983.88 308.27 206.72 6,151,498.87 Salt Lake City _ _ 26,361.64 21.40 26,373.04 Total .. -.. 226,905,639.38 46,932.07 11,821953.15 238,773,524.60

Detailed disbursements of gold bullion

Bars paid Transfers to Sold in to depositors mints, assay sweeps, Institutions and issued offices, and manu­ Manufactured Total in exchange other Treasury factures, into coin for coin depositaries etc.

Philadelphia $1,779,262.36 $3,773,423.72 $13,106.47 1 $27,365,000.00 $32,930,792.56 San Francisco 3,172,654. 22 17,749.64 67,790,000.00 60,980,403.86 Denver 178,414.59 . 4,466.34 182,879.93 New York . 76,694,956.62 190,069,038.10 59,66192 265,823,646.54 New Orleans 1,211,602.50 1,211,602.50 Carson City . 180,186.08 180,185.08 Boise. ^. 131,146.28 131,146.28 Helena 262,32103 252,32103 Deadwood .... . _ 1,783.18 1,783.18 Seattle 6,203,384.17 6,203,384.17 Salt Lake City . — 26,378.03 26,378.03 Total 80,825,287.69 201,849,262.09 91973.37 85,155,000.00 367,924,523.15

i^Includes foreign coin: Guatemala, $1,200,000.

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736. REPORT ON THE FINANCES

PURCHASE OF MINOR-COINAGE METAL FOR USE IN DOMESTIC COINAGE During the fiscal year 1927 there were purchased at the mint at Philadelphia 24,051,869.76 troy ounces of minor coinage metals at a cost of $363,665.14, which includes 4,444,321.86 troy ounces in nickel blanks prepared for stamping, costing $157,955.96. There were also purchased during the same period at the mint at San Francisco 29,429.15 troy ounces of minor-coinage metals at a cost, of $168.95. The Denver Mint purchased 4,944,318.75 troy ounces of mincer-coinage metals for use in coinage, costing $53,739.06. MINOR-COIN DISTRIBUTION COSTS The minor-coinage distribution costs paid during the fiscal year 1927 from the profits on minor coinage amounted to $60,956.76, as follows: Insurance $81. 41 Transportation 49, 583. 03 Containers 11, 292. 32 Total 60,956.76 MINOR COINS OUTSTANDING The following statement shows the coinage of minor coins, by denominations, the amount on hand, issued, melted, and outstanding June 30, 1927. Minor coins were first manufactured at the Phila­ delphia Mint in 1793; at the San Francisco Mint in 1908; at the Denver Mint in 1911.

Amount issued and Denominations Coined On hand Issued (net) Melted outstanding June 30, 1927

Philadelphia: Copper cents $1, 562,887. 44 $1 562,887. 44 $382, 669. 68 $1,180, 217. 86 Copper half cents 1. ._ 39,926.11 39,926.11 39,926.11 Copper-nickel cents .. 2,007,720. 00 2, 007,720. 00 807, sis. 77 1,199,904. 23 Bronze 1-cent pieces 41600,206.83 $770, 609. 66 40,829, 697.17 966, 010. 67 39, 871 686. 60 Bronze 2-cent pieces 912, 020. 00 912, 020. 00 342,793. 66 669, 226.44 Nickel 3-cent pieces.. .. 941, 349. 48 941, 349.48 286, 665.13 664, 684. 36 Nickel 5-cent pieces 63,181,823.10 1 202,635.85 61,979,187. 26 6,838,619.30 66,140,667.95 Total- 110, 246,932.96 1 973,146. 51 108, 272, 787.46 8, 613,474. 01 99, 659, 313. 44 San Francisco: : Bronze 1-cent pieces 3, 795, 720. 00 97,304.16 3,698,415.84 19, 738. 72 3,678, 677.12 Nickel 6-cent pieces. 3; 291100. 00 217,942.80 3, 076; 457. 20 87, 720. 60 2,988, 736. 70 Total 7, 090.120. 00 316, 246. 96 6,771873. 04 107,469. 22 6,667,413.82 Denver: Bronze 1-cent pieces 3, 804, 300. 00 130, 363. 00 3,673,937. 00 11420. 80 3, 669, 516. 20 Nickel 5-cent pieces .. 1746, 515. 00 86,975. 75 1659, 639. 26 211,816. 70 1447,722. 55 Total 8, 549, 815. 00 216,338. 75 8,333,476. 25 226,237- 50 8,107, 238. 76 Grand total" 126,886,867.96 2. 504. 731. 22 12.^381. ISO. 74 8.947.170. 7.^ 114,433,966. 01 Deduct $5.05 copper cents, ;i8.44 2-cent pieces, and $93.54 3-cent nickel pieces melted at San Francisco M mt, coined at Philadelphia ..__ :.._ $117.03 Deduct $12.32 bronze 2-cent pieces and $1.38 nickel S-cent pieces melted at Denver Mint, coined at Philadelphi a „ 13.70 130. 73 Total amount outstand ng .- _ 111 433,835. 28

1 There is no record of the melting of the old copper half cents, but it is believed that few, if any, are now in circulation. OPERATIONS OF THE ASSAY DEPARTMENTS The principal work of the assay departments of the coinage mints and the assay office at New York during the fiscalyear 1927 is sum­ marized as follows:

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DIRECTOR OF THE MINT 737

Philadelphia San Francisco Item Samples Assays Reports Samples Assays Reports

Number Number Number Nuviber Nuviber Number Silver purchases (fine bars)' 3,725 3,869 3,701 127 208 62 Deposits and other purchases- ^ 13,471 53, 713 6,265 23,816 80,857 9,243 Redeposits 1,546 1096 512 Gold coinage ingots._ . i, 533 2, 000 611 3,966 5,263 1,292 Silver coinage ineots ' S, 838 6,026 2, 917 2,376 2,640 1,175 Refinery. • 6,009 n, 300 7,577 Melting and refining department 20 71 9 Coining department. 12 .28 12 65 240 22 Assavers 'bars 12 36 12 70 277 27 Proof gold 16 85 8 Assay commission coin tests.- . 106 142 105 Specia] assays of bullion and ore^ ... 17 68 17 18 90 18 Silver purchases for foieign coinages 274 337 274 Mass melts 370 1,093 93 404 1122 71 Sweeps 10 63 10 17 124 17 Miscellaneous 216 430 215 719 1820 690

Total- 25, 618 67,961 11139 39,122 108,037 20, 706 Prior fiscal year 31 335 75,136 16, 948 39, 805 120, 789 21808

Denver New York Item Samples Assays Reports Samples Assays' Reports

Nuviber Nuviber Nuviber Nuviber Number Number Deposits and other purchases 8,966 31,882 2.949 41,169 123, 723 14,872 Redeposits - 737 2,007 308 Gold coinage ingots 40 96 8 Silver coinage ingots 2,127 1745 704 Refinery 1 432 4,423 449 S,26S 12,439 2,143 Melting and refining department 81 333 36 Coining department n 42 6 Assayers' bars 46 160 27 Special assays of bullion and coin 16 44 8 556 2,127 278 Mass melts 36 102 12 66 194 22 Sweeps 32 336 18 114 768 40 Platinum . . . 2 • 18 1 Miscellaneous 185 593 81 591 2,277 264

' Total . 13, 708 41825 1606 47,763 141, 546 17, 620 Prior fiscal year 11821 62, 375 5,439 52, 676 152, 305 18, 740

PROOF BULLION (1.000 FINE) In order to establish uniformity in assay of bullion in the ofiices of the mint service all proof gold and proof silver is made at the mint at Philadelphia and furnished to other offices when required. The amount made during the fiscal year 1927 was: Gold, 365 ounces. No proof silver was made during the year.

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1927 The aggregate quantity of metals operated upon in the above- mentioned departments of the coinage mints and assay office at New York during the fiscal year ended June 30, 1927, was 30.69 million fine ounces of gold and 45.4 million fine ounces of silver. There were also operated upon at the coinage mints 82.2 million ounces of minor coinage metal. The figures in the table following are based on the figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, are as follows: Melter and refiner—gold, 0.001; silver, 0.0015; coiner—gold, 0.0005; silver, 0.001.

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738 REPORT ON THE ^FINANCES

GOLD BULLION

Amount Legal Wastage operated amount of per 1,000 Amount Amount upon wastage Surplus Institution and Wastage ounces department received returned including on recovered operated reworked amount upon metal received

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Melting and refining 3,459, 494 3,459, 742 Z, 591339 3,459 248 Coining-- 3,075, 681 3, 075, 725 . 3, 002, 572 1,538 44 San Francisco Mint: Melting and refining 8, 942, 098 8, 942,821 7, 736,999 8,942 723 Coining 5, 591,361 5, 591,413 5,454, 880 2,796 52 Denver Mint: Melting and refining.. 1528,683 1,528,813 106, 992 1,529 130 Coining-- 167, 012 167, 012 84 New York Assay Office: Melting and refining 10,800,698 10, 801,183 10, 801,183 10,801 485 Total melting and • refining- 21730,973 24, 732, 559 22, 239, 513 24, 731 • 1586 Total coining 8,834,054 8, 831 ISO 8,457,452 1418 96

Grand total S3, 565, 027 33, 566, 709 30, 695, 965 29,149 1682

SILVER BULLION

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Firie oz. Melting and refining . 12,196,180 12,198,615 12, 265,859 '6,098 2,435 Coining 11,525,340 11,521671 11,469, 335 11, 525 669 0.0583 San Francisco Mint:, Melting and refining 7,253,895 7,251 ese 6, 220, 882 3,626 761 Coining 4, 948, 748 1947,857 1 850,871 1948 891 0.1837 Denver Mint: Melting and refining 1 775, 911 1777,281 3,640,223 2,387 ' 1370 Coining . , 2,882,820 2,882,623 2, 701, 512 2,883 197 0.0729 New York Assay Office: Melting and refining. . 1 246,880 4 249,331 4,249 331 2,123 2,451 ' Total melting and refining 28,472,866 28,479,883 26,376,795 14, 234 7.017 Total coining 19,356, 908 19,355,151 •19,021718 19,356 1757 Grand total 47,826,744 47,835,034 45,398,013 33,'S90 ! 7.017 1757

NICKEL COINAGE METAL

Philadelphia Mint: Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Melting and refining 9, 972, 968 9, 962,258 6,709,918 10,710 1 5933 Coining 11,826,716 11808,513 5,752,465 . 18,203 3.1646 San Francisco Mint: Melting and refining.. •1,967, 795 1,965,385 1, 967, 795 2,410 1 2252 Coining- - 930,544 929,476 898, 318 1,068 11898 Denver Mint: Melting and refining 3, 555, 057 3, 550, 653 1665,814 1404 2.6450 Coining 1898,793 1,898,543 1525,755 250 0.1639 Total melting and refining 15,495,820 15,478, 296 10,343, 527 17, 524 Total coining 14, 656, 053 14, 636, 532 8,176, 538 19, 621 Grand total. SO, 151,874 SO, 111 827 18, 520, 065 37,045

BRONZE COINAGE METAL

Philadelphia Mint: Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Melting and refining 28, 707,812 28, 670, 326 27,124, 622 37,486 1.3820 Coining 27,375, 462 27,350, 710 25, 608, 231 24,752 .9666 San Francisco Mint: Melting and refining.. 2, 091, 912 2, 089, 953 2, 091, 913 1,959 .9369 ' Coining 1, 247, 298 1246, 274 1 247, 053 1,024 .8211 Denver Mint: Melting and refining 4, 848,115 4,839, 221 3,903,876. 8,894 2.2787 Coining-- _. .. 4, 030,993 . 4, 030, 512 3, 701,967 481 .1302 Total melting and refining 35, 647,839 35, 599, 500 33,120,411 > 48,339 Coining 32, 653, 753 32, 627,496 30,557,251 26,257 Grand total. 68,301, 592 68, 226, 996 63, 677, 662 71 596

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DIBECTOR OS" THE MINT 739

REFINING OPERATIONS The net product of electrolytically refined gold and silver of the inint service during the fiscal year 1927 was 6,442,210.638 fine ounces; other electrolytic output included the equivalent of the refined metals used for aiding the processes, 2,396,834.586 fine /ounces; the product of melting operations (only) totaled 1,373,688.484 fine ounces, making the total output of the refineries 10,212,733.708 fine ounces. Details are shown in the following table:

San Francisco Denver» . , ,

Gold . Silver Gold .. Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 971,057.923 1,479,037. 54 12,601231 822,610.30 Crude, without charges - - 148.701 1313.08 0.999 and over (fire process only) 1020, 771 532 0.992 and over, required to aid processes.. 377, 237. 646 7,582. 25 541045 38,944.43 Re-treated, unrefined 78,284. 530 69,794. 57 10, 980.202 Re-treated, refined, to aid processes .. , 85,790.60 Apparent, gain 185. 271 79. 281 77.71 : Total--. 2,447, 536. 902 1, 556,414.36 24,350.460 948,736.12 Bullion obtained from processes: Unrefined.. _ 67,676.100 72,097.54 24,350.460 80,776.56 > Output 0.999H-fine— Used to aid processes • 377,237.646 .7,582.25 85,790.60 Electrolytic product 981,851624 1,471872.45 782,168.96 Other product 1,020,771 532 Apparent loss 1,862.12 • • Total 2,447,536.902 1, 556,41136 24,350.460 948,736.12

New York Total Items Gpld . SUver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 1,721,665.027 1,348,933.28 2,705,324.181 3,650,58112 Crude, without charges 148.701 1,313.08 0.999 and over (fire process only) 265,665. 935 1,286,437.467 0.992 and over, required to aid processes.. 708,420.050 1,217,804.04 1086,198.741 1,264,330.72 . Copper-base (for bar making only) 0.900 standard, etc 87,251017 87,251.017 Re-treated, unrefined 353,841021 985,786. 51 443,108.753 1,055,581 08 Re-treated, refined, to aid processes 85,790. 60 Apparent gain 484:726 2,451. 05 749.278 2,528.76 Total ... 3,137,330.776 3, 554,974.88 5,609,218.138 6,060,125.36 Bullion obtained from processes: Unrefined 305,752. 650 901094. 36 • 397,779.210 1,056,968.46 Output 0.999+fine— Used to aid processes 708,420.050 1 217,804.04 1,085,657. 696 1311,176.89 Electrolytic product 1,770,241124 1433,076.48 2,752,092. 748 3,690,117.89 Other product 352,916.952 1373,688.484 Apparent loss . _. . 1,862.12 Total-- 3,137,330.776 3,551974.88 5,609,218.138 6,060,125.36

1 The Denver.refinery did not operate during the first half of the year,, and only the silver cells were operated during the last half.

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740 REPORT ON THE FINANCES

INGOT MELTS MADE . The following statement shows the number of melts made^ for domestic ingots and the weight of metal involved, during the fiscal year 1927:

Number of melts Weight of metal

Mints 1 Per cent Passed passed first Remelted Con­ Melted j Passed melting demned

Gold: Fine ounces Fine ounces Philadelphia 486 25 0 3,149,289. 504 2, 894,772.195 9192 San Francisco. 1292 0 0 5,289, 647. 706 5,254, 820.154 99.34 Denver - 8 0 0 45,416. 413 44,722. 791 98.47

Total 1786 25 1 0 8,444, 353. 623 | 8,191315.140 97 03 Silver: Philadelphia— 3,228 2 6 12,175, 505.29 11, 726,829.72 96.31 San Francisco 1,174 0 1 1661468.05 1636,617.75 •99.40 Denver i .i.:_.;.'-. ••. 704 •7 0 2,668,889.»11: 2,601006.'=S5. . 97.45 Total 5,106 1 9 7 19,508,862.45 1 18,964,455.82 97.20 Nickel: Philadelphia.. 1,970 0 0 6,709,917. 50 6,299,217.00 93.87 Sain Francisco . . 364 0 0 932,954. 64 930, 544.50 99.74 Denver 505 0 0 1, 682, 908.96 1 636,336.40 97.23 Total 2,739 0 0 9,325, 78110 8,866,097.90 95.07 Bronze: Philadelphia 7,814 0 0 27,124, 621 73 25,976,052.00 95.76 San Francisco 321 0 0 1 249,012. 31 1,247,053.00 99.84 Denver 1125 0 0 3, 913,347. 01 3,881,286. 80 99.18

Total • 9,260 0' 0 32,28.6,98105 ,3110139180. 96 33

FINENESS OF MELTS^ FOR-. GOLD^ AND SILVER INGOTS The Statement following shows the number of gold and silver ingot melts made, also their reported fineness, during the fiscal year 1927:

Gold ingot melts Silver in got melts

For United States coin i For United States coin For foreign coin

Ingot Phila­ San Fran­ Denver Ingot Phila­ San Fran­ Ingot Phila- fineness delphia cisco fineness delphia cisco Denver fineness delphia

899; 5 1 • 898.00 Venezuela • 899.6 4 1 898. 25 • 1 899.7 21 4 898. 40 36 899. 8 87 108 898. 50 303 835. 0 1 103 899. 9 99 848 2 898. 60 209 25 900 0 181 329 6 898. 70 44 900.1 58 2 898. 75 128 900. 2 28 898. SO 252 101 Nicaragua • 900.3 7 898. 90 133 899. 00 177r 168 899.10 360 128 800.0 2i 899. 20 48 899. 25 473 899. 30 151 31 Peru 899. 40 10 899.'.SO 173 140 10 899. 60 5 500.0 337 899. 75 26 899. 80 15 1 900. 00 19 11 Total... 511 1292 8 2,917 1,174 704 521

»Includes the few ingots required for a small quantity of gold for Guatemalan coin of 900 fineness.

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DIBECTOB OF THE MINT 741

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED During the fiscal year 1927 the coinage mints and the assay office at New York manufactured 102,083 gold and 5,746 silver bars, valued at $170,733,222.73, as shown by the following table:

Gold bars Silver bars Institutions Number Fine ounces Value Number Fine ounces Value

Philadelphia 3,183 76,130. 755 $1 573, 762. 38 San Francisco 6,159 2, 591 218.145 53, 627,248. 46 369 37,112. 64 $21,183.61 Denver .. 1,205 11.4S8. .*?86 236,452. 42 NewYork 91536 5,516,345.539 114,032,982.65 5,377 i, 726,452. 21 1,241,593.21 Total 102,083 8,198,132.825 169,470,445.91 5,746 1,763,56185 1,262, 776.82 Prior fiscal year 138, 522 8,153, 609.172 168,550,060.32 6,926 2,576,597. 65 1,928,100.65

INGOTS OPERATED UPON BY COINING DEPARTMENTS AND PERCENTAGE OF COIN PRODUCED TO AMOUNTS OPERATED UPON

Items Philadelphia San Francisco Denver j Total

DOMESTIC COINAGE Gold: Ingots ^operated upon (oiinc^) 2,840,819. 220 5; 454,880; OSS- 8,-29Ve99:303 Percentage of good coin produced 41 55 SI 25 48.95 Silver dollars: Ingots operated upon (ounces). _ .1,249,562.07 3, 353, 712.14 1, 566,476. 39 6,169, 750.60 Percentage of good coin produced 52.54 54.69 62.65 56.27 Subsidiary silver: Ingots operated upon (ounces)-. •.. 8, 999, 664. 75 1497,159. 31 1135, 035. 70 11, 631,859. 76 Percentage of good coin produced 50.84 63.56 65.41 59.77 Nickel: Ingots operated upon (ounces) 1480,850.80 898, 318. 50 1 525, 755. 30 6,904,924.60 Percentage of good coin produced 53.15 68.46 70 85 59.06.. Bronze: Ingots operated upon (ounces) 25,508,48100 1, 247, 053. 00 3, 701,966. 70 SO, 457, 500.70 Percentage of good coin.prodiiced. 55. 17 65.47 72. 51 57. 70 • i FOREIGN ^COINAGE Gold: Ingots operated upon (ounces) 161752.365 161, 752.365 Percentage of good coin produced. 35.89 35.89 Silver: Ingots operated upon (ounces) 1220,108.35 1 220,108. 35 Percentage of good"coin produced 5105 - 5106 Nickel: Ingots operated upon (ounces) _ _ 907, 596.80 907, 596.80 Percentage of good coin produced- 50.57 , 50 67 Bronze: Ingots operated upon (ounces) 99, 750. 00 99,750.00 Percentage of good coin produced- - .. 32.23 32.23

PERCENTAGE OF GOOD COIN PRODUCED TO PIECES STRUCK

Items Philadelphia San Francisco Denver Total

_ 1 DOMESTIC COINAGE Gold: Blanks struck (number) . 1, 782,775 2, 956,449 1739,224 Percentage of good coin produced 95.34 97. 73 96.83 Silver dollars: Blanks struck: (number)._^. '.. 861026 2, 728,845 1271,794 1861,665 Percentage .of good coin produced 98.-59 85.75 99.77 9169 Subsidiary silver: Blanks struck (number) 53, 059, 742 7, 813, 285 7, 758, 590 68, 631,617 Percentage of good coin produced 99. 38 98.12 99.14 99.21 Nickel: Blanks struck (number) 47, 902,202 3, 856, 659 6, 739,290 58,498,151 Percentage of good coin produced 99.48 99.15 99.77 99.49 Bronze: Blanks struck (number) 141, 565, 273 8,192,834 26,974,841 176, 732,948 Percentage of good coin produced 99.48 99. 67 99.50 99. SO FOREIGN COINAGE Gold: Blanks struck (number) 111 308 114,308 Percentage of good coin produced 78.73 78.73 Silver: Blanks struck (number) 3,102.386 3,102,386 Percentage of good coin produced. - 85.90 85.90 Nickel: Blanks -stmc-k (number). ... 4, 203.805 4, 203,805 Percentage of good coin produced 97.38 97.38 Bronze: Blanks struck (number).. ... 397,189 397,189 Percentage of good coin produced-. 62.96 62.96

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742 REPORT ON THE FINANCES

SWEEP CELLAR OPERATIONS, FISCAL YEAR 1927

Material Metal content

Quantity Bars recovered Tailings Institutions Source Net avoir­ Bags dupois Gold Silver Gold Silver pounds

Ounces Ounces Ounces Ounces Philadelphia Melting department-- 192 30,719 235.917 2,625.97 San Francisco. .;-- .....do 172 13,725. 204.076 330 45 228.061 617.35 Denver do— 80 6,466 6.919 280 69 San Francisco.-_. Refinery. 421 31060 451332 1, 076.49 477. 962 1,208. 74 Denver do ; 333 29,724 113.442 952.17 New York-. .. do 1764 125,006 3,189.858 5,905. 89 Philadelphia Coining department- - 23 3,467 48.600 898. 74 Do _ Deposit melting room. 14 1697 SO 915 1113 San Francisco.._. do 18 1150 64.101 59.92 22. 655 42. 75 Denver . . . 53 1109 57.937 5136 NewYork "'."do."'.'.'.'."'.'."'." 188 11,524 328.444 271 69 Total 3,244 261,647 1416.109 8,93166 1,041110 5,407.68

''Barrels. BULLION GAINS AND LOSSES The net gains from operations on gold and silver bullion during the fiscal year 1927 amounted to $207,430.86, as follows:

Mint at— Assay ^ Minor Item oflQce at assay Total Philadel­ San Fran­ I^ew York oflSces phia cisco Denver

Recovered from refining and coining operations .. '. $7,412.69 $16,696.76 $3,82113 $11,590 97 $39,52155 Recovered incident to receipt of bullion deposits .. 2,505.30 2,941. 00 1186.70 12,092.35 $1224.79 19,950.14 Net gain on shipments to Government refineries 171.36 17136 Gain on light weight and mutilated coin purchased for recoinage 105.17 57.84 32.77 55.86 25164 Receipts from sale of by-products :.. 28,030.44 126,440.73 154,47117 Tbtalvgains .; . 10,023.16 47, 726. 04 5,040. 60 150,179.91 1396.15 214,365.86 Wasted in refining and coining opera­ tions 380 86 •. 79142 164.96 1337.24 Loss on assay value of operative sweeps sold 667.46 457.66 4.472.64 5,597. 76 Total losses...--. 1,048. 32 79142 622.62 1472.64 6,935. 00 Net gains :.. 8,974. 84 46,934. 62 1417.98 1145.707. 27 1,396.15 207,430.86 '

WASTAGE AND LOSS ON SALE OF SWEEPS The value of metals wasted in the operative departments during the fiscal year ended June 30, 1927, was $2,794.75. A loss of $5,597.76 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same. Details are given in the table following:

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DIBECTOE OF THE MINT 743

Mint at— Assay ofl&ce at Item Total Philadel­ San Fran­ New phia cisco Denver York

Gold wastage: Melting and refining department. Coining department Silver wastage: Melting and refining department . Coining department -... $380 86 $79142 $164.96 $1337. 24 Nickel wastage: Melting and refining department. 232.20 30 99 28.33 291 52 Coining department 394.67 13.74 161 410 02 Bronze wastage: Melting and refining department . 357.59 2129 123.10 50198 Coining department 236.12 1112 6.75 253.99 Loss on sale of sweeps. 667.46 457.66 $4,472.64 5,597.76 Total wastage and loss.. 2,268.90 868.56 782.41 1472.64 8,392.61 Reimbursements: Nickel and bronze wastage on domestic coin, from minor coinage profits.. 1059.93 77.14 159.79 1,296.86 other wastage and loss on sweeps, from contin­ gent appropriation 1,208.97 79142 622.62 1472.61 7,095. 65 Total reimbursements. 2,268.90 868.56 782.41 1472.64 8,392.51

ENGRAVING DEPARTMENT During the fiscal year ended June 30, 1927, the engraving depart­ ment made 2,828 working dies for domestic coinage, including those for the Oregon Trail, and Battle of Bennington, memorial coinage. Master dies, hubs, and working dies were made for Philippine, Venezuelan, Guatemalan, Peruvian, and Nicaraguan coinage. .

DIES MANUFACTURED

Issued to the mint at—

Item Manila, Unused San P.L Total Phila­ Fran­ Denver delphia cisco

Domestic coinage: Number Number Number Numher Number Number Regular gold coinage 35 60 80 15 190 Regular silver coinage _ - 55 679 150 110 994 Memorial silver coinage 14 8 22 Regular minor coinage 51 1,141 225 205 1,622 Philippine'Coinage '. 4 68 72 Peruvian coinage . 5 34 39 Venezuelan coinage ..__- •92 92 Guatemalan coinage '. —„_ 12 12 Nicaraguan coinage 22 22 Poland coinage _ - - _ _ 35 35 Total coinage working dies 185 2,054 463 330 68 3,100 Master dies and hubs manufactured for— United States coinage 23 Philippine coinage 4 Peruvian coinage 2 Venezuelan coinage - 4 Nicaraguan coinage 6 Other dies and hubs manufactured for: Stamped envelope embossing dies 105 Military insignia - 7 Medals,'etc - _ . _ - ' 20 Grand total .__ 3,271

64761—FI 1927- ^9

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744 REPORT ON THE EIN AN CES

MEDALS SOLD Medals manufactured at the mint at Philadelphia were sold during the fiscal y0ar 1927 as follows:

Item Pieces Value

Gold medals . . . .- 185 $7,119.40 Silver medals. _ -- 642 1430.07 Bronze medals -- - 8,225 5,745.48

Total, fiscal year 1927 9,052 11294. 95 Prior fiscal year 9,391 11418.91

EMPLOYEES The total number of officers and employees of the mint service on June 30, 1927, was 685, as follows:

Employees by departments Total Established Institution under act Melting Gen­ En­ Assay­ Coin­ June June of— eral graving and re- ing ing fimng SO, 1927 30,1926

Bureau of the Mint Feb. 12,1873 11 3 14 14 Philadelphia Mint Apr. 2,1792 123 9" 12 116 SO 310 336 San Francisco Mint July 3,1852 55 12 26 31 124 127 Denver Mint . .. Apr. 21,1862 40 6 17 17 SO 85 New York assay office Mar. 3,1853 71 19 34 124 125 New Orleans Mint * ... Mar. 3,1835 7 7 6 Carson City Mint i Mar. 3,1863 3 3 3 Boise assay office • Feb. 19,1869- 4 4 4 Helena assay office _. May 12,1874 3 3 3 Deadwood assay office Feb. 19,1897 3 3 3 Seattle assay oflBce. _ May 21,1898 11 11 11 Salt Lake City assay office May 30,1908 2 2 2 Total, 1927 . 333 .^9 52 159 132 685

Total, 1926 343 9 53 171 ' 143 719 1 Conducted as assay offices. WORK OF THE MINOR ASSAY OFFICES The following tables exhibit the principal work of the minor assay offices during the fiscal year 1927:

New- Carson Dead- Item Boise Helena Seattle Salt Lake Orleans City wood City

Deposits received number.. 434 173 376 272 8 1,497 64 Fineness, average gold _ thousandths.. 589 340 547 263 615 820 584 Fineness, average sil ver •...". .'.do":'... 198 480 360 625 240 143 298 Weight before meltiiig.'....ounces.'. 98,974 . . 22,531 .12, 939 47, 366 88 365, 667 2,217 AVeight after melting.. ...do.... 96, 930 21769 12, 208 46, 723 84 362, 720 2,185 Loss in melting- •-_•-."...do 2,044 762 731 643 4 2,947 32 Loss i n .melti ng...... per cent..... • '2.07 - 3.38 5.65 135 0 47 O806 . 0.014 Melts of bullion made....number.. 433 176 376 274 8 1488 68 Massinelts of bullion rhade„-do.'__. ..-.„ 3,9 7 12 12 1 72 3 Melts of D. M. R. grains.."...do.... ' 4 2 4 4 2 4 1 Melts of assayers' clips do 2 1 4 8 1 49 1 Value of deposits, gold..•..-dollars.. 1,145, 243 153, 058 137,975 254, 796 1099 6,151, 486 26, 372 Value of deposits, silver, at cost .•..•..:-.-. dollars.. 13,342 5, 707 2,599 29, 233 8 29, 683 378 Bulhon shipped-...-.gross ounces.. 112, 948 24, 783 11,919 47, 696 115 364, 763 2,433 Value of gold shipped.....-dollars.. 12116C3 108,185 131, 054 252,321 1783 6, 203, 366 26, 377 Value, cost, of silver shipped.do 19,230 6, 377 . 2,668 17, 571 32 30, 078 . 517 Quartation silver made ' ounces' 7.42 22 157. SO Quartation silver used.'. '.do.!'.'. 38 10 20 45 13 2M 145. 65 10 Proof g.old received •.'..do.-.. 10 -• .5 20 Proof gold used.- .' do 125 . 430,^ . -•0 89 2 0 25 12.85 4 Proof silver received do 25- Proof silver used- do • - 6.52- .86 3 1 Cupels made.- number.. """'3.'650' 1184 1, 455 2,750 750 12, 409 1500 Cupels used do 2,360 823 1,824 1,876 600 9,355 1000 Crucibles used do 20 18 21 19 5 91 5

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DIRECTOR OF THE MINT 745

ASSAYS MADE

On bullion de­ On miscellaneous posits mint service metal On nonmint bullion and ores Institution Sam­ As­ Re­ Sam­ As­ Re- Sam­ As­ Re­ Metals determined in ores ples says ports ples says ports ples says ports tested

New Orleans 866 2,598 433 82 328 41 22 66 11 Gold, silver. Carson City. -._ 356 699 174 59 92 59 Boise 566 1,042 376 60 159 20 235 268 235 Gold, silver, lead, copper, zinc. Helena 544 1320 272 48 144 24 Deadwood 12 26 6 5 10 5 176 258 176 Gold, silver, lead, copper. Seattle 3,977 10,020 1488 468 1060 129 66 230 66 Gold, silver, lead, copper, zinc. Salt Lake City.-. 128 512 64 5 40 5 174 323 126 Do.

GOLD RECEIPTS AT SEATTLE Statement of gold deposits at the Seattle assay office from the opening of the institution on July 15, 1898, to the close of business June 30, 1927: Number of deposits : 75, 971 Troy ounces 17, 654, 466. 91 Avoirdupois tons. - 604. 8 Coining value $302, 314, 410. 54 Origin of the foregoing Alaska: Circle $1,076,231.27 • Cook Inlet 5,744,479.51 Copper River 6, 517, 837. 93 Eagle _. 1, 257, 783. 32 Iditarod 16,187,429.20 Koyukuk 2, 236, 153. 99 Kuskokwim 653, 650. 52 Nome 73,786,545.18 Southeastern Alaska 13, 523, 618. 17 Tanana 51, 349, 321. 40 Unclassified 2, 767, 506. 28 $175, 100, 556. 77 Canada: British Columbia ..__ 24, 846,-992:-79 Yukon Territory. 93, 291, 016. 89 All other sources 9,, 075, 844. 09 Total .__. 302, 314, 410 54

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746 REPORT ON THE FINANCES

LABORATORY, BUREAU OF THE MINT From the domestic coinage of the calendar year 1926 the assay er of this bureau tested 234 gold coins and 562 silver coins, all of which were found within the legal requirements as to weight and fineness. The greatest deviation in fineness of gold coins from standard (the limit of tolerance being 1 one-thousandth above or below) was 0.2 one-thousandth above and 0.4 one-thousandth below. The greatest deviation in fineness of silver coins from standard (the limit of tolerance being 3 one-thousandths above or below) was 1.3 thousandths above and 1.7 thousandths below. The following table summarizes results of fineness tests on domestic coin:

Number of gold coins Number of silver coins Fineness (thousandths) Phila­ San Phila­ San delphia Francisco Denver Total delphia Francisco Denver Total

898.3 - 1 1 898 4 1 1 898.6 --- 1 1 2 898 8 2 2 4 898 9 2 2 899 0 2 2 899.1 13 3 4 20 899 2 5 1 2 8 899.3 18 7 8 33 899 4 7 4 2 13 899.5 - 27 14 14 55 899 6 5 3 8, 10 1 1 12 899;7 17 9 1 27 19 15 11 45 899.8 55 19 16 90 25 34 16 75 899.9 35 31 8 74 27 8 12 47 900.0 9 13 4 26 31 38 17 86 900.1 1 7 8 1 2 2 5 900.2 1 1 24 30 19 73 900.3 4 2 6 900.4 11 23 6 40 900.5 3 1 4 900.6 5 9 4 18 900.7 1 2 3 900.8 1 2 1 4 901.0 l.­ 1 1 OOl 3 2 2 Total 122 82 SO 234 242 200 120 562 Average fineness 899.825 899.876 899.863 899.847 899.777 89.9. 958 899.842 899:855

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DIRECTOR OP THE MINT 747

AVERAGE WEIGHTS OF DOMESTIC COINS TESTED AS COMPARED WITH STANDARD WEIGHTS Standard weights Double eagle grains.. 516. 000 Eagle do 258. 000 Quarter eagle do 64. 500 Silver dollar.-^. Ido 412. 500 Half dollar do 192. 900 Quarter dollar do 96. 450 Dime . ' do.... 38. 580 Philadelphia: 54 double eagles grains.. 516. 059 32 eagles do 258.^069 36 quarter eagles do 64. 516 34 standard silver dollars do 412. 553 20 half dollars do 192. 892 68 quarter dollars do 96. 6.00 120 dimes . do 38. 519 San Francisco: 82 double eagles ...^do 516. 003 160 standard silver dollars do 412. 461 4 half doUars . do 192. 812 20 quarter dollars do 96. 482 16 dimes do..._ 38. 581 Denver: 30 double eagles :...do 515. 950 48 standard silver dollars do 412. 449 28 quarter dollars .do 96. 428 44 dimes . do 38. 485

SUMMARY OP WORK OF MINT BUREAU LABORATORY

Item Number Item Number

Gold assays 2,217 Double eagles examined , 166 Silver assays - - - 1,052 Eagles examined 32 Miscellaneous assays- 19 Quarter eagles examined 36 Standard silver dollars examined 242 Total assays _ 3,288 Half dollars examined 24 Quarter dollars examined Certificate bar samples (72 melts), New- Dimes examined lie York.. 180 290 Cupels made 2,504 Certificate bar samples (42 melts), San Cupels used 2,449 Francisco 330 Proof gold used ounces. 11.86 Miscellaneous samples 7 Proof silver used do... 5.65 Counterfeit coins examined Inquartation silver used do... 82. 55

ASSAY COMMISSION S ANNUAL TEST OF COIN Section 3547 of the Revised Statutes provides for an annual test of the domestic coinage executed during the prior year, by a com­ mission, of whom part are ex officio members, the others being appointed, without compensation, by the President. The purpose is "to secure a due conformity in the gold and silver coins to their respective standards of fineness and weight.'' The commission, which met at the Philadelphia Mint February 9 and 10, 1927, reported the following results of their examination: Your committee on counting reports that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to us by the superintendent of the mint at Philadelphia, and upon comparison of the transcripts kept b}^ the director of the mint were found to be correct.

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748 REPORT ON THE FINANCES

Several packages were selected from the deliveries of each month of all de­ nominations coined, and the coins contained therein were counted and found to agree with the number called for in each package. The reserved coins were then delivered to the committees on assaying and weighing. In the reports of those committees will be found an account of the disposition of these coins. The committee on weighing have to report that they have weighed the coins shown in the appended list and have found all of them to be within the legal tolerances. The coins were selected at random from those reserved by the mints at Philadelphia, San Francisco, and Denver. The coins were directly weighed against a set of sealed coin weights, which were accompanied by a certificate signed by the Director of the Bureau of Stand­ ards, Department of Commerce, and which gave the value of the weights in terms of United States standard. The weighings were made on a Troemner balance supplied by the Philadelphia Mint, and was tested by your committee as to the equality of the arms and as to its sensibility, which were entirely satis­ factory. Making a comparison with the standard Troy pound weight as against 10 ounces +2 ounces, we found the agreement to be within 0.0005 ounce. The 10-ounce weight was compared with the sum of the 5, 3, and 2 ounce weights and found to agree within 0.0005 ounce. The committee appointed to conduct the assaying of coins selected from reserve samples representing deliveries of gold and silver coined during the calendar year 1926 by the mints at Philadelphia, San Francisco, and Denver has completed its duties. Since the law provides for legal variations in fineness of one one-thousandth above or below standard (900) on gold coin and three one-thousandths on silver coin, we are pleased to report that all assays made by the committee have been within the legal limits provided and are shown in the schedules following.

Assays of individual gold coins selected

Highest Lowest Mint assay assay

Fineness Fineness Philadelphia • 9001 899.7 San Francisco-- ...... _ . 90O4 899.7 Denver. 900 2 899.9

Assays of individual silver coins selected

Highest Lowest Mint assay assay

Fineness Fineness Philadelphia 900 4 898.6 San Francisco _ 90O4 898.4 Denver 900.0 898.4

Assays of coins melted in mass

Gold Silver Mint coins coins

Fineness Fineness Philadelphia 900 0 899.1 San Francisco 899.9 899.3 Denver ._„ 90O0 898.6

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DIRECTOR OF THE MINT 749

The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended Jime 30, 1927, is respectfully submitted. R. J. GRANT, Director of the Mint. Hon. ANDREW W. MELLON, Secretary of the Treasury.

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750 REPORT ON THE FINANCES TABLES FEQM THE REPORT OF Deposits and purchases of gold during

Source and description Philadelphia San Francisco Denver New York

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces Alaska 289.222 12,992.297 1673 348.010 Arizona . . . . 29,02O 657 136.529 20 980 California > 100,315. 000 12.127 34.003 Colorado - _. .- ._------25,691048 Georgia- ._ 107. 287 Idaho - _ _ _ 40 792 74. 215 Montana __. . 41.773 3.832 273. 672 Nevada -^ . . _ 4,062.865 16.186 New Mexico . -.-- 428.359 North Carolina _ 65. 233 Oregon 3,478.692 8. 611 South Carolina >.-. 16.158 South Dakota 263,627.110 51,27a 061 Utah 8.987 Virginia 10 669 Washington 12. 381 2.035 Philippine Islands ._ 26,305.128 Other -. Grains, deposit melting room . . 91935 87.956 15.369 270 178 Total unrefined 611 277 176,319. 600 280,298. 721 51,951 222 Domestic refinery bullion: Less than 0.992 fine. _- 209,071 049 1,383; 895 Over 0.992 fine—. 25,307.467 1017,519. 896 7.136 1431533.183 Total domestic purchases 25,918.744 1193,839.496 489,376.906 1484,868.300 Foreign coin . _ 364,091493 2,842,462.009 173,285.124 1,449,585.039 Foreign bullion, crudei.— 2,646. 387 366,407.372 3,792.284 371858.298 Foreign bullion, refined -. 1195,968.894 Jewelers' bars, dental scrap, etc 162,954.046 36,324. 230 21341.158 415,241886 Total domestic purchases 555,610 670 1439,033.107 687,795. 472 1920,525.417 REDEPOSITS PURCHASED Domestic coin.. . 92. 948 41001 13.447 6,837.892- Bars stamped by U. S. Government- 132. 288 241765 352. 239 Surplus (recoveries) 291 568 775. 727 116.437 484. 726 Total redeposits purchased 516.804 1,061 493 129. 884 7,674.857 Total purchases 656,127. 474 1440,091600 687,926.366 1928,200 274 REDEPOSITS TRANSFERRED Domestic coin from Treasury 61704.118 40,883.481 20,443.728 Domestic assay coins 272.836 Refined bars ... _ _ 2,018.648 Unrefined bars 316,425.402 70,864.957 182,114.373 Proof bullion 150 000 60 000 20O 000 Total redeposits transferred 63,995.601 367,458.883 91348.686 182,311373 Grand total, fine ounces 620,123.075 1797,653.483 779,271041 5,110,614.647 Value of— Purchases $11,496,175.17 $91784,90133 $14,220,679.20 $101874,940 94 Domestic coin. Treasury transfers - 1281177.32 845,136.66 422,609.36 Other transfers 41729.16 6,544,194.88 1465,735.54 3,768,772.66 Total value 12,819,08165 99,171232.87 16,109,02110 105,643,713.60 Number of fineness determinations required: Deposits of gold and silver 6,293 11321 2,631 14,736 Redeposits purchased 3,813 30 18 Redeposits transferred . - 787 1195 308 686 Deposits in trust — 254 Total determinations _.. 11,147 12,546 2,939 15,340

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DIRECTOR OF THE MINT 751 THE DIRECTOE OF.THE MINT the fiscal year ended June SO, 1927

New Orleans Carson Boise Helena Deadwood Seattle Salt Lake City Total

Fine ounces Fine ounces Fine ounces Fine ounces Fineounces Fine ounces Fineounces Fine ounces 21464 271,001290 281656.956 1.800 29,179. 966 16.335 1 210 9.978 325. 827 100,711480 54.103 25,748.151 107. 287 4,176.496 21. 673 115.513 1428.689 15. 556 11,773.086 11286 12,119.105 7,309.331 9.538 11172 132.762 11,541 854 428. 359 55. 233 2,213.517 74. 813 487. 729 6,263. 262 15.158 •" 46.980 304,952.141 28.799 37.786 10. 669 9.446 303. 671 327. 533 26,305.128 227. 317 227.317 9. 843 1871 6.259 3.517 2.149 14. 053 .969 501099 9.843 7,327. 537 6,458. 286 12,025. 593 49.129 271,541 776 1, OSO 189 807,623.173

125. 443 1,696. 523 212,276.910 176. 555 16,629. 543 2,491173.780 311841 7,327. 537 6,458.286 12,025. 593 49.129 289,867.842 1,030.189 3,511,073. 863 40,893. 267 6.387 1870,323.319 8,276. 511 9.183 1,573. 812 757,563.847 47.273 1,196,016.167 5,372.434 69. 305 •222. 542 299. 937 1050 6,071 548 245.604 648,149.740 518.54.053 7,406.025 6,680 828 12,325.530 53.179 297,566.862 1,275.793 10,983,126.936

556. 934 233 1890 7,547.345 726.292 1616 4.448 104 1,677.626

561 550 1448 233 104 1890 9,951.263 55,415. 603 7,406.025 6,685. 276 12,325. 763 53. 283 297,568. 752 1,275.793 10,993,078.199

123,031.327 272.835 2,018.648 669,394. 732 lO.OOO 5. OOO 10 000 425.000 10.000 5.000 10 000 695,142. 542 55,425.603 7,406.025 6,690 276 12,325. 763 53.283 297,578. 752 1276.793 11688,220 741

$1,145,541.95 $153,096.28 $138,300 27 $254,796.01 $1101.46 $6,151,292.16 $26,373.04 $227,247,197.80 2,548,923.34 206.72 206.71 11820,845.58 1,145,748. 67 153,096.28 138,300 27 254,796.01 110146 6,151498.87 26,373.04 241616,966.72

434 173 376 271 8 1488 64 37,795 1 9 3,871 2,876 264

434 173 ,376 272 8 1497 64 41796

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752 REPORT ON THE FINANCES Deposits and purchases of silver during

Source and description Philadelphia San Francisco Denver New York

PURCHASES Fine ounces Fine ounces FiTie ounces Fine ounces Alaska 46.76 2,289.30 34 2199 Arizona- ^^.- 33,496.42 6,056.56 184 California 131578.33 6.46 180 Colorado ; _... .. 16,476.68 Georgia 10 37 Idaho -. - ...... 6.25 8.26 Michigan . 9,137.62 Montana 143 .41 67.42 Nevada 33,973.97 8.31 New Mexico 28156 North Carolina 9.96 Oregon ^ . .— 362.14 119 South Carolina ._ .19 SouthDakota 71, Sii 64 11275.19 Utah .44 Virginia ^ .45 Washington 3.72 .11 Philippine Islands 8,857.67 Other Grains, deposit melting room 116.43 85.09 9.73 374.33 1 Total unrefined... . 185.59 213,653.20 9172160 23,812.77 Domestic refinery product: Less than 0.992 fine — 26,708.29 69,60181 Over 0.992 fine 3,891720 82 71,309.73 300,90100 353, 777.78 | Total domestic purchases 3,891906.41 284,962.93 422,330.89 447,195.36 Foreign coin. 768.33 35,638.60 Foreign bullion, crude.. 305.67 842, 370. 79 """"i3i,'692"ii" 335,996.09 Foreign bullion, refined ...... 257,446.76 127,576. 64 Jeweler's bars, dental scrap, etc 160,996.50 239, 071 04 13,64189 405,80099 Total deposit purchases 1313,655.34 1,367,173.09 667,664. 89 1,352,207.68

REDEPOSITS PURCHASED Domestic coin 5,75127 355. 75 959.52 Bars stamped by U. S. Government.. 204.60 1,742.83 ii, 299.66 Surnlus (recoveries) 1,765.91 760.88 917.64 2,45105 TQtal deposits purchased .7,72178 2,859.46 1,877.16 13,750 71 Total purchases ' 1321,377.12 1,370,032.55 669,542. 05 1365,958.39

REDEPOSITS TRANSFERRED Domestic coin from Treasury... 1 1637,853.24 628,087.43 357,666.20 Refined bars..; 671,179. 54 Unrefined bars . 68,958.03 62,563. 53 166,733.97 Proof bullion ^ j. SOOO SOOO Domestic assay coins ... 256. 78 Total redeposits transferred 2,309,289.56 697,095.46 420,229. 73 166,783.97 "Deposits in- trust by other govern merits: Domestic refined bullion _.._ 230,57133 Foreign refined bullion 55,389. 71 Total deposits in trust 285,961.04 Grand total fine ounces...... 6,916,627.72 • 2,067,128.01 989,771 78 1,532,742.36 Value:- Cost of purchases. _•._- $2,616, 735. 64 $807,938.51 $332,618.63 $777,399; 38 Cost of bullion transferred... 671,179. 54 39, 73118 36,806.91 103,49147 Coining value of subsidiary bullion purchased 5,783,334.94 1762,663.98 786,632.72. 1888,312,96 •. Subsidiary coining value of. pur­ chased and transferred domestic coin _ - ----^-^-.- ^ .-- 2,272,488. 39 868, 765.41 495, 767.37 Coining value of standard dollar bullion- purchased'- .:_• • 132,105.94 94,609. 74 347.80

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DIRECTOR OF THE MINT 753 the fiscal year ended June 30, 1927

New Orleans Dead- Salt Lake Carson Boise Helena wood Seattle City Total

Fine Fine ounces Fine ounces Fine ounces Fine ounces ounces Fine ounces Fine ounces Fine ounces 178 37,70113 40,06130 .22 39, 555.04 2.70 .32 117 60 57 13165135 25.74 16.502 42 10.37 1,255.15 2.28 26.59 1.298.63 9,137.62 143 28,756.83 2.87 28,820 39 10,366.26 7.47 12.22 23.30 44,39153 28156 9.96 3,032.03 25.35 59.44 3,48015 .19 10 78 86, IOO 51 121.60 122.04 .45 12.35 104.21 120.39 8,857.57 106.21 106.21 10 03 2.90 7.99 194 3.89 3.55 .80 616.68 10 03 10,371.86 4,318.74 28,867.26 1167 37,877.09 29145 411124.26 18.15 96,33125 1620, 709.33 10 OS 10 37186 4,318. 74 28,867.26 1167 37,895.24 29145 5,131,164.84 .05 36,406.98 10,64128 .96 10,378.73 1331,385.63 385, 023.40 12,835.40 88.27 86.72 365.57 .70 3,506.67 359.83 836,753.48 23,486.71 10,461 09 i, 405. 46 29, 232.83 15.37 51, 780 59 65128 7, 720, 734. 33

7,066.54 13,247. 09 502.00 47.55 10 38 28.91 22.81 6,507.13 502.00 47.55 10 38 28.91 22.81 26.820 76 23,988.71 10,46109. 4,453.01 29,232.83 25.75 51,809. SO 67109 7, 747,555. 09

2, 623, 606.87 671,179.54 298, 255. S3 25.00 125.00 256. 78 25.00 3, 593, 423. 72

230, 57133 55,389.71 285,96104 23,988. 71 10,486.09 4,453. 01 29, 232.83 25.75 51,809. SO 674. 09 11626,939.85

$13.653.16 $5, 708.89 $2, 63180 $16,718.74 $1142 $29, 701 24 $392.15 $4,603, 512. 56 16.69 851,225.79 S3,162. 20 14,461 52 6,155.88 40,41172 35.60 71, 62191 93187 10,386, 625.30

3,637,02117 227,063.48 °

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754 REPORT ON THE FINANCES

Deposits of gold at United States mints and assay offices since 1878

Character of gold deposited

Domestic bullion, Surplus Fiscal year ended including bullion, Total '' June so- domestic Domestic Foreign Foreign grains, refinery coin bullion coin jewelers' product bars, old from foreign plate, etc. ores, etc.

1873 868,570 $27,116,948 $426,108 $618,642 $771 218 $67,704,386 1874 29, 736,388 6,276,367 3,162,620 9,313,882 664,364 49,142, 511 1876 31 266,125 1,711311 739,440 1,111,792 724,626 38,556,294 1876- 37, 590,529 417,947 1,141906 2,111,084 681819 41,943,286 1877 43, 478,104 447,340 1,931,163 2,093,261 837,911 48,787,779 1878 48, 076,124 301,022 2,068,679 1,316,461 907,932 52,669,218 1879 38, 549,706 198,083 1,069,797 1,498,820 937,751 42,251157 1880 - 35, 821,705 209,329 21,200,997 40,426,560 1,176,506 98,835,097 1881 35, 815,037 440,777 37,771,472 55,462,386 1,343,431 130, 833,103 1882 31, 298,512 599,357 12,783,807 20,301811 1.770.166 66,756,653 1883 32, 481,642 371129 1727,143 6,906,084 1858,108 46,347,106 1884 29, 079,596 263,117 6,023,735 9,095,462 1,861769 46,326,679 1885-...... 31, 584,437 325,210 11,221,847 7,893,218 1,869,363 52,894, 075 1886 32, 456,494 393,545 1317,068 6,673,565 2,069,077 41909,749 1887 32, 973,027 516,985 22,571,329 9,896,512 2,265, 220 68,223,073 1888 32, 406,307 492,513 21,741,042 11596,885 2,988,751 72,225,498^ 1889 31, 440,779 585,067 2,136,517 1447,476 3, 526,597 42,136,436 1890. SO, 471900 655, 475 2,691,932 5,298,774 3, 542,014 42,663,095 1891.. 31, 555,117 583,847 1054,823 8, 256,304 4,035,710 48,485, 801 1892 31, 961,546 557,968 10,935,155 11040,188 3, 636, 603 61,131, 460 1893 S3, 286,168 792,470 2,247,731 6,293, 296 3,830,176 46,449,841 1894 38, 696,951 2,093, 615 16,611118 12,386,407 3,118,422 71,909,513 1895 44, 371,950 1188,258 11108,436 2,278,614 3,213, 809 65,161,067 1896 53, 910,957 1,670,006 6,572,390 3,227,409 3,388,622 68,769,384 1897...... 60, 618, 240 1,015,314 9,371, 521 13,188,014 2, 810,249 87,003,338 1898 69, 881,121 1,187,683 26,477,370 47,210,078 2,936,943 147,693,196 1899 76, 252,487 1,158,308 SO, 336, 560 32,785,152 2,964,684 143,497,191 1900 87, 458,836 1,389,097 22, 720,150 18,831496 3,517, 541 133,920,120 1901 92, 929,696 1,116,180 27,189,659 27,906,489 3, 959,657 153,101,681 1902 94, 622,079 1,488,448 18,189,417 13,996,162 1281 724 132,580,830 1903 96, 514,298 960,908 16,331,059 8,950,596 4,247, 583. 127,001443 1904 87, 745,627 2,159,818 36,802,224 46,152,784 1892,931 177,753,384 1905 101, 618,315 3,401967 17,645,527 15,141,678 • 6,568,483 143,378,970 1906 103, 838,268 1,511291 36,317,865 6,648,512 4,790,558 153,109,494 1907 111 217,462 2,751 283 36,656,546 17,221,252 5, 731,112 176,580,655 1908 111, 735,878 3,989,773 71,771351 13,681426 6,231,547 207,415,976 1909 119, 727,439 3,432,288 16,021,521 1,031378 5,341,604 145,557,230 1910 101 971559 Sy 603,140 15,761,852 405,226 5,626,331 130,371,108 1911. 120, 910,247 2,949,199 35,673,116 10,066,643 5,783,886 175,383,091 1912. 119, SS'S, 150 3,496,769 20,911227 2,155,233 6,025, 502 151929,881 1913. 118, 504,953 1846,880 31,985,879 2,732,439 6,061,727 161,131,878 1914 113, 278,957 1719,876 18,978 572 3,261,967 6,057,184 146,296,556 1916 119, 217,239 4,209,612 22,881,854 15,420,256 5,748,959 167,477,920 1916 120, 722,159 2,522,290 91,099,419 271,541,705 6,330,201 492,215,774 1917 201 355,339 .1906,126 671,448,086 121 111, 619 8,046,828 909,867,998 1918 101, 416,485 6,431,236 153; 405,687 40,422,147 7.812.167 309,487,722 1919 83, 350,336 24,621,645 31568,599 15,268 8, 907,516 151,363,364 1920 106, 416,689 6,079, 373 78,021,266 29,003,844 10, 989,866 229,511,038 1921 72, 711480 1,887,929 609,493,374 76,813,705 12,798,620 673,708,108 1922 69, 746,328 2,491,089 346,479,206 123,967,764 11300,128 556,981515 1923 74, 102,007 2,340,694 192,071,404 48,033,348 12,831532 330,151,886 1924 81 777,074 3,008,442 276,706,141 116,698,431 13,242.795 491.432,883 1926 78, 677,663 1,812,398 83,062,092 31418,655 13,191277 211,165,085 1926 72, 416,516 2,088,238 81815,854 10,683,789 13,555.249 180,558,646 1927 72, 580,338 2,701941 40,384,083 100,678,518 13,433,124 229,781,004 Total 3,901,837,936 161,403,821 3,181,843.636 1518.402,366 279,042,463 1,032,530,222

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DIRECTOR OF THB MINT 755

Deposits, of silver at the United States mints and assay offices since 1873

Character of silver deposited

Domestic Domestic coin Foreign coin bullion, Surplus Fiscal year including bullion, 6nded June Total so- domestic Foreign Philip­ grains, refinery bulhon pines jewelers* product United Ha- bars, old from States waiian ' Other plate, foreign For re­ etc. ores, etc. coinage

Fine Fine Fine Fine Fine Fine Fine Fine ounces ounces ounces ounces ounces ounces ounces ounces 1873. 6,619,104 37,955 59,877 216,171 141,235 7,071342 1874. 8,370,649 45,287 89,474 163,748 213,524 8,882,682 1875. 11,729,014 10,984 399,240 124,285 166,104 12,429,627 1876. 18.685,953 3,753 269,835 109,245 138,096 19,206,882 1877. 20,967,567 795.375 2,284,732 189,968 315,354 24,552,996 1878. 22,271,284 4,930 4,821919 265,541 157,356 27,524,030 1879. 20,832,329 8,205 829,836 540,349 161347 22,372,066 1880. 24,852,680 30,395 892,826 823,515 192,866 26.792,282 1881. 22,025,225 5,652 1011862 568,038 201,251 23,815,028 1882. 23,942,987 1103,408 665,803 269,825 26,080,692 1883. 25,336,643 492, 1,414,767 979,758 292,680 28,516,516 1884. 24,331752 117, 1,952,731 1,534,782 306.310 28,246,164 1885. 21943,394 678, 1,627,619 867,856 336,981 28,454,591 1886. 25,101,639 216, 1145,017 628,545 361316 27,4S2j 532 1887. 29,293,372 5,848, 1,127,213 271,166 396,656 36,936,992 1888. 28,921,649 1,202, 1,290,390 67,549 485,190 31,966,955 1889. 29,606,387 394, 1063,900 328, 276 502,223 31,895,132 1890. 29,187,135 1,852,155 951,162 526,270 32,983,024 1891 SO, 667,116 637, 1,767,908 1,970,912 633,073 55,676,661 1892. 56,817,548 5,036, 1556,618 349,652 572,661 64,332,725 1893. 56,976,082 5,346, 1738,711 505,171 582,728 65,149,604 1894. 15,296,815 5,012, 991901 522,725 467,958 22,194,459 1895. 6,809,626 3,015, 1362,141 15,291 580,125 11,783,088 1896. 4,420.770 3.170, 680,757 150,942 - 601386 9,027,623 1897. 3,911985 2,208, 626,085 101,157 473,755 7,321935 1898. 2,116, 690 1,243, 209,987 6,808 249,468 3,826,003 1899. 5,584,912 6,060, 716,077 19,382 481751 12,866,108 1900. 1977,978 3,587, 1,088,019 44,704 . 557,831 10,.25.6i524 1901 2,466,749 2,613, 1,306,149 4,250,196 567,647 11201311 1902. 1,425,060 2,275, 1152,023 29,265 575,430 5,456,868 1903. 12,523,630 2,050, 461,686 1,110,463 21,869 627,108 16.794,981 1904. 9,991,187 1,923, 148,788 1361,701 1 2,567,137 1,471,963 652,015 18.116,400 1905. 4,923.655 1333, 3,647 1906,410 1 7,703,766 92,995 739.311 16,703,379 1906. 2,398,871 959, 3,895 3,162,507 161333 1,287,658 632,544 8,506,376 1907. 20,388,163 770, 2,552,003 4,680,791 282,612 636.722 29,310,560 1908. 16,114,553 786, 2,963,399 8,870,033 131974 648.007 29,517,051 1909. 5,375,389 659, 2,326,847 7.320,312 21917 520,715 16,225,115 1910. 1, 547,145 548, 1,162,240 1391587 13,295 460.935 5,124,023 1911 3,220,236 393, 799,105 621,800 6,040 495,013 5,536,100 1912. 5,635, 513 458, 957,233 227, 295 7,934 540,117 7,-827,233 1913. 3,104,347 280, 621215 342,289 17,010 577,423 1945,972 1914. 9,752,614 589, 527,233 143,873 85,141 572,687 11671420 1915. 7,250,205 491, 2,130,138 136,247 383,:439 536,887 10,927,944 1916. 9,346,085 569, 1860,420 138,067 204,470 698,026 12,816,677 1917. 7,556,359 6,240, 62 2,327,785 149,198 816,725 882,893 17,971016 1918. 21,155,924 8,176, 6,780, Oil 1911„376 7,145,336 964, 626 46,133,607 1919. 2,669,447 456, 100 1670,071 618,531 1801,019 1,145,067 11,360,518 1920. 5,336,184 541, 2,205,066 225 1413,248 1,274,743 13,770,583 1921 63,540,055 507, 2,158,717 763,075 830,570 67,800,311 1922. 51,991 780- 1734, 1,705,424 5,219,623 746,708 61,401,231 1923. 68,903,846 2,367, 1,522,320 198,834 768,359 73,760,784 1924. 17,690.587 1,492, 3,296,980 113,755 880,430 23,471 111 1925. 1,692,032 1 764, 2,030,099 182,265 895, 840 6,564,460 1926. 2,127, 588 1,828, 3,271,270 301311 930,415 8,459,166 1927. 5,131,165 2,630, 1 716,409 36,407 843,261 10,358,172

Total- 967, 865,654 90,223, 555 618,724 !, 570, 243 36,883,860 45,184,777 30,011819 1259,361,632

' Spam'sh-Filipino coins.

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756 REPORT. ON THE FINANCES Authority for United States coinage, by denominations, with standard weight and fineness, and total coined GOLD COINAGE

Total coined to June SO, 1927 Standard Standard Denominations Authorizing acts weight fineness Pieces Value

50-dollar piece, com­ memorative; PanamarPacific In­ ternational Ex- Thou­ - position- Grains sandths Octagonal Jan. 16, 1915.. 1290 900 1509 $75,450 00 Round-J do 1290 900 1510 75, 500.00 Doubleeagle ($20) Mar. 3, 1849.. 516 900 Feb. 12, 1873.. 516 900 3,104, 572.120 00 Eagle ($10). Apr. 2, 1792.. 270 916% 155,228,606 Jurie 28, 1834. 258 899. 225 Jan. 18. 1837.. 258 900 528,119,850 00 Feb. 12. 1873. 258 900 52,811,985 Half eagle ($5). Apr. 2, 1792.. 135 916% June 28,1834. 129 899.225 Jan. 18, 1837.. 129 900 78, 249,869 391, 249, 345. 00 Feb. 12, 1873., 129 900 Quarter eagle ($2.50).-. Apr. 2, 1792.- 67.5 June 28, 1834. 615 899.225 Jan. 18, 1837.- 64.5 900 18,880,590 47, 201, 475. 00 Feb. 12, 1873. 615 900 Quarter eagle ($2.50), commemorative: Panaraa-Pacific In­ Jan. 16, 1915.. 900 10,017 25, 042. SO ternational Expo­ sition. Sesquicentennial Mar. 3,1925.. 64.5 900 200,226 500, 565. 00 Exhibition. S-dollar piece 1- Feb. 21, 1853; Feb. 12, 1873. 77.4 900 539,792 1619,376. 00 1 dollar 1 Mar. 3, 1849; Feb. 12. 1873. 25.8 900 19,499, 337 19,499, 337. 00 1 dollar, commemora­ tive: Louisiana Purchase June 28, 1902. 25.8 900 250, 258 250, 258. 00 Exposition. Lewis and Clark Ex­ Apr. 13,1904. 25.8 900 60, 069 60,069. 00 position. Panama-Pacific In­ Jan. 16, 1915.. 25.8 900 25, 034 25,034. 00 ternational Expo­ sition. McKinley Feb. 23, 1916. 25.8 900 30,040 SO, 04O 00 Grant Feb. 2,1922.. 25.8 900 10,016 10,016. 00 Total gold. 325,798,858 1093,313,477. SO

SILVER COINAGE

Dollar- Apr. 2, 1792 416 892.4 Jan. 18, 1837 (discontinued, 412H 900 act Feb. 12,1873). Feb. 28,1878 412M 900 • 846, 517,921 '$846, 517,921 00 July 111890 412M 900 Mar. 3,1891....• 412H 900 Apr. 23, 1918 -. 4123^ 900 » Discoritinued, act Sept. 26.1890. * Silver-dollar coinage: Act Apr. 2, 1792— From 1792 to 1805 $1439,517 During 1836 1000 From 1839 to Feb. 12, 1873 6, 590,721 4g 031,238 Act Feb. 28, 1878 378,' 166,793 Act July 14, 1890, to Oct. 31, 1893, date of repeal of purchasing clause of Sherman Act. - 36,087,285 Act Nov. 1, 1893, to June 12, 1898 -.. 42,139,872 Act June 13, 1898, war-revenue bill 108,800,188 187, 027,345 Act Mar. 1,1891, trade dollar conversion 5, 078,472 Act Apr. 23, 1918, Pittman Act replacement- Old design, since Feb. 21 1921 86,730,000 Peace dollar, since Dec. 211921 - 181484,073 268,211073 846,617.921 NOTE.—Silver-dollar coinage suspended 1806 to 1835 and 1874 to 1877. The bullion value of the dollar was greater than its coin value prior to 1878.

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DIRECTOR OF THE MINT 757 Authority for United States coinage, by denominations, with standard weight and . fineness, and total coined—Continued

SILVER COINAGE—Continued

Total coined to June 30,1927 Standard Standard Authorizing acts Denoniinations weight fineness Pieces Value

Thou­ Grains sandths Trade dollar 3 .. Feb. 12, 1873 (discontinued, 420 900 35,965,924 $35,965,924.00 act Mar. 3, 1887). Dollar, commemora­ tive: > •Lafayiette .. Mar. 3,1899 .. .. 412H 900 SO, 026 SO, 026.00 Halfdollar Apr. 2, 1792. 208 892. .4 - Jan. 18, 1837 . 206K 900 • [ 445,595. 312 Feb. 21,1853 192 900 222,797,656.00 Feb. 12, 1873 .. * 192. 9 900 Half dollar, commem­ orative: Columbian Exposi­ Aug. 5, 1892. 192.9 900 5,002,105 2, 501,052. SO tion. Panama-Pacific In­ Jan. 16, 1915 • 192.9 900 60,030 30,015.00 ternational Exposi­ tion. Illinois Centennial-- Junel, 1918...... 192.9 900 100,058 SO, 029.00 Maine Centennial... May 10,1920 192.9 900 50,028 25, Oil 00 Landing of Pilgrims May 12,1920 192.9 900 300,165 150,082. 50 Tercentennial. Alabama Centennial- May 10, 1920 192.9 . 900 70,044 35,022.00 Missouri Centennial- Mar. 4, 1921.. 192.9 900 SO, 028 25, Oil 00 Grant Feb. 2, 1922... 192.9 900 100,061 SO, OSO SO Monroe Doctrine Jan. 24, 1923 192.9 900 271077 137,038. SO • Centennial. Huguenot-Walloon-. Feb.2e, 1923-- 192.9 900 142,080 71,04O 00 Stone Mountain Mar. 17, 1924 ... 192.9 900 2,314,709 1,157, 351 50 Battle- Lexington- Jan. 11 1925. 192.9 900 162,099 81,049. SO Concord. . California Diamond Feb. 21 1925..- - 192.9 900 150,200 75,100.00 Jubilee. Fort Vancouver do 192.9 900 50,028 25,014.00 Sesquicentennial Mar. 3, 1925 192.9 900 1000,528 500,26100 Exhibition. Oregon Trail May 17, 1926- 192. 9 900 148,085 71042. 50 Battle of Bennington Feb. 24,1925 192.9 900 40,034 20,017.00 Quarter dollar Apr. 2, 1792... 104 892 4 Jan. 18, 1837 .. • 900 1 610,294,341 Feb. 21, 1853- mvs 900 152,573,585.25 Feb. 12, 1873 96 900 Quarter dollar, com­ S96.4S memorative: Columbian Exposi­ Mar. 3, 1893 96.45 900 40,023 10,005. 75 tion. 20-cent piece Mar. 3, 1875 (discontinued, 6 77.16 900 1355,000 271000 00 act May 2, 1878). Dime -. Apr. 2, 1792 416 892 4 Jan. 18, 1837. 900 41K [1,292,455,797 Feb. 21, 1853 38.4 900 129,245, 579. 70 Feb. 12, 1873 7 38. 58 . 900 Half dime Apr. 2, 1792... 20 8 892.4 Jan. 18, 1837 20^ 900 -' 1 97,601388 1880.219. 40 Feb. 21,1853 (discontinued, 19.2 900 act Feb. 12, 1873). 3-cent piece ._ Mar. 3, 1851 12H 750 } 42,736,240 Mar. 3, 1853 (discontinued, 11 52 .900 1282,087.20 act Feb. 12, 1873). Total silver 3,382,629,331 1398,601,183.80

3 Coinage limited to export demand by joint resolution July 22, 1876. Redeemed $7,689,036 at face value under act Mar. 3, 1887, converted into 5,078,472 standard dollars and $2,889,011 subsidiary silver coin. * 12H grams, or 192.9 grains. * 634 grams, or 96.45 grains. 6 5 grams, or 77.16 grains. ' 23^ grams, or 38.58 grains.s.^

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758 REPORT ON THE FINANCES Authority for United States coinage, by denominations, with standard weight and fineness, and total comec?-—Continued : MINOR COINAGE

Total coined to June 30,1927 Standard Denominations Authorizing acts Stand^ard composi­ weight-' tion Pieces Value

Grains 5-cent (nickel) May 16, 1866 .- 1,421431762 Feb. 12, 1873 } 77.16 (8) $71,221,738.10 Mar. 3, 1865 - 3-cent (nickel) 30 } 31378,316 Feb. 12, 1873 (discontinued, 30 941,349. 48 act Sept. 26, 1890). 2-cent (bronze) Apr. 22, 1864 (discontinued, 96 (») 45, 601,000 912,020 00 act Feb. 12, 1873). Cent (copper) Apr. 2, 1792.. 264 (10) Jan. 14, 1793 208 Jan. 26, 179611. 168 • 156,288, 744 1 562, 887. 44 Jan. 18, 1837 (discontinued, 168 act Feb. 21, 1857). Cent (nickel) Feb. 21, 1857 (discontinued, 72 (12) 200, 772,000 2,007, 720 00 act Apr. 22, 1864). Cent (bronze) Apr. 22, 1864. 48 (8) Feb. 12, 1873 48 ° («) |4,920,022,683 49,200,226. 83 Half cent (copper) Apr. 2, 1792 132 (10) Jan. 14, 1793 104 Jan. 25, 1796" 84 7, 985,222 39,926.11 Jan. 18, 1837 (discontinued, 84 act Feb. 21, 1857).

Total minor 6, 786, 482, 727 125, 885,867. 96

Total coinage. 10,491910,916 5, 617,800, 529.26

8 Composed of 75 per cent copper and 25 per cent nickel. 9 Composed of 95 per cent copper and 5 per cent tin and zinc. 10 All copper. " Proclamation of the President, in conformity with act of Mar. 3, 1795. 12 Composed of 88 per cent copper and .12 per cent nickel.

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Coinage of each mint, by value, with grand total pieces, since organization to close of business December 31, 1926

New Orleans, Denomination Philadelphia, San Francisco, Denver, Carson, Charlotte, Dahlonega, Total pieces 1838-1861; . 1870-1893 Total value 1793-1926 1854-1926 1906-1926 1879-1909 1838-1861 1838-1861

Gold: CO to 50 dollars - . $150,950. 00 $150,950 00 3,019 Double eagles $1,063,042, 540 00 1699,070,520 00 $256,430,000. 00 $16,375, 500. 00 $17,283, 560 00 3,052,202,120. 00 152,610,106 Eagles 297, 794,320. 00 141 621 oeo 00 59,092,800 00 23, 610, 890 00 2,997,780. 00 .528,119,850.00 52,811,985 Flalf eagles 206, 538,105. 00 140,140,040 00 26,463, 300.00 1 618, 625. 00 3,548,085.00 $1 405,135.00 $5, 536,055. 00 391,249, 345.00 78,249, 869 3 dollars 1, 357,716. 00 186, 300. 00 72,000.00 '3,360 00 1 619, 376.00 539, 792 Quarter eagles 39,073,887. 50 1 886,297. SO 2, 701200.00 3,023,157. 50 541 915.00 491 625.00 47,727,082. SO 19,090, 833 Dollars 18,573,82100 115,266. 00 1, 001000.00 109,138. 00 72, 529.00 19,874,75100 19,874, 754 u S Total gold 1, 626, 380, 389. SO 1, 986,173,433. 50 341 690, 300.00 48, 701172. SO 23,829,425.00 5,059,188.00 6,106, 569.00 1040,943, 477. 50 323,180, 358 o Silver: H Dollars. _ 420,019, 416. 00 178,031,073. 00 41 567,700.00 187, in, 529.00 13,881,329. 00 843,611047.00 843, 611047 O Trade dollars 5,107, 521 00 26, 647,000.00 .1211,40O 00 35,965,-92100 35,965,924 Half doUars 125,829,020. 00 46,003,587.00 13,180, 560. 00 40,117,338.00 2,651313.50 227,784,-818. SO 455, 569, 637 o Quarter dollars- 99, 560, 308. 75 19,893, 531 25 11825,800.00 15, 085, 750. 00 2, 579,198.00 151941 591 00 607,778,364 20 cents 11342.00 231, OOO 00 28, 658.00 271, OOO 00 1,355,000 Dimes. ^ - 85,961 379. 40 19,287,218. 90 13,623, 680 00 6, 807,990. 60 2,090,110 80 129,773,379.70 1,277,733,797 Half dimes 3, 948, 791 90 119,100. 00 812,327. SO 4,880,219. 40 97, 604,388 w 3 cents 1,260,487. 20 21 600. 00 1282,087.20 42, 736,240 tel Total silver 741, 701,269.25 290,212,513.15 86,197, 740. 00 249, 956, 535.10 25,445,009.30 1 393, 513,066. 80 3,362,351397 Minor: 5 cents... 62,157,223.10 3,151700 00 4,691,215.00 70,000,138.10 1,400,002, 762 3 cents 941, 349. 48 941, 349. 48 31378, 316 2 cents . 912,02O 00 912,020.00 45, 601,000 1 cent.... 44, 489,054.27 3,756,960 00 3,677, 500. 00 51,923, 511 27 5,192,351,427 Halfcent . 39, 926.11 39,926.11 7,985,222 Total minor, 108, 539, 572. 96 6, 908,660 00 8,368, 715. 00 123,816,947.96 6,677,318,727 Totaf value 2,476,62123171 2,283,291 eoe. 65 439,256, 755. 00 298, 660, 707. 60 49,271431 30 5,059,188. 00 6,106, 569. 00 5,558,273,492.26 Total pieces 7, 991, 628,352 1139,777, 417 753,148,240 419,076, 513 56, 636,119 1, 208,131 1, 378, 710 10, 362,853,482

CO

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Coinage of each mint during the past 10 calendar years O BY VALUE AND DENOMINATION

Mints 1917 , 1918 1919 1920 1921 1922 1923 1924 1925 1926 Total

PHILADELPHIA

Gold: Double eagles $4, 565, 000. 00 $10,570,000.00 $27, 510 000. 00 $11, 320,000.00 $86,470,000.00 $56, 635, 000.00 $16, 335, 000. 00 $213,405,000.00 Eagles 10,140, 000. 00 10,140,000.00 Half eagles "^ Quarter eagles ' 1615,565.00 1, 615, 565. 00 Dollars.. $10 014.00 10 016. 00 20, 030. 00 Total gold 10 014. 00 1565,000100 10, 570, 000. 00 27, 520,016. 00 11, 320 000. 00 86,470, 000.00 56,635,000 00 28,090, 565. 00 225,180, 595. 00 Silver: Dollars 45, 696,473. 00 51,737,000 00 30,800 000. 00 11,811,000 00 10,198, 000.00 , 1939,000 00 152,181, 473. 00 O Half dollars. 6,146, 000. 66 $3, 367. 029. 00 .$481, 000.00 3, 311, 07O 00 233,062, SO 50 030. 50 71,040.00 1 238, 404.00 524, 279.00 15,421915.00 Quarter dollars... 5, 655, 000.00 3, 560 000. 00 2, 831, 000.00 6, 965, 000. 00 479,000. 00 2,429, 000. 00 2, 730 000. 00 3, 070, 000. 00 2,829, 000.00 30,548, 000. 00 H Dimes 5, 523, 000.00 2. fifis. nno.-nn 3. 574, 000. 00 Ft. Qn.*^ (\(\o m 123, 000. 00 5,013,000 00 2, 401000.00 2, 561, 000.00 s 2ifi. nnn no SO, 982, 000.00 O Total silver.--- 17, 324,000. ooj 9, 595, 029.00 6, 886, 000.00 16,179, 070. 00 46, 531, 535. 50 51, 787, 030. 50 38, 242, 000. 00 17, 013,040.00 17, 067, 404. 00| 8,508, 279. 00 229,133, 388.00 i^ Minor: Scents 2, 571, 201. 45 1,604,315.70 3, 043, 400. 00 Z, 151 050. 00 533,150. 00 1, 785, 750. 00 1081,000.00 1778,255.00 2,231650 00 17,786, 372.15 H 1 cent 1961297.85 2, 881 046. 34 3, 920 210. 00 3,101, 650. 00 391, 570. 00 747,-230 00 751,780 00 1, 399,490.00 1 570 880. 00 16, 728,154.19 W Total minor..- 1 535,499. 30 4, 485, 362. 04 6, 963, 610. 00 6,256,300 00 924, 720. 00 ^ 2, 532, 980. 00 1 832, 780. 00 3,177, 745. 00 3, 805, 530. 00 31 511 526. 34 Total value 21, 869, 513. SO 79, 307, 046. SO 52, 094, 980. 00 76, 880,149.00 11 080 391 04 13, 849.^10 00 27, 000, 370. 00 58, 026, 255. 50 105,315,820. 00 40, 401 374. 00 488,828, 509. 34 M SAN FRANCISCO > Oold: Double eagles. 11,160, OOO 00 S3,160 000. 00 58, 550, 000. 00 75, 530,000.00 40,830, 000. 001239, 230, 000. 00 Eaeles 1 265,000.00 _ I i.26.=i.nnn.nn a Half eagles tel Quarter eagles CQ Total gold 12,425,000 00 S3,160 000. 00 58, 550, 000. 00 75, 530 000. 00 40 SSO 000. 00 240,495, 000 00 Silver: Dollars. 21, 695, 000. 00 17,475, 000. 00 19, 020, 000. 00 1 728, 000.00 1 610,000. 00 6, 980, 000.00 68, 508, 000. 00 Half dollars 3, 253, 000. 00 5,141, OOO 00 776,000 00 2, 312, 000.00 274, 000. 00 • 1, 226, 038. SO 100,114. 00 SO 027. SO 13,132,180 00 Quarter dollars... 1 876, 000. 00 2, 768, 000. 00 459,000. 00 1, 595, 000.00 340, 000. 00 7i5,666. hh 675, 000.00 8,428, 000. 00 Dimes 2, 733,000.00 1 930, 000. 00 885, 000. 00 1382,000 00 641 000. 00 712, 000. 00 585,666.66 152, 000. 00 9, 023, 000. 00 Total sil ver 7,862, OOD. 00 9, 839, 000. 00 2,120, 000. 00 5, 289,000.00|21 969, OOO 00 17, 475, 000. 00 21, 230, 038. SO 3,155, 000. 00 2,-295,114.00 7,857, 027. SO 99,091,180. 00 Minor: Scents... 209, 650. 00 244,100. 00 376, 050. 00 481450 ooi 77,850 00 307,100. 00 71,850. 00 312,800. 00 48, 500. 00 2,132, 350. 00 1 cent 326, 200. 00 346,800 00 1 397. 600. 00 462,200. oo; 152, 740.00 87, 000.00 116, 960 00 263,800 00 45,500 00 3,198,800.00 Total minor..- 535,850. 00 590, 900. 00 1, 773, 650. 00 946,650. oo; 230, 590.00 394,100. 00 188,810. 00 • 576,600.00 94, 000. 00 5, 331,150. 00 Total value 8, 397, 850. 00 10,429,900. 00 3, 893, 650 00 18,660,650.00 22,199, 590.00 70 635, 000. 00 21, 621138. SO 61893,810 00 78,401,714. 00 48, 781,027. SO 344, 917, 330.00

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DENVER ^ Gold: Double bagles 31045,000.00 60,990,000.00 58,770,000 00 9,620 000.00 163,425,000.00 Eagles.. . Half eagles Quarter eagles. .. 1445,000.00 1445,000.00 Total gold 34,045,000.00 60, 990,000.00 60 215, 000.00 9.620 000.00 164,870,000. 00 • Silver: Dollars... 20, 345, 000. 00 15,063,000.00 6,811,000.00 2, 348,700.00 44,567,700.00 Half dollars 1 352,700. 00 1,-926, 520.00 582, 500.66 775, 500.00 101 000.00 4,741, 220.00 Quarter dollars... 1 933,400.00 1845,000. 00 486,000. 00 896,600. 00 778,000.00 429, 000. 00 6,368,000.00 Dimes. 940 200. 00 2, 267,480.00 993, 900. 00 1, 917,100. 00 108, 000.00 681,000.00 511. , 700. 00 682,800.00 8,102,180. 00 Total silver 4, 226, 300. 00 6, 039, 000.00 2, 062,400. 00 3, 589, 200.00 20 557, 000. 00 15,063, 000. 00 6,811000.00 1, 459, 000.00 511,700 00 3,460, 500.00 63,779,100.00

Minor: Scents 495, 540.00 418,100.00 400, 300.00 470, 900. 00 262, 900.00 222, 500.00 281, 900. 00 2,552,140 00 1 cent 551, 200. 00 478, 300.00 571, 540. 00 492,800.00 71, 600. 00 25,200.00 225,800.00 280, 200.00 2,696, 640. 00 Total minor... 1 046,740. 00 896,400. 00 971,840. 00 QO.*?. 7nn. nn 71, 60O 00 288,100. 00 448, 300.00 562,100.00 5, 248,780. 00 i Total value 5,273,040. 00 62, 737,100.00 13, 642, 600. 00 233,897,880.00 6^ 935,400.00 3, 034, 240.00| 4, 552, 900.00 20, 557,000.00 15,131 eoo. 00 40,856,000 00 61,175,000.00 Q ALL MINTS O Grand total value.- 35, 540,403. SO 31,445, 69104 20, 777, 500.00,50, 213, 920.00 100,782,845.50 165, 076, 646. 50 111.575,118.50 229, 946,730.00 216,456, 863. 00 10!2,828, 001 50 1,067,643,719.34 o

1-3 BY NUMBER OF PIECES w Philadelphia: Gold 10,014 228, 250 528, 500 1,385, 516 566, 000 1 323, 500 2,831, ^50 2,476,976 12, 350, 506 tel Silver 90 142,000 47, 654,058 48,026,000 93, 512,140 49,308, 598 51, 837,061 90, 646,000 46,883, 080 SO, 564, 808 46,463, 558 615,037, 303 Minor 247, 853, 814 320,190,948 452,889,000 373,258,000 49,820,000 110 438,000 96, 798, 000 175, 514,100 201,781,000 2, 028, 542,862 Total __. 338,005,828 367,845,006 500,915,000 . 466,998,390 99, 657, 098 S3, 222, 577 201, 650, 000 148, 004, 580 228,910 658 250,721,534 2, 655,930,671 San Francisco: Gold 684, 500 2, 658, 000 2, 927, 500 3, 776, SOO 2,041, 500 12,088,000 Silver.... 41,340, 000 40 654,000 12, 238, 000 24,824,000 22, 243,000 17,475,000 29, 272, 077 11, 708, 000 7, 660 228 11,300,055 218, 711360 Minor 36, 813, 000 39, 562, 000 147,281, 000 55,909, 000 16,831, 000 14,842,000 13,133, 000 32, 636, 000 5, 520,000 362, 527,000

^ Total.. 78,153, 000 80, 216, 000 159, 519, 000 81,417, SOO 39,074, 000 20,133,000 41111077 27, 768, 500 • 41072,728 18,861, 555 593, 329,360 Denver: Gold.. 1, 702, 250 3, 049, 500 3, 516, 500 481,000 8,749, 250 Silver _ 19,841,000 33,907,840 13,048,000 24, 308,400 21, 633, 000 15,063,000 6,811000 9,922, 000 5,117, 000 10 892, 700 160, 543,940 Minor. 65,030 800 56,192, 000 65,160 000 58,698,000 7,160,000 7, 778,000 27, OSO 000 33, 658,000 320,706,800 Total 84,871, 800 90 099,840 78,208,000 83,006,400 21, 633,000 22,223,000 8, 513, 250 20, 749, 500 ' 35, 663, 500 45,031,700 489,999,990 All mints: Grand total pieces 501,030, 628 538,160 846 738, 642,000 631,422, 290 160, 364, 098 95,578, 577 254,277, 327 196,522,580 308, 646,886 314, 611789 3, 739, 260,021

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762 REPORT ON THE FINANCES

Combined gold coinage of the mints of the United States, 6; denominations and calendar years, since their organization

Double Calendar year SO dollars Eagles Half eagles 3 dollars Quarter eagles eagles Dollars

1793-1795 $27, 950 $43,535 1796 60,800 16,995 $165.00 1797.. .. 91770 32„030 ..a 4,390 00 1798 79,740 121 335 1,535.00 1799 171830 37, 255 1.200 00 . 1800 ^ 259,-650 58,110 1801 292, 540 130, 030 1802. . 150 900 265, 880 6,530 00 1803 89, 790 167,530 1,057. SO 1804 97, 950 152, 375 8,317. 50 1805 165, 915 1452. 50 1806 320,465 4, 04O 00 1807...- ... 420,465 17, OSO 00 1808 277, 890 6,775.00 1809 169,375 1810 501,435 1811 497, 905 1812 290,435 1813-. 477,140 1814 77, 270 1815.. . 3,175 1816 1817 1818 . 242,940 1819 258; 615 1820 • 1, 319, 030 1821 173, 205 16,120 00 1822 88, 980 1823 72,425 1824 86, 700 6,500. 00 1825 145, 300 11,085. 00 1826.. . • 90 345 1900 00 1827 121 565 7,00000 - 1828.. . 140,145 1829 287,210 • 8,507.50 1830.. . 631 755 11 350 00 1831 702,970 11,300 00 1832 787,435 11,000 00 1833...... 968,150 10,400. 00 1834 3, 660, 845 293,425.-00 1835 1 857, 670 328, 505. 00 1836 2, 765, 735 1,369,965. 00 1837 • 1 035, 605 112, 700 00 1838 72, 000 1 600,420 137,345. 00 1839 382,480 802, 745 191,622. 50 1840 473, 380 1 048, 530 153, 572. 50 1841 656,310 380, 945 54. 602. 50 1842 1, 089, 070 655, 330 85, 007. 50 1843 2, 506, 240 1 275,425 1, 327,132. 50 1844.. . 1 250, 610 1 087, 715 89, 345. 00 1845 736, 530 2, 743, 640 276,277.50 1846 1 018, 750 2,736,155 279, 272. SO 1847 11 337, 580 5,382,685 482,060.00 1848 1 813, 340 1863,560 98, 612. SO 1849 •6,-775, ISO 1,181 645 111, 147. SO $936, 789^ 1850 $26; 225.^220 3, 489, 510 860,160 895, 547. 50 sn.soi 1851 48, 043,100 4, 393, 280 2, 651, 955 3, 867, 337. SO 3, 658,820' 1852 - 44, 860, 520 2,811060 3, 680, 635 3, 283, 827. SO 2, 201,145 1853 26, 646, 520 2, 522, 530 2, 305, 095 3,519, 615. 00 4, 384,149' 1854 18, 052, 340 2, 305, 760 1 513, 235 $491, 214 1 896, 397. SO 1 657, 016 1855 25, 046, 820 1,487,010 1, 257, 090 171, 465 600, 70O 00 824, ssa 1856 30,437, 560 1429, 900 1 806, 665 181, 530 1 213,117. SO 1, 788,996- 1857...... 28, 797, 500 481 060 1 232, 970 101673 796, 235. 00 801, 602 1858 21 873,480 343, 210 439, 770 6,399 144, 082. 50 131,472' 1859 13, 782, 840 253, 930 361, 235 46, 914 142, 220 00 193,431 1860 22, 584, 400 278, 830 352,365 42,465 164, 360 00 51, 234 1861 71 989, 060 1 287, 330 3, 332,130 18, 216 3, 241, 295. 00 527,499- 1862 18,926,120 231 950 60, 825 17, 355 300, 882. 50 1 326.865- 1863 22,187, 200 112,480 97, 360 15,117 27, 075.00 6, 250 1864 19, 958, 900 60, 800 40, 540 8,040 7,185. 00 5,950 1865 27, 874, 000 207, 050 141 635 3,495 62,302. 50 3,725- 1866 30 820,500 237, 800 253, 200 12, 090 105,175. 00 7,180 1867 23,436,300 121, 400 179, 600 7,950 78,125. 00 5,250' 1868 18,722,000 241, 650 288, 625 11 625 94, 062. 50 10 52S 1869 17i 238,-100 82, 850 163,925 7,575 84, 612, 50 5,925 1870 22, 819,480 164,430 143, SSO 10 60S / 51, 387. 50 9, 335 1871 20, 456, 740 254; 650 245,000 3,990 68,375.00 3, 930 1872 21, 230, 600 241 500 275,350 6,090 52,575.00 3, 530 1873. 55, 456,700 173, 680 754, 605 75 512, 562. SO 125,125- Total, 1793- o 1873 680,466,000 55, 656. 940 • 68, 889,385 1,169, 883' 26, 750, 302. 50 19,181,927

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DIRECTOR OF THE MINT 763 Combined gold coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Double Calendar year SO dollars Eagles Half eagles Quarter eagles 3 dollars eagles Dollars

1874__ $33,917,700 $799,270 $203,530 $125,460 $9,850 00 $198,820 1875 32,737,820 78,350 105,240 60 30,050.00 420 1876-- 46,386,920 104,280 61,820 135 23,052. 50 3,245 1877 43,504,700 211,490 182,660 1464 92, 630 00 3,920 1878._ 45,916, 500 1, 031,440 1,427,470 246,972 1160,650 00 3,020 1879.- 28,889,260 6,120,320 3,727.155 9,090 331,225. 00 3,030 1880--. 17,749,120 21,715,160 22,831,765 3,108 7,490 00 1,636 1881 14, 585,200 48,796, 250 33,458,430 1650 1 70O 00 7,660 1882-.. 23,295,400 24,740, 640 17,831,885 1620 10, IOO 00 5,040 1883 24,980,040 2, 595,400 1.647,990 2,820 4,900. 00 10,840 1884 19,941200 2,110,800 1,922,250 3,318 4, 982. SO 6,206 1885. 13,875,560 4,815,270 9,065,030 2,730 2,217. 50 12,205 1886 22,120 10,621, 600 18,282,160 3,426 10 220 00 6,016 1887- 5,662, -.20 8,706,800 9,560,435 18,480 15,705. 00 8,543 1888--- 21717,320 8,030,310 1 560,980 15,873 40,245.00 16,080 1889- ^ 16,995,120 4,298,850 . 37,825 7,287 44,120 00 30, 729 1890 19,399,080 755,430 290,640 22,032. 50 1891 25,891,340 1,956,000 1,347,065 27, eoo 00 1892-- 19,238,760 9,817,400 5,724,700 6,362. 50 1893 27,178,320 20,132,450 9, 610, 985 75, 265. 00 1894 48,350,800 26,032,780 5,152, 275 10,305. 00 1895- 45,163,120 7,148,260 7,289,680 15, 297. 50 1896-- 43,931,760 2,000,980 1.072,315 48,005. 00 1897 57,070,220 12,774,090 6,109,415 74, 760 00 1898 54,912,900 12,857,970 10,151475 60,412. 50 1899 73,593, 680 21403,520 16,278,645 68.375. 00 1900- 86, 681, 680 3,749, 600 8,673,650 168,012. 50 q. 1901 31 ISO 520 46,036,160 21,320,200 228,307.50 1902- • 35,697,580 5, 520,130 5,557.810 331332.50 J 75,080 1903--. 24, 828,560 7,766,970 10,410,120 503,142. SO 1 175,178 1904 227,819,440 2,709,880 2,445,680 402,400 00 2 25,030 1905--. 37,440,220 5,703,280 5,915,040 544,860 00 2 35,039 1906 55,113,800 16,903,920 6,334,100 441,225.00 1907 96,656, 620 26,838,790 7,570 960 841,120 00 1908 109,263,200 11 813,360 6,149,430 1,412, 642. SO 1909 59,774,140 5,987,530 21,910,490 1,104,747. 50 1910- 60 788,340 34,863,440 7,840 250 1231, 705.00 1911 36,392,000 5, 866,950 12,018,195 1899,677. SO 1912-- 2,996,480 7,050,830 5,910,720 1,540,492. SO 1913 11,926,760 5,080, 710 6,620,495 1,805,412. SO 1914 . 40 926,400 7,025, 500 3,785,625 1720,292. 50 1915-- 8 $150,950 14,391,000 1 IOO 750 3,760,375 <1540,292. SO 3 25,034 1916 15,920. 000 1385,000 1200,000 fi 20,026 1917 610,014 1918 1919--. 1920 15,725,000 1,265,000 1921- 10,570,000 1922 80,670,000 __ 6 10 016 1923 45,365,000 1924--- ... 206, 010, 000 1925 190,935, 000 1,445,000 00 1926 66,785,000 10 140 000 71,615,565.00 Total: 1874-1926... 150.950 2,371, 736,120 472,462,910 322,359, 960 449,493 20,976, 780 00 692,827 1793-1873 680,466,000- 55,656, 940 68,889,385 1,169,883 26, 750,302. SO 19,181,927

Grand total. 150,950 3,052,202,120 528,119, 850 391249,345 1.619.376 47,727.082.50 19,874,754

1 Louisiana Purchase Exposition. 2 Lewis and Clark Exposition. « Panama-Pacific International Exposition coins (Octagonal, $75,450; Round, $75,500). * Includes $25,042.50 Panama-Pacific International Exposition coins. « McKinley memorial coins. 8 Grant memorial coins. ^ "> Includes $500,565 National Sesquicentennial of signing Declaration of Independence.

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764 REPORT ON THE FINANCES

Combined silver coinage ^ of the mints of the United States, by denominations and Calendar years, since their organization

Trade Quarter Diraes Half dimes Calendar year dollars Dollars Half dollars dollars 3 cents

1793-1795 $201,791 $161572.00 $4,320. SO 1796 72, 920 """"$1473."56 $2,"2i3."56 51150 1797 7,776 1959."66 63.00 2, 526.10 2, 226. 35 1798 327, 536 2,755.00 1799 423, 515 1800 220,920 2,176.00 """i,'266.'66 1801 51454 i5,"i44.'56 3, 464.00 1, 695. 50 1802 41, 650 11 945.00 1, 097. 50 660.50 1803 66,064 15, 857. 50 3, 304.00 1 892. 50 1804 19, 570 78, 259. SO 168150 826. 60 1805 321 105,86100 30, 348. 50 12, 078.00 moo 1806 , 419,788.00 5153100 1807 ... " 525,788.00 55,160. 75 i6,166."66 1808 681300 00 1809 702, 905.00 """'i'in'oo 1810 638,138.00 635. 60 1811 601, 822.00 6, 518. 00 1812 811029. SO 1813 I '.'.'.'.'.'.'.'." 620 951 50 1814 519, 537. 50 42,"i56."66 1815 I i7,'368."66 1816 23,"575."66 5,000. 75 1817 607, 783. SO 1818 980,161.00 96,"293."56 1819 1,101000.00 36,000 00 1820 375, 56100 3186100 "'""'94,"258."76 1821 652, 898. SO 51 212. 75 118, 651 20 1822 779, 786. 50 16,020.00 10,000 00 1823.-.c>_. 847,100.00 1 460.00 41 000.00 1824 1, 752,477.00 0 1825 - 1 471, 583.00 42,"666.'66 5i666."66 1826 2,002,090.00 1827. 2, 746,700.00 i,"666."66 i2i"566."66 1828 1, 537, 600.00 25, soo. 00 12, 500.00 1829 1 sse, 078.00 77,000.00 "'ei'm'oo 1830 2, 382, 400.00 51000.00 62,000.00 1831 2, 936, 830.00 99.'566.'66 77,135. 00 62,135.00 1832 - 2,398, 500.00 80,000.00 52, 260.00 48, 250.00 1833 2, 603,000.00 39,000.00 48, 600.00 68, 500.00 1834 1 '. 3,206,002.00 71 soo 00 63, 600.00 71000.00 1835 _ 2, 676,003. 00 488,000.00 141000 00 138,000.00 1836 " i666 3, 273,100.00 118,000 00 119; 000 00 95,000.00 1837 1,811 910.00 63,100.00 101 200. 00 113,800.00 1838 1 773,000 00 208,000.00 239,493.40 112, 750.00 1839 """"366 1 748, 768.00 122, 786. 50 229, 638. 70 108, 286.00 1840 61,005 1145, 054.00 153, 331 75 263, 358.00 113, 954. 25 1841 173,000 355, 500.00 143,000.00 363,000 00 98, 260.00 1842 181 618 1, 481 882. 00 211 260.00 390,750.00 68,250.00 1843 165,100 3, 056,000.00 403,400. 00 152,000.00 58, 250.00 1844 20,000 1885, 500. 00 290,300.00 7,250.00 32,500.00 1845 24, 500 1,341, SOO 00 230, 500.00 198, 600. 00 78, 200.00 1846 169,600 2, 257,000.00 127, 500.00 3,130 00 1350 00 1847 140,750 1,870, 000.00 275,500 00 21 500.00 . 63,700.00 1848 15,000 1,880,000.00 36,500 00 45,150.00 63,400.00 1849 62,600 1, 781,000 00 85,000.00 113, 900.00 72, 460 00 1850 47,500 1,341, SOO 00 150,700.00 244,150.00 82,260.00 1851 1300 301 375.00 62,000.00 142, 650 00 82,060 00 '$i85,'622."6o 1852 1100 110, 565.00 68, 265.00 196, 560 00 63, 026.00 569,905.00 1853 1 46,110 2,430,354.00 1146, 555.00 1 327, 30100 785, 25100 342,000.00 1854 33,140 llll 000 00 3,466,000 00 621000 00 365,000.00 20 130 00 1855 26,000 2. 288, 725.00 857,360.00 207, 60O 00 117,500.00 1170 00 1856 63, 500 1903,500 00 2,129, 600.00 703,000.00 299,000.00 43,740.00 1857 91000 1 482,000.00 2, 726,500.00 712,000 00 433,000.00 31 260 00 1858 5, 998,000.00 2,002, 250.00 189,000.00 268,000.00 48,120.00 1859 """636,"566 2, 071000.00 421,000.00 97,00000 45,000.00 10,950.00 I860 '. 733, 930 1.0.'?2.850.n0 312,350.00 78,700.00 92,950.00 8,610 00 78, soo! 2,078', 950 66 1 237,650 00 209, 650.00 14 940 00 1861 16106000 X^y %f^.\J» \J\J 1862 12,090! 802.175. no 249,887.60 102,830.00 71 627. SO 10,906.50 1863 27, 660 709,830.00 48, 015.00 17,196.00 5,923.00 643.80 1864 1 31170 518. 785.00 28, 517. 50 26, 907.00 4, 523. 50 14! 10 1865 47,000 593, 460.00 25,075.00 18, 550.00 6,675.00 255.00 1866 "..."I 49, 625 899, 812. SO 11, 381 25 14, 372. 60 6, 536. 25 68175 1867 60,325 810,162. 50 17,156. 25 14, 662. 60 6,431. 26 ISS! 75 1868 "... 182, 700 769,100.00 31 SOO 00 72, 626.00 18, 296.00 123.00 1869 „ 424,300 725, 950.00 23,150 00 70, 660.00 21,930.00 153.00 1870 445, 462 829,758.50 23, 935. 00 52,160.00 • 26,830.00 120.00 1871 1,117,136 1, 741 655. 00 S3, 255. 60 109; 37100 82,493.00 127! 80 1872 1118, 600 866, 775.00 68, 762. SO 261,045.00 189, 247. 60 ssjso 1873 $i,"225,"666 296,600 1 593, 780.00 411190. SO 443,329.10 51,830 00 18.00 Total: 1793-1873... ^1225,000 8,031238 100,541,253.00 22,288, 021 50 9, 242, 079. 20 1 880, 219.40 1,282,087.20 See foot note at end of table.

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DIRECTOR OF THE MINT 765 Combined silver coinage ^ of the mints of the United States, by denominations and calendar years, since their organization—Continued

Quarter Trade Dollars Half dollars Dimes Half dimes Calendar year dollars dollars 3 cents

ON

1874 $1910 000 $1406,650.00 $215,975.00 $319,15170 18751 6,279,600 5,117, 750 00 1 278,375.00 2,406, 570.00 1876 1 6,192,150 7, 451, 575. 00 7, 839, 287. SO 3, 015,116. 00 18771 13,092, 710 7, 540 255. 00 6, 021927. sp 1 735,05100 18781 1 259,900 $22,495,550 726, 200.00 849,200. 00 187, 880. 00 1879 1541 27, 560,100 2,950.00 3, 675. 00 1510 00 1880 1987 27, 397,355 4, 877. 50 3, 738. 75 3, 735. SD 1881 960 27,927,975 5, 487. 50 3, 243. 75 3,497. SO 1882 1,097 27. .'i74. mn 2, 750. 00 4, 075. 00 391,110 00 1883 979 28! 47n. n39 4, 519. 50 3,859. 75 767, 571 20 1884 28,136,875 2, 637. SO 2, 218. 75 393,13190 1885 28,697, 767 3, 065. 00 3, 632. SO 257, 711 70 1886 31,423,886 2,943, 00 1471. SO 658,409.40 1887 33, 611, 710 2,855. 00 2,677. SO 1 573,838.90 1888 31990 833 6,416. 50 306,708. 25 . 721, 648. 70 1889 31 651,811 6,355. SO 3,177. 75 835,338.90 1890 38, 043, 004 6, 295. 00 20,147. SO 1133,461 70 1891 23, 562, 735 IOO SOO 00 1, 551,150. 00 2,301671. 60 1892 6, 333, 245 2 1 652,136. 50 2,960331.00 1,695,365.50 1893 1,455, 792 3 1 003,948. SO < 2, 583,843. 25 759,219. 30 1894 3, 093,972 3,667, 831 00 2, 233,448. 25 205, 099. 60 1895 862,880 2,351 652. 00 2,255,390. 25 225,088. 00 1896 19,876, 762 1507,855.00 1386,70O 25 318, 581 80 1897 12, 651, 731 2,023,315. 50 2, 524,440. 00 1287,810.80 1898 11426, 735 3,094, 642. 50 3,497,331 75 2, 015,324. 20 1899 15,182,846 4,471 628. 50 3,991211 SO 2,409,833.90 1900 625,010,938 5,033, 617. 00 3, 822, 874. 25 2,477,918. 20 1901 22, 566, 813 3,119,928. 50 2,641369.25 2, 507,350. 00 1902 18,160, 777 4,454, 723. SO 1 617, 589. 00 2,795, 077. 70 1903 10 343, 755 3,149,763. 50 3, 551, 516. 00 2,829,405. SO 1904 8, 812, 650 2,331,65100 3,011203.25 1, 540,102. 70 1905 1,830 863. 50 2,020, 562. SO 2,480,754.90 1906 . . 5,426,414. SO 2,248,108. 75 2,976, 504. 60 1907 J 5, 825, 587. 50 3, 899,143. 75 3,453,704. 50 1908 5, 819, 686. 50 1 262,136. 25 2, 309,954. SO 1909 -. 2, 529. 025. 00 1110 662. 50 1,448,165.00 1910 1183, 275. 50 936,137. 75 1 625,055.10 1911 1,686,81150 1410 535.75 3,359,95130 1912 _ . .. 2, 610, 750. 00 1 277,175. 00 3,453,070 00 1913 663, 313. SO 493, 853.25 2, 027,062. 20 1914 558,305. 00 2,388, 652. SO 3,136, 865. SO 1915-- 6 1 486, 440. 00 1969, 612. SO 658,045. 00 1916 - 1065, 200. 00 2,095,200. 00 5, 720 400. 00 1917-- 10, 751, 70O 00 9,461400. 00 9,196,200. 00 1918 710,431 549. 00 8,173, OOO 00 6,865,480 00 1919-- - 1839,500 00 3, 776,000. 00 5,452,900.00 1920 8 6,398, 570. 00 9,456, 600. 00 9, 202,100. 00 1921---. 087,736,473 •10 611, 062. 50 479,000. 00 231000 00 1922 81 275,000 11 SO 030. SO 1923 56, 631, 000 12 1 226,038. SO 2, 769,000. 00 5, 657,000.00 1924 13, 539,000 13 71, 04O 00 4, 223,000. 00 3,791000. 00 1925 11, 808,000 " 1338, 518. 00 3,070,000. 00 3, 657,700. 00 1926 11, 267, 700 16 571306. SO 3,933,000.00 1050,800. 00 Total: 1874-1926 -. 34, 740,924 8.^.^..'i7Q 809127 , 243, 565. SO 129,656,569.50 118, 531,300. SO 1793-1873.-. 1225,000 8,031238 100, 541, 253. 00 22, 288,021 50 9, 242, 079. 2.0$1880,219.4 0 $1282,087.20 Grand total-- 35,965,924'843,611047 227, 781 818. 50 151,941 591. 00127 , 773, 379. 70 1 880, 219. 40 1, 282, 087.20

1 Twenty-cent silver coinage, 1875, $265,598; 1876, $5,180; 1877, $102; 1878, $120; total, $271,000. 2 Includes $475,000 in Columbian coins. 3 Includes $2,026,052.50 in Columbian coins. " • ; * Includes $10,005.75 in Columbian coins. 6 Includes $50,026 in Lafayette souvenir-coins. 6 Includes $30,015 in Panama-Pacific International Exposition coins. 7 Includes $60,029 Illinois Centennial coins. . 8 Includes $25,014 Maine Centennial and $100,056 Landing of Pilgrims coins. 0 Includes $1,006,473 "Peace" coins. 10 Includes $50,026.50 Landing of Pilgrims, $25,014 Missouri Centennial, and $35,022 Alabama Centennial coins. 11 Grant Memorial coins. 12 Includes $137,038.50 Monroe Doctrine commemorative coins. 13 Huguenot-Walloon commemorative coins. "Stone Mountain, $1,157,354.50; Lexington-Concord, $81,049.50; California Jubilee, $75,100; Vancouver, $25,014. 16 National Sesquicentennial of signing Declaration of Independence, $500,264; Oregon Trail, $74,042.50. NOTE.—The silver dollar coins executed subsequent to 1920 represent an equivalent number of dollars converted to bullion under the act of Apr. 23,1918—259, 121,554 for export to India and 11,111,168 for domestic subsidiary coin.

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766 REPORT ON THE FINANCES

Combined minor coinage of the mints of the United States, by denominations and calendar years, since their organization

Calendar year 5 cents 3 cents 2 cents Cents Half cents

1793-1795 $10, 660 33 $712 67 1796 ... . 9, 747. 00 577 40 1797 8,975.10 535 24 1798 9, 797. 00 1799 9,045.85 60 83 1800: - 28, 221 75 1,057. 65 1801- 13, 628. 37 1802 31 351 00 71 83 1803 24, 713. 53 489 50 1804 7, 568. 38 5, 276. 56 1805 9,41116 4, 072. 32 1806-... 3,480 00 1 780 00 1807 1 7, 272. 21 2,380. 00 1808 1 11, 090. 00 2, 000. 00 1809 2, 228. 67 5, 772. 86 1810 11 685. 00 1 075. 00 1811 2,180 25 315 70 1812 10, 765. 00 1813 4,180 00 1814 3, 678. 30 1815 1816 - 28, 209. 82 1817 39,484. 00 1818 31, 670 00 1819 - - 26, 710 00 1820 41 075. 50 1821 3, 890 00 1822 20,723.39 1823. 1821 .„. 12, 620 00 1825 11 611 00 315. 00 1826 15,174. 25 1,170 00 1827 - 23, 577.32 1828 22, 606. 24 3, OSO 00 1829 14,145. 00 2,435. 00 1830 17,115. 00 1831 33, 592. 60 11.00 1832 23, 620 00 1833 27, 390 00 770.00 1834 ^ 18,55100 600 00 1835 38, 784. 00 705. 00 1836 21,110 00 1 990. 00 1837 55,583. 00 1838 63, 702. 00 1839 31, 286. 61 1840 : 24, 627. 00 1841 ^ — 15, 973. 67 1842 r 23, 833. 90 1843- 24, 283. 20 1844 23, 987. 52 1845 • 38, 948. 04 1846 41, 208. 00 1847 61, 836. 69 1848 64,157. 99 1849 41785.00 199 32 1850 44, 268.44 199. 06 1851 98,897. 07 738 36 1852 50, 630.94 1853 66 411 31 fi48 47 1854 42, 361. 56 276. 79 1855 - 15, 748. 29 282. SO 1856 26,904. 63 202.15 1857 177,834 56 i?-*^ on 1858 246, OOO 00 1859 364, OOO 00 1860 205, 660 00 1861 101 OOO 00 1862 280,750 00 1863 498,40O 00 1864 - $396,950 00 529, 737.14 1865 $341,460 00 272,800. 00 354, 292. 86 1866 $737,125. 00 144, OSO 00 63, 540 00 98, 265. 00 1867 1, 545,475. 00 117, 450 00 58, 775. 00 98, 210 00 1868 1 440 850 00 97, 560 00 56, 075. 00 102, 665. 00 1869 819, 750 00 48,120 00 30, 930 00 64,20O 00 1870 240 300. 00 40, OSO 00 17, 225. 00 52,750 00 1871 28, OSO 00 18,120 00 14, 425. 00 39,295. 00 1872 301800.00 25,860 00 1, SOO 00 40,420 00 1873 227,600.00 35,190 00 116, 765. 00

Total, 1793-1873 5,340,850 00 867,840 00 912,02O 00 4,929,807.44 39,926.11

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

DmECTOE OF THE MINT 767 Combined minor coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Calendar year 5 cents 3 cents 2 cents Cents Half cents

1874 $176,900.00 $23,700. 00 $141,875. 00 1875 - - 104,850. 00 6,840.00 -135,280 00 1876- 126,500 00. 4,860.00 79.440 00 1877- . 8, 525.00 1878 117. SO 70 SO 57,998. SO 1879 ...... 1455.00 1,236.00 162,312.00 1880 - 997. 75 748. 65 389,649. 55 _ 1881 . 3, 618. 75 32,417.25 392,115. 75 1882- 573,830.00 759.00 385,811.00 1883 1,148,47105 318. 27 455, 981.09 1884 563, 697.10 169. 26' 232, 617,42 1885 73,824. 50 143. 70 117,653. 84 1886- 166, 514. 50 128. 70 176, 542, 90 1887--- 763,182. 60 238.83 452,264. 83 1888 536,024.15 1, 232.49 374,944.14 1889 ... 794,068. OS 646. 83 .- 488,693.61 1890- 812, 963. 60 571,828. 54 1891 841,717. SO 470,723. SO 1892- 584, 982.10 376,498. 32 1893-- 668, 609. 75 466,421 95 1894 • 270, 656. 60 _ 167,521. 32 1895- 498,99120 383,436.36 1896-- 442,146. 00 390,572. 93 1897 1,021,436. 75 504,663. 30 1898- 626,60135 498, 230. 79 1899 1,30145165 536i OOO 31 1900- 1, 362, 799. 75 668, 337. 64 1901 1, 321 OIO 65 796, 111. 43 1902 1574,028. 95 873,767. 22 1903 1400,336. 25 860,944. 93 1904 -- 1,070, 249. 20 613, 280 15 1905 1,491,363. 80 807,191. 63 1906- 1930,686. 25 960,222. 55 1907 I960740 00 1081386.18 1908- :... 1131308. 85 334,429. 87 1909 579,526. 30 1,176,862. 63 1910 1,608,467.65 1 528,462.18 1911- 1,977,968. 60 1,178, 757. 87 1912 1, 747,435. 70 829, 950. 60 1913 3,682, 961 96 984,373. 52 1914- 1402,386.90 805,684. 32 1915- .' 1 603,088. 50 559,751 20 1916 1431663.30 1902, 996. 77 1917 '3,276,39145 2,841,097. 85 1918 2,266, SIS. 70 3,706,146. 34 1919 3,819,760. 00 5,889, 360. 00 1920 1110,000 00 4,066, 650 00 1921 611, OOO 00 544,310. 00 1922 71,600 00 1923 2,092, 860. 00 834,230. 00 1924.. 1,415,750 00 893, 940. 00 1925 2,313, 555. 00 1,889,090. 00 1926 2, 565, OSO 00 1, 896, 580 00 Total: 1874-1926... 64,659, 288.10 73, 509.48 46,993, 706.83 1793-1873--. 5,340, 850 00 867,840. 00 $912,020.00 4,929, 807.44 $39 926 11

Grand total . . 70, 000,138.10 941, 349.48 . 912,020 00 51, 923, 514. 27 39, 926.11

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768 REPORT ON THE FINANCES

Total gold, silver, and minor coinage of ihe United States, by calendar years

Calendar year Gold Silver Minor Total value

1793-1795.. $71,485. 00 $370 683. SO $11373. 80 $453, 541 80 1796 77,960 00 77, 118. SO 10,324.40 165,402. 90 1797 128,190. 00 14, 560 46 9, 610. 34 152,250 79 1798- 205, 610. 00 330 291.00 9, 797. 00 545, 698.00 1799 213,285. 00 423, 515. 00 9,106. 68 645, 906. 68 1800 317, 760. 00 224, 296. 00 29, 279. 40 571, 336. 40 1801 , 422,570 00 74, 758. 00 13, 628. 37 510,956. 37 • 1802 423,310 00 68, 343. 00 31422.83 616,075. 83 1803 258,377. 50 87, 118. 00 25,203. 03 370 698. 53 1804 268, 642. 50 100, 340 SO 12, 844. 94 371,827. 94 1805 , 170 367. 50 149, 388. SO 13, 483. 48 333,239.48 1806 321 505. 00 471, 319. 00 5,260. 00 801,084. 00 1807 437,495. 00 697, 448. 75 9, 652. 21 1041595.96 281 665. 00 681 300 00 13,090 00 982, 055. 00 1809.. 169,375. 00 707, 376. 00 8,001. 53 884, 752. 53 1810.. 501,435.00 638, 773. 50 16, 660 00 1,156, 868. 50 1811.. 497, 905. OO 608, 340 00 2,495. 95 1,108, 740. 95 1812.. 290,435. 00 811 029. 50 10, 755. 00 1,115, 219. 50 1813.. 477,140. 00 620, 951 60 4,180. 00 1102, 271 60 1814-. 77, 270. 00 561, 687. 50 3, 578. 30 642, 536. 80 1815.. 3,175. 00 17, 308. 00 20 483. 00 1816-. 28, 675. 76 28, 209. 82 66, 785. 67 1817.. 607, 783. 50 39,484. 00 647, 267. 50 1818-. 242,940. 00 1 070, 451 60 31, 670 00 1 345, 061 60 1819-. 258, 615. 00 1140, 000. 00 26, 710. 00 ], 425,326. 00 1820-. 319,030 00 501, 680. 70 41 075. 60 1,861 786. 20 1821.: 189,325. 00 825, 762. 45 3, 890 00 1,018,977. 45 1822.. 88,980. 00 805, 806. 60 20, 723. 39 915, 509. 89' 1823.. 72,425. 00 895, 560 00 967, 975. 00 1824.. 93,200. 00 1, 752, 477. 00 12, 620 00 1, 858, 297. 00 1S2S-. 156,385. 00 1, 564, 683. 00 11926. 00 1, 736,891 00 1826.. 92,245.00 2, 002, 090. 00 16,34126 2,110, 679. 25 1827.. 131565.00 2, 869, 200. 00 23,'677. 32 3,021 342. 32 1828.. 140,145. 00 1 676, 60O 00 26, 636. 24 1741,38124 1829.. 295,717. SO . 1, 991 578. 00 16, 580 00 2,306,875. 50 1830.. 643,105. 00 2,495, 400. 00 17,115.00 3,166, 620. 00 1831-. 714, 270 00 3,175, 600. 00 33, 603. 60 3, 923,473. 60 1832.. 798,435. 00 2, 679, 000. 00 23, 620 00 3,401,056.00 1833.. 978, 660 00 2, 769, 000. 00 28,160. 00 3,766,710 00 1834.. 964, 270 00 3,416, 002. 00 19,151. 00 7, 388,423. 00 1835-. 186,175. 00 3,443, 003. 00 39, 489. 00 5, 668, 667. 00 1836.. 135, 70O 00 3, 606, 100. 00 23,100. 00 7, 764,900 00 1837.. 148,306. 00 2,096, OIO 00 55, 583. 00 3, 299, 898. 00 1838.. 809, 765. 00 2,333, 243. 40 63, 702. 00 1 206, 710. 40 1839.. 370,847. 60 2, 209, 778. 20 31, 286. 61 3, 617,912. 31 1840- 675,482. 50 1, 726, 703, 00 21 627. 00 3, 426,812. 50 1841.. 091,857. 50 1,132, 760 00 16, 973. 67 2,'240, 58117 1842-. 829,407. 50 2,332, 750.00 •23,833.90 1186,991 40 1843.. 108, 797. 50 3,831 750. 00 21283. 20 11,967,830 70 1844-. 427,670. 00 2,235, 550. 00 23,987. 52 7, 687,207. 62 1845-. 756,447. 60 1,873, 200. 00 38,948. 04 6, 668, 696. 60 1846.. 031177. 60 2, 558, 680. 00 41,208.00 6, 633,965. 54 1847.. 202,325.00 2,371 450 00 61,836. 69 22,638,61169 1848-. 775, 512. 60 2,040 05O 00 61167. 99 5,879, 720.49 1849-. 007, 761. 60 2, 111 960 00 41,981 32 11,161695.82 1850- 981,738. 60 1,866, IOO 00 41467. 60 S3,892,306.00 1851- 611492. 60 744, 397. 00 99, 635. 43 63,488, 524.93 1852.. 846,187.60 999, 410 00 SO, 630. 94 57,896,228. 44 1863.. 377, 909.00 9, 077, 571 00 67, 059. 78 48, 522, 639. 78 1854.. 915, 962. 50 8, 619, 270. 00 42, 638. 35 31 677,870. 85 1855.. 387,968.00 3,601, 246. 00 16, 030. 79 32,906,243. 79 1856- 857, 768. 60 5,142, 240 00 27,106. 78 42,027,115.28 1857.. 211040. 00 5,478, 760. 00 178, OIO 46 37,870,810 46 ^ 1858.. 938,413. 60 8,495, 370.00 246,000. 00 31,679, 783. 50 1859-. 780 570 00 3,281 460 00 361000. 00 18,429,020. 00 1860.. 473,654. 00 2,259, 390. 00 205,660 00 25,938,704. 00 1861.. 395,630.00 3,783, 740. 00 101,000. 00 87,280,270.00 1862.. 875,997. 50 1,252, 616. 60 280,760. 00 22,409,264.00 1863.. 445,482.00 267. 80 498,400 00 23, 753,149.80 1864.. 081,415. 00 609, 917.10 926,687.14 21,618,019. 24 1865-. 295,107. SO. 691, 005. 00 968,552. 86 29,954,665.36 1866-. 435,945. 00 409. 25 1,042,960 00 33,461,31125 1867- 828, 625.00 876. 25 1,819,910 00 26, 557,41125 1868.. 371,387. SO 1,074, 343.00 1697.150 00 22,142,880 SO 1869.. 582, 987. SO 1,266, 143.00 963, OOO 00 19,812,130 50 1870.. 198,787. SO 1,378, 255. SO 350,325. 00 24,927,368.00 1871.. 032,685.00 3,101 038. SO 99,890 00 21236,613.30 1872.. 812, 645. 00 2,504, 488. SO 369,380 00 24,686, 513. 50 1873.. 022,747. SO 4,024, 747. 60 379,455.00 61426,95010

Total, 1793-1873. 852,114,437. SO 147,489,898.30 12,090,443.55 1, Oil, 691779.35

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

DIRECTOR OF THE MINT 769 Total gold, silver, and minor coinage of the United States, by calendar years- Continued

Calendar year Gold Silver Minor Total value

1874.. $35,254, 630 00 $6.851 776.70 $342, 475. 00 $42,448, 881 70 1875.. 32,951, 940 00 15. 347, 893. 00 246, 970 00 48, 546, 803. 00 1876.. 46,579. 452. 50 24,503, 307. 50 210, 800. 00 71,293. 560 00 1877.. 43,999, 864.00 28,393, 045. SO 8, 525. 00 72,401, 434. SO 1878.. 49,786, 052.00 28, 518, 850.00 58, 186.50 78,363, 088.50 1879., 39,080, OSO 00 27,569, 776.00 165, 003.00 66,814, 869. 00 1880.. 62.308, 279. 00 27, 411, 693.75 391 395.95 90, 111, 368. 70 1881.. 96,850, 890 00 27,940, 163.75 428, 151 75 125,219, 205, 50 1882., 65,887, 685.00 27,973, 132.00 960, 400. 00 91821, 217. 00 1883., 29, 241, 990.00 29,246, 968.45 1, 604, 770 41 60,093, 728.86 1884., 23,991 756. SO 28, 534, 866.15 796, 483.78 53,323. 108. 43 1885.. 27, 773, 012.50 28,962, 176.20 191, 622.04 56,926, 810. 74 1886.. 28, 945, 542.00 32,086, 709.90 343, 186.10 61,375, 438,00 1887.. 23,972, 383.00 35,191 08140 1,215, 686.26 60,379, 150 66 1888., 31,380, 808.00 33, 025, 606.45 912, 20O 78 65,318. 615.23 1889-, 21413, 93100 35, 496, 683.15 1,283, 408.49 58,194, 022. 64 1890., . 20,467, 182.50 39, 202, 908. 20 1384, 792.14 61051 882.84 1891., 29,222, 005.00 27, 518, 856. 60 1312, 44100 58,053, 302. 60 1892-, 34, 787, 222. 50 12. 641 078. 00 961, 480 42 48,389. 780 92 1893., 56,997, 020. 00 8, 802, 803. OS 1131 93170 66.931 754. 75 1894., 79, 546, 160 00 9. 200, 350 85 438, 177. 92 89,184, 688. 77 1895., 59,616, 357. SO 5, 698, OIO 25 882, 430 56 66,196, 798.31 1896-, 47,053, 06O 00 23,089, 899. OS 832, 718.93 70, 975, 677.98 1897., 76, 028. 485.00 18,487, 297.30 1,526, 100. 05 96,041, 882.35" 77,985, 757. 50 23, 034, 033.45 1,124, 835.14 102,144, 626.09 1899-. 111 341 220. 00 26.061, 519.90 1,837, 451 86 139,243, 19176 1900-. 99,272, 942. SO 36,345, 347. 45 2,031 137.39 137, 649, 427. 34 1901.. 101 735. 187. SO 30 838, 460 75 2,120, 122.08 134, 693, 770 33 1902.. 47,184, 932. SO 30 028, 167.20 2,447, 796.17 79, 660, 895.87 1903- 43, 683, 880 SO 19,874, 440 00 2,251, 28118 65,809, 607. 68 1904-. 233,402, 430. 00 15, 695, 609.95 1,683, 529.35 250, 781, 569.30 1905- 49, 638, 439. 00 6,332, 180 90 2,298, 555.43 58,269, 175.33 1906- 78,793, 045. 00 10, 651, 027.85 2,890, 908.80 92,331 981 65 1907.. 131,907, 490 00 13,178, 435. 75 3, 042, 126.18 148,128, 05193 1908.. 131 638, 632. SO 12,391, 777.25 1468, 738.72 145,499, 148,47 1909-. 88.776, 907. 50 8, 087, 852. 50 1756. 388.93 98, 621, 148,93 1910.. 104, 723, 735, 00 3, 744, 468.35 3, 036, 929.83 111, SOS, 133.18 1911.. 56,176, 822. SO 6, 457, 301 55 •3,156, 726.47 65,790, 850 52 1912- 17,498, 522. SO 7, 340, 995. 00 2,577, 386.30 27,416, 903. SO 1913- 25. 433, 377. 50 3,181 228.95 4, 667, 335.47 33,281 941. 92 1914.. 63,457, 817. 50 6, 083, 823.00 2,208, 071.22 61, 749, 71172 1915- 23.968, 401 SO 1 111 097. SO 2, 062, 839. 70 30,145, 338. 70 1916- 18, 525, 026. 00 8, 880, 800. 00 6.337, 550 07 33.743, 376. 07 1917.. 10, 014. 00 29,412, 300 00 6,118, 089.30 35.540, 403. 30 1918.. 25,473, 029.00 5,972, 662. 04 31,445, 691 04 1919.. 11, 068, 400. 00 9,709, 100. 00 20,777, SOO 00 1920.. 16.990, OOO 00 25,057, 270 00 8,166, 650 00 SO 213, 920 00 1921.. 10,570,000.00 89, 057, 535. SO 1155, 310 00 IOO 782, 845, SO 1922.. 80, 680, 016. 00 84.325. 030. SO 71 600. 00 165, 076, 646, SO 1923.. 45,365, OOO 00 66, 283, 038. SO 2, 927, 080. 00 111 675. 118, SO 1924-. 206, 010, OOO 00 21, 627. 04O00 2,309, 690 00 229, 946, 730 00 1925- 192, 380, OOO 00 19, 8'74, 218. 00 4,202, 645. 00 216,456, 863. 00 1926- 78,540,565.00 19, 825, 806.50 1461 630 00 102,828, 001 SO Total: 1874-1926.. 3,188,829, 04O 00 1 246,023,168,50 111, 726,504.41 4,546,578, 712.91 • 1793-1873-. 852,111437.50 147,489,898.30 12, 090,443, 55 1 Oil, 691779.35 Grand total... 4, 040 943.477.50 1,393, 513, 066. 80 123,816,947. 96 5. 558, 273, 492. 26

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770 REPORT ON THE FINANCES

STOCK OF MONEY IN THE UNTED STATES ON JUNE 30, 1927 On June 30, 1927, the stock of domestic coin in the United States was $2,138,004,166, as shown by the following table:

Stock of domestic coin in the United States, June 30, 1927

Item Gold Silver Total

Estimated stock of coin in United States June SO, 1926 $1, 232, 243, 292 $822,414,184 $2,051657,476 Coinage executed fiscal year, 1927 83, 955, 000 14, 029, 560 97.984,560 Net imports. United States coin, fiscal year, 1927 1,127,262 1127,262 Total 1316.198, 292 837,571,006 2,153, 769,298 Less: Net exports, United States coin, fiscal year, 1927. ... 5,500,953 5, 500,953 United States coin withdrawn from monetary, use, face value, fiscal year, 1927 2, 727,478 3,936,701 6,661179 United States coin used in industrial arts, estimated, fiscal year, 1927 3, SOO 000 100. ooo' 3,600, 000 Total - - 11, 728.431 4,036,701 15.765.132 Estimated stock of coin in United States, June 30,1927 1 304,469, 861 833,531305 2.138,004,166

NOTE.—The number of standard silver dollars coined to June 30, 1927 was 838^486,683, which added to the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports, 496,859, equals 839,633,542. Since July 1, 1898, the number of standard silver dollars exported in transports has been 2,495,000, the net export from Novem­ ber, 1919, to July, 1920, in movement due to the high price of silver, was 28,287,142, those melted under the terms of the Pittman Act of Apr. 23,1918, totaled 270,232,722, those melted otherwise (mutilated, etc.) since 1883 numbered 218,903, and the number of Hawaiian dollars melted to June SO, 1927, was 455^329, a total disposition of 301,689,096, leaving in the United States on JuneSO, 1927, 537,944,446 standard silver dollars and 295,589,859 dollars in subsidiary silver coin. Bullion in mints and assay offices June 30, 1927

Bullion Value

Gold - - $3,003,340 170 60 Silver (cost value) .- 6,925, IOO 44 Total 3.010.265,271 04

Basic metallic stock June 30, 1922, 1923, 1924, ^925, 1926, and 1927

Coin and bullion JuneSO, 1922 June 30, 1923 June SO, 1924 June 30, 1925 June 30, 1926 June 30, 1927

Gold $3,784,651,712 $4.049,553.748 $4,490,807,303 $4,386,195,841 $4.500 976,937 $1565,098,138 Silver 1 696. 719.352 792,041 753 812,449,277 822, 017,285 830,852,304 840.459,405 Total 1481371,064 4,841595,501 5,303,256.580 5,208,213,126 5,331.829,241 5,405,557.541

' Silver bullion is a potential rather than an actual monetary asset, since it can not be represented by circulating certificates nor paid out as cash until coined.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

Location, ownership, and per capita circulation of monetary stock, June 30, 1927

Money held in the Treasury 1 Money outside of the Treasury

Amount held Reserve In circulation Stock of in trust against Held by Kind of money against gold United States Held for money i Total Federal re­ All other Total Federal re- and silver notes (and serve banks money ser-^e banks certificates Treasury and agents and agents 2 Per (and Treasury notes of Amount capita > notes of 1890) 1890)

Gold coin and bullion 4 $4.565,098.136 $3,651,406,436 $1625,278,749 $155,420,721 $1712,002,936 $158,704,030 $913,691,700 $527,635,307 $386,056,393 $3.30 Gold certificates « 1625, 278,749 1625,278,749 618,203,910 1007,071839 8.61 Standard silver dollars. 476,106,537 470, 926,704 5,179,333 61,838,409 13,121, 54^ 48,716,860 42 Silver certificates. 537,944,446 469,599,900 93,801659 375,798,241 3 21 Treasury -notes of 1890 « 469, 599,900 1,326,804 1,326,804 .01 Subsidiary silver «1,326,804 5,246, 729 5, 246,729 290,343,130 14,738,650 275,604,480 2 36 United States notes.— 295,589,859 3.230,183 3, 230,183 343,450,833 51,245,380 292,205,453 2.50 346,681,016 Federal reserve notes 959,560 959, 560 2,076,513,635 373.670,198 1,702,843,437 14 56 O Federal reserve bank notes... 2,077,473,195 192,906 192,906 1 661332 55,757 4,605,575 .04 H National bank notes 4,854,238 19,028,416 19,028,416 685,117,851 35,060, 515 650,057,336 5.56 704,146,267 O Total June SO, 1927 8,531,787,157 1 61156,170,267 2,096,205,453 155,420,721 1, 712,002,936 7 192, 541157 6,471822,343 1,727,532,925 4,744,289,418 40 57 Comparative totals: JuneSO, 1926 ... 8,373,660,229 6 4,207,918,206 2,139,770,428 154,188,886 1, 717,348,235 196,610,657 6,305, S12,'"451 1,470,860,334 1831652,117 O November 1.1920 8,326,338, 267 6 2,406,801772 696,854, 226 152,979, 026 1 206,341,990 350,626,530 6, 616,390, 721 987,962,989 5,628,427,732 52.36 July 1, 1914... 3, 738, 288,871 1 6 1,843,452,323 1 507,178,879 150, 000, 000 186, 273,444 3,402,015,427 3,402,015,427 34.35 January 1,1879 1.007,084,483 i 6 212,420,402 21,602,640 100, 000, 000 90,817, 762 816,266,721 816,266,721 16.92 W 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta. Does not include silyer bullion (a potential monetary asset) to the value of $6,925,100, nor nickel and bronze coin, the value of which depends almost exclusively on the Government impression;.rather than intrinsic metallic value or a specific reserve. i2| 2 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta." 3 Population of continental United States (estimated) June 30,1927, 116,943,000; June 30, 1926, 115,523,000; Nov. 1, 1920,107,491,000; July 1, 1914, 99,027,000; Jan. 1, 1879, 48,231,000. ^ Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federalreserve banks, and Federal reserve agents. « These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 6 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 7 This total includes $19,693,297 of notes in process of redemption, $139,124,060 of gold deposited for redemption of Federal reserve notes. $7,355,599 deposited for redemption of national bank notes, $2,830 deposited for retirement of additional circulation (act of May 30, 1908), and $6,426,700 deposited as a reserve against postal savings deposits. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are-secured dollar for dollar by standard silver dollars held in the" Treasury for their redemption; United States notes are secured by a gold reserve of $155,420,721 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also Secured dollar for dollar by standard silver dollai-s held in the Treasury, Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. . National bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United. States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national bank notes secured by Government bonds.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

772 REPORT ON THE FINANCES

Estimated monetary stock of gold and silver i7i the United States and the amount per capita at the close of each fiscal year since 1873

Total stock of coin and Per capita bullion Fiscal year ended June 30— Population Total Gold Silver Gold Silver metallic

1873 41 677,000 $135,000,000 $6.149.305 $3.23 $015 $3.38 1874 42.796,000 147,379,493 10,355.478 3.44 .24 3.68 1875 - 43,951000 121,131906 19,367, 995 2.75 .44 3.19 1876 45,137.000 130 056,907 36,415,992 2.28 .81 3.69 1877 - 46,353,000 167. 501,472 56,464.427 3.61 121 182 1878 47,598,000 213,199,977 88, 047,907 147 185 6.32 1879 - 48. 866,000 245, 741,837 117,526,341 5.02 2,40 7.42 1880 SO 155, 783 351,841, 206 148, 522,678 7.01 2,96 9.97 1881 51,316, 000 • 478,484.538 175,384.144 9.32 3.41 12.73 1882 - - 52.495,000 506.757,715 203.217.124 9.65 3.87 13,52 1883 53. 693,000 542,732,063 233. 007,985 10 10 134 1144 1884 ^..- 54.911,000 545.500,797 255, 568,142 9.93 165 1158 1885 56,148, 000 588, 697, 036 283.478.788 10 48 5.05 15,63 1886 57,404, 000 590, 774,461 312, 252,844 10 29 5.44 15. 73 1887.-. 58, 680 000 654.520,335 352,993, 566 1115 6.00 17.15 ]888 59,971 000 705.818. 855 386, 611,108 1176 6.44 18.20 1889 61,289, 000 680 063. 505 420,548, 929 1109 6.86 17.95 1890 62,622, 250 695,563,029 463, 211, 919 1110 . 7.39 18.49 1891 - 63,975,000 646, 582. 852 522. 277, 740 10 10 8.16 18.26 65,520,000 , 664, 275,335 570,313; 544 1015 8.70 18.85 1893 66,946, 000 597,697,685 615,861484 8.93 9.20 18.13 1894 . 68,397. 000 627, 293, 201 624,347,757 9.18 9.13 18.31 1895 - _• 69.878, 000 636, 229,825 625, 854,949 9.10 8.97 18.07 1896. . . 71,390,000 599, 597,964 628, 728, 071 8.40 8.81 17.21 1897... 72,937,000 696,270,542 631509, 781 9.55 8.70 18.25 1898 71522,000 861 511780 637, 672,743 1156 8.56 20.12 1899 76.148,000 962, 865, 505 639, 286,743 12.64 8.40 2104 1900 . . 76.891.000 1 034,439.264 647,371, 030 13.45 8.42 2187 1901 77,754.000 1124. 652,818 661, 205,403 1147 8.50 22.97 1902. 79.117,000 1,192,395, 607 670 540 105 15.07 8.48- 23,55 1903 SO 847. 000 1, 249,552, 756 677.448, 933 15.45 8.38 23,83 1904 81 §67,000 1327,672, 672 . 682,383,277 16.22 8.33 2155 1905 .- 83,259,000 1,357, 881.186 686,401,168 16.31 8.24 2155 1906.- 84,662, 000 1472, 995, 209 687,958,920 17.40 8.12 25.52 1907. 86.074, 000 1466,056^632 705,330, 224 17.03 8.20 25.23 1908 87,496,000 1,615,140,575 723,591595 18.46 8.27 26.73 1909... - 88,926, 000 1640, 567,131 733,250, 073 18.45 8,25 26.70 1910 90,363,000 1 635,424,513 727,078,304 18.10 8.05 26.15 1911 93,983,000 1753,131114 732,002,448 18.65 7.79 26.44 1912 95,656,000 1812,856,241 741,184,095 18.95 7.75 26.70 1913 97,337,000 1,866,619,157 745, 585,964 19.17 7.66 26.83 1914... - 99.027,000 1,871,611,723 753,563,709 18.90 7.61 26.51 1915 100,725,000 1,973,330,201 758,039,421 19,59 7.53 27.12 1916 - - 102,431,000 2,450 516,328 763, 218,469 23.92 7.45 3137 1917 . . . 104,145,000 3, 018, 964.392 772.908,391 28.99 7,42 36.41 1918 105,869, 000 3.145, 680, 606 745,747,094 29.71 7.04 36.75 1919 107, 600, 000 3,112,320 547 568,329, 597 28.92 5,28- 34,20 1920 105,768,000 2.707. 866.274 548,938,429 25.60 • 5,19 30,79 1921:. 108,087,000 3, 291 909.763 619,725,982 30 48 ' 5.73 36, 21 1922. 109, 743, 000 3, 784,651712 696,719,352 3149 •6.35 40 84 1923 111,268,000 1049,553,748 792,041; 753 36.39 7.12 43, 51 1924. 112,686,000 4,490,807,303 812.449, 277 39.85 7,21 47,06 1925 114,101 000 4,386,195,841 822, 017,285 38,44 7.20 45,64 1926 115,523, 000 4,500, 976,937 830,852,304 38,96 7.19 46.15 1927 116,943,000 4, 565, 098,136 840,459,405 39.04 7.19 46.23

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

Location, ownership, and per capita circulation of monetary stock, December 31, 1926

Money held in the Treasury Money outside the Treasury

Amount held Reserve In circulation in trust against Kind of money Stock of Held for Held by money i against gold United States Federal Re­ All other Federal Re­ Total and silver notes (and Total certificates serve Banks money serve Banks Per Treasury and agents and agents 2 Amount (and Treasury notes of capita 3 notes of 1890) 1890)

Gold coin and bullion ^ $4, 502, 429, 488 $3, 657,147,612 $1, 680,416, 339 $154,188,886 $1, 628, 695, 531 $193,846,856 $845, 281,876 $422,383, 080 $422,898, 796 .$3. 64 Gold certificates HI 680, 416, 339) 1, 680,416,339 588,355,410 1, 092, 060,929 9.40 Standard silver dollars 531 991184 469,116,882 466,128,485 2,988, 397 65,871302 11293,397 '51580,905 .44 Silver certificates .'._- . 8(461788,181) 464,788,181 68,036,040 396, 752,141 3.41 Treasury notes of 1890 _ •5 <1 340, 304) 1, 340,304 1,340,304 .01 Subsidiary silver 295,452,961 3,107, 687 3,107, 687 292, 345,274 io, 766, 216 281, 579,058 2.42 United States notes 346, 681,016 2,879,898 2,879,898 343,80], 118 46,990, 993 296,810,125 2.56 Federal reserve notes 2, 260, 821, 500 1, 595,626 1,595, 626 2, 259, 225,874 434,789,013 1,824, 436,861 15. 70 O Federal reserve bank notes... 5,149,658 133,070 133,070 5,016,588 49,090 1967,498 .04 H National bank notes 697, 767,929 15,360, 559 15,360, 659 682, 407,370 53, 511, 780 628,895,590 5.41 O Total Dec.31, 1926 8, 643, 293, 736 61149,341,334 2,146, 544,824 151188, 886 1, 628, 695, 531 7 219,912, 093 6, 640, 497, 226 1, 639,175, 019 5, Opl 322,207 43.03 Comparative-totals: o Dec. 31,'1925 8,481 266, 521 6 4,175,414,293 2,160, 270,263' 153,620,986 : 212,135, 609 6,469,122, 491 1 461, 001, 583 5,008,120,908 43.62 Nov. 1, 1920- 8,326,338,267 6 2,406,801772 696,854,226 152, 979,026 1 649, 387, 435 350,626, 530 6, 616,390,721 987,962,989 5, 628,427,732 52.36 July 1 1914. - 3,738, 288,871 6 1,843,452, 323 1, 507,178,879 150,000,000 1, 206, 341, 990 186,273, 444 3,402, 015,427 3,402, 015,427 3135 Jan. 1, 1879 1 007, 084, 483 6 212,420,402 21, 602,640 100, 000,000 90,817, 762 816, 266, 721 816, 286, 721 16.92 W 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. Does not.include silver bullion (a potential monetary asset) to the value of $7,815,680, nor nickel and bronze coin, the value of which depends almost exclusively on the Government impression rather than intrinsic metallic value.or a specific reserve. ^ Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. 3 Population of continental United States (estimated) Dec. 31, 1926, 116,232,000; Dec. 31,1925,114,813,000; Nov. 1,1920, 107,491,000; July 1, 1914, 99,027,000; Jan. 1, 1879, 48,231,000. < Does iiot include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. « These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bulhon and standard silver dollars, respectively. 6 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted-from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 7 This total includes $16,371,584 of notes in process of redemption, $177,952,033 of gold deposited for redemption of Federal reserve notes, $11,265,682 deposited for redemption of national bank notes, $3,590 deposited for retirement of additional circulation (act of May 30,1908), and $6,614,600 deposited as a reserve against postal savings deposits. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $154,188,886 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations ofthe United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like aniount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, Federal reserve banks must maintain a gold reserve of at least 40 per cent, includ­ ing the gold redemption fund which must be deposited with the United States "Treasurer, against Federal reserve notes in actual circulation.. Lawful money has been deposited with the Treasurer df the United States for retirement of all outstanding Federal reserve bank notes. National bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national bank notes secured by Government bonds. CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

774 REPORT ON THE FINANCES

Monetary stock of gold in the United States since 1873

Coin in Bullion in Coin in national End of year banks, comp­ Coin in Total stock Treasury Treasury» troller's report circulation of gold

Fiscal year June 30: 1873 -.- $55, 518, 567 $15, 669,981 $3, 818, 086 $30, OOO 000 $105, 006, 634 1874 60,972,107 9,539, 738 5, 536,086 39, 607, 488 115, 655, 419 1875 - 45,382,484 8, 258, 706 3, 710, 682 31, 695, 660 89, 047, 532 1876 1 41912,168 9, 589, 324 3, 225, 707 41 533, 218 99, 260 417 1877: 76, 661, 703 10 962,169 5, 306, 263 39, 058, 592 131,988, 727 1878 - 122,136, 831 6, 323, 372 • 8,191,952 39, 767, 529 176, 419, 684 1879 ..-. 129,920 099 5, 316, 376 21, 530 846 53, 601, 228 210 368, 549 Calendar year: 1879 95,790 430 61 999, 892 98,104,792 46, 843, 302, 738, 538 1880 61481, 245 93, 789, 622 92,184,943 ISO 085, 397, 541,664 1881 84,639,865 88, 726,016 101115,387 210, 775, 485, 257,101 1882 119,523,136 51, 501110 75,326,033 231 205, 480 555,990 1883 152,608,393 65, 667,190 73,447, 061 228, 296, 520 019,465 1884 - 171, 553, 205 63, 162,982 76,170 911 215, 813, 526, 70O 227 1885 75,431 379 72, 938, 221 96, 741, 747 313,346, 558, 460 669 1886 187,196, 596 81 4,31 262 97, 781,405 223,199, 589, 609,128 1887 182,618,963 123, 145,136 99,162, 377 245,145, 650 072, 055 1888 227,851 212 97, 456, 289 78,224,188 246, 218, 649, 752,882 1889 - 246,401951 67, 265,944 81416,468 235,434, 633, 518,934 - 1890 226, 220, 004 67, 645,934 80 361,784 271 055, 648, 281155 1891 196, 631061 S3, 575, 643 91, 889, 590 253, 765, 625, 861 582 1892 156, 662,452 81 826,630 100 991,328 242, 621, 582, 102,242 1893 73, 624, 284 84, 631,966 151,233,989 281.940, 591 430 251 1894 -. 91,781,176 47, 106,966 151,117, 047 248, 787, 538, 793, 056 1895 83,186,960 29, 443,955 147, 308, 401 242, 644, 502, 581 013 1896 121, 745, 884 54, 648, 743 161,828,050 251, 010 589, 233,493 1897 152,488,113 45, 279, 029 187, 608, 644 252,419, 637, 791 819 1898 141, 070, 022 140, 049,456 263,888, 745 286,891, 831, 899, 801 1899 257,306, 366 143, 078,146 203, 700, 570 293, 387, 472, 754 1900 328,453, 044 153, 094, 872 199,350, 080 307, 870, 768, 470 1901 417,343,064 123, 735, 775 190,172, 340 318, 388, 1 049, 639, 647 1902 458,159, 776 159, 971,402 178,147, 097 321 252, 1,120, 530 773 1903 478,970, 232 209, 436,811 170, 547, 258 332, 730 1191, 685, 290 187, 017 1904 647, 261, 358 49, 195, 111 219 325, 261, 1, 216, 821, 516 1905 662,153, 801 101, 183, 778 327, 549, 1, 287, 568, 263 542, 687 196, 680,998 1906 737, 677,337 156, 188, 096, 624 376,006, 1 458, 323, 415 788, 467, 689 162, 937,136 457,995, 1 612, 689,332 1907 041, 339 203, 289,045 1908 921 316,981 111 209,185, 761 1 656, 149, 513 931 803, 233 97, 347, 289 411, 605, 649,319 1909 213,990 955 392, 507, 1, 638, 982, 586,379 120, 726, 077 1 710 035, 214 1910 088, 870 227,977, 678 378, 745, ., 001,413, 292 183, 235,181 404 1, 799, 627, 846 1911 995, 209,422 258, 857,946 379.941, 237, 316 1912.- 240,452, 237 385, 717, 1, 880, 987, 678,101 303, 585, 254 1, 901 694,145 1913 351958 232, 798,904 380, 631, 880 951 878 304, 168, 660 282 098, 882 1914 , 042, 818,106 643, 421187 451,128, 1, 805, 451182 1915 802, 847 118,415, 762 491 796, 2, 299, 906,491, 238 1 291 120,396, 000 965, 541 1916 697,301, 630 1, 688, 745,498 545, 275, 2, 866, 520, 580 1917 775, 502, 510 1 855, 416, 512 61, 560 OCO 612,913, 3, 042, 226, 222 1918 547, 210 009 807, 589 61963,144 469, 341 3,165, 630,068 1919 237, 030,307 1, 810 230,971 69, 030,951 439, 581, 2, 866, 048,019 1920 -. 264, 752, 204 2,141, 042,979 90,465,187 473, 321, 2,942, 568, 874 1921 309,443, 631 2, 842, 301 758 141, 259, 718 412, 513, 3, 660, 475, 615 1922 332, 607, 366 3, 037, 669,150 176,589,047 410 138, 3,933, 200, 861 1923 509, 507, 670 3, 302, 221, 820 211 773,928 397,150, 4, 247, 407, 014 1924 591401215 3, 407, 591-288 191839,193 438, 838, 4, 547, 695,872 1925. 595, 319, 574 3,229, 480, 085 178, 872, 034 405, 825, 4, 408, 429,488 1926 3, 302, 203, 308, 852 401, 320, 4, 502,

1 Includes Federal reserve bank holdings for 1918 and following years.

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DntECTOR OF THE MIMT 775

Average price of art 6unc& of gold ifi London and United States equivalent since 1870

Equivalent in United Per cent States value of Lon­ premium of Average London don price 2 price per stand­ average ard ounce to 1918, - price above Calendar year Bank of inclusive, and For British England's per fine ounce For a fine thereafter» standard minimum ounce bujnng otince (1.000) (O.OIOM) rate

£ 8. d. 1870 • •- —•-•-• .-j....."-^.. ^ 3 17 9.01 $18.9190 $20.6389; 0.00107 1871 --— - ...•...^... 3 17 9.01 18.9190 20.6389 .00107 1872- --• - ^.. •-•..•-• 3 17 9.24 18.9237 20.-6440 . 02572 1873 .-...• .-..-.'-• 3 17 9.28 18; 9245 20. 6449 .03001 1871 .. _•...._..'... 3' i7 9.00 18.9188 20. 6387 1875 ^ -— ^ .^..-... . 3' 17 9.23 18.9235 20.6438 . 02465 1876 - .- ..• .-...•....-• ...-- 3 17 9,30 18; 9249 20. 6453 .03215 1877. ..:.-. - 3 17 9.42 18.9273 20. 6480 . 04502 1878 - -•-.- —• -•- 3 1-7 9.41 18,9271 20. 6477 . 04394 1879 .- J..:- 3 17 9.11 18. 9210 20 6411 .01179 1880"- -• .^-...... •-..-•. .-. 3 17 9.15 18.9218 20. 6420 .01608 1881 .J..-..------3' 17 9,35 18. 9259 20. 6464 . 03751 1882 .— -. 3 17 9.43 18. 9275 20. 6482 .04609 1883 . -..- •..-• 3- 17 9. IS- 18. 9224 20.6426 .01929' 1884 - '.. —- 3 17 9.32; 18. 9253 20. 6458 .03430 1885 - -..- 3 17 9.17 18. 9222 20. 6421 . 01822 1886 • • -•. - 3 17 9.10 18.9208 20. 6409 .01072 1887 .....'..'^ .•.....'_..-_-. s. 3> 17 9.01 . 18. 9190 20. 6389 .00107 1888 . .. -.^ -• .•- 3' 17 9.21 18. 9231 20. 6434 .02251 1889 -- .- 3 17 9.04 18. 9196 20. 6396 . 004'29 1890 • - .— .-.-• --.- 3 17 9.41 18. 9277 20. 6484; . 04716 1891- • —• 3' 17 10 29 18; 9450 20. 6673 .13826 1892 . • .'.- •-.• -•... 3 17 10 17 18. 9425 20. 6645 .12540 1893 ^. ..- — ... 3 17 10 57 18:9506 20 6734" . 16827 1891 .-...:_...-.. .• 3 17 9.33" 18.9255 20 6460' . 03537 1895 . .. _•.. _-- 3 17* 9.03' 18.9194 20 6393 . 00322- 3 17 1016 18; 9423 20,6643; .12433 1896. .'^' 3 17 1123 18. 9640 20i 6880 1897 ...... • .:- .•- 3 17 10 46 . 18.9484 20 6716- .23901 1898 ..u ....—._.. - 3 17 9.27 18:9243 20: 6447 . 1564'8 1899^ . • .-.-..--..- •- 3 17 9.^1 18.9373 20; 6589' . 02891 19001 ---'...... •.._•. _'- 3 17 9.83 18. 9356 20. 6570 .09753 1901 - -. -• .-. 3 17 9.55 18. 9300 20. 6509 .08896 1902 3 17 10 06 18.9403 20. 6621 .05895 1903 3 17 9.94 18.9379 20. 6595 .11361 1904...... 3 17 9.42 18:9273 20. 6480 .10075 1905 ..-- - . 3 17 9. 82 18. 9354 20r6568 .04502 1906 3 17 9.95 18.9381 20. 6597 ;08789 1907 - 3 17 10 19 18. 9429 20.6650 . 10182 1908 3 17 9.18 18.9221 20. 6426 .12755 1909 .-.. 3 17 9.03 18.9194 20.6393 . 01929 1910 - 3 17 9.00 18. 9188 20. 6387 . 00322 1911 3 17 9.00 18. 9188 20. 6387 1912 3^ 17 9.00 18. 9188 20. 6387 1913 -—.-.-. • 3 17 9.04 18. 9196 20; 6396 1914 . .- . —. •.^-... 3 17 9.00 18.9188 20; 6387 . 00429 191S-. - 3 17 9.00 18. 9188 20: 6387 1916 - .... ---- 3 17 9.00 18. 9188 20. 6387 1917.. 3 17 9.00 18.9188 20. 6387 1918: • . . -..— - • -• .-.

1919 4 10 103 20 0937 21 9204 6.21033 1920 ... 5 12 1152 25,1958 27 4863 33.17875 1921 5 7 .50 23, 8758 26. 0463 26.20109 1922 - - 4 13 3.80 20. 8144 22.7066 10.01952 1923 4 10 2.90 20.1284 21 9583 6. 39381 1924 .. 4 13 8.3 20. 8980 22.7978 10. 46141 1925 ... 4 5 5.6 19:0631 20. 7964 . 76410 1926 4 4 111 18. 9426 20. 6616 , 12549 Mint price per standard ounce (O.OIOH) 3 17 10 50 18. 9492 . 16077 Equivalent per fine ounce 4 4 1145+ 20 6718 . 16077 Bank rate per standard ounce (0.916^) 3 17 9.00 18. 9188 Equivalent per fine ounce . '4 4 9.82- 20. 6387

» London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounce basis. 2 Conversions on basis of legal monetary parity; exchange not a factor. 64761—FI 1927 51

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776 REPORT ON THE FINANCES Average commercial ratio of silver to gold each calendar year since 1687, with gold considered as of legal monetary value

Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio

1687.... 1194 1727 15.24 1767.... 1185 1807.... 15.43 1847... 15.80 1887— 2110 1688-... 1194 1728.... 15.11 1768.... 14. 80 1808.... 16.08 1848... 15.85 1888-. 22.00 1689.... 15.02 1729 1192 1769-.. 1172 1809.... 15.96 1849... 15.78 1889... 22.10 1690—. 15.02 1730..- 1181 1770 1162 1810.... 15.77 1850... 15.70 1890... 19.75 1691.... 1198 1731.... 1194 1771.... 1166 1811—. 15.53 1851... 15.46 1891... 20 92 1692.... 1192 1732.... 15.09 1772 1152 1812 16.11 1852— 15.59 1892... 23.72 1693.... 1183 1733...- 15.18 1773 1162 1813.... 16.25 1853... 15.33 1893... 26.4^ 1694.... 1187 1734 15.39 1774 1162 1814 15.04 1854... 15.33 1894... 32,56 1695— 15.02 1735 15.41 1775 1172 1 1815.... 15. 26 1855— 15.38 1895— 3160 1696.... 15. 00 1736-— 15.18 1776.— 1155 1816 15. 28 1856... 15.38 1896— 30 59 1697.... 15.20 1737 15.02 1 1777— 14. 54 1817.-.- 15.11 1857... 15.27 1897... 3120 1698.... 15.07 1738—. 1191 i 1778- — 14. 68 1818— 15.35 1858... 15.38 1898... 35.03 1699.... 1194 1739 1191 1779—. 14.80 1819— 15.33 1859..- 15.19 1899... 3130 1700.... 1181 1740.... 1194 1780— 14.72 1820- — 15. 62 1860— 15.29 1900... 33.33 1701.... 15.07 1741-..- 14,92 1781 1178 1821— 15. 95 1861— 15.50 1901... 3168 1702.... 15.52 1742..- 1185 1782— 1142 1822 15.80 1862— 15.35 i 1902... 39.15 1703.... 15,17 1743.— 1185 1783 — 14.48 1823— 15.84 1863 — 15.37 1903... 38.10> 1704.... 15,22 1744- — 1187 1784 14.70 1824 15. 82 1864... 15.37 1904-. 35.70 1705.... 15.11 1745..-. 14. 98 1785.... 1192 1825.... 15. 70 1865... 15.44 1905... 33.87 1706— 15.27 1746 15.13 1786.... 14.96 1826.... 15. 76 1866... 15.43 1906... 30 54 1707.... 15,44 1747..- 15. 26 1787.... 14, 92 1827.... 15. 74 1867— 15.57 1907... 3124 1708-— 15.41 1748.— 15.11 1788.... 14. 65 1828- — 15. 78 1868— 15.59 1908... 38.64 1709— 15.31 1749—- 14.80 1789.... 14. 75 1829.... 15. 78 1869... 15.60 1909... 39.74 1710.... 15.22 1750.— 14. 55 1790.... 15. 04 1830.... 15.82 1870— 15,57 1910... 38. 22 1711.... 15.29 1751.... 1139 1791 15. 05 1831-.. 15. 72 1871... 15.57 1911... 38.33 1712 15.31 1752.... ^ 1150 1792.... 15.17 1832.... 15.73 1872... 15. 63 1912... 33.62 1713.... 15,24 1753 1154 1793— 15.00 1833— 15.93 1873... 15,93 1913... 311» 1714.... 15.13 1754...- 1148 1794.... 15.37 1834.... 15. 73 1874... 16.16 1914... 37.37 1715.... 15.11 1755— 14. 68 1795 15.55 1835—. 15.80 1875... 16.64 1915... 39.84 1716.... 15.09 1756—. 14.94 1 1796..- 15.65 1836.... 15. 72 1876... 17.75 1916.-•- 3011 1717—. is: 13 1757 1187 1 1797.... 15.41 1837.... 15.83 1877... 17.20 1917... 23.0^ 1718.... 15.11 1758.... 14. 85 1798.— 15.59 1838.... 15. 85 1878— 17.92 1918... 19.84 1719-... 15. 09 1759 1115 1799-— 15.74 1839—. 15. 62 1879... 18.39 1919... 16.53 1720.... 15.04 1760.... 14.14 1800.... 15.68 1840.— 15.62 1880... 18,05 1920... 15.31 1721.... 15. OS 1761 14. 54 1801— 1146 1841 15. 70 1881— 18,25 1921... 25.6a 1722r?... 15.17 1762.... 15.27 1802— 15.26 1842- — 15.87 1882... 18.20 1922... 27.41 1723.... 15.20 1763.... 1199 1803.... 15.41 1843.... 15,93 1883— 18.64 1923... 29.52' 1724.... IS. 11 1764.... 14. 70 1804..... 15.41 1844.... 15.85 1884... 18.61 1924... 27.76. 1725.... 15.^11 1765 1183 1805.^., 15.79 1845.... 15.92 1885... 19.41 1925... 29.38- 1726.... 15.15 1766.... 1180 1806.... 15. 52 1846.... 15,90 1886... 20 78 1926... 32.88

NOTE.—-From 1687 to 1832 the ratios are taken from Dr, A. Soetbeer, from 1833 to 1878 from Pixley and Abell's tables, from 1879 to 1896 from daily cabled prices from London to the Bureau of the Mint, and since from daily London quotations.

RATIO OF, SILVER TO GOLD, AS AFFECTED BY WORLD WAR

During the period December, 1916, to June, 1920, it is probable- that the world's basic silver price was that of New York rather than that of London. The normal relationship between the two prices— New York a fraction of a cent below the London quotation with exchange considered—did not prevail during this period, when the- average monthly New York price varied between approximately 3 cents above and 6 cents below the London price. This period appears to have been initiated by enormous coinages to meet war­ time needs, and large silver shipments from the United States to the Orient. Its close was coincident with the removal of the product of United States mines from the world market, purchases under the Pittman Act of April 23, 1918, having begun in June, 1920. The ratio of silver to gold, based on the New York price, was for this period: Calendar year 1917, 24.85; 1918, 21; 1919, 18.44; 1920,. 20.27. ^ ^ With the partial release during the first half of 1919 of British governmental control of gold export, the London price of exportable- gold advanced above its monetary par. The ratio of silver to this.

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DIREGTOR OF THE MINT 777

gold, based on the average London price of both metals, follows: 1919, 17.53; 1920, 20.41; 1921, 32.34; 1922, 30.11; 1923, 31.35; 1924, 30.62. Final release of British governmental control of gold export became effective April 28,1925, when the Chancellor of the Exchequer of Great Britain announced that the restrictions authorized by the gold and silver (export control) act of 1920 on export of gold would be discontinued from that date. This had the effect of restoring the gold standard to the United Kingdom. The example of Great Britain was followed by Australia, New Zealand, Netherlands, and the Dutch East Indies, and on June 1 by South Africa. On April 29, 1925, the London quotation on gold dropped more than 1 shilling to 84s. lid. per fi^ne ounce, as compared with 84s. 11.45d., mint par. Thereafter the quotation fluctuated between 84s. lOj^d. and 84s. llj^d. until January 29, 1926, when it touched 84s. 9Md-; it has since varied between the latter figure and 84s. llj^d.

Bullion value of the silver dollar [371}4. grains of pure silver] at the annual average price of silver each calendar year since 1837

Year Value Year Value Year Value Year Value Year Value

1837 $1009 1855— $1039 1873 $100368 1891 $0.76416 1909 $0 40231 1838 1008 1856 1039 1874 '. 98909 1892 .67401 1910 .41825 1839 1023 1857 1046 1875 .96086 1893 .60351 1911 .41709 1840 1023 1858- 1039 1876 .90039 1894 .49097 1912 .47543 1841 ... 1.018 1859--".. 1052 1877 .•92958 1895 . 50587 1913—... .46760 1842 1007 1860 1045 1878 .89222 1896 . 52257 1914 .42780 1843 1.003 1861 1031 1879 .86928 1897 . 46745 1915 .40135 1844 1008 1862 1041 1880 .88564 1898 . 45640 1916 . 53094 1845 1.004 1863 — . 1040 1881 . 87575 1899 . 46525 1917 . 69242 1846 .- 1005 1864. 1040 1882...— .87833 1900 . 47958 1918.— . 76142 1847 1.011 1865 1035 1883 .85754 1901 .46093 1919 . 86692 1848 - 1.008 1866 1036 1884 .85904 1902 .40835 1920 . 78844 1849 1013 1867 1027 1885 .82379 1903 .41960 1921 . 48817 1850 - 1018 1868 1025 1886 .76931 1904 .44763 1922 . 52543 1851 - 1034 1869 1024 1887 .75755 1905 .47200 1923 . 50458 1852 _•_ 1025 1870 1027 1888 .72683 1906 .52353 1924 .51906 1853 1042 1871 " 1025 1889 . 72325 1907 . 51164 1925 .53681 1854 1042 1872 1022 1890 . 80927 1908 ,41371 1926 .48284

VALUES OF FOREIGN COINS, OCTOBER 1, 1927 In pursuance of the provisions of section 25, of the act of August 27, 1894, as amended by section 403, Title IV, of the act of May 27, 1921, and reenacted by section 522, Title IV, act of September 21, 1922, I hereby proclaim the following estimate by the Director of the Mint of the values of pure metal contents of foreign coins to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign mer­ chandise exported to the United States during the quarter beginning October 1, 1927, expressed in any such metallic currencies: Provided, however,^ That if no such value has been proclaimed, or if the value so proclaimed varies by 5 per cent or more from a value measured by the buying rate in the New York market at noon on the day of exportation, conversion shall be made at a value measured by such buying rate, as determined by the Federal Reserve Bank of New York and published by me as certified by said bank pursuant to the provisions of said section 25 as amended. ANDREW W. MELLON, Secretary of the Treasury,.

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778 REPOET ON THE mTANCES

Values of foreign coins

Value in terms of Country Legal Monetary unit United | Remarks standard States 1 money

Argentine Repub­ Gold Peso I $0.9648 Currency: Paper normally convertible at lic. 44' per cent of face value. Austria...... do Schillin ?--.. . 1407 Belgium. ...do Belga.. . 1390 1 belga equals 5 paper francs. Bolivia ...do B oli viai10. - .3893 12H bolivianos equal 1 pound sterling. Brazil ...do Milreis- .5462 Currency: Government paper a part of which is legally convertible at 16 pence (=$0.3244) per milreis; now in­ convertible. British Colonies in -..do Pbund s terling 18665 Australasia and Africa. British Honduras . -.-do Dollar- 10000 Bulgaria ...do Lev .1930 1 Canada ...do Dollar... 10000 1 Chile —do Peso... 1 . 1217 Amoy . 6652 Canton .6632 Chefoo . 6362 Chin Kiang-1 . 6498 Fuchau .6153 The tael is a unit of weight; not a coin. Haikwan..- .6769 The customs unit is the Haikwan tael. Hankow ' .6224 The values, of other taels are based on Kiaochow... .6446 their relation to the value of the Haik- rTael.... Nanking .6583 > wan tael. Niuchwang. .,6238 The Yuan silver dollar of 100 cents is the Ningpo .6396 monetary unit of the Chinese Re- Peking- ..6485 ; public; it is equivalent to .0637—ofthe Shanghai--- ..6076 Haikwan tael China Silver-.. Sw-atow . 6145 Takau- .6694 Tientsin .6446 Yuan .4311 Hong Kong. iDollar.- British } .4375 Mexican .4407 Mexican silver pesos issued under Mexi­ can decree of Nov. 13,1918, are of silver content approximately 41 per cent less than the dollar here quoted; and those issued under decree of Oct. 27, 1919, contain about 51 per cent less silver. Colombia.- Gold Peso..,.. .9733 Currency: Government paper and silver. Costa Rica ...do Colon .4653 Law establishing conversion office fixes ratio 4 colons (nongold)=$l U. S. Cuba .- —do Peso 10000 DfiTimark ...do Krone .2680 Dominican Re- ...do Dollar 10000 U. S. money is principal circulating public. medium. Ecuador ...do Sucre. ,2000 Egypt -.do - Pound( 100 piasters). 19431 The actual standard is the British pound sterling, which is legal tender for 97H piasters: Estonia . do. Kroon-. .2680 Finland- ..-do. Markks I .0252 France Gold and Franc— .1930 silver. Germany Gold....- ReichsDaark - .2382 Great Britain ...do Pound sterling 4.8665 o Greece Gold and Drachn la .1930 silver. rj-nAt,Amfl1a Gold Quetzal 1 OOOO Haiti ..-do Gourde .2000 Currency: National-bank notes redeem­ able on demand in American dollars. Honduras —do Lempir a —- .5000 Legally established but not yet actually operative. Hungary— —do Pengo .1749 India (British).... —do Rupee- .3650 Indo-China .. . Silver—. Piaster. . . 4382 Italy Gold Lira .1930 Japan do Yen .4985 Latvia —do— Lat —. .1930 ...do- Dollar 1. OOOO Currency: Depreciated silver token coins. Lithuania ...do Litas . - .1000 Currency: Notes of the bank of Lithu­ ania. Mexico . do. Peso . .4985 Netherlands -.-do Guilder (florin) .4020 N ewfoundland L..do Dollar. 1 OOOO Nicaragua ..-do Cordob a 1 OOOO 4 Norway. --do 1 Krone. .2680

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DIRECTOR OF THE MINT 779

Values of foreign coins—Continued

Value in terms of Country Legal Monetary unit United Remarks standard States money

Panama . Gold..— Balboa $1 OOOO Paraguay ...do Peso (Argentine) .9648 Currency: Depreciated Paraguayan paper currency. Persia--, Silver—^ Kran- .0747 Currency: Silver cii^culating above its metallic value. Gold coin is a com­ modity only, normally worth double the silver of same denomination. Peru Gold Libra 4.8665 Philippine Islands. -.do Peso .5000 Poland ...do ... Zloty .1930 Portugal .-do Escudo.... 1 0805 Currency: Inconvertible paper. Rumania ..-do Leu .1930 Russia —do Ruble— .5146 Pre-war unit. (One Soviet chervonetz«• 10 gold rubles). Salvador.- —do Colon .5000 Siam —do- Tical .3709 Spain Gold and Peseta .1930 Valuation is for gold peseta; currency is silver. notes of the bank of Spain. Straits Settle­ Gold Dollar » .5678 ments. Sweden —do Krona - .2680 Switzerland ...do Franc .. . .1930 Turkey ..-do .. Piaster— .0440 (100 piasters equal to the Turkish £.) Uruguay -.-do Peso...- 1. 0342 Currency: Inconvertible paper. Venezuela ...do Bolivar .1930 Yugoslavia —do Dinar. .1930

Changes in value of foreign coins during 1927

Value, 1927 Country Monetary unit Jan, 1 Apr. 1 July 1 Oct.l

China Silver tael, Amoy $0.6513 $0. 6795 ;0.6794 $0. 6652 Do — Silver tael, Canton . .6493 .6774 .6773 .6632 Do...... Silver tael, Chefoo _ .6229 .6499 .6498 .6362 Do Silver tael, Chinkiang .6362 .6637 .6637 .6498 Do... Silver tael, Fuchau , . 6024 .6285 .6284 .6153 Do-. - Silver tael, Hiaikwan (customs). . 6627 . 6914 . 6913 .6769 Do Silver tael, Hankow... .6093 .6357 .6357 . 6224 Do Silver tael, Kiaochow . 6311 .6584 . 6583 .6446 Do Silver tael, Nanking . 6445. .6724 . 6723 .6583 Do - Silver tael, Niuchwang .6107 . 6372- . 6371 .6238 Do Silver tael, Ningpo . 6261 .6533 .6532 , .6396 Do Silver tael, Peking.. .6349 .6624 .6623 . 6485 Do Silver tael, Shanghai .. . 5949 .6206 . 6206 . 6076 Do... —. Silver tael, Swatow .6016 .6276 .6276 .6145 Do Silver tael, Takau .6554 .6838 .6837 . 6694 Do Silver tael, Tientsin .6311 .6584 .6583 .6446 Do Silver dollar (Yuan) . 4220 .4403 .4403 .4311 Do Silver dollar, Hong Kong Do Silver dollar, British .4283 .4468 .4375 Do Silver dollar, Mexican .4315 .4502 . 4501 .4407 Ecuador Gold Sucre .4867 .4867 .4867 .2000 Honduras Gold lempira : .5000 ,5000 .6000 .5000 India (British) Gold rupee.-- .3650 Do - Silver rupee - .1970 ,1969 Indo-China Silver piaster .4290 .4476 .4476 .4382 Persia Silver kran _- .0731 .0763 .0763 .0747

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WORID'S MONETARY STOCKS OF GOID, SUVER, AND PAPER MONEY AT THE CIOSE OF THE YEARS 1925 AND 1926 00 The following compilations have been made from such data as are available—avowedly incomplete. The amount of gold and silver o in circulation in many countries is not obtainable, and in some countries that held by private banks can not be given. For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by the Government and Federal reserve banks. AU foreign coin which comes into possession of the Government is converted into bullion. Monetary stock of principal countries of the world, end of calendar year 1925 o [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Per capita Monetary unit Gold stock Paper cir­ culation in Mone­ Metallic td Silver monetary Population Country tary United stock un­ In banks stock unit of Unclas­ standard States classified In circu­ Total issuing sified Gold Silver Paper Name and public lation o equiva­ treasuries country stock lent O North America: United States Gold.... Dollar $100 $4,408,696 $4,408,696 $827, 568 1 5,423,421 113,727 $38.77 $7.28 47.69 Canada ...do-..- do 100 $49,915 2 156,769 156,769 26,266 244,334 9,227 "'%l'.'i\' 16.99 2.85 26.48 Mexico 3 —do Peso .4985 i; 101 16,683 16, 683 7,783 3,220 14,235 .08 117 .55 .23 W British Honduras —do.-.. Dollar 100 90 90 195 653 45 2.00 133 14.51 Costa Rica < ...do Colon .25 684 684 247 20,554 498 137 .50 4127 Cuba - do Peso - 100 1731 $18,924 23,655 8,413 * 317,376 3,369 7.02 2.50 9120 Domican Republic. . .-do Dollar 100 300 300 400 2,300 897 .33 .45 2.56 Guatemala —do Quetzal 100 <208 208 8 500 < 25, 339 2,185 .10 .23 1160 "4 Haiti —do-.- Gourde--..- .20 o 250 250 16, 763 2,045 .12 8.19 Honduras Silver-.- Peso («) 30 30 420 7 1250 650 .05 """."65" 197 Ne wrfn n Tl d 1 a n d Qold— Dollar 100 . •• 1 000 1 000 < 2, 300 8 185 263 3.80 8,75 .70 o Nicaragua do Cordoba 100 9 435 6,898 ^ 690 .63 10.00 —dO--- Balboa 100 300 w 300 110 446 .67 .25 Salvador ...do Colon .50 5,005 5,005 16,119 . 1650 3.03 9.77 Virgin Islands ...do--- Dollar - .965 85 3 88 72 10 2, 500 25 3.52 ""2."88' 100.00 BritishWest Indies— —do.-.- do 10138 41 940 156 .26 6.03 Jamaica do Pound 1 sees 1034 233 858 121 .27 Trinidad do Dollar—..- 1625 1260 391 116 10.90 1.0138 1582 110 9.53 Dutch West Indies —do-.- Guilder .402 334 334 183 166 2,01 French West Indies- —do-... Guadeloupe "... Franc .193 299 299 54 , 40,297 230 130 .23 175. 20 Martinique ...do do- .193 375 30,574 240 ""ise" 127.31

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South America: Argentina —do.-.. Peso .9648 435,880 435,880 1,319, 798 9,839 4130 13114 Bolivia ...do Boliviano... .3893 8,223 8,223 U7 38,591 2,820 2.92 '""."oi" 13.68 BrazO ...do-.. MUreis .5462 51298 54, 298 2.829,134 161 83.86 S3,737 """."76" ChUe ...do Peso .365 34,025 34, 025 * 2, 957 392, 097 3,905 8.71 100. 41 Colombia .-do-.- do .9733 17, 890 17,890 9,519 42, 400 2.65 141 6.27 6,760 1.00 Ecuador" - ...do-_- Sucre .4867 1500 1500 6,000 2,000 16, 000 2,000 3.00 8.00 Guiana— British ...do Dollar--^ — 1.0138 20i 1571 298 .67 5.27 Dutch -..do._- GuUder-—- .402 94 94 299 2,950 108 .87 2.77 27.31 French * ...do Franc .193 94 94 194 10, 760 26 3.62 7.46 413. 85 Paraguay ...do__- Peso .9648 12 3,000 3,000 * 262, 707 1000 3.00 262. 71 Peru ...do Pound 4.8665 19,164 19,164 6,400 6,000 3.19 1.07 Uruguay ...do.-- Peso 1.0342 56,814 56, 814 3,304 13 50, 282 1632 3181 '""2." 02" 30.81 Venezuela" —do Bolivar .193 15,000 15,000 9,000 40, 000 2,562 5.85 3.51 15.61 Europe: Austria" ...do SchUling .1407 2,087 2,087 9 463 890, 001 6,536 .32 .07 136.17 Belgium " —dO--- Franc .193 52,855 52, 855 9 17, 469 7,813,692 7,744 6.83 2.26 1, 009. 00 Bulgaria ...do Lev .193 7,981 7,981 3,351 3, ess, 301 5,034 1.59 .67 726.12 Czechoslovakia (lb) Krone .2026 1219,014 19, 014 " 5,070 8, 408, 351 14, 051 135 .36 598. 42 Danzig Goidi::: Gulden----. .195 5 5 1950 31 617 400 .01 188 86.54 Q Denmark ...do-.. Krone .268 56,085 56, 085 3,627 437,737 3,386 16.56 107 129. 28 H Estonia ...do- — Mark . 00268 133 133 11 3,457,418 1200 .11 .01 2,88118 O Finland " .. -- ...dn do .0252 8,357 8,357 22 1 309, 306 3,500 2.40 .01 374.09 France — —do Franc .193 710,968 710,968 61,993 51,085,133 39, 210 18.13 158 1,302. 86 Germany —do-.. Reichsmark. .2382 264,753 264,753 106,932 6,497, 452 62, 475 124 1.71 104.00 O Gibraltar —do---. Pound 4. 8665 160 160 18 8.89 ^=^ Great Britian and 'Pound 18665 159,384 712,086 712, 086 331444 438,156 48,222 3.31 1177 6.94 9.09 Irish Free State. —do--.. Greece" ...do-_-. Drachma.-.. .193 8,941 8,941 5, 682, 309 6.500 138 874. 20 W Hungary" .-do Pengo .1749 10,407 10,407 167 415, 515 8,275 126 """".'02" 50.21 feJ Iceland —-- -.do Krone .268 603 603 9,513 96 6.28 99.09 Italy.- - —do-.. Lira .193 137,956 137,956 32,096 21,449,700 39, 657 3.48 """"."si" 540.88 Latvia -..do.... Lat .193 1548 1548 3,860 61443 1845 2.47 2.09 33.30 Lithuania —do.--. Litas .10 174 174 750 81918 2,203 .08 .34 37.18 ^ Malta ...do-.. Pound - 18665 9 219 800 184 119 135 H Netherlands ...do--- GuUder .402 ^ 178,080 178,080 48,130 899,818 7,298 2140 6.59 123.30 Norway ...do Krone .268 45,513 45,513 6,673. 362,800 2,732 16.66 2.44 132. 80 Poland - —do--.. Zloty...... 193 15,195 15,195 17, 362 663,265 28,478 .53 .61 23.29 Portugal ...do Escudo 1.0805 9,267 9,267 1964 1766,693 6,033 154 .33 292.84 Rumania ...do-.. Leu .193 26, 735 26,735 9 893. 20,126,370 16,750 160 .05 1,201 57 Russia" —do Chervonetz- 5.1455 93,858 93,858 73,100 78,136 138,781 .68 .53 .56 Spain 19 —do-.. Peseta .193 489,629 489, 629 125, 737 4,445,134 21,763 22.50 5.78 204. 25 Sweden ...do Krona .268 61,876 61,876 22, 752 529,789 6,036 10.25 3:77 87.77 Switzerland ...do Franc .193 81 501 53,707 135,208 49,344 877,315 3,918 3151 12.59 223.92 Yugoslavia " ...do-.. Dinar .193 14,657 14,657 3,375 6,062, 684 12,492 117 .27 485.33 Footnotes at end of table.

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Monetary stock of principal countries of the world, end of calendar year 1925—Continued (X)

Monetary unit Gold stock Paper cir­ Per capita Mone­ Metallic SUver culation in Country tary United stock un­ stock monetary Population standard States classified In bariks In circu­ unit df Unclas­ • 'Name equiva­ and public lation Total issuing sified Gold SUver. Paper lent treasuries country stock

Asia: British North Bor­ Gold.— Dollar $0.5678 2,377 258, 9.21 neo. Ceylon 20 ...do Rupee .365 ^$15 $15 $12,438 57,971 4,862 $2.:56 • 11.92 China 21 SUver-- Dollar- $22,798 1,250 1250 164,143 192,728 436,000 $0.05 .38 .44 Cyprus Island • Gold— Pound 18665 292 292 711 525 317 "$5.'92" 2.24 1.66 Fed. Malay States- —do Dollar .5678 60 9,746 1,325 .05 7.M o India, British .-do Rupee. .365 81,464 •81,464 1,608,206 1917,620 247,003 .33 6.^51 7.76 Indo-China, French Silver— Piaster («) 97,118 < 76,629 109,384 21,973 '""4.'42" 3.49" 4.'98 Japan, including Gold— Yen .4985 13,907 575, 768 575,768 204,112 1,790,433 77,817 .18 """7."40' 2.62 23.'0I Chosen and Tai­ wan. Netherlands East —do GuUder .402 76,327 76,^327 168,357 . 388,310 49,351 155 3.41 .7.'87 Indies. Palestine —do Pound 19431 •148 1000 700 .21 1.-43 M Persia Silver- Kran (6) 4 32,726 «52,000 9,500 3.-44 5.17 Philippine Islands . Gold— Peso .50 3,237 3,237 18,934 22 ISl 506 11,142 .29, 1.70 12.07 Sarawak —do Dollar „ .5678 156 . 600 .26 Siam —do Tical — .3709 44,4S2 125,134 9,618 162 13.01 Straits Settlements- —do DoUar .5678 1754 1754 12,155 198,633 935 1.88 13.00 212.44 > Syria —do Pound 3.860 18,103 9,815 2,140 ""ile' •1.59 Africa: Q Abyssinia - SUver— Talari («) 340 225 8,000 .04 .03 tel Algeria Gold—- Franc- .193 18,374 917,411 5,806 3.16 158.01 CQ Belgian Congo —do do- .193 66,492 15,000 4.43 Eg5rpt —do—- Pound 4.9431 16,710 16,710 36,938 35,572 13,886 1,'20 2,66 2.56 Eritrea —do Lira . 193 < 1692 450 3.76 Gambia —do Pound - 4.8665 «119 210 .57 Gold Coast —do do 4.8665 1,335 2,299 .58 Guinea, French —do...- Franc .193 1,049 31792 2,020 .52: 17.22 Ivory Coast ...do -do-..-^.— .193 1 1 6 101,831 1,656 61.49 Kenya Colony and -.do Shilling.^.- .2433 2,777 1,411 2,529 1.10 . .'56 Uganda.2« Madagascar - - —do Franc .193 1852 603,807 3,382 143 148.97 Morocco —do do .193 . 1,459 380 380 193 391463 1411 .33 .09 .04 89.43 Nigeria —do Pound ^- 4.-8665 1995 347 18,588 .27 .02 Nyasaland —do —eo 4.8665 _.__ . 300 $49 349 1,246 1,176 .30 1.06 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1927

Portuguese E. Africa —do Escudo .1.0805 487 486 973 6 "40,478 3,120 .31 [12.97 PortugueseW. Africa —do .^—do 1.0805 80,000 1000 20.00 Reunion Islands " —do Franc .193 1,900 33,000 174 10.92 189.66 Rhodesia Northern —do Pound 18665 37 37 59 931 .04 .06 Rhodesia Southern ...do do „ 4.8665 2,020 2,020 808 2.50 Senegal..* —do Franc .193 467,699 1,225 381.79 Sierra Leone —do Pound 18665 164 150 1,541 . .11 .10 Somaliland: British —do Rupee .365 329 300 344 .96 .87 French —do.-... Franc — .193 44 1,558 65 .68 23.97 Italian 4 —do Rupee - .365 1,863 2,000 1,000 186 2.00 Tanganyika! —do ShiUing .2433 1178 6,612 7,200 .58 .92 Tunis —do Franc .193 25 239,654 2,094 114.45 Union of South Africa —do Pound 18665 45,230 11,680 56,910 17,204 10,694 7,294 7.80 2.36 1.47 Za,r>zibar ...do..... Rupee .365 675 3,791 197 3.43 19.24 Oceania: Australia —do Pound 4.8665 163,917 127,840 127,840 54,092 5,874 27.91 21.76 9.21 New Zealand —do...... do - 4,8665 37,668 6,948 1,370 27.49 5.07 Fiji Islands - do —do - 4,8665 491 491 774 350 164 2.99 172 2.13 Society Islands -Ido Franc .193 27,041 . 28 965.75 g Total 426,635 9,191,313 86,349 9,277,662 1249,345 1,707,880 .25 5.43 2.49 Q O 1 Includes gold and sUver certificates (representing coin and bullion held in trust in 14 Stock in national bank. the Treasury) redeemable on demand. " Monetary standard not established. w. 2 Including some silver coin. " New monetary unit established Dec. 21,1925. »In Bank of Mexico. "a Exclusive of Spanish Bank notes. o 4 Last year's figures. " New monetary unit established Nov. 21,1925. 5 Silver coin in circulation in AprU, 1926. "On Jan. 1,1926. W 6' Fluctuates with the price of sUver. » On Jan. 2, 1926. tel 7 Stated in United States dollars and including $800)000 in United States bUls. 20 On Dec. 23, 1925. 8 Government notes only. 21 Incomplete. 9 Including minor coins. 22 Exclusive of 1,277,780 pesos in United States Federal reserve bank notes. M 10 Stated in francs. 23 On June 30,1925. 11 On June 30,1926. 24 There also circulate Portuguese pound notes to the amount of 858,252 pounds. H3 12 Estimated. 2* Tunisian notes of the Bank of Algiers. 13 Gold certificates, Nov. 30,1925. NOTE .—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract of the United States, 1925. Blanks indicate no figures available, rather than no stock. Gold neld abroad as foUows, not included in the above^ figures (presumably reported by the country having actual possession): Canada, $18,772,373; Mexico, $2,090,596; Chile, $18,739^343; Peru, $3,430,883; Esthonia, $2,563,274; France,-$359,813,935; Germany, $23,010;358; Greece, $4,825,000; Italy, $80,867,000; Lithuania, $3,054,347; Poland> $10,598,209; Rumania, $82,630,958; Spain, $5,692,921; Switzerland, $8,639,960; Japan, $128,613,000; Straits Settlements, $843,573; Morocco, $15,247,000 (gold and sUver); Union of South Africa, $5,388,933 (gold and sUver).

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Monetary stock of principal countries of the world, end of calendar year 1926 00 [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita Paper cir­ Mone­ Metallic culation in SUver monetary Coimtry tary United stock un­ Population standard States • classified In banks In circu­ stock unit of Unclas­ Name equiva­ and public lation Total issuing sified Gold Silver Paper lent treasuries country stock

North America: United States Gold- — DoUar $1 00 $4,502,429 $4,502,429 $838,260 1 5,456,965 113,727 $39.59 $7.37 $47 98 Canada —do—.. do 100 2 202,633 202,633 27,345 247,765 9,227 2196 2.96 26.85 Mexico 3 ...do Peso .4985 $1101 16, 683 16,683 7,783 3,220 14, 235 ""$a08" 117 .54 .22 o British Honduras 3.. —do Dollar- 100 90 90 195 653 45 2.00 133 14.51 Costa Rica -_-- -.do Colon .25 338 20,614 498 .68 4139 w Cuba -- —do Peso 100 1773 $19,014 23,787 8,413 3 317,376 3,369 7.06 2.49 94.20 Dominican Republic --do Dollar 100 135 135 278 4 1346 897 .15 .31 150 O Guatemala 3 . do Quetzal 100 208 208 500 . 25,339 2,185 .09 .23 11 59 Haiti - ...do Gourde .20 150 150 14,000 2,045 .07 6.84 Honduras * _-. -.do Lempira .50 20 20 500 630 650 ."77" .97 H Newfoundland 3 --do Dollar.. 100 1000 1000 2,300 6 185 263 3.77 8.68 .69 W Nicaragua ...do Cordoba 100 315 6,710 690 .45 9 72 tel Panama ...do Balboa 100 322 10 332 584 446 .74 131 Salvador ...do Colon _. .50 7 5, 242 5,242 15, 907 1650 3.17 9.64 Virgin Islands ...do Franc .193 84 2 86 66 2,500 25 3.44 ""'2."64" 100.00 British West In­ dies- ;> Barbados 3 ..'do.—. DoUar 1 0138 41 940 156 .26 6,02 Jamaica- ...do Pound 4.8665 790 238 858 .92 .27 Trinidad ...do Dollar 1 0138 8 10 18 5,306 5,275 391 .04 13,57 13,49 Dutch West Indies.- —do Guilder .402 568 568 205 2,081 166 3.42 123 12.53 French West In­ dies- Guadeloupe —do Franc. !l93 299 299 73 38,810 230 130 .32 168.74 Martinique 8 _ _ -do.... do—. .193 386 32,000 240 ""lei" 133 33 South America: Argentina. ...do.—. Peso .9648 435,880 435,880 1319,798 9,839 4131 134 14 Bolivia —do Boliviano... .3893 8,554 8,554 3 17. 37, 611 2,820 3.03 13.33 BrazU... —do Milreis .5462 56,323 56, 323 2, 539,304 33,737 167 75.29

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Chile* -do... Peso . 1217 10,303 1826 12.129 1220 371788 3,905 3.11 .31 95.21 Colombia -do... do .9733 22.051 22, 051 9,517 51261 6,760 3.26 1.41 7.58 Ecuador 10 .do... Sucre .4867 1500 l; 500 6,000 2,000 16,000 2,000 3,00 1-00 8.00 Guiana- British ...do... Dollar 101^8 203 1608 298 .69 5,39 Dutch. ...do... Guilder .402 91 91 303 3^020 108 .89 2.81 27,96 French 3 ...do... Franc ,193 94 94 194 10,760 26 3.61 7.49 413.85 Paraguay- ...do... Peso .9648 2.123 2,123 192, 661 1000 2.12 192. 66 Peru.. ...do... Pound 4.8665 21490 21,490 6,104 6.000 3.58 102 Uruguay-- ...do... Peso 1 0342 60,423 60,423 3 3,304 67,611 1632 37.02 2.02 4142 Venezuela ...do... Bolivar .193 10 15, 000 15, 000 19 9, 000 62,500 2,562 5.85 3.51 2139 Europe: Austria" _. ..do— Schilling .1407 2 492 7,388 7,388 947,321 6,536 .07 113 144.93 Belgium" --- ..do-. Franc .193 3 17,469 86,214 86,214 9,937,859 7,744 2.25 1113 1283.29 Bulgaria ..do.. Lev .193 8.464 8,464 3.415 3,480, 616 5,034 168 .67 69142 Czechoslovakia (13) Kjone .2026 8,410 8,410 1777 8,202,594 14,051 .59 .12 583.77 Danzig... Gold-. Gulden .195 1 1 1950 35, 716 400 187 89.29 Denmark ...do-. Krone 56, 007 56, 007 1041 385, 961 3,386 16.54 119 111 01 Estonia ...do... Mark 172 172 3 11 3,354,357 1200 .14 .01 2,795.29 rt Finland-- ...do— do .0252 8,249 1 8.250 3 22 1345, 715 3,500 2.36 .01 384.49 France ...do.- Franc 1349.33 .193 711106 711106 65, 760 52,907,329 39,210 18.13 167 Q Germany ...do.- Reichsmark. .2382 395, 675 395, 675 151, 006 5, 092, 232 62,475 6.33 2.42 8151 Gibraltar 3 ...do.- Pound 4.8665 14 160 18 8.88 Great Britain and .-do.„ Pound 4,8665 152,102 751868 751, 868 335, 810 444, 697 48.222 3.15 15.59 6.96 9.22 Irish Free State. w Greece ...do... Drachma--. .193 11 10, 059 10, 059 965 5, 715, 676 6,500 154 .15 879,33 o Hungary .--do... Pengo .1749 " 29, 526 29, 526 3,239 470, 870 8,275 3.56 .39 56, 90 Iceland .-do- Krone .268 603 603 7,271 96 6.28 75.74 ^ Italy" ...do... Lira .193 220,732 220,732 20, 312 20,133,115 39, 657 5.56 .51 507.68 •3 Latvia.^ ...do- Lat .193 1559 1559 442 31 875 1845 2.47 .24 18.90 Lithuania.-- ...do- Litas .10 102 102 1350 86, 792 2,203 .04 .61 39.39 Malta -- ...do-, Pound 4.8665 219 800 184 119 134 ^ Netherlands -. ...do-. Guilder .402 166,161 166,161 48, 037 881 776 7,298 22.76 6.58 12130 g Norway _ ...do... Krone .268 45, 524 45, 524 6,673 337,200 2,732 16.66 2.44 123.42 Poland-S ...do... Zlotz .193 26, 677 26, 677 10, 593 936, 923 28,478 .93 .37 32.89 S Portugal ...do... Escudo 1 0805 9, 267 9,267 1170 1,835, 601 6.033 153 .19 304.26 H Rumania" .-- ...do-. Leu .193 3,174 • 27.787 27, 787 20, 950, 547 16,750 .19 169 1250.77 Russia " - - ...do... Chervonetz. 5.1455 91.143 84,597 84,597 131,256 138,781 .65 .61 .94 Spain ...do„. Peseta .193 500, 098 500, 098 130,295 4,339,187 21, 763 22. 98 5.98 199.38 Sweden ...do„. Krona .268 1521 60,385 60,385 525, 077 6,036 .25 10.00 86.99 Switzerland " ...do-, Franc .193 76, 773 76, 773 43,341 873,941 3,918 19. 59 1106 223.05 Yugoslavia " --- .-do-. Dinar .193 16,620 16, 620 3,380 5,811,843 12,492 133 .27 465.24 Footnotes at end of table.

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Monetary stock of principal countries of the world, end of calendar year 1926—Continued 00

Monetary unit Gold stock Paper cir­ Per capita culation in Mone­ Metallic Country tary SUver monetary United stock im- In banks unit of Population standard States classified In circu­ stock Unclas­ Name and public

Asia: British North Gold. DoUar $0.5678 2,421 258 $9.38 Borneo. Ceylon ...do..— Rupee .365 • $15 $15 $13,689 62,745 1862 $2.81 12.90 China"..-. SUver... DoUar (18) 144,734 423,872 436.000 .33 .97 CyiDrus Island Gold.... Pound 18665 292 292 711 461 317 $0.92 2.24 145 Federated Malay —do Dollar .5678 126 7,154 1325 .09 5.39 o States. India, British do... Rupee .365 81,469 81469 1682.393 1,811,840 247,003 .33 154 7.33 Indo-China, French. Silver... Piaster (18) $18,304 3 76, 629 123,720 21973 ""$6."83' 3.49 5.63 o Japan, including Gold..- Yen .4985 561810 561810 212,231 1,715,714 77,817 '"'7."09" 2.71 22.04 Chosen, Taiwan, Kwantung. Netherlands East ...do GuUder .402 80,067 80,067 161,403 352,987 49,351 162 3.27 7.15 Indies. W tel Palestine ...do Pound- 19431 • 222 1000 .700 ,32 143 Persia 3 ..._ SUver... Kran (18) 32,726 52,000 9,500 3.44 5.47 Philippine Islands Gold..- Peso .50 3,059 3,059 19, 021 121189 11142 .27- 171 10.87 Sarawak.- ...-do_... Dollar .5678 156 600 .26 52| Siam ...do Tical- .3709 44,177 126,271 9,618 4.59 13.12 Straits Settlements.. ..-do--. Dollar . 5678 187 187 12,825 163,420 935 .20 13.71 174.78 Syria- - ...do Pound 3.860 15,923 9,775 2,140 '"'7.'44' 4.57 o Africa: -tel Abyssinia Silver— Thalari (18) 3 340 500 8,000 .42 .62 Algeria— Gold— Franc- .193 16,695 1, 612, 301 5,806 2.87 277. 69 Belgian Congo ...do-- do- .193 19 93,766 15,000 6 25 Dahomei— ...do do .193 59,106 1000 59.11 Egypt-- ...do—. Pound 4.9431 17,455 17,455 27, 513 27,813 13,886 125 198 2.00 Eritrea3 ..-do Lire- .193 1, 692 450 3.76 French Equatorial —do—. Franc .193 28,000 3,124 8.96 Africa. 3 Gambia. —do—. Pound 4.8665 153 210 .73 Gold Coast-- —do do 4.8665 1478 2,299 .64 Guinea, French —do • Franc -- .193 7,121 2,020 3.52 Ivory Coast -.-do—- -—do .193 113,802 1656 68.71 Kenya Colony and —do Shilling .2433 6,799 1683 2,529 2.69 .66 Uganda. 8

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Madagascar. —do Franc .193 1 403,824 3,382 119,40 Morocco —do—. do .193 2,001 386 886 1930 416,782 1411 ,46 .09 .48 94.26 Nigeria- —do Pound 4.8665 3,437 224 18,688 .17 .01 Nyasaland..-, —do do 4.8665 246 $49 295 1446 1176 .25 123 Portuguese East Af­ —do--. Escudo 1 0805 195 146 341 20 2 21 104,897 3,120 .11 33.62 rica. Portuguese West Af­ ...do do 1 0805 112,523 1000 28.13 rica. Reunion Island lo...... do.--. Franc .193 1900 33,000 174 10.92 189, 65 Rhodesia, Northern. ...do.--. Pound 4. 8665 51 51 196 27 931 .05 .21 .03 Rhodesia, Southern s ...do.-.- do . 18665 2,020 2,020 808 2.50 Senegal —do Franc ' .193 401,833 1225 328.02 Sierre Leone._ —do.--. Pound 4.8665 112 150 1541 .07 .10 SomalUand: British -- —do-.. Rupee. .365 329 300 344 .95 ,87 French 3 —do Franc .193 44 1558 65 .67 23.97 Italians —do--. Rupee .365 1863 2,000 1000 186 2.00 Sudan, Anglo-Egyp­ ...do.--. Pound-.- 4.8665 124 124 8,904 39 3,400 .04 2.62 .01 tian. Tanganyika ...do._-- Shilling .2433 5,179 6,994 7,200 .71 .97 Tunis 3 —do---- Franc .193 239, 654 2,094 114.40 O Union of South Af­ -.do._.. Pound 4. 8665 42,093 17, 786 59,879 15,884 10,303 7,294 8.21 2.17 141 rica. o Zanzibar ...do--. Rupee- .365 692 3,037 197 3.51 15.41 Oceania: Australia - ...do--. Pound 4.8665 136,797 106,976 106,976 SO, 131 5,874 23.28 18.21 8.53 o New Zealand ...do do 4.8665 38,007 3 6, 948 1370 27.74 5.07 tel Fiji Islands-.— —do--. do 18665 356 356 3 774 367 164 2.17 172 2.23 1^ Society Islands ...do Franc .193 20, 640 28 737.14 W Total - 496,848 9, 581, 301 40, 344 9, 621, 645 4, 230, 662 1, 715,404 .29 5.61 2,47 tel

• . 1 Includes gold and silver certificates (representing coin and bullion held in trust in 11 Stock in national bank. the Treasury) redeemable on demand. 12 Including minor coin. 2 Including some sUver. 13 Monetary standard not established. 3 Last year's figinres or figures of previous years. 14 Exclusive of Spanish bank notes. 4 United States Government and bank notes. i« Stock in Bank of Italy, sole bank of issue since July 1,1926. » Gold standard established Apr. 3, 1926. 16 On Jan. 1, 1927. ® Government notes only. 17 Incomplete. ' United States gold coin. 18 Fluctuates with the price of silver. 8 On June SO, 1926. 19 On Nov. SO, 1926. > New monetary unit established Sept. 17,1925. 20 Union of South Africa coin. 10 Estimated. 21 In addition to this, there circulates about £3,000 Union of South Africa notes. NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract of the United States, 1925. Blanks indicate no figures available, rather than no stock. Gold held abroad as foUows, not included in the above figures (presumably reported by the country having actual possession): Canada, $27,962,178; ChUe, $56,591,470;"Czechoslovakia, $18,809,484 in gold and $1,617,862 in sUver; Estonia, $2,563,516; Egypt, $142,307; France, $359,813,935; Germany, $40,560,696; Greece, $4,825,000; Japan, $114,655,000; Lithuania, $3,034,600; Rumania, $82,630,958; Switzerland, $14,276,596; Straits Settlements, $41,637; Union of South Africa, $2,538,279; Yugoslavia, $11,316,748.

00

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WOBID PRODUCTION OF GOLD AND SHVEEX 00 00 World production of gold and silver, 1926 and 1926 [The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint]

Calendar year 1925 Calendar year 1926

Gold Silver ' Gold SUver Country

Value Value KUos, Ounces, KUos, Ounces, KUos, Ounces, KUos, Ounces, Value ($0.70346 Value ($0,62873 fine fine fine- fine fine fine fine fine per ounce) 1 per ounce) 1 O North America: 'United States. 72,159 2,319,920 $47,957,003 2,056,203 66,106,922 $46,503,575 69,630 2,238,616 $46,276,299 1,949,392 62,672,953 $39,404,366 H ^-•^ Canada 53,989 1,735,735 35,880,827 629,206 20,228,988 14,230,284 54,564 1,754,228 36,263,111 695,861 22,371,924 14,065,900 O % Mexico . . 21541 788,993 16^309,933 2,889,128 92,885,465 65,341,209 24,033 772,661 15,972,320 3,057,268 98,291,166 61,798,605

' p Total - 150,689 1844,648 100,147,763 • 5,574,537 179,221,375 126,075,068 148,227 4,765,505 98,511,730 5,702,521 183,336,043 115,268,871

Central America and West In­ w dies *. 3,009 96,750 2,000,000 84,011 2,700,935 1,900,000 2,709 87,075 1800,000 108,837 3,499,118 2,200,000 tel South America: Argentina 3 83 2,661 55,000 560 18,000 12,662 . 75 2,419 50,000 467 15,000 9,431 BoUvia 12 386 7,979 135,196 4,346,532 3,057,612 10 4 332 6,863 4 181462 5,834,003 3,668,013 > BrazU 3,375 108,506 2,243,018 57 1,833 1,289 3,176 102,108 2,110,759 643 20,672 12,997 ChUe 1,904 61216. 1,265,454 101,452 3,261,682 2,294,463 1,839 59,132 1,222,364 89,484 2,876,911 1808,800 Colombia 2,381 76,550 4 1582,433 90 «2,900 2,040 2,348 75,488 4 1560,486 87 3 2,800 1,760 Ecuador 1,354 43,537 3 900,000 2,177 « 70,000 49,242 1944 62,486 1,291,700 2,488 3 80,000 SO,298 CQ Guiana- British 283 9,107 188,258 f 203 6,516 134,696 Dutch . 308 9,902 204,692 264 3 8,500 5,979 \ 234 7,526 155,574 i 249 8 8,000 5,030 French 1251 40,220 831,421 I 1,320 42,438 877,271 Peru . - . 3,662 11^7,733 2,433,756 619,516 19,917,439 '11011,122 2,910 93,556 1,933,974 668,734 21,499,798 13,517,568 Venezuela . 950 30,542 631,359 3 100 3,215 2,262 «9S0 30,542 631,359 3 100 • 3,215 2,021 Total 15,563 500,360 IQ, 343,370 859,412 27,630,101 19,436,671 15,009 482,543 9,975,046 943,714 30,340,399 19,075,918

Europe: Austria . . . '. 58 38,553 744 23,920 16,827 41 1,318 27,245 437 14,050 8,833 Czechoslovakia 236 >M 156,837 22,000 707,300 497,557 240 7,716 159,503 23,810 765,491 481,287 France' 1,056 701,809 10,949 352,010 247,625 1100 35,365 731,059 12,500 401,875 252,671

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Germany 182 5,851 120,951 148,690 4,780,383 3,362,808 162 5,208 107,659 166,683 5,358,858 ,369,275 Great Britain 1,009 32,439 22,820 1,286 41,345 25,995 Greece . . . . 7,909 254,274 178,871 8 7,909 254,274 159,870 Italy 60 1,929. 39,876 9,977 320,761 225,643 53 1704 35,225 16,154 519,351 326,531 Norway . . . 15,700 504,755 355,075 8 10,447 335,871 211,172 Poland 6,600 212,190 149,267 8,451 271,700 170,826 Rumania . 1,245 .40,027 827,431 2,382 76,581 53,872 6 1263 40,605 839,380 6 479 15,400 9,682 Russia 30,642 985,154 20,364,936 7,776 3 250,000 175,865 30,860 992,155 20,509,659 7,776 8 250,000 157,182 Spain . . . 30 967 3 20,000 102,764 3,303,863 2,324,135 30 967 3 20,000 93,333 3,000,656 1,886,602 Turkey.... —- 8 29 932 19,266 8 6,840 219,906 154,695 3 30 964 19,927 3 7,000 225,050 141,495 Jugoslavia - 236 7,587 156,837 812 26,106 18,364 323 10,384 214,656 1,400 45,010 28,299 Total 33,774 1,085,849 22,446,496 344,152 11,064,488 7,783,424 34,102 1,096,386 22,661313 357,665 11,498,931 7,229,720 Asia: British India 12,249 393,807 8,140,711 151,009 1854,923 3,415,244 11,943 383,970 7,937,362 159,408 5,121962 3,222,217 China 3,338 8107,300 2,218,087 3,421 3110,000 77,381 3,421 3110,000 2,273,901 1199 3 135,000 84,878 Chosen (Korea) 4,567 146,825 3,035,131 2,187 70,299 49,453 5,929 190,620 3,940,471 1615 51,927 32,648 East Indies- British 752 24,187 8 500,000 602 19,350 3 400,000 Dutch - .. 1128 132,715 2,743,462 71184 2,385,016 1,677,763 3,588 115,354 2,381578 73,525 2,363,829 1486,210 Q Federated Malay States— 440 14,146 292,424 450 14,475 299,225 Indo-China fill 349 7,219 3 10 321 6,635 O Japan .. 9,867 317,231 6,557,748 150,404 4,835,497 3,401,579 9,576 307,862 6,364,082 148,557 4,776,110 3,002,884 Philippine Islands 2,928 94,135 1,945,943 2,132 68,544 48,218 2,838 91,242 1886,139 1369 44,013 27,672 Sarawak . . 22 710 14,677 8 243 5,023 O Taiwan _ 281 9,035 186,762 409 13,162 9,259 281 9,035 8 186,762 445 14,314 3 9,000 tel 1^ Total 38,583 1,240,440 25,642,164 383,746 12,337,441 .8,678,897 38,646 1,242,472 25,684,178 . 389,118 12,510,155 7,865,509 W Oceania:' tel Australia- New South Wales 604 19,422 401,488 286, 786 9,220,160 6,486,014 604 19,435 401 757 302,013 9,709, 741 6,101 805 Northern Territory 16 8 519 10, 728 5 153 3.163 Queensland 1443 46,406 959, 297 11990 385,489 271,176 322 10,339 213, 726 7,855 252, 540 158, 779 South Australia . 26 832 17,199 45 1458 1025 24 758 15, 669 11 353 222 Victoria". 1471 47,296 977, 695 65 2,082 1465 1527 49,078 1,014, 532 74 2,373 1492 West Australia 13, 725 441, 252 .9,121,486 2,527 81, 226 57,139 13, 603 437,343 9,040, 680 2,128 4 68,413 43. 013 Tasmania 110 3,524 72,847 22,712 730,194 513, 662 131 1223 87, 297 23,846 766, 653 482, 018 Papua i. - - . . 154 7 4,947 102, 253 199 6,388 7132, 052 New Zealand 3,459 111 202 4 2,298, 759 13,077 420,425 4 295,752 3,912 4 125,777 2, 600,041 12,442 3 400.000 251, 492 Total 21,008 675,400 13,961, 762 337,202 10,841,034 7, 626, 233 20,327 653, 494 13,508,917 348,369 11,200,073 7, 041, 821

1 Average price per fine ounce in London. 8 Last year's figures, 2 Estimate based on United States imports of ore and bullion. 6 Estimated on basis of production from Jan. 1 to Oct. 15,1926. 3 Estimate based on other years' production. 7 For years ending June 30,1925 and 1926, respectively. 4 Amount exported.

CO

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World production of gold and silver, 1925 and 1926—Continued CD O Calendar year 1925 Calendar year 1926

Gold SUver " . Gold SUver Country

Ounces, Value Ounces, . Kilos, • Ounces, Value KUos, Ounces, -Value KUos7 ($0,70346 KUos, Value ($0,62873 fine fine fine fine fine fijie fine per ounce)! fine per ounce) 1

Africa: Abyssinia 622 8 20, poo $413,436 622 3 20, oop $413,436 Algeria 3 3,000 96,450 $67,848 3,138 100,887 $63,431 Belgian Congo... 3,819 122,781 4,112 132,201 2, 732, 836 o Bechiianaland 134. 8 1296 14 3 457 321 134 1296 88,806 14 457 287 British West Africa (Gold Coast, Ashanti, Nigeria)... 6,211 199,697 1128,102 6,210 199,666 1127,461 Egypt . 11 354 7,318 20 643 13,292 o French West Africa 3Q4 .9,.7.7.4 2p.2,:046 310 9,966 206, 015 Kenya Colony 24 8 779 16,103 24 779 16,103 Madagascar 420 13,503 279,132 307 9,870 204,031 Portuguese East Africa. 382 12,292 254,.098 39 1260 886 284 9,127 188,684 3 35 1,125 707 Rhodesia- tel Northern 39 1,250 25,840 164 5,267 3,705 24 779 16,103 241 7, 739 4,866 Southern 18,087 681,504 12,020, 752 1750 152, 705 107, 422 18, 458 593, 429 12, 267,263 3,422 110,024 69,175 teJ Swaziland 41 3 1309 27,059 41 1309 27,059 M Sudan.l 263 8,466 3 175,000. 271 ,8, 714 180,134 Tanganyika 277 8,'898 183,938 31 1010 710 224 7,202 148,878 25 804 505 Transvaal, Cape Colony, and a Natal..'....-. .- 298,526 9,597,592 198,399,835 36,127 1161,470 817,047 309, 635 9, 951 761 205,783,173 SO, 524 981,333 616,993 tel zn Total 329,160 10, 582,495 218,759,573 44,125 1,418, 619 997,939 340, 676 10, 952, 742 226, 413, 274 37,399 1, 202,369 755,964 Total for world 591, 786 19,025, 942 393,301128 7.627,185 245, 213, 993 172,498,232 599, 696 19,280,217 398, 557,458 7,887, 623 253, 587,088 159,437,803

8 Estimate based on other years* production.

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DIEECTOE OP THE MINT 791 Production of gold and silver in the world since 1860 [The annual production of 1860 to 1872 is obtained from 5-year-period estimates compiled by Dr. Adolph Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint]

Gold SUver

Calendar year Fine ounces Value Fine ounces Commercial value 1

I860..-., 6,486,262 $134,083,000 29,095,428 $39,337, 000 1861 5,949,582 122,989,000 35,401,972 46,191, 000 1862 , 5,949,582 122,989,000 35,401,972 47,651, 000 1863 5,949,582 122,989,000 35,401,972 47,616, 000 1864 5,949,582 122,989,000 35,401,972 47,616. 000 1865 5,949,582 122,989,000 35,401,972 47,368, 000 1866 6,270,086 129,611000 43,051,583 57,646, 000 1867 6,270,086 129,614,000 43,051,583 57,173, 000 1868 _ 6,270,086 129,611000 43,051583 57,086, 000 1869 y. 6,270,086 129,611000 43,051,583 57,043, 000 1870 6,270,086 129,614,000 43,051,583 57,173, 000 1871 5,591,014 115,577,000 63,317,014 83,958, 000 1872 5,591,014 115,577,000 63,317,014 83,705, 000 Total 78,766,630 1628,252,000 547,997,231 729,563,000

1873.. 653,675 96,200,000 63,267,187 82,120,800 1874. 390,023 90,750,000 65,300,781 70,674,400 1875 716,563 97,500,000 62,261,719 77,578,100 1876 016,488 103,700,000 67,753,125 78,322, 600 1877 512,196 113,947,200 62,679,916 75,278,600 1878 761,114 119,092,800 73,385,451 • 84,540,000 1879 262,174 108,778,800 . 71383,495 83,532,700 1880 148,880 106,436,800 71795,273 85,640,6O0 1881.. 983,742 103,023,100 79,020,872 89,925,700 1882 931086 101996,600 86,472,091 98,232,300 1883 :..... 614,588 95,392,000 89,175,023 98,984,300 1884 921,169 101, 729, 600 81,567,801 90,785,000 1885 245,572 108,435, 600 91,609,959 97,518,800 1886 135,. 679 106,163,900 93,297,290 92,793,500 1887 116, 861 105, 771900 96,123,586 91031,000 1888..... 330,775 110,196, 900 108,827,606 102,185,900 1889 , 973,790 123,489,200 > 120,213, 611 112,411100 1890 749,306 118,848,700 126,095,062 131,937,000 1891 320,194 130,650,000 137,170,000 135,500,200 1892 094,266 146,651,500 153.151.762 133,404,400 1893...- 618,811 157,491800 165,472,621 129,119,900 1894...—. 764,362 181,175, 600 161 eiO, 394 101493,000 1895 615,190 198,763,600 167,500,960 109,545,600 1896 783,914 202,251,600 157,061,370 105,859,300 1897 420,068 236,073,700 160,421,082 96,252,700 877,806 286,879,700 169,055,253 99,742,600 1898 101,002,600 1899 , 837,775 306,724,1003 168,337,452 315,135 251576,300 107,626,400 1900 173,591,364 103,806,700 1901 - 625,527 260,992,900 173, Oil, 283 354,680 296,737,600 86,264,700 1902 - , 162,763,483 90,552,200 1903— — 852,620 327,702,700 167,689,322 804,372 95,233,300 1904 347,377,200 164,195,266 105,113,700 1905 396,451 380,288,300 172,317,688 471,080 111, 721,100 1906 , 402, 503,000 165,054,497 121,577,100 1907 977,260 412,966,600 184,206,984 422,244 108,655,100 1908 442,837, COO 203,131,404 110,361400 1909—...... 965, 111 454,059,100 I 212,149,023 119,727,000 1910 022,180 455,239,100 221.715.763 122,143,800 1911 397,136 462,989,761 226,192,923 141,972,220 1912 605,068 467,288,203 230,904,241 126,848,107 1913 „..-.... 254,983 460,051329 210,013,423 95,261769 1914 301,836 440,348,027 172,263,596 89,911,664 1915 737,520 470,026,251 173,000,507 121.011,387 1916 031,094 455,423,136 180,801,919 166,240,586 1917 345,528 420,579,351 186,125,017 200,002,335 1918 614,039 381786,306 203,159,431. 201,588,402 1919 698,184 365,853,933 179,849,940 176,658,331 1920 130,110 332,823,934 '17,4,423,975 108,110,295 1921 974,962 330,231792 171,285,542 142,536,023 1922 451,945 319,420,063 209,815,448 172,275,552 1923 ". 790,597 367,761279 246,009, 534 178,310,725 1924 031,001 393,405,653 239,484,703 172,498,232 1925 025,942 393,301128 245,213,993 159,437,803 1926 280,217 398,557,458 253,587, OSS Total 689,675,889 11256,251104 8,250,968,099 6,199,864,631 Grand total...... 768,442, 519 15, 881 SOS',. 104 8,798,965,330 6,929,427,631

» At the average, par price ofa fitoe ounce of silver in London, excepting the years 1918 to 1922, inclusive, for which the mean of the New York bid and asked prices was used. 64761—FI 1927- -52

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Production of gold and silver in the world since the discovery of America CD [From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the production is the annual estimate of the Bureau of the Mint]

Gold SUver Percentage of production

Annual average for period Total for period Annual average for period Total for period By weight By value Period

Coining value Fineounces Value Fine ounces Value Fine ounces Coining value Fine ounces in standard Gold Silver Gold SUver sUver doUars

•TJ 1493-1520 186,470 $3,855,000 5,221,160 $107,931,000 1511050 $1,951000 42,309,400 $54,703,000 11 89 66,4 33.6 O 1521-1544 - 230,194 1759,000 5,524,656 111 205,000 2,899,930 3,740,000 69,598,320 89,986,000 7.4 92.6 55.9 44.1 1545-1560 273, 596 5, 656,000 1377,544 . 90,492,000 10,017,940 12,952,000 160,287,040 207, 240, 000 2.7 97.3 30.4 69.6 1561-1580 219,906 4,546,000 1398,120 90,917,000 9,628,925 12,450,000 192, 578, 500 248,990,000 2.2 97.8 26.7 73.3 1581-1600 237, 267 4,905,000 4,745,340 98,095,000 13,467, 635 17,413,000 269,352,700 348,254, 000 17 98.3 22 78 o 1601-1620 273, 918 5,662,000 5,478,360 113,248,000 13, 596,235 17, 579,000 271,924,700 351,579, 000 2 98 24.4 75.6 1621-1640 266,845 5,516,000 5,336,900 lio, 324,000 12,654,-240 16, 361,000 253,084,800 327,221, 000 2.1 97.9 25.2 718 1641-1660 281,955 5,828,000 5,639,110 116,571,000 11,776, 545 15, 226,000 235,530,900 304, 525, 000 2.3 97.7 27.7 72.3 1661-1680 297,709 6,151000 5,954,180 123,084,000 10,831 550 14,008,000 216,691,000 280,166,000 2.7 97.3 30.5 69.5 w 1681-1700 --- 346,095 7,154,000 6,921,895 143,088, 000 10,992,085 11212,000 219,841,700 284,240,000 3.1 96.9 33.5 66.5 1701-1720 412,163 8,520,000 8,243,260 170,403,000 11,432, 540 11781,000 228, 650,800 295, 629,000 3.5 96.5 36.6 73.4 tel 1721-1740 613,422 12,681,000 12,268,440 253,611,000 13,863,080 17,924,000 277,261,600 358,480,000 12 95.8 414 58.6 1741-1760 791, 211 16,356,000 15,824,230 327,116,000 17,140,612 22,162,000 342,812,235 443,232, 000 14 95.6 42.5 57.5 1761-1780 665, 666 13,761,000 13,313,315 275,211,000 20,985, 591 27,133,000 , 419,711,820 542,658, 000 3.1 96.9 33.7 66.3 t2| 1781-1800 -'.- 571,948 11823,000 11,438,970 236,461000 28,261,779 36, 540,000 565,235,580 730,810, 000 2 98 214 75.6 1801-1810 571, 563 11815,000 5,715,627 118,152,000 28,746,922 37,168,000 287,469,225 371,677, 000 19 98.1 211 75.9 1811-1820- -' 367,957 7,606,000 3,679, 568 76,063,000 17,385,755 22,479,000 173,857, 555 224,786,000 2.1 97.9 25,3 717 457,044 1570,444 91479,000 11807,004 19,141000 148,070,040 191,444,000 3 97 67 1821-1830 9,448,000 33 CQ 1831-1840 652,291 13,481000 6,522,913 131841,000 19,175,867 24, 793,000 1£^1758, 675 247,930, 000 3.3 96.7 35.2 618 1841-1850 1,760,502 36,393,000 17,605,018 363,928,000 25,090,342 32,440,000 250,903,422 324,400,000 6.6 93.4 52.9 47.1 1851-1855 6,410,324 132,513,000 32,051,621 662,566,000 28,488,597 36,824,000 142,442,986 181169, 000 18.4 816 78.3 217 •^1856-1860 6,486,262 134,083,000 32,431,312 670,415,000 29,095,428 37,618,000 145,477,142 188,092,000 18.2 818 78.1 219 5,949, 582 122,989,000 29,747,913 611944, 000 35,401,972 45,772,000 177,009,862 228,861,000 114 85.6 72.9 27.1 1861-1865—- 31,350,430 43,051,583 215,257,914 278,313, 000 1866-1870 6,270, 086 129,611 000 648,071,000 55,633,000 12.7 87.3 70 30 5, 591,014 115, 577,000 27,955,068 577,883,000 63,317,014 81,864,000 316,585,069 409,322, 000 8.1 919 58.5 415 1871-1875 27,715,550 572,931,000 78,775,602 101,851,000 393,878,009 509,256,000 1876-1880 5, 543,110 111 686,000 6.6 93.4 S3 47 23,973,773 495, 582,000 92,003,944 118,955,000 460,019,722 591773, 000 5 45.5 515 1881-1885 4,794,755 99,116. 000 27,306,411 108,911431. 544,557,155 701071000 95 5, 461, 282 112,895,000 561471000 140,815,000 18 95.2 415 55.5 1886-1890 . 39,412,823 814,736,000 157,581,331 203,742,000 787,906, 656 1, 018,708, 000 1891-1895 - 7,882,565 162,947,000 18 95,2 414 55.6 62,231698 1, 286, 505,400 165,693,304 214, 229,700 828,466,522 1,071,148,400 45.4 1896-1900 12,446,939 257,301,100 78,033,650 167,995,408 839,977,042 1,086, 030,900 7 93 516 1,613, 099,100 217,206,200 59.8 40.2 1901-1905 - - 15, 606,730 322, 619,800 19,471080 402,503, 000 165,054,497 213,403,800 8.5 915 1906 10.5 89,5 65.3 . 317

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1907 19,977,260 412,966,600 184,206,984 238,166, eOO 9.8 90.2 63.4 36.6 1908 . . 21,422,244 442,837,000 203,131,404 262, 634,500 9.5 90.5 62,8 37.2 1909 21965,111 451059,100 212,149,023 274,293,700 9.4 90.6 62.3 37.7 1910 22,022,180 455,239,100 o 221715,673 286,662,700 9 91 614 38,6 1911 22,397,136 462,989,761 226,192,923 292,451,500 9 91 612 38.8 1912 22,605,068 467,288,203 230,904, 241 298,542,852 8.9 911 61 39 1913 22,251983 460,051,329 210,013,423 271, 532, 506 9.5 90.5 62.8 37.2 1914 21,301836 440,348,027 172,263,596 222, 724, 649 11 89 66.4 33.6 1915 22,737,520 470,026,251 173,000,507 223, 677,423 88.4 67.7 32.3 lie 89.2 1916 22,031,094 455,423,136 180,801,919 233,764,096 10.8 66.1 33.9 1917 20,345,528 420,579,351 186,125, 017 240, 646,486 90.2 63.6 36.4 262,670,779 9.8 1918. 18,614,039 384,786,306 203,159,431 8.3 917 59.4 40.6 1919 17,698,184 365,853,933 179,849,940 232, 533,256 911 611 38.9 224,059,968 8.9 1920 16,130,110 333,423,975 173,296,382 8.5 915 59.7 40.3 1921 15,971962 330,231,792 171,285, 542 221,460,095 916 59.8 40.1 1922 271,276,538 8.4 15,451945 319,420,063 209,815,448 6.8 93.2 519 45.1 1923 17,790,597 367,761279 246,009, 534 318,072,933 93.3 53.6 46.4 309, 636,787 6.7 44 1924 19,031,001 393,405,653 239,484,703 7.4 92.6 56 1925 19,025,942 393,301,128 245,213,993 317,044,355 92.8 55.4 416 327,870,174 7.2 1926 19,280,217 398,557,458 253, 587,088 7.1 92.9 519 45.1 i Total 982,520,336 20,310,484,945 13,955,769,359 18,043,822,997 6.6 93.4 53 47 Q

o tel H w g M

CD 00

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REPORT OF THE DIRECTOR OF THE MINT (ABRIDGED)

TREASURY DEPARTMENT, BUREAU OF THE MINT, 'Washington, D. C, September 20, 1928. 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, 1928, being the fifty-sixth 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 1927.

OPERATION OF THE MINTS AND ASSAY OFFICES

INSTITUTIONS OF THE MINT SERVICE During the fiscal year ended June 30, 1928, 10 mint-service insti­ tutions were in operation; coinage mints at Philadelphia, San Fran­ cisco, 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, Seattle, and Salt Lake City. The six last-named institutions are, in effect, bullion- purchasing agencies for the large institutions and also serve the public by maldng assays of ores and bullion. Electrolytic refineries are operated at the New York, Denver, and San Francisco institutions.

COINAGE During the fiscal year ended June 30, 1928, the features as regards coinage have been the considerable demand for gold coin for export and reduced requirement of coins below the dollar for home circula­ tion, with completion of the silver dollars made for replacing the coins melted for use during the World War. The total value of domestic coinage executed was $262,356,797, for 252,776,335 pieces, as com­ pared with the prior yearns $102,653,129.50 for 310,960,019 pieces. There was thus increased value of $159,703,667.50 on 58,183,684 fewer pieces. The value of this fiscal year's domestic gold coinage was $249,595,000; silver dollars, $2,018,649; subsidiary silver, $6,937,- 418; nickel, $2,315,850; bronze, $1,489,880. The mints at Phila­ delphia, San Francisco, and Denver all made gold, silver, nickel, and bronze coins, but no silver dollars were made this year by the Denver Mint. Coin for foreign governments was made during the past fiscal year only at the Philadelphia Mint; it consisted of Ecuadorian silver 13606—29—FI 1928 43 639

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640 REPORT ON THE FINANCES

2-sucre pieces, 320,000, and 1-sucre pieces, 1,120,000; and Nicara­ guan silver 25-centavo pieces, 200,000, 10-centavo pieces, 250,000, nickel 5-centavo pieces, 100,000, and bronze 1-centavo pieces, 500,000; total foreign coinage, 2,490,000 pieces. Combined domestic and foreign pieces coined this fiscal year total 255,266,335, as compared with 318,059,019 pieces the year before. The supply of coins in the Treasury has been kept in safe advance of the demands of the public.

GOLD OPERATIONS

Gold acquired by the Government at the several mint-service institutions during the fiscal year 1928 totaled $177,774,995.60. United States gold coin received by the mints for recoinage amounted to $2,216,232.43; transfers of gold between mint offices totaled $231,983,809.30; the aggregate amount of gold received by the several mint-service institutions during the fiscal year 1928 was $411,975,037.33, which compares with $238,773,524.60 during the prior year. SILVER OPERATIONS Receipts of purchased silver during the fiscal year 1928 totaled 5,568,967.37 fine ounces, the average cost of which was 57.09 cents per ounce, total cost being $3,179,578.24. Of this amount of 5,568,967.37 fine ounces, a total of 2,492,013 was silver contained in gold deposits. Silver received in exchange for bars bearing the Government stamp totaled 791,516.86 fine ounces; United States silver coin received for recoinage totaled 2,818,357.02 fine ounces, the recoinage value being $3,896,121.68; silver deposited in trust by other governments totaled 642,585.27 fine ounces; and transfers between mint-service offices totaled 543,661.40 fine ounces, making the aggregate quantity of silver received by the several mint-service offices during the fiscal year 10,365,087.92 fine ounces, as compared with 11,626,939.85 ounces during the prior year. The New York market price of silver during the fiscal year ended June 30, 1928, averaged $0.5757; the lowest price was $0.544375 on August 8, 11, and 22, 1927, and the highest price $0.639375 on May 24, 1928. REFINERIES

The mint-service refineries that are operated at New York, Denver, and San Francisco produced 2,396,394 fine ounces (82.16 tons)^ of electrolytically refined gold during the past fiscal year, which compares with 94.35 tons in the prior year, and 3,153,131 fine ounces (108.1 tons) of electrolytically refined silver,, which compares with 126.5 tons during the prior year. The stock of gold and silver in unrefined bullion on hand was reduced during the past year by about 6 tons to 431 tons, as com­ pared with the prior year's reduction of about 45 tons. The Denver refinery operated only during the last half of the fiscal year, as during the prior year.

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HAWAIIAN SESQUICENTENNIAL HALF DOLLAR

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DIRECTOR OF THE MINT 641

COMMEMORATIVE COIN

The Hawaiian half-dollar silver coin was authorized by act of Congress approved March 7, 1928, to commemorate the one hundred and fiftieth anniversary of the discovery of Hawaii by Capt. James Cook. The design of the model was based upon a sketch submitted by Miss Juliette May Eraser, a Honolulu artist, through the Cook Sesquicentennial Commission, of Honolulu, Hawaii, suggesting the composition for the coin, and the model was executed by Mr. Ches­ ter Beach, sculptor. On the obverse it carries a likeness of Capt. James Cook, with his name as the '^Discoverer of Hawaii''; also leg­ ends and inscriptions required by basic law, including the words ^^Half Dollar." On the reverse is the likeness of a native chief, with flowing robe and spear, gaining the summit of a hill and extending his hand in welcome; behind him is a coconut tree and in the dis­ tance a Hawaiian village of grass huts along Waikiki Beach at the foot of Diamond Hill. The dates 1778-1928 appear, also the legend '^E Pluribus Unum."

STOCK OF COIN AND MONETARY BULLION IN THE UNITED STATES On June 30, 1928, the estimated stock of domestic coin in the United States was $2,284,650,422, of which $1,328,989,679 was gold, $539,961,701 standard silver dollars, $299,010,231 subsidiary silver coin, and $116,688,811 minor coin. The stock of gold bullion in the mints, assay offices, and Federal reserve banks on the same date was valued at $2,780,173,216, a decrease during the year of $480,455,059; the stock of silver bullion was 10,866,021.04 fine ounces, an increase of 1,797,671.16 fine ounces.

PRODUCTION OF GOLD AND SILVER Domestic gold production during the calendar year 1927 was $45,418,600, as compared with $48,269,600 in 1926. The output has declined to under 45 per cent of that for the record year 1915, when the total was $101,035,700. Silver of domestic production during 1927 totaled 60,434,441 ounces, valued at $34,266,328; this compares with 62,718,746 ounces, valued at $39,136,497, for 1926, and with the record production of 1915, 74,961,075 fine ounces, valued at $37,397,300.

INDUSTRIAL CONSUMPTION OF GOLD AND SILVER Gold consumption in the industrial arts during the calendar year 1927 is estimated at $59,318,728, of which $32,857,491 was new material. Silver used in the arts is estimated at 38,648,717 fine ounces, of which 28,493,290 fine ounces was new material. As compared with the prior year, silver consumption was about 750,000 ounces less, and gold consumption decreased about $15,000,000. •

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642 REPORT ON THE FINANCES

IMPORT AND EXPORT OF DOMESTIC GOLD COIN The net export of domestic gold coin during the fiscal year ended June 30, 1928, was $218,739,072; during the prior fiscal year there was net export of $5,500,953. During the 14 fiscal years 1915-1928, since the opening of the World War, there has been a net export of $1,159,958,251. Since 1870 the net export of domestic gold coin has been $2,037,607,315.

APPROPRIATIONS, EXPENSES, AND INCOME Appropriations available for mint service during the fiscal year 1928 totaled $1,681,950, and reimbursements to appropriations for services rendered amounted to $37,617.16, making a total of $1,719,567.16. Expenses amounted to $1,682,260.46, of which $1,627,202.87 was chargeable to appropriations and $55,057.59 chargeable to income. For the fiscal year 1929 the Congress, with the concurrence of the Treasury Department, consolidated the 20 appropriations for the 10 mint-service field institutions into four appropriations. This adds to administrative flexibility and reduces accounting work. The income realized by the Treasury from the mint service aggre­ gated $6,408,493.98, of which $5,935,092.15 was seigniorage. The seigniorage included $457,267.23 on the coinage of silver dollars, which amount offsets an equal loss which was incurred when the silver dollars were melted and sold under the terms of the Pittman Act. The seigniorage on subsidiary silver coin was $2,293,468.10; on nickel coin, $1,888,382.91; and on bronze coin, $1,295,973.91. Summary of appropriations, expenses, and balances, fiscal year 1928

Transporta­ Items Salaries and Contingent tion of bul­ Total wages expenses lion and coin

Appropriations $1,342,470.00 $Sia lOa 00 $2a ssa 00 $1, 681,95a 00 Earnings credited appropriations.. . 24, ses. 66 13, 248. 60 37, 617.16 Total available 1, see, ssa ee 329,348. 50 23,380.00 1, 7ia 567.16 Expenses 1,324,17a 82 27a 92a 18 2a 106.87 1, 627, 202. 87 Unexpended balances .. 42,667.84 4a 423. 32 273.13 92,364. 29

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DIRECTOR OF THE MINT 643

DEPOSITS OF GOLD AND SILVER, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1928 The number and value of deposits, transfers, gross income, and expenses for the fiscal year 1928, and the number of employees on June 30, 1928, at each institution, are shown in the following table:

Num­ Num­ ber of ber of Em­ deposits mint Coining value Excess of in­ ployees Institutions of gold service of gold and sil­ Gross income Gross expense come (+) or of June 30 and trans­ ver received i expenses (-) 1928 silver fers

Philadelphia la 650 34, 612 $246,426, 007. 21 $3,942, Oia 31 $747, 607. 44 -f$S, 194, 608. 87 324 San Francisco 12,352 2,009 44, 292, 536. 92 1, SS4, 92a 05 29a 629. 79 +1, 044, 29a 26 119 Denver .S. 2,964 288 21, 07a 737. 06 843, 733. 86 206, 099. 40 -1-esa 634. 45 79 NewYork 14, 659 598 104, 4Sa 921. 66 28a 379. 69 336, 061. 94 -64, 672. 25 121 New Orleans 467 1, 6ea 09S. 07 778. 50 13, 27a 15 -12, 491. 65 7 Carson .* 209 2S4, 811. 70 460. 48 5,847. 56 -a 387. OS 3 Boise 274 2S2, eS9. 82 1, 051. 34 7, 569. 98 -a 5ia 64 4 Helena . 210 222, OSS. 98 568. OS a 343. 32 -a 7Sa 29 3 Seattle 1,315 8' a 172, 72S. 89 3, S7a 60 27, 430.14 -23, 659. 64 11 Salt Lake City... 43 34, 845. SO 722.13 4,214.57 -3, 492. 44 2 Total 4a 133 37, 415 423,732,406.10 a 408, 493. 98 1, 642,964. 29 +4, 765, 529. 69 673 Mint Bureau sa 296.17 -sa 29a 17 14 Grand totaL 4a ISS 37,415 423, 732,406.10 6,408,493. 98 1, 682, 260. 46 +4, 72a 233. 52 687 Fiscal year 1927.f. 41,920 2,876 256,867,676. 67 a4iaoia56 1, 668, 244. 53 -f 7,747,76a 03 685

1 Gold valued at $20.67+ per fine ounce, silver for standard dollars valued at $1.29-|- per fine ounce, and silver for subsidiary coin at $1.38-1- per fine ounce:

COINAGE Details of the coinage executed during the fiscal year ended June 30, 1928, are given below:

Total Denomination Philadelphia San Francisco Denver Value Pieces

Double eagles $210,20a 000 $34,82a 000 $3, eoa 000 $248, 625, 000 12,431,260 Quarter eagles 97a 000 97a 000 ssa 000 Total gold 211,175,000 34,820,000 3, 600, 000 249, 695,000 12,819,250 Silver dollars... sea 649 1,658,000 2, 018, 649 2, 018, 649 Half dollars (regular) 1,301,000 1, 301, 000 2, 602,000 Half dollars, (Hawaii) a 004 a 004 la 008 Half dollars (Oregon Trail) 2a 014 2a 014 60, 028 Quarter dollars.. • 2, 438, 000 244,100 2, 682,100 10,728 400 Dimes 1, 923,000 522,000 47a 300 2, 924, 300 29, 243, 000 Total silver 4,751, 667 3,481, 000 723, 400 8, 956, 067 44,662,086 5-cent, nickel... 1, 512,860 355, 600 447, 400 2, Sia 860 46,317,000 1-cent, bronze 1, oea 920 164, 360 258, 600 1,489,880 148,988, 000 Total minor 2, 579, 770 519,960 706,000 a8oa7so 19a 30a 000 Total value $218, 506,437 $3aS2a960 $6, 02a 400 $262, S5a 797 Total pieces 177, 24a 000 34, 769, 000 4a 757, 400 262, 776,335 Prior fiscal year: Total value $38,07a 142 $61, 673,887. 50 2, 90a 100 $102, 653,129. 50 Total pieces.- ... . 243, 549, 564 24, ssa 655 42, 524, 900 310, 960, 019

«•

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644 REPORT ON THE FINANCES

Coinage for foreign governments was made only by the mint at Philadelphia during the fiscal year 1928, to an aggregate of 2,490,000 pieces, as follows: Ecuador, 1,120,000 one-sucre pieces and 320,000 two-sucre pieces, all of silver; Nicaragua, 200,000 twenty-five centavo pieces and 250,000 ten-centavo pieces, all of silver; 100,000 five- centavo nickel pieces and 500,000 one-centavo bronze pieces.

ISSUE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION The value of the fine gold bars issued in exchange for gold coin and bullion monthly by the United States Mints at Philadelphia, San Francisco, and Denver, and the assay office at New York, during the fiscal year 1928 was as follows: EXCHANGE FOR GOLD COIN OR GOLD CERTIFICATES

San Month Philadelphia Francisco Denver New York Total

1927 July $4aiia45 $42a 712. 64 $2, 986, 335. 89 $3, 46a 164. 98 August 86, 298. 93 na 768. 47 4, 901. 644. 70 a lOa 712. 10 September... 6a261.7S 12a eia 07 4, 659, 552. 06 4, 848, 42a 91 October 170, 59a 19 184, 806. 69 a 563, 987. 72 a9ia39aeo November lOa 431. 22 629, 362. 78 4, 37a 316. 29 a ioa lia 29 December 9a 421. 76 1, 237, 22a 93 13, 93a 898. IS 15, 267, 558. 82 1928 January 76,14a OS 536, 06a 30 5. 509, 286. 80 a 12a 48a 13 February lia 294. 59 1, iia2ea53 $ia 032. 87 a 79a 438. 74 6, 027, 029. 73 March.. ISa 4Sa 76 408, 783. 74 4, 387, 496. 73 4, 92a 71 a 22 April ea S7S. 12 785, 529. 06 a ooa 12 4, 33a 101. 72 a 18a oia 02 May 111, 27a 71 289, 488.14 5, 009. 94 28,899. 848. 35 29, soa 622.14 June 60,492. 87 464, 284.15 la 964, 78a 94 2a 479. 566. 96 Total... 1, loa lea 40 a 311,89a 50 2a 051. 93 103, 307, 696. 07 ua 739, 807. 90 Prior fiscal year 1,17a 071. 73 3, 084, 587.16 71, 952, 52a 15 7a 21a 187. 04

EXCHANGED FOR GOLD BULLION

1927. July .... $49. 206. 83 $6, ess. 75 $14,449. 28 $287, 918. 06 $358, 207. 92 August 46. 001. SO e, 067.94 12, 831.19 222, 063. 08 286, 964. 10 September... sa 777. 34 6, 328. 00 12, 962. 48 227, 579. SO 2Sae47.12 October 49,452. 27 a 167. 07 11,931.78 259,016. 68 S2a 567. 80 •November .... 42, 250. 35 11,287.98 a 694. 37 236, 554. 85 295, 787. 55 December 5a 497. 92 14, Oia 94 11, 777. 28 207, 275.14 291, 570. 28 1928 January 62,04a 27 7,133. 28 a 653. 95 267, 854. 47 342, 681. 97 February 46, 864. 38 8, 482. 42 7, sea 11 221,17a 68 284, 384. 59 March. 32, 651. 59 9,887. 37 26a6ia00 soa 631.43 April sa S4a 91 a 464. 21 6,574. 47 245,02a 76 293, 513. 20 May 34, 222. 57 a 021. 31 2,194. 32 221,151.81 272,17a 95 20, 968. 22 2, 372. 26 7, 7Sa 26 212, 574. 46 24a 711.18 June L 4, 79a 25 Tptal 5ia 767. 64 9a 84a 52 lOa 513. 74 i 2, 867. 70a 29 a 588, SSS. 09 Prior fiscal year eoa 19a es 88, 067. 06 16a032.90 I a 742, 42a 37 4, 69a 7ia 96

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DIRECTOR OF THE MINT 645

RECEIPTS AND DISBURSEMENTS OF GOLD BULLION AND BALANCES ON HAND Receipts and disbursem.ents of gold bullion during the fiscal year 1928, and balance on band on June 30, 1928, as compared with June 30, 1927, are shown in the following table:

Receipts Disburse­ during fiscal ments durmg Institutions Balance on year 1928 Total fiscal year Balance on June 30, 1927 (details 1928 (details June sa 1928 below) below)

Philadelphia $72, 882, 882. 88 $239, 346,493. 91 $312, 229, 376. 79$2ia392,371.2 8 $96,837, 005. 51 San Francisco 430, OSS, 160. SS 41.140. 928. 72 471,179,07a 56 41, 241,040. 49 429,938, 039. 06 Denver 90, 464, 661. 84 la 960,872. OS 109, 415, 6Sa 87 3, 72a 054. 49 105, 686,879. 38 New York ..." 2, 409, 606, 657. IS 104, 222, 206. 842 , 513,727,863. 97 62a 971,96a 07 1,887, 755,898. 90 New Orleans 138, 407. 46 1, 528, 266. SO 1, 666, 673. 76 1,622,680. 64 43,993.12 Calrson City 4,939. 21 215, 203. 78 220,142. 99 207, 295. 98 12,847. 01 Boise 20. 536. 84 227, 209. 60 247, 746. 34 242, 460. S3 5, 286. 01 Helena . . 24,099. 70 194, 794. 83 218,894. 53 174, 496. 72 44, soa 81 Seattle 26a 711. 04 aii4,9sa5S 6, 365, 66a 67 5,999,162. 38 366, 488. 19 Salt Lake City 11,12a 53 34,121. 89 46, 260. 42 41,922. 38 3,328.04 Total 3, 003, 341,17a 46; 411. 976. 037. SS a 4ia Sia 212.79 895,622,048. 76 2. 619.694.164.03

Detailed receipts of gold bullion

Surplus Deposits, bullion including recovered Transfers from Institutions United States (including mints and Total uncurrent coin shipment assay oflQces gains)

Philadelphia... $19, 209, 367. 82 $1,77a $220,135, 346. 90 $239, 346,493. 91 San Francisco.. 34, ess, 816. 84 14. 228. 6, 492,883. 10 41, 140,92a 72 Denver 17,149, 641. 74 S, 020. 1, 798, 209. 95 960, 872. 03 .New York lOa 667, 263. 88 8,092. 3, 566,850. 20 la 222, 206. 84 New Orleans... 1, 527, 772. 92 286. 206. 72 104, 628,266. SO Carson City... 214, 923. 87 103. 36 1, 216,203. 78 Boise 226, 998. 67 na 2.35 227,209. 50 Helena 194, 763.16 208. 194,794. 83 Seattle a 114, 293. 40 31. 206. 72 114,93a 53 Salt Lake City. 34, 111.80 439. 34,121. 89 la Total.... 179,962,954.10 28, 273. 93 231,98a soa SO 411, 975,037. 33

Detailed disbursements of gold bullion

Bars paid to Transfers to mints and Sold in Wastage depositors assay oflflces sweeps, Manufactured and Institutions and issued in and other manufac­ into coin shipment Total exchange for treasury tures, etc. losses coin depositories

Philadelphia... $1, 619,44a 00 $3,560, 467. 77 $24,325. 69 $211,175, ooa 00 $13,137.92 $2ia 392, 371. 28 San Francisco.. 6,408. 745. 02 12, 295. 47 34,820,000. 00 41, 241, 040. 49 Denver 125,878. 99 2, 775. 50 3, 600,000. 00 3, 728, 664. 49 New York lOa 17a 402. 36 519, 745, 239. 75 51,322. 96 625,971,965.07 New Orleans .. 1,622, 680. 64 1,622,680. 64 Carson City 207, 266. 69 2a 29 207, 295.98 Boise 242, 457. 98 2 36 242,460. 33 Helena 174,49a 72 174, 49a 72 Seattle 5,999,162. 38 5,999,162. 38 Salt Lake City. 41,922. 38 41,922.38 Total..-. 114,32a 46a 37 ,531, 593,69a 31 9a 7ia 52 249, 595, ooa 00 13, lea 56 895, 622, 048. 76

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646 REPORT ON THE FINANCES

PURCHASE OF MINOR-COINAGE METAL FOR USE IN DOMESTIC COINAGE During the fiscal year 1928 there werfe purchased at the mint at Philadelphia 13,898,011.45 troy ounces of minor-coinage metals at a cost of $228,439.03, which includes 4,451,657.29 troy ounces in nickel blanks prepared for stamping, costing $138,963.45. There were also purchased during the same period at the mint at San Francisco 3,606,881.73 troy ounces of minor-coinage metals at a cost of $39,595.76. The Denver Mint purchased 2,479,108.32 troy ounces of minor-coinage metals for use in coinage, costing $26,209.27.

MINOR-COIN DISTRIBUTION COSTS The minor-coinage distribution costs paid during the fiscal year 1928 from the profits on minor coinage amounted to $52,447.61, as follows: Transportation , $48,745.56 Insurance 56. 19 Containers 3, 645. 86 Total 52, 447. 61

MINOR COINS OUTSTANDING The following statement shows the coinage of minor coins, by denominations, the amount on hand, issued, melted, and outstanding June 30, 1928. Minor coins were first manufactured at the Phila­ delphia Mint in 1793; at the San Francisco Mint in 1908; at the Denver Mint in 1911.

Amount issued and Denominations Coined On hand Issued (net) Melted outstanding June 30, 1928

Philadelphia: Copper cents $1, 562, 887. 44 $1, 562,887. 44 $382,817.24 $1, ISa 07a 20 Copper half cents i... 37, 92a 11 sa 92a 11 .43 34, 92a 68 Copper nickel cents.. 2,007, 720. 00 2,007, 72a 00 808,162. 24 1,19a 557. 76 Bronze 1-cent pieces.. 42, 667,126. 83 $577, 775. 98 42,089, 360. 85 1, ooa 2Sa 34 41,084,11 a 51 Bronze 2-cent pieces.. 912, 02a 00 912,02a 00 342, OSS. 96 56a 081. 04 Nickel 3-cent pieces... 941, S4a 48 941, S4a 48 2Sa 772. SO 654, 57a 68 Nickel 5-cent pieces... 64, 694, 673. 10 i,'144,'023." 15" 63, 550. e4a 95 a 114,17a 90 57,43a 470. 05 Total.. 112, 826, 702. 96 1, 721, 79a 13 111, lOa 90a 83 a 94a lOa 91 102,163, 747. 92 San Francisco: Bronze 1-cent pieces.. 3,9ea 080. 00 111, 184.18 3,848,895. 82 23, 205.19 3,82a 69a 63 Nickel 5-cent pieces... 3, e5a ooa 00 375, 950. 00 3, 274,060. 00 120,022. 75 3,164,027. 25 TotaL. 7, eia osa 00 487,134.18 7,122, 94a 82 143, 227. 94 a 979, 717. 88 Denver: Bronze 1-cent pieces. 4,062,900.00 108,907. 07 a 95a 992. 93 17, 788. 60 3,936,204.43 Nickel 5-cent pieces.. a 192,9ia 00 20a 150.00 4, 986, 765. 00 26a 3ia 75 4, 736, 454. 25 Total -,. a 25a 8ia 00 Sia 057.07 8, 940, 757. 93 2ea ooa 25 8, 672, 658. 68 Grand totals 12a 691, 597. 96 I 2, 52a 99a SS 127,167, 607.88 a 351,434.10 117,8ia 174.48 Deduct $5.05 copper cents, $18.44 2-cent pieces, and $93.54 3-cent nickel pieces melted at San Francisco Mint, coined at Philadelphia $117.03 Deduct $12.32 bronze 2-cent pieces and $1.38 nickel 3-cent pieces melted at Denver Mint, coined at Philadelphia . , 13. 70 ISa 73 Total amount outstanding.. 117,8ia 04a 75

1 There is no record of the melting ofthe old copper half cents, but it is believed that few, if any, are now in circulation.

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DIRECTOR OF THE MINT 647

OPERATIONS OF THE ASSAY DEPARTMENTS The principal work of the assay departments'of the coinage mints and the assay ofiice at New York during the fiscal year 1928 is sum­ marized as follows:

Philadelphia San Francisco Items Samples Assays Reports Samples Assays Reports

Number Numher Numher Nuviher Number Number Silver purchases (fine bars) 2,268 2,298 2,258 .46 72 12 Deposits and other purchases la 986 52,987 17,086 67,829 7,852 Redeposits , a eoe 1,565 a 602 614 Gold coinage ingots 11, 728 la 084 a 906 aesi 4,926 944 Silver coinage ingots a 672 a 784 1,835 2,274 2,484 1,128 Refinery a 920 11,121 a 976 Melting and refining department— 63 123 Coining department — 62 126 34 187 14 Assayer's bars 24 72 12 261 24 Proof gold 16 70 8 Annual assay commission coin tests. 135 175 135 Special assays of bullion and ores 27 101 27 Silver bars for foreign coinage 321 332 184 Ma;ss melts 362 ,019 90 382 1,041 60 7 42 7 IS 126 13 Miscellaneous.. 472 801 282 438 1,112 392 Total.... sa 133 77, 014 la 421 Sl, 484 92, 879 2a 943

Denver New York Items Assays Reports Samples Assays Reports

Number Number Number Numher Number Number Deposits and other purchases 11,496 42, 748 a 534 sa 755 na 905 o 14,694 Redeposits 638 1,977 288 Gold coinage ingots... 185 646 37 Silver coinage ingots 651 1, 661 212 Refinery , 1,228 . a 160 382 4,718 11,138 1,921 iVlelting and refining department.. 44 150 21 Coining department... 12 38 6 Assayer's bars 48 148 21 Special assays of bullion and ores.. 10 20 5 492 2,364 246 Mass melts 7 21 2 84 166 21 sweeps 44 492 23 148 1,082 62 Platinum 4 22 2 Miscellaneous 709 124 383 1,618 176 Total. 14, 503 51,560 4,656 4a 584 ISa 274 17,022

PROOF BULLION (1.000 FINE) In order to establish uniformity in assay of bullion in the offices of jhe mint service all proof gold and proof silver is made at the mint it Philadelphia and furnished to other offices when required. The amount made during the fiscal year 1928 was: Gold, 343 ounces. No proof silver was made during the year.

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1928 The aggregate quantity of metals operated upon in the above- 3 nentioned departments of the coinage mints and assay office at New York during the fiscal year ended June 30, 1928, was 66 million line ounces of gold and 31.5 milhon fine ounces of silver. There 'vere also operated upon at the coinage mints 63.7 million ounces

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648 REPORT ON THE FINANCES of minor coinage metal. The figures in the table following are based on the figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, are as follows: Melter and refiner—gold, 0.001; silver, 0.0015; coiner—gold, 0.0005; silver, 0.001.

GOLD BULLION

Amount Legal operated amount Wastage Amount Amount upon in­ per 1,000 Institution and depart­ of wast­ Surplus Wastage ounces ment received returned cluding age on recovered operated reworked amount upon metal received

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz.' Fine oz. Fine oz. Fine oz. Melting and refining.. 24,142,563 24,141,863 24, 432, 250 24,143 700 0. 0286 Coining 22, lOa 015 22, lOa 079 22,072, 776 11,053 64 San Francisco Mint Melting and refining.. a 25a 993 5,257, 565 a 186,106 a 267 572 Coining. 3,439, 383 a 439,431 a 244, 317 1,721 48 Denver Mint: Melting and refining.. 2, 46a 190 2, 46a 295 601, S4S 2, 460 105 Coining 372, 800 372, 790 26a 317 186 10 0.0390 New York Assay Office: Melting and refining. la 241, 263 la 241,462 la 241,452 10, 241 189

Total melting and refining-. 42, 091,009 42, 091,176 4a 461,151 42, 091 c 866 700 Total coining 2a 9ia 198 2a 91 a SOO 2a 57a 410 12, 969 112 10 Grand total ea 009, 207 ea 009,475 ea 064, 561 6a 050 978 710

SILVER BULLION

o Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Melting and refining. 8, 384, 246 8, 386,890 a 4ea 390 12, 577 2,645 Coining a 494.175 a 493, 829 a 45a 313 a 494 346 0. 0536 San Francisco Mint Melting and refining.. 6, 904,498 a 904,133 6,226,940 la 357 365 0. 0586 Coining 4,601,604 4, eoa 806 4,443, 672 4,601 798 0.1796 Denver Mint: . Melting and refining. 3, 736,930 a 737, 893 1, S2a 684 a 605 963 Coining 95a 051 955,999 812, 872 956 52 0. 0640 New York Assay Office: Melting and refining.. a 761, 307 3, 7ea 968 3, 76a 968 a 641 7,661 Total melting and refining 22, 786.980 22, 797, 884 19, 784, 982 34,180 11,269 365 Total coining 12,051, 830 12, 050, es4 11,712,837 12, 061 1,196

Grand total 34, ssa 810 34, 84a 518 31, 497, 819 46, 231 11, 269 1,661

NICKEL COINAGE METAL

Philadelphia Mint: Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Melting and refining 3, 597, 627 3, 694, 839 9ia 204 2,788 a 0630 Coining a 67a124 a e7a100 1 4,937,468 24 0.0048 San Francisco Mint: Melting and refining.. 2. 976, 668 2,967, 279 1,967, 962 a 379 4. 7660 Coining 1, 794, OSS 1, 792, 460 1, 791,809 1,573 0. 8779 Denver Mint: Melting and refining.. 2, osa 507 2, 034, 835 1, 9ia 065 a 672 1.9174 Coining 2, ua 561 2,112,184 2, 048,998 1,377 0. 6720 Total melting and refining a 612, 792 a 696,953 4, 79a 231 15, 839 Total coining la 583, 718 la 580, 744 a 77a 276 2,974

Grand total la 19a 510 la 177, 697 la 671, 606 la 813

1 Purchased blanks.

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DIRECTOR OF THE MINT 649

BRONZE COINAGE METAL

Amount Legal operated amount Wastage Institution and depart­ Amount Amount upon in­ of wast­ Surplus per 1,000 ment received returned cluding age on recovered Wastage ounces reworked amount operated metal received upon

Philadelphia Mint: Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Troy oz. Melting and refining.. 2a 814,902 2a 7ia 421 19.261, 258 104,481 5.4244 Coining 29,904, 683 20, 899, 642 la 034, 592 a 041 0.2648 San Francisco Mint: Melting and refining.. 4, lOa 122 4, lOa 165 2,443, 883 4,957 2. 0283 Coining 2,4Sa 925 2,437,115 2, 438, 925 1,810 0.7421 Denver Mint: Melting and refining. 4,392, 716 4, sse, 988 a 461, 743 a 728 1. 6547 Coining a esa 163 a 637, 966 3, 507, 275 1,197 0. 3413 Total melting and refining 2a 315, 740 29, 200, 574 2a lee, 884 na 166 Total coining 26,982, 771 26,974, 723 24,9Sa 702 a 048 Grand total 5a 297, 511 66,174,297 5a 147, 586 12a 214

REFINING OPERATIONS The net product of electrolytically refined gold and silver of the mint service during the fiscal year 1928 was 5,549,525.12 fine ounces; other electrolytic output included the equivalent of the refined metals used for aiding the processes, 2,139,365.295 fine ounces; the product of melting operations (only) totaled 1,280,065.263 fine ounces, making the total output of the refineries 8,968,955.678 fine ounces. Details are shown in the following table:

San Francisco Denver Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 52a 915. 389 1,671,2ia 34 268,142. 230 275, 913. 96 Crude, without charges 15, 523. 083 a 681.01 0.999 and over (fire process only) 922, 242. 047 0.992 and over, required to aid proc­ esses ..... 291, 5Sa Oil a ISa 72 ^ 67, 515.15 Re-treated, unrefined 69,885. 606 71, 273.37 96, 872. 545 101, 454. 57 Re-treated, refined, to aid processes.! 697. 534 41, soa 98 Apparent gain 225. 067 69. 641 • 59a 41 Total 1,812, soa 120 1, 750, 623. 43 381,305.033 495, 557. 08 Bullion obtained from processes: Unrefined 27,432.189 46, 752. 50 86, 694.810 64. 233.90 Output 0.999+fine— Used to aid processes •. 291, 53a Oil 8,139. 72 697. 534 108,914.13 Electrolytic product 571, 59S. 873 1,693, 455. 67 29a 912. 689 322, 409. 05 Other product 922, 242. 047 Apparent loss 2, 275. 54 Total 1,812, soa 120 1,76a 623.43 381,30a0S3 495.557. 08

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650 EEPORT ON THE FINANCES

NewYork Total Items Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 1, 40a 209. 623 884,562. 39 2,20a2e7.242 2,831,6Sa 69 Crude, without charges 15, 523. 083 a esL.oi 0.999 and over (fire process only) 256,183.104 . 1,17a 42a 151 0.992 and over, required to aid proc­ esses 77a 002. 920 96a 072.98 1,061, 54a 931 1, osa 727.85 Copper base (for bar making only), 0.900 standard, etc 101, 64a 112 101,64a 112 Re-treated, unrefined 437,038. 211 1,031,622.15 eoa 79a 362 1, 204, 26a 09 Re-treated, refined, to aid processes 697. 534 41, 398. 98 Apparent gain 137.985 7, 656.12 432. 693 8, 249. 53

Total 2,974, 211. 955 2,883,813. 64 5,168, 323.108 5,12a 994.15

Bullion obtained from processes: Unrefined Sia 497.891 78a 474. 75 42a 624. 890 897,461.15 Output 0.999+fine— Used to aid processes 770,002. 920 960,072.98 1,062, 238.465 1,077,12a 83 Electrolytic product . 1,5Sa 887.928 1,137, 265.91 2,396,394.490 3,153, ISa 63 Other product 357,823. 216 1,280,065. 263 Apparent loss. 2, 275. 54

Total 2, 974, 211. 955 2,883,813. 64 5, lea 323.108 5,129,994.15

INGOT MELTS MADE The following statement shows the number of melts made for ingots and the weight of metal involved during the fiscal year 1928:

Number of melts Weight of metal

Mints Passed Re­ Con­ Per cent first Melted Passed melting melted demned passed

Gold: Fine ounces Fine ounces Philadelphia a 660 111 23 23,967, 592 21, e4a 853 oasi San Francisco 801 1 10 . a 37a 525 3, 302, 772 97.90 Denver . ... 37 0 0 211,133 20a 788 97.47 Total 4,498 112 33 27,562,260 • 2a 154, 413 91.30 Silver: Philadelphia 1,831 2 0 6, 793, 989 a 53a 122 96.19 San Francisco 1,126 0 4,47a 317 4,447,020 9a 35 Denver ...... 205 6 824,940 774,206 93.85

Total a 162 8 3 12,09a 246 11, 75a 348 97. 20 Nickel: Gross ounces Gross ounces Philadelphia 267 0 0 9ia 204 sea 417 9a 08 San Francisco .... 558 0 0 1,768,962 1,759,583 9a 47 Denver 500 40 0 1,9ia 065 1,740,523 9a 89 Total 1,325 40 0 4, 594,231 4, sea 523 9a 02 Bronze: Philadelphia.. a 260 0 0 la 261,258 18,49a 381 9a02 San Francisco. - . .... ess 0 0 2,443,883 2,438,925 oaso Denver 915 36 0 a 461, 743 3, 310,136 9a 62

Total L a 808 36 0 2a lea 884 24, 244,442 9a 33

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DIRECTOR OF THE MINT 651

FINENESS OF MELTS FOR GOLD AND SILVER INGOTS The statement following shows the number of approved gold and silver ingot melts made, also their reported fineness, during the fiscal year 1928:

Gold ingot melts Silver ingot melts

For United States coin For United States coin For foreign coin

Ingot Phila- Ingot Phila­ San Denver Ingot Phila­ San Denver fineness delphia Francisco fineness delphia Francisco fineness delphia

899.6 49 2 89a 25 8 Ecuador S9a7 181 22 898.40 3 899.8 716 227 4 898. 60 210 S9a9 965 431 19 898. 60 229 7 720 219 900 0 1,373 118 14 898. 70 4 900.1 351 2 898. 75 89 Nicaragua 90a2 118 898. SO 238 17 900.3 18 898. 90 26 899.00 930 37 800 30 soa 10 334 45 899. 20 47 . 899. 25 246 899. 30 171 24 899.40 4 899. 60 96 135 899. 60 1 899. 75 4 899.80 10 900. 00 2 6 900. 20 1 Tota a 771 802 37 1,584 1,126 212 249

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED During the fiscal year 1928 the coinage mints and the assay office at New York manufactured 120,045 gold and 4,100 silver bars, valued at $132,544,609.28, as shown by the following table:

Gold bars Silver bars Institutions Number Fine ounces Value Number Fine ounces Value

Philadelphia 2,982 77, 793. 386 $1, eoa 132.01 San Francisco . a 504 825,102. 798 17,05a 388.17 SSS 64,867. 93 $37, 662.88 Denver 517 a 311.908 109,806.88 353 3,109.06 1, sea 44 New York . . lOa 042 a 457, 390.860 112, 814, 281.00 a 414 1, 364,926.46 8ia 472.91 Total-- 12a 045 6,365, 598.942 131, 58a 608.06 4,100 1,432,903.45 859,001.23 Prior fiscal year 102,083 a 19a 132.825 169,47a 445. 91 a 746 1,76a-564. 85 1, 262, 776. 82

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652 REPORT ON THE FINANCES

INGOTS OPERATED UPON BT COINING DEPARTMENTS AND PERCENTAGE OF COIN PRODUCED TO AMOUNTS OPERATED UPON

Items Philadelphia San Francisco Denver Total

DOMESTIC COINAGE Gold: Ingots operated upon (ounces) 22,072, 776. 300 3, 244,316. 580 25a 317. 345 2a 573,410. 225 Percentage of good coin produced. 4a 28 5L91 67.94 47.21 Silver dollars: Ingots operated upon (ounces) eia 034.79 2, 251, 292. 26 2,867, 327. 05 Percentage of good coin produced. 4a 28 5a 06 5a 75 Subsidiary silver: Ingots operated upon (ounces) a 34a 29a 40 I 2,192, 37a < 812, 872. 30 8,354, 551. 61 Percentage of good coin produced . 5a 34 5a 17 64.38 5a 16 Nickel: Ingots operated upon (ounces) (1) 1,791,809.00 2,04a 998. 20 3,84a 807. 20 Percentage of good coin produced . 6a78 7a 19 67.20 Bronze: Ingots operated upon (ounces) la 895,467.00 2,43a 925.00 3, 507,27a 20 24,841, 667. 20 Percentage of good coin produced- 5a 45 67.42 7a 64 6a04 FOREIGN COINAGE Silver: Ingots operated upon (ounces) 490,978.40 49a 778.40 Percentage of good coin produced . 5L31 5L31 Nickel: Ingots operated upon (ounces) 0) Percentage of good coin produced- Bronze: Ingots operated upon (ounces) ISa 125.00 139,125. 20 Percentage of good coin produced. 4a 21 4a 21

' Operations were on purchased blanks.

PERCENTAGE OF GOOD COIN PRODUCED TO PIECES STRUCK

Items Philadelphia San Francisco Denver Total

DOMESTIC COINAGE Gold: Blanks struck (number) 11,821,509 1,783,823 182,918 13, 788,250 Percentage of good coin produced 92.25 97. 59 98.40 93.02 Silver dollars: Blanks struck (number) 447, 255 1,84a 517 2, 287, 772 Percentage of good coin produced so. 63 9a 08 88.21 Subsidiary silver: Blanks struck (number) 2a 393,309 a 030, 457 5,832,965 43, 256,731 Percentage of good coin produced 9a 82 97.40 97.19 9a 24 Nickel: Blanks struck (number) sa 404, 232 7,155, 642 8, 977,878 46,637 752 Percentage of good coin produced 9a51 9a39 9a 60 9a 03 Bronze: Blanks struck (number) 107,242, 917 16, 665, 942 2a 953, 981 149,862, 840 Percentage of good coin produced 9a 48 9a 62 oaes 9a49 FOREIGN COINAGE Silver: Blanks struck (number) 1,94a 919 1,945 919 Percentage of good coin produced 9a 04 98.04 Nickel: Blanks struck (number) 102,991 102,991 Percentage of good coin produced 97.09 97.09 Bronze: Blanks struck (number) - 538, 738 538, 738 Percentage of good coin produced 92.81 92.81

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DIRECTOR OF THE MINT 653

SWEEP CELLAR OPERATIONS, FISCAL YEAR 1928

Material Metal content

Quantity Bars recovered Tailings Source Net avoir­ Bags dupois Gold Silver Gold Silver pounds

Ounces Ounces Ounces Ounces Philadelphia Melting department 1188 sa 630 763.474 1,26a 13 San Francisco .do 66 a 623 103.802 152. 57 84.120 141.08 Denver do 165 14,128 28.327 171.09 San Francisco Refinery 522 44, 867 663. 634 1, 221. 49 40aS17 1, 2ia 66 Denver do 353 42, 207 183. 864 423.17 New York do 1,801 ISS,496 3,197. 620 5, 369. 41 Philadelphia Coining department 20 2, 776 222.358 4ia51 Do... Deposit melting room... 19 2,912 134.619 48.45 San Francisco... do IS SSO 4a 112 62.48 • 17. 679 2a IS Denver do 61 4,511 46. 982 38.86 NewYork ... do.. 198 12, 992 282. 576 201. 38 , Total a 406 302, 961 SOS. 548 1, 4Sa 54 a S7a 936 a Sia 87

»Includes 69 barrels. BULLION GAINS AND LOSSES The net gains from operations on gold and silver bullion during the fiscal year 1928 aanounted to $129,003.46, as follows:

Mint at— Assay Minor Item oflice at assay Total Phila­ San Fran­ New offices delphia cisco Denver York

Recovered from refining and coining operations. $1, ssa 84 $12, SOS. 66 $2,499. 65 $a 721. 64 $25,369. 69 Recovered incident to receipt of bullion deposits S7L 96 1,79a 60 2, 246. 02 9, 70S. 26 $923. 37 15, 644. 20 Net gains on shipments to Govern­ ment refineries 244. 34 244. 34 Gains on light-weight and mutilated coin purchased for recoinage 286. 59 4a 12 18.47 61.16 4ia 33 Receipts from sale of by-products 890. 67 7ia 75 lOa SSS. 53 106, 934.95 Total gains 2,498. 39 ia647.95 5, 474. 89 123, Sia 67 1,167. 71 148, 508. 51 Wasted in refining and coining opera­ tions la 137. 92 70a 72 236. 05 14,074. 69 Loss on assay value of operative sweeps sold 2, 481. 46 na 16 888. 47 1,947. 28 5,4Sa 36 Total losses la eia S7 sia 88 1,124. 62 1, 947. 28 19, 505. 05 Net gains H3,l£0.98 14,734. 07 4, 350. 37 121, 872. 29 1,167. 71 129, 003. 46

1 Net loss.

WASTAGE OF COINAGE METAL, AND LOSS ON SALE OF SWEEPS The value of metals wasted in the operative departments during the fiscal year ended June 30, 1928, was $16,873.99. A loss of $5,430.36 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same. Details are given in the table following:

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654 REPOBT OK THE EINANCES

Mint at— Assay Item oflSce at Total Philadel­ San New phia Francisco Denver York

Gold wastage: i Melting and refining department $14,469. S3 $14,46a S3 Coining department. $204. 92 204. 92 Silver wastage: Melting and refining department $219. 97 219. 97 Coining department 48a 75 31.13 511. 88 Nickel wastage: Melting and refining department 7a 89 127.13 2a 61 224. 63 Coining department ._ .62 2LS2 a 85 sa79 Bronze wastage: Melting and refining department 985. 94 4a 23 8a68 1,12a 75 Coining department 47.67 17.61 2a 54 88. 72 Loss on sale of sweeps 2,481. 4.6 na 16 888. 47 $i, 947. 28 a 43a 36 Total wastage and loss...... 18, 058. SO 1,02a 17 1, 27a 10 1,947. 28 22,304. 35 Reimbursements: Nickel and bronze wastage on domes­ tic coin, from minor coinage profits.. 1,108. 02 214. 29 145. 58 1,467. 89 Gold and silver departmental wast­ ages offset by other departmental surpluses 2, 671. 26 70a 72 236. 05 3, 608. 02 Other wastage and loss on sweeps, from contingent appropriations 14, 279. 53 na 16 888. 47 1,947. 28 17, 228. 44 Total reimbursements la 068. 80 1,028.17 1, 27a 10 1,947. 28 22,304. 35

ENGRAVING DEPARTMENT During the fiscal year ended June 30, 1928, the engraving depart­ ment made 2,332 working dies for domestic coinage, including those for the Oregon Trail and discovery of Hawaii, memorial coinage. Master dies, hubs, and working dies were made for domestic, Philip­ pine, Salvadorian, Ecuadorian, and Nicaraguan coinage; also for the Post Office, Interior, and War Departments.

DIES MANUFACTURED

Issued to mint at— Item Unused Manila, Total Philadel-' San Fran­ Denver P.L . phia cisco

Domestic coinage: Regular gold coinage 10 396 25 20 451 Regular silver coinage 20 389 140 60 609 Memorial silver coinage 5 .5 Regular minor coinage 35 807 160 265 1,267 Philippine coinage . . .. 7 99 106 Salvadoran coinage 50 50 Nicaraguan coinage ..... 30 SO Ecuadoran coinage 20 50 70 Venezuelan coinage 4 4 Total coinage working dies 96 1,677 375 345 99 .2, 592 Master dies, hubs, and transfers from models, manufactured for— United States coinage 19 Philippine coinage . 4 Salvadoran coinage 6 Ecuadoran coinage 12 Nicaraguan coinage 8 Other dies, hubs, and transfers from mod­ els, manufactured for— Stamped envelopes embossing dies 24 Indian identification tags.. ... 2 Gold bar stamps 11 Military insignia and badges 16 Medals „ I 10 Grand total ., 2,704 1

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DIRBCTOR OF THE MINT 655

MEDALS SOLD Medals manufactured at the mint at Philadelphia were sold during the fiscalyear 1928 as follows:

Items Pieces Value

Gold medals 177 $8, ISa 16 Silver medals 388 1,037. 73 Bronze medals a 951 7, 403. 63 Total a 516 la 630. 52

EMPLOYEES The total number of officers and employees of the mint service on June 30, 1928, was 687, as follows:

Employees by departments Tottil Established Melting Institution under act Gen­ En­ Assay­ Coin­ Jime June of— eral graving ing and re­ ing fining SO, 1928 SO, 1927

Bureau of the Mint Feb. 12,1873 11 3 14 14 Philadelphia Mint. Apr. 2,1792 1S2 9" 11 122 60 324 310 San Francisco Mint July S, 1852 56 12 22 29 119 124 Denver Mint Apr. 21,1862 39 5 17 18 79 SO New York assay office Mar. a 1853 73 18 SO 121 124 New Orleans Mint * Mar. aiS36 7 7 7 Carson City Mint i Mar. a 1863 3 3 3 Boise assay office Feb. iai869 4 4 4 Helena assay office.. May 12,1874 3 3 3 Deadwood a'ssay office 2 Feb. iai897 3 Seattle assav office . May 21,1898 11 ii 11 Salt Lake City assay office May sa 1908 2 2 2 Total, 1928 341 9 49 161 127 687 Total, 1927 SSS 1 9 1 .62 1 M^Q 132 685

1 Conducted as assay offices. 2 Discontinued Tuly 1, 1927.

WORK OF THE MINOR ASSAY OFFICES The following tables exhibit the principal work of the minor assay offices during the fiscal year 1928:

Salt Item New Carson Orleans City Boise Helena Seattle Lake City

Deposits received number. 457 214 274 210 1,323 43 Fineness, average gold thousandths. 646 350 717 276 846 676 Fineness, average^silver do... 201 478 262 678 119 214 Weight before melting ...ounces. 114,980 sa 385 la SSS 34,118 362, 023 2,442 Weight after melting .do... 114, 437 2a 641 la 320 33, 606 349, 535 2,421 Loss in melting .do... 543 743 568 512 2,488 21 Do percent. .47 2.44 .35 .16 .07 .86 Melts of bullion made number. 469 212 274 211 1,454 47 Mass melts of bullion made .do... 33 11 14 9 71 4 Melts of D. M. R. grains do... 4 4 4 S 4 1 Melts of assayers' clips .do... 3 4 4 6 50 1 Value of deposits, gold dollars. 1, 62a 869 214, 923 227, 998 194, 795 a 114, 864 34,121 Value of deposits, silver, at cost .do... la 031 a 131 2,225 11,093 2a 634 296 Bullion shipped...... gross ounces. 121,110 2a 037 la 279 34, 067 343,104 2,673 Value of gold shipped dollars. 1, 622, 680 207,266 242, 346 174, 495 5, 999, 087 41, 922 Value, cost, of silver shipped ..do... la 648 7,546 2,276 11, SOS 2a 326 305 Quartation silver made. ounces. 61 21 28 26 167 Quartation silver used ..do... 27 23 15 160 10 Proof gold received ..do... 10 5 10 Proof gold used do... 5 1 1.4 12 "2 Proof silver received...... do... 10 25 ..... Proof silver used do... 17 1 Cupels made number. 2,850 2,318 2,400 la 726 1,500 Cupels used do... a 022 1,168 1,540 1,631 12,855 1,204 Crucibles used... do... 15 17 21 29 5

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656 REPORT ON THE FINANCES

ASSAYS MADE

On bullion de­ On miscellaneous posits mint service metal On nonmint bullion and ores Institution Sam­ As­ Re­ Sam­ As- ' Re­ Sam­ As­ Re­ Metals determined in ores ples says ports ples says ports ples says ports tested

New Orleans 918 2,754 459 80 240 40 7 28 7 Gold, silver. Carson City 428 879 214 46 103 25 78 103 79 Gold,silver, lead, copper. Boise 504 968 274 67 178 22 272 323 272 Gold, silver, lead, copper, zinc. Helena.I 420 1,072 210 54 216 . 18 11 11 11 Gold, silver, copper Seattle a 774 a 328 1,315 498 1,086 124 50 188 50 Gold, silver, lead, cop­ per, zinc. Salt Lake City 43 344 43 6 48 6 403 673 255 Do.

GOLD RECEIPTS AT SEATTLE o Statement of gold deposits at. the Seattle assay office from the opening of the institution on July 15, 1898, to the close of business June 30, 1928: Number of deposits 77, 294 Troy ounces 18, 006, 490. 24 Avoirdupois tons 616. 8 Total cost value .- $308, 452, 909. 40 Origin of the foregoing Alaska: Circle $1, 107, 861. 52 Cook Inlet 5, 968, 145. 89 Copper River 6, 615, 646. 88 Eagle 1, 281, 605. 82 Iditarod 16,542,461.30 Koyukuk 2, 272, 230. 33 Kuskokwim.__:. 903, 906. 93 Nome 75,039,025.44 S. E. Alaska 15, 848, 078. 32 Tanana 52, 004, 768. 02 Unclassified-- - 2,767,506.28 Total $180, 351, 236. 73 British Columbia 24,856,250.27 Yukon Territory 93, 295, 804. 87 All other sources -_-- 9, 949, 617. 54 Total 308, 452, 909. 41

LABORATORY, BUREAU OF THE MINT From the domestic coinage of the calendar year 1927 the assay er of this bureau tested 358 gold coins and 518 silver coins, all of which were found within the legal requirements as to weight and fineness. The greatest deviation in fineness of gold coins from standard (the limit of tolerance being 1 one-thousandth above or below 900) was 0.3 one-thousandth above and 0.7 one-thousandth below. The greatest deviation in fineness of silver coins from standard (the limit of tolerance being 3 one-thousandths above or below 900) was 1.8 thousandths above and 1.6 thousandths below.

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DIRECTOR OF THE MINT 657 The following table summarizes results of fineness tests on domestic coin:

Number of gold coins Number of silver coins Fineness (thousandths) Phila­ San Phila­ San delphia Francisco Denver Total delphia Francisco Denver Total

898.4 2 1 3 898.5 1 1 898.6 5 1 6 89a7 1 1 898.8 7 1 2 10 898.9 1 1 2 899.0 9 2 11 89ai... 6 1 1 8 899.2 1 1 89as 1 1 30 8 4 42 899.4 13 5 18 89a5 9 12 33 15 12 60 899.6 I 22 27 4 2 1 7 899.7 28 65 2 95 41 14 20 75 899.8... 50 • 46 3 99 6 2 1 9 899.9 41 10 5 56 15 4 6 25 9oao 43 6 3 52 52 7 20 79 9oai 12 1 13 18 3 6 27 90a2 1 1 31 16 9 56 ooas . . 2 2 5 6 2 IS 90a4 17 10 4 31 90a5 2 2 4 9oae 7 1 4 12 9oa7 1 1 2 ooas 1 3 2 6 ooao. 2 1 3 901.1 2 1 3 901.2 2 2 901.8... 1 1 Total 186 158 14 368 310 110 98 518 Average fineness 899.867 899. 728 899.886 899. 806 899. 772 899.919 899.861 899.820

AVERAGE WEIGHTS OF DOMESTIC COINS TESTED AS COMPARED WITH STANDARD WEIGHTS Standard weights Doubleeagle - / grains.. 516.000 Eagle do 258. 000 Quarter eagle do 64. 500 Standard silver dollar do 412. 500 Half dollar do 192. 900 Quarter dollar do 96. 450 Dime . do 38. 580 Philadelphia: . 174 double eagles grains.. 516. 010 12 quarter eagles do 64. 529 36 standard silver dollars ._ do 412. 736 10 half dollars do 192. 530 92 quarter dollars do 96. 521 172 dimes do 38. 593 San Francisco: 158 double eagles do 516. 004 28 standard silver dollars ._ do 412. 470 44 half dollars do 192. 805 6 quarter dollars _ - do 96. 691 32 dimes - do 38. 648 Denver: 14 double eagles do 516. 028 50 standard silver dollars do 412. 470 10 quarter dollars do 96. 610 38 dimes..^,^-,... .^^,,^^....,..., do 38. 666

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658 REPORT ON THE FINANCES

SUMMARY OF WORK OF MINT BUREAU LABORATORY

Item Number Item Number

Gold assays Double eagles'examined 346 Silver assays a.n2 Quarter eagles examined.. 12 Miscellaneous assays... 1,178 Standard silver dollars examined , 114 \ 23 Half dollars examined 54 Total assays , 4,313 Quarter dollars examined 108 Dimes examined , 242 Certificate bar samples New York (96 Cupels made a 838 melts) .. 304 Cupels used... a 265 Certificate bar samples San Francisco Proof gold used ..ounces troy. 8.60 (38 melts) 306 Proof silver used do... 4.85 Miscellaneous samples.. 16 Inquartation silver used do... isaoo Counterfeit coins examined 5

ASSAY COMMISSION S ANNUAL TEST OF COIN Section 3547 of the Revised Statutes provides for an annual test of the domestic coinage executed during the calendar year 1927, by a commission, of whom part are ex officio membiers, the others being appointed, without compensation, by the President. The purpose is 'Ho secure a due conformity in the gold and silver coins to their respective standards of fineness and weight.'' The commission, which met at the Philadelphia Mint February 8 and 9, 1928, reported the following results of their examinatipn: Your committee on counting reports that the packages containing the pieces reserved by the several mints for the trial of coins were delivered to us by the superintendent of the mint at Philadelphia, and upon comparison of the tran­ scripts kept by the director of the mint were found to be correct. A liberal number of packages were selected from the deliveries of each month of all denominations coined, and the coins contained therein were counted and found to agree with the number called for in each package. The reserved coins were then delivered to the committees on assaying and weighing. In the reports of those committees will be found an account of the disposition of these coins. The committee on weighing report that they have taken at random from the several parcels of reserved coins of each mint such a number of pieces of ieach of the denominations represented and so distributed by dates of coinage as seemed to be sufficient for the purpose of weighing. These coins have been severally weighed by the committee and their respective weights ascertained to an accuracy of 0.01 grain, and the results recorded. The weights of these coins are given in the appended table. It will be noted that every coin weighed was within the deviation allowed by law. The coins were directly weighed against a set of sealed coin weights, supple­ mented by two sets of grain weights, delivered to the commission from the Bureau of Standards, Washington, D. C, in sealed packages and accompanied by certificates signed by the director of the bureau. The weighings were made on a Troemner balance belonging to the Philadelphia Mint. Prior to the weigh­ ing of the coins this balance was tested by your committee as to equality of arms and sensibility and found to be in excellent condition and entirely satisfactory for the purpose of the committee. Following the weighing of the coins your committee tested the working stand­ ard TTOJ pound weight of the Philadelphia Mint by which the other weights used in the mint are regulated. The standard with which this weight was com­ pared was a sealed Troy pound weight (B. S. Troy pound 63) furnished by the Bureau of Standards for this purpose and accompanied by a certificate signed by the director of the bureau. The standard of the mint was found to be correct within the sensibility of the balance, about 0.04 grain (0.0001 Troy ounce). The accuracy of this weight is highly satisfactory. The summation of working standard weights of 10 ounces+2 ounces was also found to be very satisfactory.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOK OF THB MINT 659 The deviations from standard of the heaviest and lightest coins weighed, of each denomination from each mint, are shown in the following table:

Philadelphia San Francisco Denver Legal deviation allowed Heavy Light Heavy Light Heavy Light

GOLD COINS Grains Grains Grains Grains Grains Grains Grains Double eagle a 5 a 25 a 29 a 29 a 17 a 31 Quarter eagle .25 .19 ;ie ass

SILVER COINS Dollar 1.5 .87 .84 .99 1.02 .95 1.19 Half dollar.. 1.5 .71 .56 1.02 1.16 Quarter dollar. 1.5 .94 .37 .20 .56 1.25 .52 Dime 1.5 .40 .55 .94 .44 ^1.45 .90

The committee on assaying, appointed by the chairrnan to examine coins selected from deliveries during the calendar year 1927 made by the mints as Philadelphia, San Francisco, and Denver, has completed the assays and it is our pleasure to report that all samples examined by us have been within the legal fineness as prescribed by law. Your attention is invited to the report below, which shows that all three mass melts of gold coin from the mints assayed exactly 900.0 thousandths, which is standard fineness. The law provides for variations in the fineness of gold coins of one one-thousandth above or below standard, and on silver coin three one- thousandths above or below standard (900). The following schedules show the variations found on coins assayed by the committee: Assays of individual gold coins selected

Highest Lowest Mint assay assay

Fineness Fineness Philadelphia 90a3 89a 7 San Francisco 90ai 89a 4 Denver ...... 9oao 9oao

Assays of individual silver coins selected

Highest Lowest Mint assay assay

Fineness Fineness Philadelphia 90a7 897.3 San Francisco 90a2 898.9 Denver _...... 90a2 898.4

Assays of coins melted in mass

Gold Silver Mint coins coins Fineness Fineness Philadelphia 9oao 89a 0 San Francisco _. 9oao 89a 0 Denver , .— 900.0 89a 3 The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1928, is respectfully submitted. R. J. GRANT, Director oj the Mint, Hon. ANDREW W. MELLON, Secretary oj the Treasury.

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660 REPORT ON THE FINANCES

TABLES FROM THE REPORT OF

Deposits and purchases of gold during

Source and description Philadelphia San Francisco Denver New York

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces 1 Alaska 646.955 8,978.130 a 685 414.137 0 Arizona . 21,803.403 S3.451 3 California 102, 584. 603 22.182 4 Colorado 8.613 186,851.836 a 586 5 Georgia . . 15. 978 e Idaho 131. 028 299. 229 7 Montana . . . 294. 369 8 Nevada . 6,929.828 15. 309 9 New Mexico 1,946. 221 10 North Carolina 35.834 ano 11 Oregon 2,804. 042 14. 271 T> South Dakota 321,157. 944 8.626 IS Tennessee... 14.841 14 Utah 32. 387 16 Washington a 192 le Wyoming 63. 360 17 Philippine Islands 28, 696. 685 IS Other 19 Grains, deposit melting room 39.979 68. 308 16.113 19a 815 ''0 Total unrefined 753. 587 172,009. 832 510,806. 347 ess. 274 Domestic refinery bullion: ?1 ' Less than 0.992 fine .958 1, 204. 272 ?? Over 0.992 fine : 31, osa 346 914, 333. 246 1, sea 931. 502 23 Total domestic purchases... 31, 792. 933 1, ose, 343. 078 510,807. 305 1, 371, 774. 048 ?4 Foreign coins 703, 005.194 369, 373. 688 298,661. 229 635, 585. 814 '>6 Foreign bullion, crude '. 32,461.170 4.211. 068 452,168. 648 ''e Foreign bullion, refined 127,425. 472 1, 957, 858. 969 27 Jewelers' bars, dental scrap, etc... 154,038.128 sa 766.418 20, 966. 057 383, 352. 953 28 Total deposit purchases SSS, 836. 255 1, 655, 35a 826 834, 624. 659 4,800,740. 522 REDEPOSITS PURCHASED

?9 Domestic coin 111. 229 28. 032 la 994 4,982. 648 SO Bars stamped by U. S. Govern­ 1,041. 613 ment. Sl Surplus (recoveries) eia 614 129. 701 188. 715

32 Total redeposits purchased.. 111. 229 647. 646 146. 695 a 212. 976 SS Total purchases SSS, 947.484 1, 656,007.472 834, 771. 354 4, 806,953. 408 REDEPOSITS TRANSFERRED

34 Domestic coin from Treasury 68, 014. 817 21,107. 640 11, 9ia 910 S6 Domestic assay coins 444. 325 se Refined bars la 62a 713.958 S7 Unrefined bars 313,993. 222 86,987. 021 171, 862. 629 SS Proof bullion lOa 000 5a 000 20a 000 39 Total redeposits transferred. 10, esa 173.100 335, 200. 862 98,966. 931 172, 062. 629 40 Grajid total, fine ounces 11, 578,12a 584 1,991,208.334 933, 728. 285 4,97a 016. 037 Value of— 41 Purchases $18, S7a 175. 32 $34,232, 712. 30 $17, 25a 255.58 $99, 368,545. 86 4? Domestic coin, Treasury 1,405,991. 04 436,333. SO 24a 406.41 transfers. 4S Other transfers 21 a 558,827. 55 6,492,883.12 1,79a 214. 90 3, 556,850. 20 44 Total value 2Sa 340,993. 91 41,161, 928. 72 la 301. 876. 89 102,925, 396. 06 Number of fineness determina­ tions required: 45 Deposits of gold and silver a 517 12, 331 2,964 14, 637 46 Redeposits purchased 2,288 21 22 47 Redeposits transferred 34, 512 2,009 288 598 48 Deposits in trust 1,845 49 Total determinations 45,162 14,361 3,252 15,257

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOR OF THE MINT 661

THE DIRECTOR OF THE MINT

the fiscal year ended/une SO, 1928

New Carson Salt Lake Orleans City Boise Helena' Seattle City Total

Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces 13.457 253, ooa 979 263,063.343 1 21, ssa 854 ? . 86.994 70. 722 23. i68 1 102, 787. 659 S 1 12a 619 ISa 990. 654 4 15. 978 5 9,119. 924 17. 891 ii5. 005 2. 288 a 685. 365 6 23.148 8,839. 510 15.1S2 a 172.159 7 io, 271.066 540. 489 69.075 12a 729 17, 942. 496 8 1, 94a 221 q 41. 944 10 i, 029.481 436. 525 1,169. 541 5,453. 860 11 321,166. 570 T? 14.841 IS 35. 876 68. 263 14 66. 897 1 4, 224. 834 4, 297. 923 16 es. 350 16 28, 695. 685 17 248. 224 248. 224 18 1 is. 808 8. 541 1 4.693 1. 532 17. es5 .488 S7a 972 19 IS. 868 la sea 601 la 868. 811 1 a 107.157 257,892. 343 1, 455. 541 973, 912. 361 20 2, 318. 540 3, 623. 770 ?1 28,455. 021 2, S4S, 769.115 99 IS. 868 la sea 601 la 868.811 a 107.157 288, 665.904 1, 455. 541 3,321,195. 246 23 60,187. 921 2, Oee, SOS. 846 ?4 7, 521. 928 674. 753 497,027. 567 ?6 2, 085, 284. 441 ?e 5, 613. 288 38.882 116. 964 1 316.050 a 447. 359 196.108 eia 840.197 27 73,3S7. 006 la 405. 483 1 la 985. 765 • a42S.207 295, 788. 016 1, 650. 649 8, 581.151. 297 28

582.858 1.791 5, 723. 552 ?9 a 767 1, 048. 380 SO • 5. SSl 947.029 Sl 3.618 1 682.858 6. 381 12.176 7, 718. 961 S? 1 7s,9iase3 10, 406. 483 la 991.146 9, 423. 207 295, SOO. 192 1, 660. 649 8, 588,870. 268 S3

10 ,042. 367 Zi 444. 325 S6 la 620, 713. 958 SO 572,842. 872 S7 io.ooo 5.000 laooo 375.000 S8 10. 000 5.000 la 000 11, 295,418. 522 SQ 73, 929.863 10, 410. 483 la 991.146 9, 423. 207 295,810.192 1, 650. 649 19,884, 288. 780 40

$1,628,059. 58 $216, lOa 42 $227,207.15 $194, 794. 83 $6,114, 732.81 $34,121.89 $177,647, 706. 74 41 2,088, 730. 75 42 206. 72 103. 36 206. 72 231,408,292.57' 43 1, 528, 26a SO 216, 203. 78 227,207.16 1 194, 794. S3 a 114, 9S9. 63 1 34,121.89 1 411,044, 729.06 | 44

467 .209 274 210 1,315 43 38,957 45 8 2,339 46 37,407 47 1,845 48

457 209 274 210 1,323 43 80, 548 49

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

662 REPORT ON THE FINANCES

Deposits and purchases of silver during

Source and description Philadelphia San Francisco Denver New York

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces 1 Alaska 38.16 1,359.21 a 45 29.05 ?, Arizona . sa 722.17 1,317.22 s California _ 28,963. 21 5.09 4 Colorado. . . .. 3.73 104,882. 20 L66 5 Georgia 2.94 6 Idaho. . 31.38 123. 56 7 Michigan 2, 501. 68 8 Montana 536.63 q Nevada 28a 622.16 2.0s 10 New Mexico...: 859.67 11 North Carolina _. 3.43 '"' .-27- 12 Oregon.. 436.88 8.76 IS South Dakota. sa 182. 52 4.29 14 Tennessee LSO 16 Utah 5.93 16 Washington . .. .. L57 17 Wyoming 5.74 18 Philippine Islands .: a 982. 61 IQ Other 20 Grains, deposit melting room 8ai5 87.47 16.07 271.19 ?1 Total unrefined 125. 98 368, 21a 39 19a 945.87 2, 808.14 Domestic refinery product: ?2 Less than 0.992 fine.. 189.94 113,14a 12 ?,S Over 0 992 fine 1,992, 248. 20 13, 793. 78 322, 003.11 24 Total domestic purchases... 1,992, 374.18 372,004.17 197,135.81 437,967. 37 26 Foreign coin.. 1, 344. 30 799. 00 11, 347. 60 26 Foreign bullion, crude 831, 905.40 308,318. ie 14a 615. 93 27 Foreign bullion, refined 544, 458. 40 . 50a524.0S 81,12a 88 28 Jewelers' bars, dental scrap, etc... 126, 924. 88 22a 171. 77 22, 279.10 44a 757.49 29 Total domestic purchases... 2, 665,101. 76 1,4Sa 880. 34 1, 028, 257.15 1,12a 808. 27

REDEPOSITS PURCHASED

SO Domestic coin 5, 5ia 35' 332. 58 904. 24 31 Bars stamped by U. S. Government. 1, 09a 09 S2 Surplus (recoveries) 2, 298. 78 1,173.86 7, 661. 22 33 Total deposits purchased...•. 7,809.13 332. 58 2, 078.10 8, 76a 31

34 Total purchases 2, 672, 9ia 89 1, 431, 212. 92 1, osa 335. 25 1,12a 568. 58

REDEPOSITS TRANSFERRED

S6 Domestic coin from Treasury . 1, 727,889. 06 834, 283. 63 249, 213. 98 S6 Refinery bars.. 309, 281. 78 S7 Unrefined bars _.. 6a 281.16 45, 229.81 12a ess. 65 S8 Proof bullion... 50. 00 100. 00 sq Domestic assay coin. 223.18 40 Total redeposits transferred. 2, 037, 394. 02 89S; 614. 79 294, 443. 79 129, 783. 66 DEPOSITED IN TRUST .... 41 Domestic refinery bars_ _ 48, 27a 13 4? Foreign coin...... 594, 316.14 4S Total deposits in trust 642, 685. 27 44 Grand total, fine ounces 5, 352, S9a 18 2, 324, 827. 71 1, 324, 779. 04 1,25a 352. 23 Value: 46 Cost of purchases.. $l,5Sa831.4e $819, 664. 09 $57a 584. 63 $640, 424. 88 46 Cost of bullion transferred 22a 284. Sl SS, 5Se. 47 26, 477. 91 . 74. 490. 78 47 Coining value of subsidiary 3, 687, 438.10 1, 968, 993. 00 1, 423, 094. 53 1, 561, 525. 60 bullion purchased. 48 Subsidiary coining value of 2, soa 575. 20 345, 766. 63 purchased and transferred 1,153, 78a 82 • domestic coin. 4q Coining value of standard dol­ lar bullion purchased. 17,834. ss'

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOR OF THE MINT 663

the fiscal year ended June SO, 1928

New Carson Salt Lake Boise Helena Seattle Total Orleans City City

Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces a 43 36,609.03 38,036.33 1 38,039.39 ? 24.72 . a 18 4.44 29,006. 64 3 103.84 104,991. 43 4 2.94 6 3,15a 18 3.47 34.85 .12 3, 343. 56 6 2,501. 68 7 2.54 ia411.22 .35 la 95a 74 8 14,13a 68 402. 56 34.33 45.77 295, 232. 53 q 859. 67 10 3.70 11 223.44 123.48 148.98 941. 54 1? 89,186. 81 13 1.30 14 21.96 27.89 IS 12.21 233. 58 247. 36 16 5.74 17 9,982. 61 18 94.75 94.75 iq 12.00 8.29 3.19 .64 3.09 .28 482. 37 20 12.00 14,163.69 3,803.73 . ia5iaos 37, 043.15 315.95 632,938.98 21 ia78 113,346.84 99 2, 328,045. 09 ?S ,, 12.00 14,163.69 3,803.'73 la 5ia 08 37,053. 93 315. 95 3,074, 33a 91 24 13,49a 90 ?6 11,158.29 173.47 1, 301,171. 25 '>fi 1,12a 112. 36 97 11,852.40 20.19 55.05 233. 83 4,556. 78 207. 71 833, 058. 20 28 23,022. 69 14,183.88 3,858. 78 19, 743. 91 41,783.18 523. 66 6,348,163. 62 29

6,747.17 SO 1.80 ' 1, loa 89 Sl 71.08 14.78 11, 21a 72 S?

71. 08 ia58 la 067. 78 SS 23, 022. 69 14,183. 88 3, 929. 86 la 743. 91 • 41,79a 76 523. 66 a 367, 231.40 34

2,811,386. 67 S6 soa ^81. 78 se 234,194.62 S7 iaoo 25.00 d 185. 00 S8 223.18 SO iaoo 25.00 3,355, 271. 25 40

48, 270.13 41 594.315.14 49 642,585.27 4S

23, 032. 69 14, 208. 88 3,929. 86 la 743. 91 41,79a 76 523. 66 . la 365,087.92 44

$13, 031. 61 $8, isa 75 $2, 224. 30 $11,092.81 $23, 642. 65 $296.43 $3, 631, Sia 61 45 5.83 14.51 362,809. 81 4fi 31,82a 77 19,607. 92 5,432. 67 27, 294.15 57,784. 36 723. 91 8,773,721. 01 47

3,89a 121. 65 48

17,834. 38 49

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

664 REPORT ON THE FINANCES

Deposits of gold at United States mints and assay offices since 1873

Character of gold deposited

Domestic Fiscal year ended bullion, Surplus including • bullion, Total June so- domestic Domestic Foreign Foreign grains, refinery coin bullion coin jewelers' product bars, old from foreign plate, etc. ores, etc.

187S. 868, 670 $27, na 948 $42a 108 $618, 542 $774, 218 $67, 704, sse 1874. 29; 73a 388 a 275, 367 5, 162, 620 a SIS, 882 664, S64 49,142, 511 1875-, 34, 2ea 126 1,714,311 7S9, 440 1, 111, 792 724, 626 SS, 55a 294 1876.. 37, 690, 629 417, 947 1,141, 906 2, 111, 084 681,819 41, 943, 285 1877.. 43, 478,104 447, S40 1, 9S1, les 2, 093, 261 837, 911 48, 787, 779 1878.. 48, 075,124 301, 022 2, 068, 679 1, Sia 461 907, 932 52, eea 218 1879.. 38, 649, 706 198, OSS 1, ooa 797 1,498, 820 9S7, 761 42, 254,157 1880.. 35, 821, 706 209, 329 21, 20a 997 4a 426, 560 1,17a 506 98, 835, 097 1881-. 35, 815, 037 440, 777 37, 771, 472 66, 462, sse 1, 343, 4S1 ISa SSS, IOS 1882.. 31, 298,512 699, 357 12, 78S, 807 2a 304, 811 1, 77a 166 66, 75a 66S 1883.. 32, 481, 642 374,129 4, 727,14S a 90a 084 1, 858,108 4a 347,106 1884.. 29, 07a 696 26S, 117 a 02s, 7S5 a 096, 462 1, 864, 769 4a S2a 679 1885.. 31, 584,437 325,210 11, 221. 847 7,89S, 218 1, sea 36S 62,894, 075 1886.. S2, 456, 494 393, 545 4, S17; oes 6, 673, 666 2, 069, 077 44, 909, 749 1887.. 32, 97S, 027 5ia 985 22, 571, 329 a 89a 612 2, 266, 220 68, 22S, 07S 1888-. 32, 40a 307 492, 513 21, 741, 042 14, 59a 885 2, 9SS, 751 .72, 225, 498 1889.. Sl, 440, 779 585, 067 2, iSa 517 4, 447,476 S, 62a 597 42, isa 4se 1890.. 474, 900 655, 476 2, 691, 9S2 ^ 6,298,774 S, 642, 014 42, ees, 095 1891.. sa 655,117 583, 847 4, 064, S2S A 8, 26a 304 4, 0S5, 710 48, 485, 801 1892.. 31, 961, 546 667, 968 la 935,165 14, 04a 188 s, esa eos 61, ISl, 460 1893.. 31, 286.168 46, 44a 841 792, 470 2, 247, 731 a 293, 296 3, SSO, 176 1894.. SS, e9a 961 2, 093, 616 16, 614,118 12, ssa 407 71, 90a 513 1896.. SS, 3,118,422 371, 960 1,188, 258 14,108, 4Se 2, 278, 614 3, 21S, 809 65,161, 007 1896.. 44, 9ia 967 1,670,006 6, 672, 390 5, 227,409 68, 769, S84 1897.. 53, 5, SSS, 622 618, 240 1, 016, S14 a S71, 621 15, 188, 014 2, Sia 249 87, 003, SSS 1898.. 60, SSl, 121 1,187, ess 2a 477,370 147, 693,195 69, 47, 210, 078 2, 9Sa 94S 1899.. 262, 487 1,168, SOS sa ssa 660 32, 785,162 2, 964, 684 143, 497,191 1900.. 7a 468, sse 1, ssa 097 22, 72a 160 18, SS4,496 S, 617, 641 ISS, 92a 120 1901.. 87, 1, na ISO 27, ISa 669 27, 906, 489 5, 95a 657 "153,101, esi 1902.. 92, 929, 696 1S2, 68a 830 622, 079 1, 488,448 18, ISa 417 13, 99a 162 4, 284, 724 190S-. 94, 960, 908 la SSl, 069 8, 96a 695 4, 247, 583 127, 004, 443 1904-. 96, 514, 298 36,802, 224 177, 75S, 384 746, 627 2,15a 818 4a 152, 784 4,892, 931 1906-. 87, S, 404, 967 17, 645, 627 15,141-, 678 6, 668, 483 14S, S7S, 970 1906-. 101, 618, 315 sa S17, 865 16S, lOa 494 838, 268 1, 614, 291 a 648, 612 4, 79a 568 1907.. IOS, 2, 764, 283 sa 65a 546 17, 221, 262 6, 7S1,112 17a 6Sa 665 1908.. 114, 217,462 71, 774, S61 207, 415, 976 7S5,878 3, 98a 77S IS, 684, 426 a 2S1, 547 1909.. 111 S, 432, 288 la 021, 521 1, 0S4,378 5, S41, 604 145, 657, 2S0 1910.. 119, 727,439 15, 761, 862 ISa 371,108 974, 569 S, 603,140 406, 226 5, e2a SSl 1911.. 104, 2,949,199 35, 67S, lie la oea 64S 6, 7SS, 886 175, SSS, 091 1912.. 120, 9ia 247 20, 914, 227 151, 92a 881 SSS, 160 S, 49a 769 2,165, 233 6, 025, 502 1913.. na 1, S4a 880 Sl, 986,879 2, 732, 439 a 061, 727 lei, 131,878 1914.. 118, 504, 953 14a 29a 566 278, 957 4, 7ia 876 18, 978, 572 S, 261, 967 a 067,184 1915.. lis, 4, 20a 612 22,881,864 " 15, 42a 266 6, 748, 959 167, 477, 920 1916.. 217, 239 492, 215, 774 na 722.169 2, 622, 290 91, ooa 419 271, 641, 706 a ssa 201 1917.. 12a 1, 90a 126 571,44S,.0Se 124, 111, 619 8, 04a 828 909,867, 998 1918.. 365, SS9 soa 487, 722 204, 4ia 485 a 431, 236 153, 405, 687 4a 422,147 7,812,167 1919.. 101, 24, 621, 645 34, 668, 599 16, 268 8. 907, 516 161, 363, 364 1920. SS, 35a sse 5, 079, S7S • 78,021,266 29, OOS,. 844 la 989,866 22a 611, OSS 1921.. 10a 4ia 689 1,887, 929 509, 49S, 374 7a SIS, 705 12, 798, 620 673, 708,108 1922.. 72, 714,480 2, 491, 089 S4a 479, 206 123,967,764 14, soa 128 66a 984, 515 1923.. 746,328 2,340, 694 192, 071, 404 48, OSS, 348 12, SS4, 5S2 ssa 151,885 1924.. ea 102, 007 3, OOS, 442 27a 70a 141 na 098, 431 15, 242, 795 491, 432, SSS 1925.. 74, 777, 074 1,812, 398 SS, 062, 092 34,418, 655 IS, 194, 277 211,165, 085 1926-. 81, 677, ees 2, OSS, 238 81,815,854 10, ess, 789 IS, 555, 249 ISa 658, 646 1927.. 78, 416, 516 2, 704, 941 4a 384, 083 lOa 678, 518 IS, 433,124 22a 781, 004 1928-- 72, 2, 21a 2S2 53, 381,116 42, 724, 624 12, 654, 429 17a 645, 629 72, 580, SSS 669, 228 Total 3,97a 607,164 153, e2a 053 3,235,224,752 1,561,12a 990 291,e9a892 I, 212,176,851

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOR OF THE MINT 665

Deposits of silver at United States mints and assay offices since 187S

Character of silver deposited

Domestic Domestic coin Foreign coin bullion, Surplus Fiscal year bullion, ended June including Total domestic grains, so- Foreign jewelers' refinery bullion product United Philip­ bars, old Ha­ pines, for Other from States waiian plate, foreign recoinage etc. ores, etc.

Fine Fine Fine Fine Fine Fine Fine Fine ounces ounces ounces ounces ounces ounces ounces ounces 1873 a 619,104 37,965 59,877 2ia 171 141,235 7,074,342 1874 8,370,649 46, 287 89,474 163,748 213, 524 8,882,682 1875 11, 72a 014 la 984 399, 240 124, 285 lea 104 12, 429,627 1876 18, 685,953 3,753 269, 836 109, 245 138, 096 19, 206, 882 1877- 20, 967, 667 796, 375 2, 284, 732 189,968 315, 354 24, 562,996 1878 22, 271, 284 4,930 4, 824,919 265,541 167, 356 27, 524, 030 1879- 2a 832, 329 8, 205 829, sse 540, 349 161, 347 22, 372.066 1880 24, 852, 680 sa 395 892,826 823,515 192,866 26, 792, 282 1881 22, 025, 225 5,652 1,014, 862 568, OSS 201, 251 23, 815,028 1882 23,942,987 98,669 1. IOS, 408 665,803 269,825 26, osa 692 1883 25, sse, 643 492, 668 1, 414, 767 979, 758 292, 680 28, 5ia 516 1884- 24, 334, 752 117, 589 1,962, 731 1, 534, 782 soa 310 28, 246,164 1885 24, 94S, 394 678, 741 1, 627, 619 867, 856 ssa 981 28,454, 591 1886 25,101, 639 2ia016 1,146,017 628, 545 361, 316 27,462, 532 1887 2a 293,372 5,848,586 1,127, 213 271,166 S9a 656 36,936,992 1888 28,921, 649 1, 202,177 1, 29a 390 67, 549 485,190 31,9ea 965 1889 29, 606, 387 394, 346 1, oes, 900 328, 276 502, 223 31,895,132 1890 29,187,135 466, 302 1,862,166 961,162 526, 270 32,983,024 1891 5a 667,116 637, 662 1, 767, 90S 1, 97a 912 ess, 073 55, e7a 661 1S92-. 56, 817, 548 5, osa 246 1, 56a 618 349, 652 572, 661 64, SS2, 725 1893 56, 97a 082 5,346, 912 1, 738, 711 505,171 582, 728 66,14.9, 604 1894 16, 29a 815 5, 012, 060 994, 901 522, 725 467, 968 22,194,469 1895 6,809, 626 3, 016,905 1,362,141 15, 291 580,126 11, 783,088 1896 4, 42a 770 3,17a 768 680, 767 15a 942 604,386 9, 027,623 1897 3, 914,985 2, 208,953 626,085 101,157 473, 755 7, 324,935 1898...... 2, iiae9o 1, 243, 050 20a 987 a 808 249,468 3,826,003 1899 5, 584,912 6, oeo, 986 7ia 077 la 382 484, 751 12, see, 108 1900 4,977,978 3,587,992 1,088,019 44, 704 567, SSl 10, 256, 524 1901 2, 466, 749 2, 613,570 1, soa 149 4,25a 196 567,647 11, 204,311 1902 1,425, oeo 2, 276,090 1,162, 023 29, 265 575,430 5, 46a 868 1903 12, 52S, 630 2,06a 225 461,686 1, na 463 21,869 627,108 16, 794, 981 1904 a 991,187 1,923,609 148,788 1, 361, 701 1 2,567,137 1,471, 963 652, 015 18,116, 400 1906 4,923, 665 1, SSS, 695 3,647 1,90a 410 1 7,703, 766 92,995 7Sa311 la 703, 379 1906.. 2,398,871 959, 568 3,895 5, 162, 507 161, SSS 1, 287, 658 632, 544 8,50a 376 1907 20,388,163 77a 269 2, 662, 003 4, esa 791 282, 612 esa 722 29, Sia 660 1908 la 114, 553 786, 085 2, 963, 399 8,870, OSS 134,974 648,007 29, 517,051 1909 5, 376, 389 659, 935 2, S2a 847 7, S2a 312 21,917 52a 715 la 225,115 1910-. 1, 547,146 648, 821 1,162, 240 1, 391, 587 13,295 4ea 935 6,124,-023 1911 3, 220, 236 393, 906 799,105 621, 800 a 040 495, 013 5, 5Sa 100 1912 5, eS6, 513 458, 694 447 957, 233 227, 295 7,934 54a 117 7,827, 2SS 1913 3,104, 347 28a 688 624, 215 342, 289 17, 010 577,423 4, 945,972 1914... a 752, 614 5Sa 972 527, 233 143,873 85,141 572,687 11, 671,420 1916 7, 25a 206 491, 028 2, ISa ISS 136, 247 383,439 536, 887 la 927,944 1916 9, 346, 086 5ea 510 1, sea 420 ISS, 067 204,470 698,026 12,816, 677 1917 7, 556, 359 6, 24a 994 2, 327, 785 149,198 Sia 725 882,893 17,974,016 1918 21,166, 924 8,176, SS4 a 78a Oil 1,911, 376 7,145, sse 964, 626 46, ISS, 607 1919... 2, 669, 447 456, 283 100 1, 67a 071 618, 531 4,801,019 1,145,067 11, sea 518 1920 5, ssa 184 641,117 2, 206,066 225 4,413, 248 1, 274, 743 IS, 77a 583 1921 63, 54a 065 507,894 2,158, 717 763,075 830, 570 67, soa 311 1922 51, 994, 780 1, 734, 696 1, 706,424 5,2ia 623 746, 708 61,401, 231 1923 68, 90S, 846 2, S67,425 1, 522, 320 198,834 768,359 73, 76a 784 1924 17, 69a 587 1,492, 359 3, 29a 980 113, 765 880,430 23,474, 111 1925 1, 692,032 1, 764, 224 2, osa 099 182, 265 89a 840 6, 564,460 1926 2,127, 588 1, 828, 582 S, 271, 270 301,311 9Sa 415 8, 459,166 1927 5,131,165 2, esa 9S0 1, 7ia 409 sa 407 843, 261 la 358,172 1928 3,074, 950 2,818, 367 2,427, 284 IS, 491 844, 760 9,178,842 Total. 97a 94a 604 193, 041,912 618,724 9a 997, 527 sa SSS, 860 45,198, 268 sa 85a 679 1, 268, 54a 474

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666 REPORT ON THE FINANCES

Aidhority for United States coinage, hy denominations, with standard weight and fineness, and total coined GOLD COINAGE

Total coined to Dec. 31, 1927 Standard Standard Denominations Authorizing acts weight fineness Pieces Value

50-dollar piece, com­ memorative: Panama-Pacific In­ ternational Ex­ Thou­ position— Grains sandths Octagonal Jan. la 1915.. 1,290 900 1,509 $75, 460. 00 Round _ do .0. 1,290 900 1,510 75, 500. 00 Dnuble eagle ($20) Mar. 3, 1849.. 516 900 Feb. 12, 1873. 516 900 Eagle ($10). Apr. 2, 1792.. 270 916^ 158,843,856 3,17a 877,120.00 June 28, 1834. 258 899. 225 Jan. 18, 1837.. 258 900 52,811,985 Feb. 12, 1873. 258 900 528, na 85a 00 Half eagle ($5). Apr. 2, 1792.. 135 June 28, 1834. m% 129 89a 225 78, 249,869 391, 24a 345.00 Jan. 18, 1837.. 129 900 Feb. 12, 1873. 129 900 Quarter eagle ($2.50).. Apr. 2, 1792.. 67.5 916M June 28, 1834. 64.5 899. 225 la 268,590 48,171, 475. 00 Jan. 18, 1837.. 64.5 900 Feb. 12, 1873. 64.5 900 Quarter eagle ($2.60), commemorative: Panama-Pacific In­ Jan. la 1915.. 64.5 900 la 017 25,042. 50 ternational Expo­ sition. Sesquicentennial Mar. 3, 1926 900 200, 226 Exhibition. 3-dollar piece i Feb. 21, 1853; Feb. 12, 1873. 77.4 900 53a 792 1, 6ia 37a 00 1 dollar 1.... Mar. 3, 1849; Feb. 12, 1873.. 25.8 900 la 49a 337 19, 49a 337. 00 1 dollar, commemora­ tive: Louisiana Purchase June 28, 1902. 25.8 900 25a 258 25a 258. 00 Exposition. Lewis and Clark Ex­ Apr. 13, 1904. 25.8 900 ea 069 eaoeaoo position. Panama-Pacific In­ Jan. la 1915.. 25.8 900 25,034 25,034. 00 ternational Expo­ sition. McKinley Feb. 23, 1916. 25.8 900 sa 040 3a 040. 00 Grant Feb. 2, 1922.. 25.8' 900 la 016 la 016. 00 Total gold. 32a 801,108 4, lea 588,477. 50

SILVER COINAGE

Dollar.. Apr. 2, 1792 ^ 416 892.4 Jan. 18, 1837 (discontinued, il2y 900 act Feb. 12, 1873). Feb. 28, 1878 412H 900 84a 543, 921 ! $84a543,921.00 July 14, 1890 412H 900 Mar. 3, 1891.... 412H 900 Apr. 23, 1918.: 412H 900 » Discontinued, act Sept. 26,1890. 2 Silver-dollar coinage: Act Apr. 2, 1792— From 1792 to 1805..' $1,43a 517 During 1836 1,000 From 1839 to Feb. 12, 1873 a 59a 721 031,238 Act Feb. 28, 1878 378^ lea 793 Act July 14, 1890, to Oct. 31, 1893, date of repeal of purchasing clause of Sherman Act Sa 087, 285 .4ct Nov. 1, 1893, to June 12, 1898 1 42, ISa 872 Act June 13, 1898, war-revenue bill 108,S0ai88 187, 027,345 Act Mar. 1, 1891, trade dollar conversion 5, 078, 472 Act Apr. 23, 1918, Pittman.Act replacement- Old design, since Feb. 21, 1921 8a73.a000 Peace dollar, since Dec. 21, 1921 181,5ia073 268, 240,073 846, 543,921 NOTE.—Silver-dollar coinage suspended 1806 to 1835 and 1874 to 1877. The bullion value of the dollar was greater than its coin value prior to 1878.

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DIRECTOR OP THE MINT 667

Authority for United States coinage, by denominations, with standard weight and fineness, and'total coined—Continued

SILVER COINAGE—Continued

Total coined to Dec. 31, 1927 Standard] Standard] Denominations Authorizing acts weight fineness Pieces Value

Thou­ Grains sandths Trade dollar 3. Feb. 12, 1873 (discontinued, 420 900 35, 965, 924 $35,965,924.00 actMar. 3, 1887). Dollar, commemora^ tive: Lafayette Mar. 3, 1899.. il2y 900 5a 026 5a 026.00 Half dollar.- Apr. 2, 1792.. 208 892.4 Jan. 18, 18S7.. 206H 900 447, 987, 312 Feb. 21, 1S5S.. 192 900 223,993,656.00 Feb. 12, 1873. < 192. 9 900 Half dollar, commem­ orative: Columbian Exposi­ Aug. 5, 1892.. 192.9 900 5,002,105 2,501,052. 50 tion. Panama-Pacific In­ Jan. la 1915.. 192.9 900 ea 030 sa 015.00 ternational Exposi­ tion. . Illinois Centennial.. June 1, 1918... 192.9 900 lOa 058 5a 029. 00 Maine Centennial.. May la 1920.. 192.9 900 5a 028 25,014. 00 Landing of Pilgrims May 12, 1920.. 192.9 900 soa 165 15a 082. 50. Tercentennial. Alabama Centennial. May la 1920.. 192.9 900 7a 044 35,022. 00 Missouri Centennial. Mar. 4, 1921... 192.9 900 5a 028 25,014. 00 Grant Feb. 2, 1922... 192.9 900 lOa 061 5a 030. 50 Monroe Doctrine Jan. 24, 192S... 192.9 900 274,077 137,038. 50 Centennial. Huguenot-Walloon.. Feb. 26 1923... 192.9 900 142,080 71, 040. 00 Stone Mountain Mar. 17, 1924.. 192.9 900 2, 314, 709 1,157, 354. 50 Battle Lexington- Jan. 14, 1925... 192.9 900 162, 099 81, 049. 50 Concord. California Diamond Feb. 24, 1925.. 192.9 900 15a 200 75, lOa 00 Jubilee. Fort Vancouver do 192.9 6a 028 25,014. 00 Sesquicentennial Mar. 3, 1925.. 192. 9 900 1, ooa 528 50a 264.00 Exhibition. Oregon Trail May 17, 192a. 192.9 900 148,085 74,042. 60 Battle of Bennington Feb. 24, 1925. 192.9 900 4a 034 2a 017.00 Quarter dollar Apr. 2, 1792-. 104 892.4 Jan. 18, 1837.. lOSH 900 Feb. 21, 1863. 96 900 621,022, 741 155, 255, 685. 25 Feb. 12, 1873.. 6 96. 46 900 Quarter dollar, com­ memorative: Columbian Exposi­ Mar. 3, 1893.... 9a 45 900 4a 023 la 005. 75 tion. 20-cent piece Mar. S, 1875 (discontinued, 6 77.16 900 1, 355, 000 271, 000.00 act May 2, 1878). Dime.. Apr. 2, 1792 41.6 892. 4 Jan. 18, 1SS7 41^ 900 1,315,395,797 131, 639, 579. 70 Feb. 21, 1S6S 38.4 900 Feb. 12, 1873 7 38. 68 900 Half dime. Apr. 2, 1792..., 2a 8 892.4 Jan. 18, 1SS7 20^ 900 97, 604, SSS 4, ssa 2ia 40 Feb. 21, 1853 (discontinued, ia2 900 act Feb. 12, 1873). !-cent piece.. Mar. 3, 1851 12M 760 Mar. 3, 1853 (discontinued, 11.52 900 } 42,7Sa240 1, 282,087. 20 act Feb. 12, 1873).

Total silver.. 3, 418, 715, 731 1,404, 799, 283.80

3 Coinage limited to export demand by joint resolution July 22, 1870. Redeemed $7,689,036 at face value ' inder act Mar. 3, 1887, converted into 5,078,472 standard dollars and $2,; 589,011 subsidiary silver coin. 412y grams, or 192.9 grains, fi QH grams, or 96,45 grains. 8 5 grams, or 77.16 grains. ' 2y grams, or 38.68 grains.

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668 REPORT ON THE FINANCES

Authority for United States coinage, hy denominations, with standard weight and fineness, and total coznec?—Continued MINOR COINAGE

Total coined to DeC; 31, 1927 Standard Standard Denominations Authorizing acts weight composi­ tion Pieces Value

Thou­ Grains sandths 5-cent (nickel). . May 16, 1866 Feb. 12, 1873 } 77.16 («) 1,447,143, 762 $72, 357,188.10 3-cent (nickel) Mar. 3, 1865 SO («) } 31,378,316 Feb. 12, 1873 (discontinued, 30 (S) 941,349.48 act Sept. 26, 1890). 2-cent (bronze) Apr. 22, 1864 (discontinued, 96 («) 45, 601,000 act Feb. 12, 1873). 912, 02a 00 Cent (copper) Apr. 2, 1792 264 (10) Jan. 14, 1793... 208 Jan. 26, 1796 ". "168 i 156, 288, 744 1, 562,887, 44 Jan. 18, 1837 (discontinued, 168 act Feb. 21, 1867). Cent (nickel) Feb. 21. 1857 (discontinued, 72 (12) 20a 772, 000 2,007, 720. 00 act Apr. 22, 1864). Cent (bronze) Apr. 22, 1864.. 48 («) 5,021,176,683 Feb. 12, 1873.-- 48 («) 50, 211, 766.83 Halfcent (copper) Apr. 2, 1792 132 (10) Jan. 14, 1793 104 Jan. 25, 1796 "... 84 7, 985, 222 39, 926.11 Jan. 18, 1837 (discontinued, 84 act Feb. 21, 1857). Total minor.- .. a 9ia 346, 727 128 032,857.96 Total coinage .. ia658,ses,5e6 5, 699, 420, 619. 26

8 Composed of 75 per cent copper and 25 per cent nickel. * Composed of 95 per cent copper and 5 per cent tin and zinc. 10 All copper. " Proclamation of the President, in conformity with act of Mar. 3, 1795. 12 Composed of 88 per cent copper and 12 per cent nickel.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928 Coinage of each mint, by value, with grand total pieces, since organization to close of business December Sl, 1927

New Orleans, Denver, Carson, Dahlonega, Denomination Philadelphia, San Francisco, Charlotte, Total value Total pieces 1906-1927 isss-isei, 1870-1893 1SS8-1S61 1793-1927 1864-1927 1879-1909 isss-isei •

Gold: 50 dollars.. $16a 96a 00 $15a 95a 00 3, 019 Double eagles $1,121, 977, 54a 00 1, 761, 2ia 62a 00 $2ea osa 000.00 $ia 376, 50a 00 $17, 283, 6ea 00 3,176, 877,12a 00 158, 843, 856 Eagles. 297, 794, 320. 00 144,624, oea 00 59, 092, 800. 00 2S, eia 890. 00 2, 997, 7Sa 00 628,119, 86a 00 62,811,985 Half eagles 20a 538,105. 00 14a 140,04a 00 26, 463, 300. 00 4, 618, 625. 00 3, 548, 085. 00 $4, 405,135. 00 $5, 6Sa 055, 00 391, 249, 345, 00 78, 249,869 3 dollars 1, 357, 716. 00 ise, soa 00 72, 000. 00 1, 619, 376, 00 539, 792 Quarter eagles. _ 4a 043, 887. 50 1,886, 297. 50 2, 704, 200. 00 5, 023,157. 50 544, 915. 00 s, seo. 00 48, 697, 082, 50 19,478,833 Dollars.- 18, 573, 821. 00 115, 266. 00 1, 004,000,00 lOa 138. 00 494, 625. 00 19,874, 764, 00 19, 874, 754 72, 52a 00 Total gold 1, 686, 286, 389. 50 2,048, 313,4SS. 60 348, 290, 300. 00 48.704.172.60 2S,S2a425.00 5, 059,188, 00 6,106, 669. 00 4,166, 588,477. 60 329,802,108 w Silver: Dollars 42a 867,416. 00 178,897,073. 00 45, 836, 600, 00 187, 111, 529, 00 13, 881, 329. 00 846, 593,947. 00 846, 593, 947 a Trade dollars 5,107, 624. 00 26, 647, 000. 00 4, 211,40a 00 35, 965, 924. 00 35,965, 924 Half dollars 125, S4a 037. 00 47,199, 587. 00 13, isa 5ea 00 4a 117, SSS. 00 2,654,313.50 229,000, 835. 50 458,001, 671 O Quarter dollars _ 102, 538, SOS. 75 19,992, 634. 25 16, oea 900. 00 15, 085, 76a 00 2, 57a 198. 00 155, 265, 691, 00 621, 062, 764 pi 20 cents 11, 342. 00 231, ooa 00 28, 658. 00 271, ooa 00 1, 355, 000 o Dimes 88, 772, 379. 40 la 764, 218.90 14,104, ssa 00 6, 807,99a 60 2, ooa no. 80 ISl, 5Sa 679. 70 1, 316,395, 797 Half dimes..... 3, 948, 791. 90 na loa 00 812, 327. 60 4, ssa 219. 40 97, 604, 388 3 cents .. 1, 26a 487. 20 21, eoa 00 1, 282, 087. 20 42, 736, 240 W Total silver. 748, 355, 286. 25 292, S6a 613.15 88,191, 94a 00 249, 95a 536.10 25,446, 009. SO 1, 404, 799, 283. 80 3,418, 716, 731 t=l Minor: 5 cents .. 64, 06a 273.10 3, 323, 20a 00 4, 977,716. 00 72, 357,188.10 1,447,143 762 Scents 941, 349. 48 941, 349. 48 31, 378, 316 2 cents 912, 020. 00 912,020. 00 46, 601 000 1 cent... 45, 933,454. 27 3, soa 72a 00 3, 949, 200. 00 » 53, 782,374. 27 5, 378, 237, 427 Halfcent. . sa 926.11 sa 92a 11 7 985 222

Total minor... 111, 883, 022. 96 7, 222, 920. 00 8, 92a 915. 00 128, 032,857. 96 6, 9ia 345, 727

Total value 2, 546, 523, 698. 71 2,348, 386,866. 65 445,40a 155. 00 298, eea 707. 60 49, 274,434. SO 5, osa 188. 00 a 106, 569. 00 5, 699,42a 619. 26 Total pieces 8, 218, 264,136 1, lea 014,417 793, 286, 540 4ia 07a 513 5a esa 119 1, 208,131 1, 378, 710 10, 658,863, 566

CO

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Coinage of each mint during the past 10 calendar years BY V.^LUE AND DENOMINATION O Mints 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 Total

PHILADELPHIA Gold: Double eagles... $4,565, ooa 00 $ia57aooo.oo $27,510, ooa 00 $11,320, ooa 00 $86,47a 000. 00 $56, 635, ooa 00 $ia 335, ooa 00 $58,935,000.00 $272, S4a 000, 00 Eagles la 14a 000, 00 10,140,000.00 Half eagles Quarter eagles 1, 615, 565, 00 97a ooa 00 2, 585, 565 00 Dollars io, 016, 00 10,016 00

Total gold 4, 565, 000. 00 la 570, 000, 00 27, 52a 016, 00 11,32a ooa 00 86,47a 000,00 sa 635, ooa 00 28, ooa 565. 00 sa 905,000,00 285, 075, 581. 00 Silver: Dollars.. 45, 696,473, 00 51, 737, 000,00 sa 80a 000.00 11,811, ooa 00 10,198,000, 00 <'i,93aooaoo 848,000,00 153, 029,473. 00 pi Half dollars $3, 367, 029. 00 $481, ooa 00 3,311,07a 00 2SS, 062, 50 sa 030, 50 71,04a 00 1, 238,404, 00 524, 279.00 2a 017,00 9, 296, 932.00 Quarter dollars. 3, 560, 000,00 2, SSl, ooa 00 6,965, 000.00 47a 000,00 2, 429,000, 00 2, 730,000, 00 3,070, 000, 00 2, 829,000. 00 2. 978,000, 00 27,871,000.00 O Dimes 2, 668, 000,00 3, 574, 000, 00 5,903, 000. 00 123,000. 00 5,013, ooa 00 2, 401, ooa 00 2, 561,000. 00 3, 21a 000. 00 2,808,000.00 28,267,000 00 Total silver.. 9, 695, 029, 00 6, ssa 000. 00 16,17a 070, 00 4a 531, 535. 60 51, 787, osa 50 38.242, ooa 00 17,013,04a 00 17,067,404. 00 8, 508, 279.00 a 654, 017, 00 218, 463, 405. 00 o Minor: 5 cents 1, 604, 315. 70 3, 043,400, 00 3,154, esa 00 6SS, 16a 00 1, 786, 760.00 1, 081, 000,00 1, 778, 255. 00 2, 234, 650. 00 1, soa osa 00 17,114, 220 70 1 cent.. 2, SSl, 046, 34 S, 920, 210, 00 3,101, e5a 00 391, 57a 00 747, 230. 00 751, 7Sa 00 1, S9a 490.00 1, 57a 880. 00 1, 444,400. 00 16, 20s, 256, 34 Total minor 4,485, 362. 04 a 963, eia 00 6,25a 300, 00 924, 720, 00 2, 532,980.00 1, 832, 780.00 S, 177, 745. 00 3, S06i 530, 00 3, 343, 450, 00 33, 322, 477. 04 W Total value. 14, osa 391, 04 13, S4a 610.00|27, OOa S7a 00 58,026, 255, 50 7a 307,046. 60 52,094, 980. 00 105, 315, S2a 00 76, ssa 149, 00 4a 404, 374, 00 69, 902, 467.00 53a 861, 463.04 SAN FRANCISCO Gold: Double eagles... 11, lea 000,00 53, lea 000.00 58, 550, ooa 00 75, ssa 000. 00 4a ssa 000. 00 62,14a ooa 00 301, 370, 000. 00 Eagles .. . 1, 265, 000, 00 1, 265, 000. 00 ;> Half eagles. j Quarter eagles a 1 ""- -• Total gold. 12,425, 000, 00 53, lea 000.00 58, 56a 000. 00| 75, 5Sa 000, 00 4a SSO, 000. 00 62,140, 000, 00 302 635 000 00 zn

Silver: Dollars ... 21, 695, 000, 00 17,476, ooa 00 19, 02a 000. 00 1,728,000.00; 1 filn 000 nn a 980,000. 00 sea 000,00 69, 374, 000. 00 Half dollars 5,141, ooa 00 77a 000, 00 2, 312,000. 00 274, 000, 00 1, 22a OSS. 50 lOa 114. 00 50,027, 50 1,19a ooa 00 11 075,180 00 Quarter dollars 2, 768, 000, 00 45a 000, 00 1, 595, 000. 00 S4a 000.00 715,000, 00 675, 000. 00 oa eoa 00 6, 651, 000. 00 Dimes. 1, 9Sa 000. 00 885, 000.00 1,382, ooa 00 644, ooa 00 712, 000,00 ,^8.^ (\m nn 152, ooa 00 477,000, 00 a 767, 000. 00 Total silver.. 9,839, 000. 00 2,12a 000. 00 5, 289, 000, 00 21, 969, 000, 00 17,475, 000, 00 21, 23a 038. 50 3,155, ooa 00 2,295,114.00 7, 857,027. 50 2, ess, 000,00 93,867, ISa 00

Minor: 5 cents. 244,100. 00 37a 050. 00 484, 46a 00 77,860, do 307,100.00 71,85a 00 312, SOO. 00 48, 500. 00 171, 500.00 2, 094, 200. 00 1 cent. 346, soa 00 1,397, 600.00 462, 200,00 152, 740. 00 87, 000.00 iiaoeaoo 263,800.00 45, 500. 00 142, 76a 00 3 015 360 00 Total minor. 59a 800. 00 1, 773, 65a 00 94a 650.00 • 230, 590.00 394,100.00 188, sia ooi 57a eoa 00 94,000. 00 314, 260.00 5,109, 560. 00

Total value.. la 42a 90a 00 3,893, 650. 00 18, eea 650.00 22,19a 59a 00 7a 635, 000.00 21, 624,138. 50 61,893,810.00; 78, 401, 714.00 48, 781,027. SO 65,092, 260.00 401, 611, 74a 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DENVER Gold: Double eagles S4.04S. nnn. nn ea 99a 000, 00 68, 77a 000, 00 9, 62a 000, 00 3, eoa 000.00 167, 025, ooa 00 Eagles ( 1 -i. Half eagles 1 1 ^ Quarter eagles. i i 1,445, ooa 00 1,445, 000. 00 i I Ji Total gold 1 1 34, 045, ooa 00 ea 990. 000, 00 ea 215, 000. 00 9, 62a 000. 00 3, eoa 000.00 168, 47a 000. 00 o Silver: Dollars o 1 2a 345, ooa ooj 1.6.0fi3.000.00 6. Sli. 000. 00 2, 348, 700. 00 1, 268, 90a 00 45, sse, 600. 00 ^ Half rl oilar.c; i, 926, 520. 00 582, 50a oo; 775, 500. 00 104, ooa 00 ' ' 1 ' 3, 388, 52a 00 Oiiarter dollars. 1, 845, 000. 00 486, 000. 00 896, 600. 00 778, ooa 00 429,000.00 244,100. 00 4, 678, 700. 00 ^ Dimes 2, 267,480. 00 993, 90a 00 1,917, lOa 00 108, 000. 00 esi, ooa 00 511, 70a 00 682, soa 00 481, 200. 00 7, 643, ISa 00 CO Total silver.. 6, osa 000. 00 2, 062, 40a 00| 3, 589, 200. 00 20, 657, ooa 00 1.5, oes, ooa oo| e, sn, ooa oo 1,459, ooa 00 sii,7oaoo 3, 4ea 500. 00 1, 994, 20a 00 61, 547, 000. 00 ftO 1 Minor: 5 cents 418, lOa 00 400, soa 00 470. 900. 00 - --! 2^2, 900, 00 222, soa 00 281, 900. 00 286, 500. 00 2,343, lOa 00 1 cent.. 478, soa 00 571, 54a 00 492, SOO. 00 71, eoa 00* 25, 20a 00 225, 800. 00 2Sa 200. 00 271, 70a 00 2,417,14a 00 ^i ^ Total minor- 896,400. 00 971, S4a 00 963, 70a 00 7i.eoaoo' 288,100. 00 448, soa 00 562, lOa 00 558, 200, 00 4,7ea 24a 00 vCI Total value.. a 935,40a 00 3,034, 240. 00 4, 552, 900. 00 2a 667, ooa 00 15,134, eoa ooj 4a 856, 000. 00 62, 737,100, 00 61,175, ooa 00 13,642, eoa 00 6,152,400, 00 234, 777, 240. 00 o H O ALL MINTS Pi Grand total value.. 31,445, 691. 04 2a 777, soa OO.Sa 213,92a 00 10a7Sl,S45.S0 165, 07a 646. 50 114, 675,118. 60 22a 94a 7Sa 00 2ia 45a 863. 00 102,828, 001. 50 141,147,127. 00 1,173,250,443,04 o 1

BY NUMBER OF PIECES W

Philadelphia: Gold-. 228, 260 528, 500 1, 385, 516 566, 000 4, 323, 500 2, 831, 750 2,476, 976 3, 334, 760 15, 675, 242 Silver... 47, 654, 058 48, 026, 000 93, 512,140 49, SOS, 598 51,837, 061 oa 646, 000 46, 883, OSO 6a 564, SOS 4a 463, 558 4a 880,034 565, 776, 337, Minor. 32a 19a 948 452, 889, 000 373, 258,000 4a 82a 000 na 438,000 96, 798, 000 175,514,100 201, 781,000 182, 421,000 1, 963, no, 048 Total- 367, 845,006 50a 916, 000 466, 998, 390 99, 657, 098 63, 222, 577 201, esa 000 148, 004, 580 228, 9ia ess 25a 721, 534 22a 635, 784 2, 544, 6ea 627 San Francisco: Gold... 684, 500 2, 658, 000 2, 927, 500 3, 776, 500 2, 041, 500 3,107,000 15,195, 000 Silver.. 4a 654, 000 12, 238, 000 24, 824, 000 22, 243, 000 17,475, 000 29, 272,077 11, 708,000 7, eea 228 11, soa 055 8, 424,000 185, 798, seo Minor. sa 562, 000 147, 281, 000 55, 909, 000 16,831,000 14, 842, 000 IS, 133,000 32, esa 000 5, 52a 000 17, 70a 000 343,420, 000

Total. sa 2ia 000 15a 5ia 000 81, 417, 500 sa 074, 000 2a 133, 000 44,114, 077 27, 768, 500 44, 072, 728 18,861, 555 2a 237, 000 544,413, 360 Denver: Gold... 1, 702, 250 3, 04a 500 3, Sia 500 481,000 ISa 000 8, 929, 260 Silver S3, 907, 840 13, 048, 000 24, SOS, 400 21, 633,000 15, 063, 000 a 811,000 9, 922, 000 5,117,000 la 892, 700 7, 057, SOO 147, 7ea 240 Minor 56,192, 000 65, lea 000 58, 698, 000 7, lea 000 7, 778, 000 27, osa 000 SS, 658, 000 32, 90a 000 288, 576, 000 Total oa 099, 840 78, 208, 000 83, 006, 400 21, ess, 000 22, 223, 000 8, 513, 250 2a 749, 500 35, 663, 500 45, 031, 700 4a 137, 300 445, 265, 490 All mints: Grand total pieces . . 538, lea 846 738, 642, 000 631,422, 290 lea 364, 098 95, 578, 577 254, 277, 327 19a 622, 680 308, 646, 886 314, 614, 789 296, Oia 084 3, 534, 239, 477

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

672 REPORT ON THE FINANCES Combined gold coinage of the mints of the United States, by denominations and calendar years, since their organization

Quarter Calendar year Double Eagles Half eagles S dollars Dollars 50 dollars eagles eagles

1793-1795. $27, 950 $4S, 535 1796 . .• ea 800 la 995 $165. 00 1797. 91,770 32, OSO 4,390. 00 1798 - . 7a 74.0 124, SS6 1, 536, 00 1799.. 174, SSO 37, 265 1, 200. 00 1800 269, eso 58,110 1801... 292, 540 ISa OSO 1802.. ISa 900 265, SSO a SSO. 00 180S. 89, 790 107, 530 1, 067. 60 1804 97, 950 152. 375 8, 317. 50 1.805 165, 916 4, 462. 60 1806.. S2a 466 4, 040. 00 1S07 42a 465 17, osa 00 ISOS.. 277, 890 e, 775. 00 1809 lea 375 1810.. 501, 435 1811 497. 905 1812.. 290, 435 ISIS.. 477,140 1814. 77, 270 1815 3,175 isie 1817 .. 1818.. 242, 940 1819. 258, 615 1820... 1, Sia OSO 1821 173, 206 16,12a 00 1822 88, 980 182S.. 72,425 1824 86, 700 a 600. 00 1S2S. 146, SOO 11,085.00 1S26 oa 345 1, 900. 00 1827.. 124, 565 7, 000. 00 1828- - . 14a 145 1829.. 287, 210 8, 507. 60 1830 eSl, 766 11, ssa 00 18S1 702, 970 11, soa 00 1832. - 787, 4S5 11, ooa 00 183S- 968,150 la 400. 00 1834 3, eea 845 293, 426. 00 1836.. 1, 867, 670 S28, 605. 00 1836- . 2, 765, 7SS 1, 369, 965. 00 1S37 ... 1, 035, 605 112, 700. 00 ISSS. . . 72,000 1, eoa 420 1S7,S46.00 lSS9-_ SS2,480 802, 746 191,622.60 1840 47S.SSO 1, 048, 5S0 163, 672. 60 1841 esa 310 SSO, 946 64, 602. 50 1842 1, 089, 070 665, SSO 86, 007. 50 184S-. 2,50a240 4, 276, 426 1, 327,1S2. SO 1S44. - 1,26a eio 4, 087, 716 89, 346. 00 1845 7Se, 5S0 2, 74S, 640 27a 277. 50 1846 1, 018, 750 2, 7Sa 165 279, 272. SO 1S47 • 14, SS7, 580 5, S82, 685 482, 060. 00 1848 1,S1S,S40 1, ses, 560 98, 612. SO 1849... --. e, 776, ISO 1,184, 645 111, 147. 50 $9S6, 789 1850 $26, 225, 220 S, 4Sa 610 sea 160 895, 647. 50 511, SOI 1861 48, 043,100 4, S9S, 280 2, 651, 966 S, 867, SS7. 60 S, ess, 820 1862 44, 860, 620 2, 811, 060 3, eso, eS6 S, 2SS. 827. SO 2,201,145 1S5S 26. 646, 620 2, 522, 6S0 .2, SOS, 095 S, 5ia 615. 00 4, SS4,149 1864 • -. is; 062, S40 2, S06, 760 1,51S,2SS $491, 214 1, soa 397. 50 1,657,016 1855 26, 046, 820 1,487, 010 1, 257, 090 171,465 600, 700. 00 824, SSS 1856 sa 4S7, 560 1,429, 900 1, soa 665 181, 6S0 1,213,117.50 1, 788, 996 1857.. 28, 797, 500 481, oeo 1, 2S2, 970 104, 673 796, 235. 00 801, 602 1S5S 21, 873, 480 S4S, 210 439, 770 a 399 144, 082. 50 131,472 1869..- IS, 782, 840 26S, 930 361, 2SS 4a 914 142, 220. 00 193,431 iseo. 22,584, 400 278, SSO 352, 365 42,465 164, 360, 00 51, 234 1861 '. 74, 989,060 1, 287, SSO S,SS2,1S0 18, 216 3, 241, 295. 00 627,499 1862 IS, 926,120 2S4,950 60, 826 17, 356 300, 882. 50 1 326,865 186S 22,187, 200 112,480 97, seo 15,117 27,075. 00 6,250 1804-. la 958, 900 ea 800 40, 540 8,040 7,185.00 5,950 1865 27, 874,000 207, 050 144,535 3,495 62, 302, 50 S, 725 1866. SO, 820, 500 237, 800 253, 200 12, 090 105,175, 00 7,180 1867 23,4Sa 300 121,400 179,600 7,960 78,125. 00 5, 250 1S6S.. IS, 722, 000 241, 550 288, 626 14, 626 94, 062. 50 10, 625 1869 17, 2SS, 100 82,850 leS, 925 7,575 84, 612. 50 5,926 1870 22, 819,480 164, 4S0 143, 660 la 605 51,387,50 a SS6 1871 20, 45a 740 264, 660 246, 000 3,990 es, 375, 00 3, 9S0 1872. 21, 2Sa 600 244, 500 275, S50 a 090 52, 575. 00 3,630 187S • 55, 4Sa 700 173, 680 764, 605 75 512,562.50 125,125 Total, 1793- 1873 eso, 466, 000 65, 65a 940 68, 889, 385 1, lea 883 26, 75a 302. 50 19,181,927

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIEECTOR OP THE MINT 673

Combined gold coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Quarter Double Eagles Half eag es S dollars Dollars Calendar year 50 dollars eagles eagles

1874 $33,917, 700 $799, 270 $203, 530 $125,460 $9, S6a 00 $198,820 1876 32, 737, 820 78, 350 106, 240 60 30,050. 00 420 1876 46, sse, 920 104, 280 61,820 135 2S, 062. 60 3,245 1877 4S, 504, 700 211, 490 182, 660 4,464 92, eso. 00 3,920 1878 45, 916, 500 1, 031, 440 1,427,470 246, 972 1, leo, esa oo 3,020 1879 28,889, 260 6,12a 320 3, 727,155 a 090 SSl, 226. 00 S,OSO 1880... . 17, 749,120 21, 716,160 22, SSl, 766 3,108 7, 490. 00 i,ese ISSl --- 14, 585, 200 48, 796, 260 SS, 458,4S0 1,660 1, 700. 00 7,660 1882 2S, 295, 400 24, 74a 640 17,831,885 4,620 10, loa 00 6,040 188S 24, 9Sa 040 2, 695, 400 1,647, 990 2,820 4, 900. 00 10,840 1SS4-- 19, 944, 200 1, 922, 250 S,S1S 4, 982. 60 a 206 1885 15, 875,560 2,1 iasoo 9, oes, OSO 2,7S0 2, 217. 60 12, 205 isse 22,120 4,815, 270 18, 282,160 3,426 10, 220. 00 a 016 1887 . 5, 662, 420 la 621, 600 9, 560, 435 15, 480 15, 705. 00 8,543 1SS8 21, 717, 320 8, 706,800 1, sea 980 16, 873 40, 245. 00 16,080 1889 . la 995,120 8, osa 310 37,825 7,287 44,12a 00 sa 729 1890 19, 399,080 4, 298, 850 290, 640 22, 0S2. SO 1891 25, 891, 340 756,430 1, 347, 065 27, 600. 00 1892 19, 238, 760 1, 956, 000 5, 724, 700 6, 362. 50 1S9S 27,178, 320 a 817,400 • a eia 985 75, 265. 00 1894 48, ssa 800 2a 132,450 5,152, 276 10, 305. 00 1896 . 45,163,120 26,032, 780 7, 289, 680 16, 297. 60 1896 - 43, 931, 760 7,148, 260 1, 072, 315 48, 006. 00 1897- 57,07a 220 2, ooa 980 a 109.416 74,7ea 00 1S9S -- 54, 912, 900 12, 774,090 la 154, 475 ea 412. 60 1899 --. 73, 59S, 680 12, 867, 970 la 278, 615 68, 375. 00 1900 .- 21, 40S, 520 8,673, 650 3, 749, 600 leS, 012. 60 1901 .. saesi,eso. 21, S2a 200 228,S07.60 1902 -- 34, ISa 520 4a osa 160 5, 667,810 1 75,080 6, 62a ISO S34, 3S2. 50 190S... 55, 697, 580 la 4ia 120 SOS, 142. SO 1 175,178 1904 24,828, 560 7, 7ea 970 2, 446, eso 2 26, 030 2, 709, SSO 402, 400. 00 1905 227, 819,440 6, 915,040 644, seo. 00 2 35,039 1906 37,440, 220 5, 70S, 280 6,3S4,100 16, 903, 920 441, 226. 00 1907 . 65,113,800 7, 57a 960 841,120. 00 1908 96, 656, 620 26, SSS, 790 6,149, 430 14, SIS, seo 1, 412, 642. 50 1909... 109, 263, 200 21, 9ia 490 1,104, 747. 60 1910 59, 774,140 6, 987, 6S0 7, S4a 250 34, ses, 440 1, 2S1, 706. 00 1911. ea 788, 340 12, 018,196 1,899, 677. 60 1912 36, 392, 000 5, sea 950 5, 9ia 720 1, 54a 492. 50 191S .. 2, 996, 480 7, osa 830 6, e2a 495 1,805, 412 60 1914 11, 92a 760 6, osa 710 S, 785, 625 1, 72a 292. 50 1915 .. 3 $15a 950 4a 926, 400 7,025, 500 3, 7ea 375 41, 540, 292. 50 3 26,034 1916.. 14, 391, 000 4, lOa 760 1, 200, 000 « 2a 026 1917... 16, 92a 000 1, 385, 000 5 10, 014 1918 1919 . 1920 15, 725, 000 1, 265, 000 1921 la 57a 000 1922 SO, e7a 000 6 10,016 192S- 46, 366,000 1924 206, Oia 000 1925 lOa 936, 000 1, 446, ooa 00 1926 -- ee, 785,000 la 14a 000 71, 616, 666. 00 1927 124, 675,000 97a 000. 00 Total: 1874-1927... ISa 950 2, 496, 411,120 472, 462, 910 322, S69, 960 449, 49S 21, 946, 780.00 692,827 179S-187S esa 466, 000 55, 656, 940 68,889, 386 1,169, SSS 26, 760, S02. 60 19,181, 927

Grand total. 15a 950 S, 17a 877,120 528,119,860 391, 24a 315 1, eia 376. 48, 697,082. 50 la 874, 754

' Louisiana Purchase Exposition. 2 Lewis and Clark Exposition. 3 Panama-Pacific International Exposition coins (octagonal, $75,460; round, $76,600). ^ Includes $26,042.60 Panama-Pacific International Exposition coins. 5 McKinley memorial coins. ^ Grant memorial coins. 7 Includes $600,565 National Sesquicentennial of Signing Declaration of Independence.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

674 REPORT ON THE FINANCES

Combined silver coinage ^ of the mints of the United States, by denominations and calendar years, since their organization.

Calendar year Trade Quarter dollars Dollars Half dollars dollars Dimes Half dimes 3 cents

1793-1795 $204, 791 $161, 672.00 $4 320 80 1796 72, 920 $1,473. 60 $2, 213. 50 611. 50 1797 7,776 1,959.00 63.00 2, 526.10 2, 226, 35 1798 327, 536 2, 755.00 1799 423, 515 1 1800 22a 920 2,176. 00 1, 200. 00 1801 54,454 15,144. 60 S, 464.00 1, 695. 50 1802 41, 650 14, 945.00 1,097. SO 650. 50 1803 66, 064 la 857. 50 S, 304. CO 1,892. 50 1804.... la 570 78, 269. 60 1, 684. 50 826. 50 1805. 321 106, 861.00 30, S4S, 50 12,078. 00 780, 00 1806 419, 788. 00 61, 531, 00 1807 525, 788.00 55, lea 75 16, 600.00 1808 684, 300. 00 1809 702, 905,00 4, 4.71. 00 1810 ess, 138, 00 635, 50 1811 601, 822. 00 a 518.00 1812 814,029, 50 1813.. e2a 951, 50 1814 519, 537. 50 42,160.00 1815 17, SOS. 00 1816 23, 575. 00 5, ooa 75 1817 607, 783. 50 1818 9Sa 161.00 9a 29S. 60 1819 1,104, ooa 00 36, 000. 00 1820 375, 561,00 31, 861. 00 94, 258. 70 1821 652,898. 60 64, 212, 75 118, 651. 20 1822 779, 786, 50 16, 02a 00 la 000. 00 1823. 847,100.00 4,450, 00 44, 000. 00 1824 1, 752,477. 00 1825 1,471, 583.00 42, 000. 00 51, 000.00 1826 2,002,090, 00 1827 . 2, 746, 700.00 i, 000. 60 121, 50a 00 1828 1, 537, 600.00 26, 500. 00 12, 600.00 1829 1, S5a 078, 00 77, 000. 00 61, 500. 00 1830 2, 382,400, 00 61, 000. 00 62, 000. 00 1831 2, 936, SSO, 00 99, 500. 00 77,136. 00 62,135. 00 1832 2, 398, 600, 00 SO, 000, 00 62, 260, 00 48, 260. 00 18SS '... 2, 603, 000, 00 sa 000. 00 48, 500. 00 68, 600. 00 1834 71, 600, 00 63, 500, 00 74, 000, 00 1835 3, 206, 002, 00 488,000. 00 141,000, 00 138,000, 00 1836 - 1,000 2, 67a 003. 00 118, 000. 00 119, 000, 00 96, 000. 00 1837 3, 273,100, 00 63, lOa 00 104, 200.00 113, SOO. 00 1838 1, 814, 910, 00 208, 000, 00 2S9,493.40 112, 760. 00 1839 SOO 1,773, ooa 00 122, 786, 50 229, ess. 70 108, 286.00 1840 61, 006 1, 748, 768.00 153, 331, 75 253, 358. 00 lis, 954. 26 1841 173, 000 1,146,064. 00 143,000, 00 ses, 000, 00 98, 250. 00 1842. 184, 618 355, 600, 00 214, 260, 00 soa 750, 00 58, 260, 00 1843 165,100 1, 484,882, 00 403, 400, 00 152, 000. 00 68, 250. 00 1844 - 2a 000 3, 056, 000, 00 29a 300. 00 7, 260. 00 32, 60a 00 1846 24, 600 1,885, 60a 00 23a 600. 00 198, 600. 00 78, 200.00 1846 169, 600 1, 341, 500, 00 127, 600. 00 3, ISO. 00 1, S6a 00 1847 14a 760 2, 257, 000. 00 275, 600, 00 24, 600. 00 63, 70a 00 1848 15,000 1,870, ooa 00 36, 500.00 45,160. 00 63,400, 00 1849 62, 600 1, ssa 000,00 86, 000.00 lis, 90a 00 72, 450. 00 1860 47, 500 1,781,000. 00 16a 700. 00 244,16a 00 82, 250. 00 1851. . 1,300 1, 341, 500, 00 62,000.00 142, 660.00 82, 050.00 $185,022,00 1852 1,100 301,375.00 68, 265,00 19a 650.00 63, 025. 00 559,905, 00 1863 4a no 110, 565. 00 4,146, 555. 00 1,327, 301.00 785, 251.00 342,000.00 1854 3,466,000.00 624, 000.00 33,140 2,43a 354.00 365,000,00 2a ISO. 00 1866 4, 111, ooa 00 857, SSO. 00 207, 500.00 117, 600,00 4,170. 00 1856... 26,000 2,129, 500. 00 70S, 000, 00 299,000, 00 43, 740, 00 1867 63, 500 2, 288, 725,00 2, 726, 500.00 712, ooa 00 433,000. 00 Sl, 2ea 00 94, 000 1,903, 500.00 1868... 1,482,000.00 2,002, 250.00 189, 000.00 258,000.00 48,120, 00 1859 636, 600 5,998,000.00 421, ooa 00 97,000.00 45,000.00 la 950, 00 1860 733,930 2, 074, ooa 00 312, ssa 00 78,700, 00 92, 960.00 8, eia 00 1861 78, 500 1, 237, 66a 00 209, 660.00 164, 06a 00 14, 94a 00 1862... 1, 032,850, 00 12,090 2,078,950,00 249, 887. 60 102, SSO, 00 74, 627. 60 la 90a 50 1863 27,660 802,175.00 48, 016.00 17,196.00 5, 923. 00 643 so 1864 31,170 709, SSO. 00 28, 517. 50 26,907.00 4, 523. 50 14 10 1865 . 47,000 518,785.00 26,075.00 18, 560, 00 a 675, 00 255 00 1866 49, 625 593,450. 00 11,381.26 14, 372, 50 a 536. 25 681 75 1867 60, 325 89a 812, 50 17,16a 26 14, 662, 50 a 431. 25 138 76 1868 182, 700 . Sia 162. 50 31, 500.00 72,625, 00 18, 295.00 123 00 1869... 424,300 769, lOa 00 23,150. 00 70, 660.00 21,930.00 153 00 1870 446,462 725,950, 00 23,935,00 62,150. 00 26,830, 00 120.00 1871 1.117,136 829, 758. 50 53, 255. 60 lOa 371.00 82,493, 00 127 SO 1872 1,118, 600 1, 741,655,00 68,762. 50 261,045, 00 189, 247, 50 58. 50 1873 $1, 225,000 .29a 600 sea 775. 00 414,190. 50 443, 329.10 51, ssa 00 18 00 Total: 1, 593, 780.00 1793-1873... 1,225,000 8, 031, 238lO a 541, 253. 00 22, 288, 021. 60 9, 242, 079. 204, ssa 219, 401 , 282, 087. 20

See footnotes at end of table.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIEECTOR OF THE MINT 676

Combined silver coinage ^ of the mints of ihe United States, by denominations and calendar years, since their organization—Continued

Trade Quarter Calendar year Dollars Half dollars Dimes Half dimes 3 cents dollars dollars

1874 $4,910,000 $1,406, 650.00 $215,976. 00 $Sia 161. 70 1876 1 a 279, 600 5,117, 76a 00 1, 278, 375. 00 2, 406, 570. 00 1876 I a 192,150 7, 451, 576. 00 7, 839, 287. 60 3, 015,115. 00 1877 1 IS, 092, 710 7, 640, 265. 00 a 024, 927. 50 1, 7S6, 051. 00 1878 1 4, 259,900 $22,495,560 726, 200. 00 849, 200. 00 187, ssa 00 1879 1, 541 27, 660,100 2, 950, 00 "S, 675. 00 1,5ia 00 1880 1,987 27, 397, 355 4, 877. 50 S, 738. 75 S, 7S6, 60 1881 960 27, 927, 975 5, 487. 50 3, 243. 75 S, 497, 60 1882 1,097 27, 574,100 2, 760. 00 4,075.00 391, na 00 1883 - 979 28,470, OSO 4, 519. 50 S, 869. 76 767, 571. 20 1884 28, ISe, 875 2, 637. 50 2, 218. 75 393,134, 90 1885--- - 28, 697. 767 5, 065. 00 S, 632. 50 257, 711, 70 isse... -.-- 31,423, sse 2, 943. 00 1, 471, SO 658, 409. 40 1887 33,611,710 2, 855. 00 2, 677, 50 1, 573, SSS. 90 188S Sl, 99a SSS 6,416. 60 306, 708. 25 721, 648. 70 1889 34, 651, 811 6, 365. 60 3,177. 75 835, 338. 90 1890.- 38, 043, 004 6, 295. 00 2a 147, SO 1, ISS, 461. 70 1891 23, 562, 736 lOa 300. 00 1,551, isa 00 2, 304, 671. 60 1892 - 6, SSS, 246 2 1, 652, ISa 50 2, oea 331, 00 1, 695, 366. 60 1893 1, 455, 792 3 4, OOS, 948. 50 < 2, SSS, 843, 25 75a 219. SO 1894 S, 093, 972 S, 667, SSl. 00 2, 2S3, 448. 25 205, 099. 60 1895 862, 880 2, 354, 652. 00 2, 266, soa 26 225, 088. 00 1896... -.-- 19, S7a 762 1, 607,855, 00 1, sse, 700. 26 318, 581. 80 1897 12, 051, 731 2, 023, 315. 50 2, 524, 440. 00 1, 287, Sia 80 1S9S 14, 42a 736 3, 094, 642. 50 S, 497, 331, 75 2, 015, 324. 20 1899 .- 16,182, 840 4, 474, 628. 50 3, 994, 211, 60 2, 409, SSS. 90 1900- 525,0ia93S 5, OSS, 617. 00 3, 822,874, 25 2,477, 918. 20 1901 22,5ea SIS 5, na 928. 50 2, 644, 369. 25 2,507, 350. 00 1902 18, lea 777 4, 454, 723. 50 4, 617, 589. 00 2, 795, 077. 70 190S la 343, 755 3,149, 763, 50 3, 561, 5ia 00 2,829,405. 50 1904 8, 812, 650 2, SSl, 654. 00 3, Oil, 203. 25 1, 54a 102. 70 1906 1, ssa ses. 60 2, 02a 562. 60 2, 48a 764. 90 1906 : 6, 42a 414, 60 2, 248,108, 75 2, 976, 504. 60 1907 - 5, 825, 687. 50 3, soa 143. 75 S, 453, 704. 50 1908 5, Sia 686. 50 4, 262,136. 26 2, soa 964. 60 1909 2, 629, 026. 00 4, na 662. 50 1, 448,166. 00 1910 1, ISS, 275. 50 936,137, 76 1, 625, 056.10 1911 1, esa 811. 50 1, 4ia 5S5, 76 3, 359, 954. SO 1912 2, eia 75a 00 1,277,176. 00 S, 46S, 07a 00 1913 ees, 313.50 493, 863. 25 2, 027, 062. 20 1914 558, SOS, 00 2, 388, 652, 50 3,136, 865. 50 1915- 61, 486,44a 00 1, oea 612, 60 658, 046. 00 1910 1, 065, 200. 00 2, 096, 200, 00 5, 720, 400. 00 1917 la 751, 70a 00 9, 464, 400, 00 9,196, 200. 00 1918 7 la 434, 549, 00 8,173, 000. 00 a8e5,4saoo 1919 i,ssa5oaoo 3, 776, 000. 00 1920 6, 462, 900. 00 8 6,398, 67a 00 9, 456, 600. 00 9, 202,100. 00 1921 987,736,473 10 011,062.50 479, 000, 00 1922- -. 84, 276, 000 11 5a OSO, 50 231, 000. 00 192S 66, 631, 000 121, 22a OSS. 50 2, 769, 000, 00 5, 657, ooa 00 1924 IS, 539,000 13 71, 04a 00 4, 223, 000. 00 3, 794, 000. 00 1926 11,808, 000 i< 1, SSS, 518. 00 3, 070, 000. 00 3, 657, 70a 00 1926-- 11, 267, 700 15 574, 306. 50 3,933, ooa 00 4,050, soa 00 1927 2, 982, 900 16 1, 216, 017. 00 5, 321, loa 00 S, 766, 200. 00 Total: 1874-1927... 34, 74a 924 838,562,709 128, 469, 682. 50 132,977, 669. 60 122, 297, 500. 60 179S-1S7S--. 1, 225, 000 8, OSI. 238 lOa 541, 253. 00 22, 288, 021. 60 9, 242, 079. 20 $4,880,219.40 $1,282,087.20 Grand total... SS, 965,924 846,593,947 229, ooa 835. 50 155, 265, 691, 00,131, 6Sa 679. 70 4, ssa 219. 40 1, 282, 087. 20

1 20-cent silver coinage, 1875, $265,598; 1876, $5,180; 1877, $102; 1878, $120; total, $271,000. 2 Includes $475,000 in Columbian coins. 3 Includes $2,026,062,50 in Columbian coins. ^ Includes $10,005,75 in Columbian coins, 5 Includes $50,026 in Lafayette souvenir coins. 6 Includes $30,015 in Panama Pacific International Exposition coins. 7 Includes $50,029 Illinois Centennial coins, 8 Includes .$25,014 Maine Centennial and $100,066 Landing of Pilgrims coins. 9 Includes $1,006,473 " Peace " coins. 10 Includes $50,026.50 Landing of Pilgrims, $25,014 Missouri Centennial, and $35,022 Alabama Centennial coins. 11 Grant Memorial coins. 12 Includes $137,038.50 Monroe Doctrine commemorativer coins. 13 Huguenot-Walloon commemorative coins. 1^ Stone Mountain, $1,157,354.50; Lexington-Concord, $81,049.50; California Jubilee, $75,100; Vancouver, ° $26,014. 15 National Sesquicentennial of signing Declaration of Independence, $500,264; Oregon Trail, $74,042.60. 16 Includes commemorative coins Battle of Bennington, Vt,, $20,017. NOTE.—The silver dollar coins executed subsequent to 1920 represent an equivalent number of dollars converted to bullion under the act of Apr. 23,1918—269,121,554 for export to India and 11,111,168 for domestic subsidiary coin.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

676 REPORT ON THE FINANCES Combined minor coinage of the mints .of the United States, by denominations and calendar years, since their organization

Calendar year 5 cents 3 cents 2 cents Cents Half cents

1793-1795 $ia eea ss $712. 67 1796 9, 747.00 577.40 1797 8, 975,10 SSS. 24 1798 a 797.00 1799 a 045. 85 eass 1800 _ 28, 221. 75 1, 067, 66 1801 IS, 628. 37 1802 34, 351. 00 71,83 1803 24, 713, 53 489, 50 1804 7, 568, 38 5, 276, 66 1805 - a 411.16 4, 072. 32 1806 S, 480,00 1, 780. 00 1807 - __ 7, 272. 21 2, SSO. 00 1808 11, 09a 00 2, 000. 00 1809 2, 228, 67 5, 772. 86 1810 14, 585, 00 1, 075. 00 1811 2,180. 25 315, 70 1812 la 755,00 1813 4,180, 00 1814 3, 578. SO 1815 1816.. 28, 209, 82 1817.. sa 484. 00 1818 31, 67a 00 1819 2a 710, 00 1820 44,075. 50 1821 .- 3, 890. 00 1822 2a 723, 39 1823.- -.. 1824 12, 620, 00 1825 14,611.00 SIS, 00 1826 . 15,174. 25 1,170, 00 1827 2a 577. 32 1828 22, 606. 24 3, OSO. 00 1829 . 14,145. 00 2, 435.00 1830 17,115. 00 1831 SS, 592. 60 11.00 18S2 -- 23, 620. 00 ISSS 27, 390.00 77a 00 1834 18, 561.00 600. 00 1835... 38, 784.00 705. 00 1836 21, na 00 1, 990.00 1837 55, 583. 00 ISSS 63, 702. 00 1SS9 31, 2Sa 61 1840 24, 627. 00 1841... 15,973. 67 1842 23, SSS. 90 1843.. 24, 283. 20 1844 23, 987. 52 1845. 38, 948. 04 1846 41, 208. 00 1847. 61, sse. 69 1848... 64,157. 99 1849 41, 785. 00 199. 32 1850 44, 268. 44 19a 06 1851 98, 897.07 738. 36 1852 50, eso. 94 1S5S ea 411. 31 648. 47 1854 42, 361. 56 276. 79 1855 16, 748. 29 282. 50 1856 . . 2a 904. 63 202.15 1857 177, 834. 56 175. 90 1858 24a 000. 00 1859 364,000. 00 1860 205, 660. 00 1861 101,000,00 1862 2Sa 750. 00 1863 498, 400.00 1864 $S9a 950. 00 529, 737.14 1865.. $341,460. 00 272, 800.00 364, 292. 86 1866 - $737,125.00 144, 030. 00 63, 540.00 98, 265, 00 1867.. 1, 545, 475.00 . 117, 46a 00 58, 775.00 98, 210.00 1868 1,440, 850. 00 97, 560, 00 5a 075,00 102, 665.00 1869 Sia 750.00 48,120.00 SO, 930.00 64, 200,00 1870 24a 300, 00 4a 050, 00 17, 225.00 52, 750. 00 1871 . . 28, 060, 00 18,120, 00 14,425.00 sa 295. 00 1872 301, soa 00 25, 860, 00 1, soa 00 4a 420. 00 1873 227, 500,00 35,190.00 na 765, 00 Total, 1793-1873 5, S4a 860.00 867, 840. 00 912, 02a 00 4, 92a 807. 44 39, 926'. 11

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIEECTOE OF THE MINT 677 Combined minor coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Calendar year 5 cents 3 cents 2 cents Cents Half cents

1874 $17a 90a 00 $23,700.00 $141,875.00 1875 1 104,850.00 6,840.00 135,2Sa 00 1876 : 12a 50a 00 4,860.00 79,440. 00 1877 8, 525.00 1878 117. 50 7a 50 57,998. 50 1879 1,455.00 1,236.00 162,312.00 1880 997.75 .748.65 389, 649. 55 1881 3,618. 75 32, 417. 25 392,115. 75 1882 : 573, ssa 00 759.00 385,811.00 ISSS 1,148,471.05 318. 27 45a 981.09 1884 563, 697.10 169. 26 232, 617. 42 ISSS .. ... 73,824. 50 143, 70 117, 663.84 1886 lea 514. 50 128. 70 176, 542. 90 1887 763,182. 60 238. 83 452,264. 83 ISSS 536,024.15 1,232. 49 374,944.14 1889 794,068.05 646.83 488,693, 61 1890 812,963. 60 . 571,828. 54 1891 841,717. 50 470,723. 50 1892 584,982.10 376,498, 32 1893 668,509. 75 4ea 421.95 1894 27a 656. 60 167, 521.32 1895 498,994. 20 SSS, 436. 36 1896 442,146. 00 39a 672. 93 1897 1,021,43a 75 504, ees. SO 1898 626, 604. 35 498, 230. 79 1899 1,301,451.55 536, ooa 31 1900 1, 362,79a 75 668, 337. 64 1901 1,324,010.65 79a 111. 43 1902 1,574,028.95 873, 767. 22 190S 1,40a 336. 25 S5a 944, 93 1904 1,07a 249. 20 613, 2Sa 15 1905 1,491, 363. 80 807,191.63 1906 . . 1,9Sa 686. 25 96a 222. 55 1907 1, 9ea 740, 00 1,081,386.18 1908 1,134,308, 85 334,429.87 1909 579, 526. SO 1,17a 862. 63 1910 1, 508, 467, 65 1, 528,462,18 1911 1,977,968, 60 1,178, 757. 87 1912 1, 747,435. 70 829, 950. 60 1913 3, 682,961. 95 984, 373, 52 1914 " . . 1,402, 386.90 0 805,684. 32 1915 1,503,088. 50 559,751. 20 1916 4,434, 553, 30 1,902,99a 77 1917 3,27a 391.45 2,841, 697.85 1918 2, 26a 515. 70 3, 70a 146. 34 1919 3,819,75a 00 5,889,360. 00 1920 : 4, na ooa 00 4, 05a 660, 00 1921 611, ooa 00 544, Sia 00 1922 71, eoa 00 1923 . . 2,092,850. 00 8S4,2SaOO 1924 1,415, 75a 00 893,940,00 1925 2, 313, 555. 00 1,889,090, 00 1926 . 2, 665,06a 00 1,896, 580.00 1927 2, 367,050, 00 1,858, sea 00 Total: 1874-1927 67, Oia 338,10 73, 509. 48 48,852, 566.83 1793-1873 5, 340,85a 00 867,84a 00 $912,020, 00 4,929,807.44 $39,926.11 Grand total 2 72, 357,188,10 941,34a 48 912,020. 00 53, 782, 374. 27 39,926.11

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678 REPORT ON THE FINANCES

Total gold, silver, and minor coinage of the United States, by calendar years

Calendar year Gold Silver Minor Total value

1793-1795. $71, 485. 00 $37a 683. SO $11,373,80 $453, 541, 80 1796 77, 960. 00 77, 118.50 la 324.40 lea 402. 90 1797 128,190. 00 14, ssa 46 a 5ia 34 260. 79 1798 205, eia 00 ssa 291. 00 9, 797, 00 152, 698. 00 1799 2ia2S5.00 423, 516. 00 a 106. 68 54a 906. 68 1800 317,7ea 00 224, 29a 00 29,279.40 64a ssa 40 1801 422, 570. 00 74, 758. 00 13, 628. 37 571, 95a 37 1802 423, 310.00 58, 343. 00 34, 422, 83 5ia 075. 83 1803 258,377. 50 87, 118. 00 25, 203. OS 51a 698. 63 1804 258, 642. 50 loa 340. 50 12,844. 94 s7a 827. 94 1805 17a 367.50 149, SSS. 60 ia4SS.48 371, 239.48 1806 324, 505. 00 471, 319, 00 a 260. 00 084. 00 1807. 437, 495.00 448, 76 a 652. 21 sss, 595. 96 284, ees. 00 soa 00 la 09a 00 801 066. 00 1809.. 169, 375. 00 •707, S7a 00 8,001.53 1, 044, 752. 53 1810.. 501,435. 00 773. 50 la 660, 00 982, ses. 60 1811- 497, 905. 00 ess, 340.00 2,496,95 884, 608, 74a Q5 1812.. 290, 435. 00 02a 50 la 75a 00 1,15a 21a 50 1S13-. 477,14a 00 814, 951. 60 4, isa 00 1,108, 620, 271. 60 1814.. 77, 27a 00 687. 50 Z, 578, 30 1,11a 535. SO 1815.. S, 176. 00 561, SOS. 00 1,102, 17, 483. 00 isie.. 575. 75 28, 209. 82 642, 785. 57 28, 783. 50 39,484. 00 2a 1817.. 607, 267. 50 1818.. 242, 94a 00 454. 50 31, e7a 00 5a 064. 50 258, 616. 00 1, 07a ooa 00 2a 7ia 00 325. 00 1819.. 1,14a 647, 1820.. 1, Sia osa 00 680. 70 44, 075.50 1, S4a 786. 20 189, 325. 00 501, 762. 45 3, 890.00 977. 45 1821.. S25j 1, 42a 1822.. 88, 980. 00 806. 50 2a 723, 39 1,: 509. 89 72, 425. 00 805, 550. 00 975. 00 1S2S-. 895, 1,018, 1824.. 93, 200.00 477. 00 12, e2a 00 91 a 297. 00 1, 752, 583. 00 1825-. 15a 385. 00 14,926. 00 967, 894. 05 92, 245. 00 1, 564, 09a 00 la 344. 25 679. 20 1826.. 2,002, 1, 858, 1827.. 131, 565. 00 20a 00 2a 577. 32 342. 32 146. 00 2, 869, eoa 00 25, 636. 24 1, 73a 381. 24 1828.. 14a 1,57a 1829.. 295, 717. 50 578. 00 la ssa 00 2, na 875. 50 643, 105. 00 1, 994, 4oa 00 17,115. 00 620. 00 ISSO.. 2, 49a 3, 024, ISSl.. 714, 270. 00 600. 00 33, 603. 60 1,741 473. 60 798, 436. 00 3,17a 000.00 23, 620. 00 06a 00 1832.. 2, 579, 2, soa 1833.. 978, 56a 00 ooa 00 28, lea 00 7ia 00 3,954, 270. 00 2, 759, la 161. 00 Z, Ibb, 423. 00 1834.. 3, 415, 002. 00 3,923, 1835.. 175. 00 oos. 00 39,48a 00 667, 00 2, isa 700. 00 3,443, 3, 401, 900.00 1836.. 4,135, 10a 00 2a 10a 00 305. 00 3, eoa 5a 583. 00 3, 766, 898.00 1SS7-. 1,148, 01a 00 7, 388, 765. 00 2,09a 243.40 63, 702.00 7ia40 ISSS.. b, 668, 912. 31 1839.. 1, soa 847. 50 2, SSS, 778. 20 Sl,2Sa61 1, S7a 482. 50 2, 209, 703. 00 24, 627. 00 7,764, 812. 50 1840.. 3, 299, SSl.17 1841.. 1,67a 857. 50 1, 72a 75a 00 15,973. 67 1, 091, 407. 50 1,132, 750. 00 23,833. 90 4, 206, 991.40 1842.. a 617, SSO. 70 1843.. 1, S2a 797, 50 2, 332, 75a 00 24,283. 20 8,108, 3, 834, 56a 00 23, 987.52 3, 426, 207. 52 1844.. e7a 00 595.50 1845.. 5, 427, 447,50 2, 23a 200. 00 38, 948. 04 2, 24a 3, 76a 1,87a 580. 00 41, 208.00 965. 54 1846.. 177. 50 4, isa 611. 69 1847.. 4,034, 325. 00 . 2, 558, 46a 00 61, ssa 69 11,967, 2a 202, 2, 374, 060. 00 64,157. 99 720. 49 1848.. 512. 60 7, 687: 695. 82 1849.. 3,77a 761. 50 2, 04a 960. 00 41,984. 32 9, 007, 2,114, 44, 467, 60 a ees; 306.00 1850.. 738. 50 loa 00 a esa 524. 93 1851.. 31,981, 492. 50 1, sea 397, 00 99, 635. 43 62, 614, 744, sa 630. 94 22, ess, 228. 44 1852.. 187, 50 410. 00 539. 78 1S5S.. 5a 84a 909, 00 999, 67, 069. 78 a 879, 9, 077, 571. 00 11,164, S7a 85 1854.. 3a 377, 962, 50 270. 00 42, 638, 35 2b, 91 a sa 892, 243. 79 1856.. 968.00 8, eia 245.00 "^ la osa 79 115.28 1856.. 29,387, 768. SO Z, 501, 27, lOa 78 63, 488, sa 857, 240.00 57, 89a Sia 46 1857.. 040. 00 5,142, 760. 00 178, Oia 46 783. 50 1858.. 32,214, 413. SO b, 478, 24a 000. 00 48, 522, 22, 938, 37a 00 34, 577, 020. 00 1859.. 57a 00 8, 49a 450. 00 364, ooa 00 704. 00 1860.. 14, 7Sa 654.00 3,284, 20a 660, 00 32,905, 23,473, 390.00 42, 027, 27a 00 1861.. 530.00 2, 259, 740. 00 101, 000,00 264.00 S3, 39a 997. 50 3, 783, 37,87a 1S62-. 2a S7a Sia 50 2Sa 75a 00 1863.. 482.00 1, 252, 267. 80 49a 400. 00 31, e7a 14a SO 22, 445, 415.00 809, 92a 687,14 18, 42a 019. 24 1864.. 2a 081, 917.10 1865.. 107. 50 609, 005. 00 968, 552, 86 2a 938, 665. 36 28,29a 945.00 isee.. 691, 409. 25 1, 042, 960, 00 87,2Sa 314. 25 31, 4Sa 625. 00 982, 1, Sia 9ia 00 22,409, 411. 25 1867.. 2a 828, 387. 50 876. 25 908, 343. 00 1,697, isa 00 23, 753, SSO. 50 1868.. la 371, 987. 50 1, 074, 21, 618, ISa 50 1869.. 17, 582, 143. 00 oea 000.00 787.50 1,2ea ssa 325. 00 29, 964, 368. 00 1870.. 23,198, 686.00 255.50 1, 378, 038. 30 oa 890. 00 3a 461 613. 30 1871.. 21, 032, 645. 00 26, 557; 21, 812, Z, 104, 488, 60 369, SSO. 00 513. SO 1872.. 747. 50 22,142, 96a 10 1873. 57, 022, 2, 504, 747, 60 37a 455, 00 4, 024, la 812, Total, 1793-1873.. 852,114, 437. 50 147, 4Sa 898. SO 12, 09a 443.55 1, Oil24, 927694,, 779. 36 24, 236, 24, 686, 61, 42a

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOR OF THE MINT 679

Total gold, silver, and minor coinage of the UnitedStates, by calendar years—Contd.

Calendar year Gold Silver Minor Total value

1874.. $35, 264, esa 00 $6,851, 776.70 $342, 475.00 $42,448, 881.70 1875.. 32, 951,94a 00 15,347, 893.00 246, 970.00 48, 546, 803.00 1876.. 46, 579,452. 50 24, 60S, 307.60 2ia 800.00 71,293, 560.00 1877.. 43, 999,864.00 28, 393, 046.50 8, 625.00 72,401, 434.50 1878.. 49, 786,052.00 28, 518, 850.00 58, 186. 50 7a 363, 088. 50 1879^. 39, 27, 669, 776.00 165, 003.00 66, 814, 859.00 18S0-. 62, osa osa 00 27,411, 693.75 391, 395.95 90, 111, 368. 70 1881-. 96, SOS, 279.00 27,940, 163.75 428, 151.75 125,2ia 205. 50 1882-. 850,89a 00 27,973, 132.00 960, 400.00 94,821, 217.00 18SS-. ea 887,685.00 29,246, 968.46 1,604, 770.41 60,093, 728. 86 1884.. 29, 241,99a 00 28,534, 866.16 796, 483. 78 53,323, 106.43 .1885.. 23, 991,76a 50 28,962, 176.20 191, 622.04 56,926, 810.74 1886-. 27, 773,012.50 32,086, 70a90 343, 186.10 61,37a 438.00 1SS7-. 28, 945, 542.00 sa 191, 081.40 1, 215, 686. 26 60,379, 160.66 18SS-. 23, 972,383.00 SS, 025, 606.45 912, 200.78 65, Sia 615.23 1889-. 31, 380,808.00 35,496, ess. 15 1, 283, 408.49 58,194, 022.64 1890.. 21, 413,931.00 39,202, 908.20 1,384, 792.14 61,054, 882. 84 1891.. 20, 467,182.60 27,518, 856.60 1,312, 441.00 6S, 053, 302.60 1892- 29, 222, ooa 00 12,641, 078.00 961, 48a 42 48,389, 780.92 1893-. 34, 787,222. 60 8,802, 803.05 1,134, 931.70 60,934, 754.75 1894- 56, 997,020.00 9, 200, 350.85 438, 177.92 89,184, 688.77 1895-, 79, 64ai6aoo 010. 26 882, 430. 56 ee, 196, 798. 31 1890.. 59, 616,357.60 5, eoa 23,089, 899.05 832, 718. 93 70,975, 677.98 1897.. 47, 053,oeo.00 297.30 1,526, 100.05 96,041, 882.35 1898.. 76, 028,4Sa00 la 487, 23,034, 033.45 1,124, 835.14 102,144, 626.09 1899-. 77, 985,757. 50 519.90 1,837, 451.86 139,243, 191.76 1900- 111, 344,220.00 2a 061, 36,345, 347.45 2,031, 137.39 137,649, 427.34 1901-, 99, 272,942.60 460.75 2,120, 122.08 134,693, 770.33 1902- 101, 735,187.50 SO, SSS, 30,028, 167. 20 2,447, 796.17 79,660, 895.87 190S- 47, 184,932. 50 440.00 2,251, 281.18 65,809, 607.68 1904- 43, ess, 880.50 19,874, 15,695, 609.95 1,683, 529.35 260.781, 569.30 1905- 233, 402,4Sa00 180.90 2,298, 565.43 58,269, 175.33 1906- 49, ess, 439.00 6,332, 10, 651, 027.85 2,890, 908. SO 92,334, 981.66 1907- 78, 793,04a 00 435.75 3,042, 126.18 14a 128, 051.93 1908. 131, 907,49a 00 13,178, 12,391, 777.25 1,4ea 738.72 145,499, 148.47 1909. 131, ess, 632.60 852.50 1,75a 388.93 98, 621, 148.93 1910. 88, 776,907.50 8,087, 3, 744, 468.35 a osa 929. 83 111, soa 133.18 1911. 104, 723,7Sa00 301.55 3,156, 726. 47 860. 52 1912.. 176, 822. 50 6,457, 65, 790, 5a 7,340, 99a 00 2,577, 386.30 903. 80 1913.. 498, 622. 60 228.95 335.47 27,4ia 17, 3,184, 4, 667, SS,284, 941. 92 1914. 26, 433,377.60 823,00 2, 208, 071. 22 711.72 1915- 457, 817. 50 6,083, 61,749, 53, 4,114, 097. 50 2,062, 839.70 338. 70 1916. 968, 401.50 6,337, 550.07 SO, 145, 376.07 23, 8,880, soaoo 33,743, 1917.. 18, 626,026.00 089.30 403.30 1918. 29,412, 300.00 a lis, 36, 540, 25,473, 6,972, 662.04 691.04 1919. iaoi4.oo 029.00 100.00 31,44a 600.00 1920.. 16, 990,000.00 11, oea 400.00 9,709, esa 00 2a 777, 920.00 1921. 10, 670,000.00 26,057, 270.00 5, 166, sia 00 50, 213, 846.60 1922. 80, esa Oia 00 89,067, 535.50 1,15a eoa 00 100.782, 646.60 192S., 45, sea ooa 00 84,326, OSO.50 71, 080.00 166,076, 118. 50 1924- 206, oia ooa 00 66;283, OSS. 60 2,927, 690.00 114,575, 730.00 1925.. 192, 380,000.00 21, 627, 040.00 2,309, 64a 00 229,946, 863 -00 1926-. 78, 640, 665.00 19,874, 218.00 4,202, 216,456, 001.00 806,50 4,461, eso. 00 102,828, 1927-. 125, 645,000.00 19, 826, 4, 215, 127.05 11,2Sa 217.00 910.00 141,147, Total: 1874-1927. 3, 314,474,040.00 1, 267,309, S86. 50 na 942,414.41 4,687, 726, SSa 91 1793-1873.. 852,114,437.50 147,489, 898. SO 12,090,443.65 1, Oil, 694,77a 35 Grand total... 4,166,588,477.50 1,404, 799,283.80 128,032,867.96 a 69a 42a eia 26

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680 REPORT ON THE FINANCES

STOCK OF MONEY IN THE UNITED STATES ON JUNE 30, 1928 On June. 30, 1928, the stock of domestic coin in the United States was $2,284,650,422, as shown in the table below.

Stock of domestic coin in the United States, June SO, 1928

Item Gold Silver Minor Total

Estimated stock of coin in United States June 30, 1927 i$l, soa 36a 861 $833, 534,305 $lia 294,692 $2, 250, lOa 868 Coinage executed during fiscal year 1928 249, 595,000 8, 956,067 3, 805, 730 262, 356, 797 Net releases from earmark 500,000 500,000 Imports, United States coin, fiscal year, 1928, 33,836, 300 1, ISa 066 sa 019, 366 Total 1, 587, 301,161 843,673,4S8 117, lOa 422 2, 548, 07a 021 Less: Exports, United States coin, fiscal year, 1928 262, 57a 372 377, 072 252,952, 444 United States coin withdrawn from monetary use, face value, fiscal year, 1928 2, 236, no 4, 224,434 411,611 6, 872,155 United States coin used in industrial arts, estimated, fiscal year, 1928 Z, soa 000 100, 000 3, eoa 000 Total 25a 311,482 4, 701, 506 411,611 263,424, 599 Estimated stock of coin in United States, June 30, 1928 1, 32a 989,679 83a 971,932 na esa 811 2, 284, 65a 422

1 Revised by eliminating $1,100,000 held by Federal reserve banks in trust, under earmark for foreign account. NOTE.—The number of standard silver dollars coined to June 30, 1928, was 840,505,332, which added to the Hawaiian dollar coinage, 600,000 plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports, 496,859, equals 841,652,191. Since July 1,1898, the number of standard silver dollars exported in transports has been 2,495,000, the net export from November, 1919, to July, 1920, in movement due to the high price of silver, was 28,287,142, those melted under the terms of the Pittman Act of Apr. 23, 1918, totaled 270,232,722, those melted otherwise (mutilated, etc.) since 1883 num­ bered 220,297, and the number of Hawaiian dollars melted to June 30, 1928, was 455,329, a total disposition of 301,690,490, leaving in the United States on June 30, 1928, 539,961,701 standard silver dollars and 299,- 010,231 dollars in subsidiary silver coin.

Bullion in mints and assay offices, June SO, 1928

Bullion . . Value

Gold $2, 519, 694,164.03 Silver (cost value) 7, 782, 563.44 Total- 2, 527,476, 717,47

Basic metallic stock June SO, 192S, 1924, 1925, 1926, 1927, and 1928

Coin and bullion June 30, 1923 June SO, 1924 June SO, 1925 June SO, 1926 June SO, 1927 June SO, 1928

Gold $4, 049, 553,. 748 $4,49a 807, 303 $4, 386,196, 841 $4, 600,976,937 $4, 565, 098,136 $4,109,162, 895 Silver 1...... 792,041, 753 812,449, 277 822, 017, 286 SSO, 852, 304 84a 459, 405 84a 754,485 Total.... 4, 841, 59a 501 5, soa 256, 580 a 20a 213,126 a 331,82a 241 a 405, 667, 641 4,95a 917, 380

1 Silver bullion is a potential rather than an actual monetary asset, since it can not be represented by circulating certificates nor be paid out as cash until coined.

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Location ownership, and per capita circulation of United States money , June SO, 1928 Money held in the Treasury Money outside of the Treasury

Amount held in Reserve In circulation trust against Held for Held by Kind of money Total against Federal Federal amount i Total gold and silver United States reserve All other reserve certificates notes (and money Total banks and banks and Amount Per (and Treasury Treasury agents 2 notes of 1890) notes of 1890) agents capita 3

Gold coin and bullion.. 4Kl0ai62,S95 $S, 21a eia 889 $1, SIS, 7Sa 839 $156, 039,088 $1, 387, 65a 413 $15a 19a 549 $893, 547, 006 $6ia 5ia 318 $377, 027, 688 $ai9 Gold certificates 5(l,6ia7SaSS9) 1, 513, 7Sa 839 494. 682, 280 1, Oia 14a 569 8.61 Standard silver dollars 6Sa 961, 701 4Sa 258, 232 473, osa 301 7, 227, 931 59, 70S, 469 13,481,924 4a 221, 646 .39 Silver certificates 5(471, 72a 701) 471, 72a 701 87,16a 089 384,576, 612 3.26 Treasury notes of 1890. 6(1, SOS, 600) 1, SOS, 600 1,303, 600 .01 Subsidiary silver.. 29a Oia 231 2, 691, 643 2, 691, 643 296, Sia 588 18,143,494 278,17a 094 2.35 Minor coin... na esa 811 2,845, 028 2, 845, 028 na 84a 783 2, 782,762 111,061,031 .94 United States notes S4a 681, 016 S, 021,104 S, 021,104 343, 659; 912 4a 221, 560 29a 438,352 2.52 Pi Federal reserve notes 2,002, sia SSO 1, 59a 525 1, 59a 525 2, 001, 220, 305 374,787,433 1, e2a 432,872 13.74 aPi Federal reserve bank notes. _ 4,154, 618 101, 210 101, 210 4,053,408 24,424 4,028,984 .03 ^ National bank notes 699, 62a 662 19, 526, 096 " 19, 62a 096 esa 094, 566 29,882, 636 65a 211,920 5,49 o Total June sa 1928 a na 09a 754 6 3, 725, 649, 727 1,98a 761,140 isa osa 088 1,387, esa 413 7 195,19a 086 6, 379, 202,167 1, 582, 575, 910 4, 796, 72a 267 4a 52 pi Comparative totals: o JuneSa 1927 8 a SSl, 787,157 6 4, isai7a2e7 2, 096, 205,453 isa 42a 721 1, 712, 002, 936 192, 541,157 a 471,822,343 1,727,532,925 4, 744, 2Sa 418 40,57 Oct. 31, 19208-. 8, 476, 904, 551 6 2,407, 741, 319 696,854, 226 152,979, 026 1, 20a 341, 990 351, 5ea 077 a 76a 017,468 1,006, 063,805 6, 76a 963, 653 53,60 JuneSa 1914 8_.. 3, 79a 456, 764 6 1,845, 575, 888 1, 507,17a 879 isa ooa 000 ISa 397, 009 3,46a 069, 756 3,45a 06a 755 34,92 Jan. 1, 1879 1, 007, 084, 483 6 212, 42a 402 21, 602, 640 • ioa ooa 000 oa 817, 762 Sia 2ea 721 - Sia2ea721 16,92 W tel 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Eeserve Bank of Atlanta, 2 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta, 3 Population of continental United States (estimated) June SO, 1928,118,364,000; June SO, 1927,116,943,000; Oct, 31,1920,107,491,000; June 30,1914, 99,027,000; Jan, 1, 1879, 4a2Sl,000. * Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks under earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included. 6 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 6 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money out­ side of the Treasury to arrive at the stock of money in the United States. \ This total includes $20,404,511 of notes in process of redemption, $149,700,062 of gold deposited for redemption of Federal reserve notes, $5,362,953 deposited for redemption of National bank notes, $2,430 deposited for retirement of additional circulation (act of May 30, 1908), and $6,444,671 deposited as a reserve against postal savings deposits. 8 Revised figures. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the 00 redemption of national bank notes secured by Government bonds.

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682 REPORT ON THE FINANCES

Estimated monetary stock of gold and silver in the United States and the am.ount per capita at the close of each fiscal year since 1875

Total stock of coin and bullion Per capita Fiscal year ended June SO— Population Total Gold Silver Gold Silver metallic

1873 41, 677,000 $isa ooa 000 $a 14a 305 $S. 23 $ai6 $aS8 1874 42, 796, 000 147, S7a 493 10, SSS, 478 3.44 .24 aes 1875 43, 961, 000 121,134,906 19. 367, 996 2,76 .44 3.19 1876- 46,137, 000 ISO, osa 907 sa 4ia 992 2.28 .81 3.69 1877 4a 353, 000 167. 601,472 66,464, 427 3.61 L21 4.82 1878 47, 698,000 21S; 199, 977 88, 047, 907 4.47 L86 a 32 1879 48, see, 000 24a 741. 837 117, 62a 341 6.02 2.40 7.42 1880 -- 6a 155. 783 351,841, 206 14a 522, 678 7.01 2.96 a 97 1881 - - 51, Sie; 000 478, 484, 538 17a 384,144 a 32 3.41 12.73 1882 . .. 62, 49a 000 50a 767, 716 20a 217,124 a 65 3.87 13.62 1883 53, 693,000 542, 732, oes 233, 007, 986 10.10 4,34 14. 44 1884 64,911,000 545, 600, 797 25a 568,142 a 93 4.65 14.58 1885 - 5a 14a 000 ssa 697, 036 283, 47a 788 ia48 a 06 ia5S 1886 67, 404, 000 590, 774,461 312, 252, 844 ia29 a 44 15.73 1887 - 68,680,000 654, 52a 335 352, 99a 566 11.16 aoo 17.15 1888 69,974, 000 70a Sia 856 ssa 611,108 11.76 a 44 18.20 1889 61,289,000 esa 063, 506 420, 548, 929 11.09 a 86 17,95 1890 62, 622, 260 696, 563,029 46a 211,919 11.10 7.39 18.49 1891 -- - 63, 976,000 646, 582, 852 522, 277, 740 laio 8.16 18,26 1892 66, 52a 000 664, 276, 335 57a 31 a 644 iai5 8.70 18.85 1893 66, 946,000 597, 697, 685 eia 861,484 8,93 a 20 18,13 1894 68, 397,000 627, 293, 201 624, 347, 757 9.18 9.13 18. Sl 1895 69, 878, 000 esa 22a 825 625, 854, 949 9,10 8.97 18.01 1896 71, soa 000 599, 697,964 628, 72a 071 8,40 8.81 17,26 1897 72, 937,000 69a 27a 642 634, 60a 781 a 55 8.70 18,27 1898 . 74,522,000 861, 514, 780 eS7, 672, 743 11, 56 8.56 2a 12 1899 76,14a 000 962,865, 505 639, 2Sa 743 12.64 8.40 21,04 1900 76, 891, 000 1,034,439, 264 647, 371,030 13,46 8.42 21.87 1901 77, 754, 000 1,124, 652,818 661, 205, 403 14, 47 8.60 22.97 1902 - 7a 117,000 1,192, S9a 607 e7a 64a 106 iao7 8.48 23. 66 190S - - SO, 847,000 1, 249, 552, 756 677, 44a 933 ia45 8,38 23.83 1904 ------81, 867, 000 1, 327, 672, 672 682, 383, 277 ia22 8.33 24. 65 esa 401,168 1906 - SS, 25a 000 1, 357, SSl, 186 lasi 8,24 24.65 687, 958,920 8,12 1906 84, 662, 000 1,472, 995, 209 17, 40 2a 52 1907 - 86,074,000 1, 46a osa 632 706, 330, 224 8.20 25.23 87, 49a 000 723, 594, 595 17.03 8.27 1908 1, eia 14a 576 18.46 2a 73 1909-.. sa 92a 000 1, 640. 567,131 733, 250, 073 8.25 2a 70 90, 363, 000 727, 078. 304 18.45 8.05 1910 1, 63a 424, 513 18.10 2a 15 1911 93, 983, 000 1, 763,134,114 732, 002,448 7.79 2a 44 95, esa 000 741,184. 095 18,65 7.76 1912 1, 812, S5a 241 18.95 2a 70 1913 97, SS7, 000 1,866, eia 157 745, 585,964 7.66 2a 83 1914 oa 027, 000 1,871,611,723 753, 563, 709 iai7 7.61 2a 51 1915 lOa 72a 000 1,97a ssa 201 75a osa 421 18.90 7.53 27.12 1916 102,431,000 2, ibO, 5ia 328 763, 21a 469 ia59 7.45 31.37 772, 90a 391 1917 104,145, 000 3, Oia 964, 392 23.92 7.42 sa4i 1918...... -- 105, sea 000 3,14a 68a 606 74a 747, 094 28.99 7.04 568, 329, 597 sa75 1919 - 107, eoa 000 3,112, 32a 647 2a 71 a 28 34.20 548, 938, 429 a 19 1920 --- 105, 7ea 000 2, 707, 866, 274 28.92 sa79 1921 - 3, 294, 90a 763 eia 725,982 25.60 5.73 108,087,000 e9a 7ia 362 sa2i 1922 ioa 743, 000 a 784, 651, 712 3a48 ass 4a 84 792,041, 763 34.49 1923 iii,2eaooo 4, 049, 653, 748 812, 44a 277 7.12 4a 51 1924 - 112, 68a 000 4, 49a 807, SOS 822, 017, 285 sa39 7.21 47.06 1925 114,104, 000 4, ssa 19a 841 ssa 852, 304 3a85 7.20 45.64 1926 - na 52a 000 4, 60a 976,937 840, 459, 405 38.44 7.19 4a 16 1927 na 94a 000 4, 565, ooa 136 846, 764, 485 38,96 7.19 4a 23 1928 4, lOa 162, 895 7.15 41,87 na 364, 000 sao4 34.72

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Location, ownership, and per capita circulation c / United States money, December Sl, 1927

Money held in the Treasury Money outside of the Treasury

Amount held in Reserve Held by In circulation Total trust against Held for Kind of money against Federal Federal amount i Total gold and silver United States All other Total reserve certificates reserve money notes (and banks and banks and Per (and Treasury Treasury agents agents 2 Amount notes of 1890) notes of 1890) capita 3

Gold coin and bullion :. ^ $4, S7a 267, 721 $a 50a 422, 503 $1,617, Oia 369 $15a 42a 721 $1,66a 5ia on $174,472,402 $875, 846, 218 $473, 75a 088 $402, 087, ISO $3.42 Gold certificates 5(1,617, Oia 369) 1, 617, Oia 369 543, 284, 480 1, 073, 734, 889 9.13 Standard silver dollars 537, 97a 158 477, 323, 0i7 473, 844, 751 S, 478, 266 ea 647,141' 11, 872, 387 48, 774, 754 .41 Silver certificates 6 (472, 52a 901) 472, 529, 901 72, 261,105 40a 268, 796 3.40 Treasury notes of 1890... 6 (1,314,860) • 1, 314, 860 1, 314,850 .01 Subsidiary silver coin soa 735, 507 2,143, 049 2,143,049 298, 592, 458 12, 99a 131 285, 602, 327 2,43 Minor coin ._ na 26a 575 1 1,384,146 1, 384,146 113, sea 429 2, 09a 913 111, 77a 616 .95 Pi United States notes S4a6Sl,016 3, 962, 626 3, 962, 625 342. 7ia 391 4a S2a 716 292, ssa 675 2.49 Federal reserve notes 2, 234, 096, 646 3, 668, 870 3, 568 870 2, 230, 527, 675 467, 734,124 1, 762, 79a 551 14.98 a Federal reserve bank notes.. 4, 439, 688 122, 408 122,408 4, 317,280 35, 682 4, 281, 598 .04 National bank notes 701, 003, 689 19, 940, 364 la 94a 364 681, oea 225 61, 624, 630 eia 43a 595 5.26 o Total Dec, 31, 1927 a eia 444, 799 6 4, Oil, sea 982 2, 09a 864,120 15a42a721 1,56a 5ia on 7 20a 072,130 a eoa 441, 937 1, 695,48a 256 5,002,95a 681 42.52 pi Comparative Totals: Dec. 31, 1926 « 8, 744, 220, 643 6 4,154,15a 801 2.146, 52a 002 154,188,886 1, 62a 695. 531 224, 751, 382 6, 736, 584,844 1, 641,43a 192 5,09a 154,652 43 84 o Oct. 31, 1920S a 47a 904, 651 6 2,407, 741, 319 696, 854, 226 152, 979,026 1, 206, 341, 990 351, 66a 077 a 7ea 017,468 1, ooa 063,806 5, 7ea 953,653 53.60 JuneSa 1914 8 3, 79a 456, 764 6 1, 845, 575, SSS 1, 507,17a 879 15a ooa 000 188,397,009 3, 468, 06a 755 3,458,059,755 34.92 Jan. 1, 1879 1,007,084,483 6 212,42a 402 21, 602, 640 lOa 000,000 9a 817, 762 Sia 2ea 721 Sia 26a 721 16.92 W 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta. 2 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta. 3 Population of continental United States (estimated) Dec, 31, 1927, 117,653,000; Dec. 31, 1926,116,232,000: Oct, 31,1920,107,491,000; June Sa 1914, 99,027,000; Jan, 1, 1879, 48,231,000. < Does not include gold bullion or foreign coin other tha;n that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks ^ under earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included. H 6 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. « The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 7 This total includes $23,184,958 of notes in process of redemption, $156,320,697 of gold deposited for redemption of Federal reserve notes, $5,934,926 deposited for redemption of national-bank notes, $2,630 deposited for retirement of additional circulation (act of May 30,1908), and $6,435,700 deposited as reserve against postal-savings deposits. 8 Revised figures. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $155,420,721 held in the Treasury. This reserve fund may also be used for the redemp­ tion of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Fedeal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National bank notes are secured by United States bonds except where lawful money Ci has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the 00 redemption of national-bank notes secured by Government bonds. CO

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684 REPORT ON THE FINANCES

Monetary stock of gold in the United States since 1873

Coin in Bullion in Coin in national Coin in Total stock End of year Treasury i banks, comp­ circulation of gold Treasury troller's report

Fiscal year June SO: 1873.. $5a Sia 567 $3, Sia 086 $30,000,000 $10a 006, 6S4 1874... 60, 972,107 $ia eea osi 5, 536,086 39, 607,488 na esa 419 1875 46, 382,484 9, 539, 738 3, 7ia 682 31, eoa 660 89, 047, 532 1876 41, 912,168 a 258, 706 3, 22a 707 44, 6Sa 218 oa 2ea 417 1877 7a 661, 70S 9, 589, 324 a 306, 263 39,058, 592 131, 9Sa 727 1878 122, ISa SSl la 962,169 a 191, 952 39, 767, 529 17a 4ia 684 1879 129, 920, 099 6, 323, 372 21, SSO, 846 53, 601, 228 21a sea 549 Calendar year: a Sia 376 1879 95, 79a 430 61, 999,892 98,104, 792 4a 84S, 424 302, 738, SSS 1880. 61,481,245 • 9S, 789, 622 92,184, 943 15a 085,864 397, 541,664 1881 84, 639, 865 72a 016 101, na 387 • 21a 77a SSS 48a 257,101 1882... 119, 62a 136 sa 601,110 7a 326, OSS 2S4, 20a 711 480, 555, 990 1883.. 152, eoa 393 51, 667,190 73, 447, 061 22a 296, 821 52a Oia 465 1884 171, 56a 205 162,982 7a 17a 911 21a Sia 129 526, 70a 227 1885.... 7a 4S4, 379 ea 938, 221 9a 741, 747 SIS, S4a 322 558, 4ea 669 1886. 187,19a 696 63, 431, 262 97, 781,405 223,19a 865 689. eoa 128 1887. 182, eia 963 72, 14a 136 oa 162, 377 245,145, 579 66a 072, 055 ISSS... . 227,864, 212 81, 456, 289 78, 224,188 24a 21a 193 649, 752, 882 1889-.. 24a 401, 961 123, 26a 944 84, 4ia 468 2Sa 434, 571 ess, Sia 9S4 1890. 226, 22a 604 97, 645, 9S4 sa 361, 784 274, 066, SSS 648, 284,155 1891.. 19a 634,061 67, 57a 643 91, ssa 590 253, 7ea 288 e2a 864, 582 1892... 166, 662, 452 67, 826, eso lOa 991, 328 242, 621, SS2 582, 102. 242 1893 73, 624,284 83, 631,966 151,23a 989 281,940,012 591, 4Sa 261 .1894. 91,781,176 81, lOa 966 151,117,047 248, 787,867 793,056 1895... S3, ISa 960 84, 443,955 147,308, 401 242,644,697 ssa 584, 013 1896. 121, 745, 884 47, 648, 743 161,82a 050 251, Oia 816 • 502, 233,493 1897 162, 488,113 2a 279,029 187,608, 644 252,4ia 033 589, 794,819 1898 141,07a 022 54, 049, 456 26a 8Sa 745 28a 891, 578 637, 89a 801 1899 257, soa 366 4a 07a 146 203, 70a 570 293, 387, 672 831, 472, 754 1900 . 14a 307, 870,474 897, 7ea 470 S2a 453,044 14a 094,872 199, 35a 080 1901 .. 417, 343,064 73a 775 lOa 172,340 3ia ssa 468 98a 63a 647 15a ssa 773 1902. 45a ISa 776 123, 971,402 178,147, 097 324, 262, 498 1,049, 1903.. 47a 97a 232 isa 43a 811 17a 547, 268 332, 730, 989 1,120, 685, 290 1904.. 647,261, 358 2oa 187,017 19a 111, 219 32a 261, 922 1,191, 821, 516 1905. 662,15a 801 183,778 196, esa 998 327, 54a 686 1, 21a 568, 263 49, 37a ooa 767 1, 287, S2a 415 1906 737, 677, 337 101, 542, 687 188,096, 624 1907.. 788,467, 689 isa 937,136 203,289,045 457, 99a 462 1, 45a 689, 332 1908... 924, 316, 981 162, 041, 339 20a 18a 761 411, eoa 432 1,612, 14a 513 1909.. 934,803, 233 111, 347, 289 213, 99a 955 392, 607,842 1, esa e4a 319 1910... 982, 586, 379 97, 726,077 227, 977, 678 378, 745, 080 1, esa 035, 214 1911 ., 001,413, 292 12a 088, 870 235,184, 404 S7a 941, 280 1,7ia 627,846 1912... 99a 20a 422 183, 857,946 24a 462, 237 ssa 717, 711 1, 799, 237, 316 1913 987,67a 101 258, 585, 254 232, 798,904 380,631,886 1,880, 694,145 1914 • 88a 954, 878 303, 354,958 168,660, 282 451,12a 764 1,904, 098,882 1915.. ., 042, Sia 106 304, 424,187 na 4ia 762 494, 796,127 1, soa 464,182 1916... 90a491,2S8 643, 802, 847 12a soa 000 545, 27a 456 2,299, 96a 541 1917.. 697,301, 630 1,294, 745, 498 61, 56a 000 612,913,462 2,866, 52a 580 1918. 77a 502, 510 1, esa 4ia 512 64,963,144 469, 344,066 3,042, 226, 222 630; 068 1919. 547, 210,009 1, ssa 807, 589 69, osa 951 439, 581, 519 3, lea 1920... 237, osa 307 1, Sia 23a 971 oa 4ea 187 473, 321,604 04a 019 1921. 264, 752, 204 141, 25a 718 412, Sia 973 2,866, 568,874 2,141, 042, 979 2,942, 1922 .... soa 443,631 2,842, 304, 758 17a 589,047 4ia 138,179 47a 615 1923. 332,607, see 3,037, 669,150 214, 773,928 397, Isa 417 3, eea 200,861 1924... 509, 507, 670 3, 302, 221,820 191, ssa 193 4Sa ssa 331 3, 933, 407, 014 1925.. 594, 404,215 3, 407, 594,288 17a 872,034 405,825. SSS 4, 247, 69a 872 1926 59a 319, 574 s, 22a 480, 085 203, 308, 862 401, S2a 977 4, 547, 429, 488 1927 626,17a 482 3, 302, 354,024 224,622, 093 ssa 121,122 4,408, 267, 721 a 143, 4, 502, 4, 37a 1 Includes Federal reserve bank holdings for 1918 and following years.

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DIRECTOR OF THE MINT 685

Average price of an ounce of gold in London and United States equivalent since 1870

Equivalent in United Per cent States value of Lon­ premium of Average London don price 2 price per stand­ average ard ounce to 1918, price above Calendar year Bank of inclusive, and For British per fine ounce England's standard For a fine thereafter i ounce minimum ounce (1.000) buying (0.916H) rate ,.

£ s. d. 1870 - 3 17 a 01 $18. 9190 $20. 6389 a 00107 1871 3 17 a 01 18.9190 20, 6389 .00107 1872 : •. _._.-. 3 17 9.24 18. 9237 20, 6440 . 02672 1873 .--.: •-.... S 17 a 28 18. 9245 20. 6449 . OSOOl 1874... 3 17 9.00 18,9188 20, 6387 1875 • 3 17 a 23 18. 9235 20. 6438 . 02466 1876 S 17 9.30 18, 9249 20. 6453 .0S216 1877 3 17 9.42 18. 9273 20. 6480 . 04502 1878. 3 17 9.41 18. 9271 2a 6477 . 04394 1879 - 3 17 an 18, 9210 2a 6411 .01179 1880 - 3 17 a 15 18. 9218 20. 6420 . 01608 1881 3 17 a 36 18, 9259 20. 6464 . 03751 1882 - - 3 17 9.'43 18, 9275 20. 648-2 . 04609 1883 .....;.....- 3 17 a 18 18.9224 2a 6426 . 01929 1SS4 - 3 17 9.32 18. 9253 20. 6458 . 03430 ISSS 3 17 a 17 18. 9222 20, 6424 . 01822 1886 - 3 17 a 10 18. 9208 20, 6409 . 01072 1887 - 3 17 a 01 18, 9190 20, 6389 . 00107 1888 - 3 17 a 21 18. 9231 20, 6434 . 02251 1889.. 3 17 9,04 18. 9196 20, 6396 . 00429 1890 3 17 a 44 18. 9277 20. 6484 .04716 1891 3 17 ia29 18. 9450 20. 6673 .13826 1892 3 17 iai7 18, 9425 20. 6645 .12640 1893 3 17 la 57 18, 9506 20. 6734 . 16827 1894. 3 17 ass 18, 9255 20, 6460 . 03537 1896 18, 9194- 20, 6393 3 17 9,03 18.9423 2a 6643 . 00S22 1896 s 17 laie 18, 9640 . 124SS 1897... - 3 17 11,23 18.9484 20. esso . 23901 1898 3 17 ia46 18. 9243 2a 6710 . 15648 1899 -.- 3 17 a 27 18. 9373 20, 6447 . 02894 1900 . . 3 17 a 91 18. 9356 20. 6589 . 0975S 1901 3 17 ass 18. 9300 20. 6570 .08896 1902 . . 3 17 a 55 18.9403 20. 6609 . 06895 1903 3 17 laoe 18. 9379 20, 6621 . iisei 1904 3 17 9.94 18. 9273 20, 6596 . 10075 1906 3 17 a 42 18.9354 20. 6480 . 04502 1906 3 17 9.82 18, 9381 20. 6568 . 0S7S9 1907 3 17 9.95 18, 9429 20, 6597 . 10182 1908 3 17 iai9 18. 9224 20. 6650 . 12755 1909 3 17 9.18 18. 9194 20, 6426 . 01929 1919 3 17 9.03 18. 9188 20. 6393 . 00S22 1911 18. 9188 20. 6387 3 17 aoo 2a 6387 1912. 3 17 aoo 18. 9188 1913 : 18. 9196 2a 6387 3 17 aoo 20. 6396 1914 3 17 9.04 18.9188 . 00429 1916 --i 18,9188 2a 6387 3 17 aoo 20. 6387 1916... J. 3 17 9.00 18. 9188 1917..^ 18. 9188 2a 6387 3 17 aoo 2a 6387 1918 3 17 aoo 1919 4 10 1,03 20. 0937 21, 9204 6. 21033 1920 5 12 n.52 2a 1958 27. 4863 SS. 17876 1921 5 7 .50 23, 8758 26, 0463 26. 20109 1922 4 13 3.80 20, 8144 22. 7066 la 01962 1923 4 10 2.90 20.1284 21. 9683 6. 39381 1924 4 13 8.3 20. 8980 22. 7978 10, 46141 1926 4 5 ae 19. 0634 2a 7964 .76410 1926 18. 9426 2a 6646 .12549 4 4 11.1 18. 9444 1927 t.... 4 4 n.2 20. 6667 .13661 Mint price per standard ounce (0.916K) 3 17 laso 18.9492 .16077 Equivalent per fine ounce 4 4 11.45+ 20. 6718 . 16077 Bank rate per standard ounce (O.OIOH) 3 17 aoo 18. 9188 Equivalent per fine ounce 4 4a 82- 20. 6387

1 London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounce basis. 2 Conversions on basis of legal monetary parity; exchange not a factor.

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686 REPORT ON THE FINANCES

Average commercial ratio of silver to gold each calendar year since 1687, with gold considered as of legal monetary value

Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio

1687.... 14.94 1728.... laii 1768-... 14.80 1808.... laos 1848.... ia85 1888.... 22.00 less.... 14.94 1729.... 14.92 1769.... 14.72 1809.... 15, 96 1849.... 15.78 1889.... 22.10 1689.... 15.02 1730.... 14.81 1770.... 14.62 1810.... 15,77 I860.... 15.70 1890.... ia75 1690.... 15.02 1731.... 14.94 1771.... 14.66 1811.... 15.53 1851.... 15.46 1891.... 2a 92 1691.... 14.98 1732.... iao9 1772.... 14.52 1812.... laii 1852.... 16.59 1892.... 23.72 1692.... 14.92 1733.... 15.18 1773.... 14.62 1813.... ia25 1S5S.... lass 1893.... 2a 49 1693.... 14.83 1734.... 15.39 1774.... 14.62 1814.... 15.04 1854.... 15.33 1894.... 32.56 1694.... 14.87 1735.... ia4i 1775.... 14.72 1815.... ia2e 1865.... lass 1895.... 31.60 1696.... 16.02 1736.... lais 1776.... 14,55 1816.... ia28 1856.... lass 1896.... sa59 1696.... iaoo 1737.... iao2 1777.... 14.54 1817.... 15.11 1867.... ia27 1897.... 34.20 1697.... ia20 17S8.... 14.91 1778.... 14.68 1818.... 15.35 1858.... 15. ss 1898.... 36.03 1698.... iao7 1739.... 14.91 1779.... 14.80 1819.... 15. SS 1859.... iai9 1899—. 34.36 1699.... 14, 94 1740.... 14.94 1780.... 14.72 1820.... iae2 1860.... ia29 1900.... sass 1700.... 14.81 1741.... 14.92 1781.... 14.78 1821.... laos 1861.... ia50 1901.... 34.68 1701.... 15.07 1742.... 14.86 1782.... 14.42 1822.... 15.80 1862.... ia36 1902.... 3ai6 1702.... ia62 1743.... 14.85 1783.... 14.48 1823.... ia84 1863.... 15.37 1903.... 38.10 1703.... iai7 1744.... 14.87 1784.... 14.70 1824.... 15.82 1864.... ia37 1904.... 3a70 1704.... 15.22 1745.... 14,98 1785.... 14.92 1825.... la 70 1865.... ia44 1906.... 33.87 1705.... laii 1746.... lais 1786.... 14.96 1826.... ia76 1866.... ia4s 1906.... Sa54 1706.... ia27 1747.... ia2e 1787.... 14,92 1827 15.74 1867.... ia57 1907.... 31.24 1707.... 15.44- 1748.... ian 1788.... 14.65 1828.... 15.78 1868.... 16.59 1908.... 38.64 1708.... 15.41 1749.... 14.80 1789.... 14,75 1829.... ia78 1869.... 15.60 1909.... 3a74 1709.... lasi 1750.... 14.55 1790.... iao4 1830.... ia82 1870.... 15.67 1910.... 38.22 1710.... 15.22 1751.... 14.39 1791 iao5 1831.... ia72 1871.... 15,67 1911.... 38.33 1711.... 15,29 1752.... 14.50 1792.... iai7 1832.... ia73 1872.... 15,63 1912.... 3a62 1712.... 15.31 1763.... 14.54 1793.... iaoo ISSS.... 15.93 1873.... laos 1913.... 34.19 1713.... ia24 1754.... 14,48 1794.... ias7 1834.... ia7S 1874.... laie 1914.... 37.37 1714.... lais 1755.... 14,68 1795.... 15,55 1846--.. 15.80 1875.... ia64 1915.... sas4 1715.... ian 1756.... 14.94 1796.... iae5 1836-... ia72 1876.... 17.75 1916.... sail 1716--.. 15.09 1757.... 14.87 1797.... 15.41 1837.... 15.83 1877.... 17,20 1917.... 2a 09 1717.... 15.13 1758.... 14.85 1798.... 15.69 1838.... 15.85 1878.... 17,92 1918.... ias4 1718.... 15.11 1759.... 14.16 1799.... 16,74 1839.... ia62 1879.... 18.39 1919.... ia5S 1719.... 15.09 1760--.. 14.14 1800.... 15.68 1840.... 15.62 1880.... 18.05 1920.... 15.31 1720.... iao4 1761.... 14.54 1801.... 15,46 1841.... ia70 1881.... 18.26 1921.... 25.60 1721---- 15.06 1762.... ia27 1802.... ia26 1842.... ia87 1882.... 18.20 1922.... 27. 41 1722.... 15.17 1763.... 14,99 1803.... 15.41 1843.... 15.93 ISSS.... 18.64 192S.... 2a 52 1723.... ia20 1764.... 14,70 1804.... ia4i 1844.... lass 1884.... 18.61 1924.... 27.76 1724-... 15.11 1765-... 14.83 1805.... 15.79 1846..-. 16.92 1885.... ia4i 1926.... 2a 38 1725.... laii 1766.... 14.80 1806.... 15,62 1846.... ia9o 1886.... 2a 78 1926.... 32.88 1726.... 15.15 1767 14.85 1807.... ia4S 1847.... 16.80 1887.... 21.10 1927.... 3a22 1727.... 15.24

NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and Abell's tables, from 1879 to 1896 from daily cabled prices from London to the Bureau of the Mint, and since from daily London quotations.

RATIO OF SILVER TO GOLD, AS AFFECTED BY WORLD WAR During the period December, 1916, to June, 1920, it is probable that the world's basic silver price was that of New York rather than that of London. The normal relationship between the two prices— New York a fraction of a cent below the London quotation with exchange considered—did not prevail during this period, when the average monthly New York price varied between approximately 3 cents above and 6 cents below the London price. This period ap­ pears to have been initiated by enormous coinages to meet war­ time needs, and large silver shipments from the United States to the Orient. Its close was coincident with the removal of the product of United States mines from the world market, purchases under the Pittman Act of April 23, 1918, having begun in June, 1920. The ratio of silver to gold, based on the New York price, was for this period: Calendar year 1917, 24.85; 1918, 21; 1919, 18.44; 1920, 20.27. With the partial release during the first half of 1919 of British governmental control of gold export, the London price of exportable gold advanced above its monetary par. The ratio of silver to this

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DIRECTOR OF THE MINT 687 gold, based on the average London price of both metals, follows: 1919, 17.53; 1920, 20.41; 1921, 32.34; 1922, 30.11; 1923, 31.35; 1924, 30.62. Final release of British governmental control of gold export became effective April 28, 1925, when the Chancellor of the Exchequer of Great Britain announced that the restrictions authorized by the gold and silver (export control) act of 1920 on export of gold would be discontinued from that date. This had the effect of restoring the gold standard to the United Kingdom. The example of Great Britain was followed by Australia, New Zealand, Netherlands, and the Dutch East Indies, and on June 1 by South Africa. On April 29, 1925, the London quotation on gold dropped more than 1 shilling to 84s. lid. per fine ouDce, as compared with 84s. 11.45d., mint par. Thereafter the quotation fluctuated between 84s. lOj^d. and 84s. Il3/2d. until January 29, 1926, when it touched 84s. 9^d.; it has since varied between the latter figure and 84s. 11 Hd.

Bullion value of the silver dollar [371}^ grains of pure silver] at the annual average price of silver each calendar year since 1837

Year Value Value Year Value Value

1837. $1.009 1856. 039 1875. 1894. 1.49097 1913. $0.46760 ISSS. 1.008 1857. 046 1876. . 900S9 1895. . 50587 1914. .42780 1839. 1.023 1868. 039 1877. .92958 1896. . 52267 1915. . 40135 1840. 1.023 1859. 062 1878. . 89222 1897. .46745 1916. . 53094 1841. 1.018 1860. 045 1879. .86928 1898. . 45640 1917. . 69242 1842. 1.007 1861. OSI 1880. , 88564 1899. . 46525 1918. .76142 1843. l.OOS 1862. 041 1881. , 87575 1900. . 47958 1919. .86692 1844. 1.008 1863. 040 1882. , S7SSS 1901. 1920. . 78844 1845. 1.004 1864 040 ISSS. . 86754 1902. . 408S5 1921. . 48817 1846. 1.006 1865. 035 1884. . 86904 1903. . 41960 1922 . 5264S 1847. LOll 1866. ose 1886. .S2S79 1904. . 44763 192S. . 50468 1848. LOOS 1867. 1886. .76931 1905. . 47200 1924 . 51906 1849. 1.013 1868 027 1887 .75756 1906. . 52S6S 1925 . 53681 1850. 1.018 1869. 026 ISSS .72683 1907. .51164 1926 . 48284 1851. L0S4 1870 024 1889 .72326 1908. .41S71 1927 . 4SSSS 1852. 1.026 1871 027 1890 . 80927 1909. . 402S1 1853. 1.042 1872 026 1891 .76416 1910. . 41825 1854. 1.042 1873 022 1892 . 67401 1911. .41709 1855. LOSO 1874 ooses 1893 . 60351 1912. . 47543

VALUES OF FOREIGN COINS, OCTOBER. 1, 1928 In pursuance of the provisions of section 25 of the act of August 27, 1894, as amended by section. 403, Title IV, of the act of May 27, 1921, and reenacted by section 522, Title IV, act of September 21, 1922, I hereby proclaim the following estimate by the Director of the Mint of the values of pure metal contents of foreign coins to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign mer- . chandise exported to the United States during the quarter beginning October 1. 1928, expressed in any such metallic currencies: Provided, however, That if no such value has been proclaimed, or if the value so proclaimed varies by 5 per cent or more from a value measured by the buying rate in the New York market at noon on the day of exportation, conversion shall be made at a value measured by such buying rate, as determined by the Federal Reserve Bank of New York and published by me as certified by said bank pursuant to the provisions of said section 25 as amended. ANDREW W. MELLON, Secretary of the Treasury 13606—29—FI 192 8 46

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688 EEPOKT ON" THE FINANCES

Values of foreign coins

Value in terms of Country Legal Monetary unit United Remarks standard States money

Argentine Republic Gold.... Peso $0. 9648 Currency: Paper normally converti­ ble at 44 per cent of face value. Austria ^ ...do Schilling .1407 Belgium .. do Belga .1390 1 belga equals 5 Belgian paper francs. Bolivia . ...do Bolivian 0 .3893 12y bolivianos equal 1 pound sterling. Brazil do - Milreis .5462 Currency: Government paper con­ vertible at 4,567 paper milreis to the gold milreis ($0.1196), by decree of May 23, 1928. British Colonies in Aus­ ...do Pound sterling 4.8665 tralasia andAfrica. British Honduras ...do.-- Dollar 1. OOOO Bulgaria ..-do Lev .1930 Canada do -. Dollar 1. OOOO Chile ...do-... Peso .1217 Amoy .7001 Canton .6980 Chefoo .6696 Chin Kiang .6839 Fuchau .6476 The tael is a unit of weight; not a coin. Haikwan... .7124 The customs unit is the Haikwan Hankow... .6551 tael. The values of other taels are Tael... Kiaochow.. .6785 based on their relation to the value Nanking... .6928 • of the Haikwan tael. Niuchwang .6566 The Yuan silver dollar of 100 cents is China Silver..< Ningpo .6731 the monetary unit of the Chinese Peking .6826 Republic; it is equivalent to .637— Shanghai.. .6395 of the Haikwan tael. Swatow... .6467 Takau .7046 Tienstin... .6785 Yuan .4637 Dollar.. HongKong. British } .4605 Mexican.- .4639 Mexican silver pesos issued under Mexican decree of -Nov, IS, 1918, are of silver content approximately 41 per cent less than the dollar here quoted; and those is.sued under decree of Oct, 27, 1919, contain about 51 per cent less silver. Colombia Gold.... Peso .9733 Currency: Government paper and silver. Costa Rica .. do Colon . .4653 Law establishing conversion oflSce fixes ratio 4 colons (nongold)=$l United States. Cuba ...do Peso 1. OOOO D enmark ...do Krone .2080 Dominican Republic -. do - Dollar 1. OOOO United States money is principal cir­ culating medium. Ecuador ...do....- Sucre . - .2000 By law effective Mar. 19, 1927. E gypt ...do Pound (100 piasters) 4. 9431 Ttie actual standard is the British pound sterling, which is legal ten­ der for 97y piasters. Estonia . do Kroon .2680 Finland ...do ._-_ Markka. .0252 France . do Franc .0392 -By law of June 24, 1928. Germany ...do-..-- Reichsm ark .2382 Great Britain ...do Pound s uerling 4. 8665 Greece do Drachm 1 .0130 By law effective May 14, 1928. Guatemala .- do ... Quetzal. 1. OOOO Haiti ...do Gourde. .2000 Currency: National-bank notes re­ deemable on demand in American dollars. Honduras. - ..-do Lempira .5000 Legally established but not yet actu­ ally operative. Hungary ...do Pengo— .1749 India (British) do Rupee .3650 By law effective Apr. 1,1927. Indo-China Silver... Piaster .4612 Italy Gold.... Lira .0626 By decree effective Dec. 22, 1927. Japan ...do Yen .4985 Latvia ...do..... Lat - .1930 Liberia do Dollar 1. OOOO Currency: Depreciated silver token coins. Lithuania ...do..... Litas .1000 Currency: Notes of the Bank of Lith­ uania. . Mexico ...... do Peso _.- ,4985 Netherlands ...do Guilder (florin) .4020 Newfoundland-.- —do Dollar 1. OOOO

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DIRECTOR OF THE MINT 689

Values of foreign coins—Continued

Value in Legal terms of Country Monetary unit United Remarks standard States money

Nicaragua.. Gold. Cordoba $1. OOOO Norway ..do., Krone .2680 Panama.... .-do.. Balboa 1. OOOO Paraguay.. ..do-. Peso (Argentine) .9648 Currency: Depreciated Paraguayan paper currency. Persia Sil ver- Kran .0786 Currency: Silver circulating above its metallic value. Gold coin is a commodity only, normally worth double the silver of same denomi­ nation. Peru Gold... Libra... 4. 8665 Philippine Islands. ...do.... Peso...:. .6000 Poland ..do.... Zloty... .1122 By decree effective Oct. 13, 1927. Portugal .-do...., Escudo. 1, 0805 Currency: Inconvertible paper. Rumania ...do.... Leu .1930 Russia ...do.... Ruble... .5146 Pre-war unit, (One Soviet cher­ vonetz =10 gold rubles,) Salvador... .do... Colon .5000 Siam .do... Baht (Tical). .4424 By law of Apr. 15, 1928. Spain .do... Peseta .1930 Valuation is for gold peseta; currency is notes of the Bank of Spain. Straits Settlements.. .do., Dollar. .5678 Sweden .do., Krona. .2680 Switzerland .do., Franc. .1930 Turkey .do Piaster. .0440 (100 piasters equal to the Turkish pound) Uruguay -do Peso 1. 0342 Currency: Inconvertible paper. Venezuela... .do.... Bolivar. .1930 Yugoslavia.. -do_... Dinar... .1930

Changes in value of foreign coins during 1928

Value, 1928 Country Monetary unit Jan. 1 Apr. 1 Julyl Oct. 1

China Silver tael, Amoy L $0.6860 LOSSO K 7064 >. 7001 Do Silver tael, Canton.. . 6829 . 6810 .7043 .6980 Do Silver tael, Chefoo.. . 6551 .6533 .6757 .6696 Do Silver tael, Chinkiang .6691 .6672 .6901 .6839 Do Silver tael, Fuchau .esse .esis .6535 .6476 Do Silver tael, Haikwan (customs). .7188 .7124 Do Silver tael, Hankow -.. .0970 . 6960 .6610 .6651 Do Silver tael, Kiaochow .6409 .6390 .6846 .6785 Do Silver tael, Nanking .6619 .6991 .6928 .eess .6759 Do Silver tael, Niuchwang .6778 .6625 .6566 Do Silver tael, Ningpo .6405 .6792 .6731 .6424 .6567 Do Silver tael, Peking .6686 .6887 .6826 Do Silver tael, Shanghai .6659 .6453 . 6395 .6678 .6239 Do Silver tael, Swatow .6267 .6526 .6467 Do Silver tael, Takau .6309 .7109 .7046 .6327 .6873 Do Silver tael, Tientsin ,6S9S .6846 .6785 Do Silver dollar (Yuan) .6619 .4578 .4537 Do Silver dollar. Hong Kong. .eess .4426 .4646 .4605 Do Silver dollar, British .4439 .4492 Do Silver dollar, Mexican .4606 .4525 .4680 .4639 Indo-China. Silver piaster .4638 .4500 .4664 . 4612 Persia Silver kran .4513 .0767 .0793 .0786 France Gold franc .0769 .1930 .0392 .0392 Greece Gold drachma .1930 .1930 .0130 .0130 Italy- Gold lira ' . .1930 .0526 .0526 .0526 Poland Gold zloty .0526 .1122 .1122 .1122 Siam Gold baht (tical) .1122 .3709 .4424 .4424 .3709

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WORLD'S MONETARY STOCKS OF GOLD, SILVER, AND PAPER MONEY AT THE CLOSE OF THE YEARS 1926 AND 1927 o The following compilations have been made from such data as are available—avowedly incomplete. The amount of gold and silver in circulation in many countries is not obtainable, and in some countries that held by private banks can not be given. For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by the Government and Federal reserve banks. All foreign coin which comes into possession of the Government is converted into bullion. Monetary stock of principal countries of the world, erdd of calendar year 1926

[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita Pi Paper cir­ Pi culation, in Mone­ Metallic monetary O Country tary United Silver Population stock un­ In banks stock unit of Unclas­ Pi standard States classified In circu­ Name and public Total issuing sified Gold Silver Paper H equiva­ lation country lent treasuries • stock O

North America: United States... Gold.... Dollar $1.00 $4,602,429 $4, 502,429 $838, 260 J 5,456, 965 118,628 %%7. 9.^1 $7.07 46,00 W Canada ...do do LOO 2 202, ess 202,633 27, 345 247, 765 9,SS9 21. .68 2,91 26,39 Mexico 3 ...do Peso .4985 1,101 16, ess 16, 683 7,783 3,220 15, 500 $0.07 1.07 .50 .21 British Honduras... —do Dollar LOO 90 90 195 614 48 LS8 4.06 12,79 Costa Rica -..do.__. Colon .25 SSS 20, 614 521 .65 39,6'' Cuba...... do Peso LOO . 4,773 $19,014 23, 787 8,413 3 317, 376 3,562 6.68 2.36 89.10 Dominican Republic ...do Dollar 1.00 135 135 278 ^ 1, 346 LOOO .14 .28 1.35 > Guatemala do Quetzal LOO 1,400 1,400 1,112 7,904 2,620 .56 .44 3.14 Haiti ...do Gourde .20 160 160 14, 000 2,S00 .07 6.83 O Honduras* ...do Lempira .50 20 20 500 630 773 .03 "",'65" .82 zn Newfoundland 3...... do Dollar LOO 1,000 1,000 2,300 8 185 26S 3.77 8,68 ,69 Nicaragua .- do Cordoba 1.00 315 6,710 660 .48 10,32 Panama ...do. _. Balboa LOO 322 10 332 584 500 .66 L17 Salvador ...do..-, Colon. .50 ^5,242 5,242 15,907 l,eS4 3.17 9,64 Virgin Islands -..do Franc .193 84 2 86 66 2,500 25 3.44 "'2.'64" 100. 00 British West In­ dies- Barbados. _ ...do. _. Pound 4. 8665 1 177 164 1,08 Jamaica do do 4.8665 790 238 858 .92 .27 Trinidad.- . . —do do 4.8665 8 10 18 5,306 7« 5, 275 391 .04 13,57 13,49 Dutch West Indies ...do Guilder or .402 568 568 206 2,081 166 3,42 L2S 12,53 French West In­ florin. dies- Guadeloupe - ...do Franc. .193 -299 299 73 38,810 230 LSO .32 168, 74 Martinique 8 ...do do .193 386 32,000 240 '""i.'ei" ISS. S3

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South America: Argentina do Peso .9648 435,880 435, SSO 1, 319, 798 10,087 43,21 ISO. 84 Bolivia ...do Boliviano... .3893 8,554 8,654 3 17 37, 611 2,599 3,29 14.47 Brazil _ do Milreis .5462 66, 323 56, 323 2, 539, 304 36,000 1,66 70,54 Chiles ..'.do Peso .1217 10, 303 1,826 12,129 1,220 371, 788 3,947 3,07 .31 94.20 Colombia ...do do . 9733 22, 051 22, 051 9,617 51, 261 6,923 3,19 LS7 7.40 Ecuador 10- ...do...- Sucre .4867 2,046 2, 046 166 41, 000 2,000 L02 .09 20.50 Guiana— - British i .. do Dollar- 1.OISS 203 1,608 304 .67 5.29 Dutch do Guilder .402 91 91 SOS 3,020 108 ,89 2,81 27.96 French do Franc .193 94 94 194 310, 760 26 3,61 7,49 413. 85 Paraguay ...do Peso -- .9648 2,123 2,123 192, 661 LOOO 2.12 . 192.66 Peru... do Pound 4. 8665 21, 490 21,490 6,104 5,500 3.91 1.11 Uruguay. ...do Peso 1. 0S42 60, 423 60,423 3 S, 304 67, 611 1,678 37,02 2.02 41.42 Venezuela...... do-.... Bolivar .193 1015, 000 e 16, 000 10 9, 000 62, 500 3,027 4.96 2.97 20.65 . Europe: Austria ^ do Schilling . 1407 2 492 7,388 7,388 947, 321 6,700 .07 LIO 141.39 Belgium " ...do..... Franc .193 iia 16, 371 iia 52, 878 iia 52,878 9, 937, 869 7,875 2,08 6.71 1, 261.95 O Bulgaria ...do Lev - .193 8,464 8,464 "3,"4i5" 3,480, 616 5,483 L54 .62 634,80 H-l Czechoslovakia (13) Krone. .2026 8,410 8,410 1,777 8, 202, 594 14,166 .59 .12 579. 07 Danzig- Gold.... Gulden .195 1 1 1,960 35, 716 400 4,87 89.29 Denmark . do Krone .268 56, 007 56, 007 4,041 385, 961 3,435 16.30 LIS 112.36 H Estonia ...do Mark .. . 0026? 172 172 3 11 3,364, 357 L117 .15 .01 3,003. 01 O Finland ...do.-.. — ..do .0262 8,249 1 8,260 3 22 1,345, 715 3,511 2.35 .01 383. 29 Pi France ...do Franc .193 711,106 711,106 65, 760 52, 907,329 39, 210 18.13 1.67 1,349.33 Germany do. Heichsmark- .2382 395, 675 395, 675 151, 006 5,092, 232 62, 569 6,32 2.41 8L39 O Gibraltar do Pound 4 8665 "160 18 8.88 444, 697 6,97 9.23 ^ Great Britain and -.do.--. do 4. 8665 152,102 751,868 761,868 335,810 48.163 3.15 15, ei H Irish Free State. Greece.. . do.-- Drachma.. _ .193 1110, 069 10,059 965 5, 715, 676 6,800 1.48 .14 840. 54 W Hungary ...do Pengo. .1749 11 29, 526 29, 526 3,239 470,870 8,454 3.49 .38 55.70 H Iceland. do.-- Krone .268 603 603 7,271 96 6.28 75.74 Italy 15 _ ...do Lira .193 220, 732 220, 732 20,312 20,133,115 40, 649 5,44 .50 496, 51 g Latvia do. Lat .193 4,559 4,569 442 34,875 1,845 2,47 .24 18,90 M .10 102 102 1,350 86, 792 2,029 .05 .67 42.78 Lithuania ...do Litas H Malta do. - Pound 4,8665 219 800 184 1.19 4.34 Netherlands ...do Guilder .402 166,161 166, iei 48,037 884, 776 7,526 22.08 6.38 117. 56 Norway do. Krone .268 45, 524 45, 524 6,673 337, 200 2,770 16.43 2.41 121. 73 Poland... .. do Zloty .193 26, 677 26, 677 10, 593 936,923 29, 319 .91 .36 SL96 Portugal do Escudo 1. 0805 9,267 9,267 L170 1,835, 601 6,185 1.50 .19 296, 78 Rumania *i. do... Leu .193 3,174 27, 787 27, 787 20,950, 547 17.164 .19 L62 1,221,32 Russia 16 ...do..-- Chervonetz. 5,1455 91,143 84, 597 84, 597 131, 256 144, 815 .63 .58 .91 Spain.. do... Peseta .193 500, 098 500, 098 130, 295 4,339,187 22,128 22.60 5.89 196. 09 Sweden ...do Krona .268 1, 521 60,385 60, 385 525, 077 6,074 .25 9,94 86.45 Switzerland n do--- Franc .193 76, 773 76, 773 43, 341 873,941 3,936 19,51 ILOl 220. 04 Yugoslavia" ...do-_. Dinar. .193 16, 620 16, 620 3,380 5,811,843 12, 017 LSS .28 483.64 Asia: British North „.do._.. Dollar .5678 2,421 258 9.38 Borneo. Ceylon ...... do Rupee .365 15 15 13, 689 62, 745 5,010 2.73 12.52 (18) 144, 734 423,872 442, 000 .33 .96 China 17 Silver... Dollar.. CO (Footnotes at end of table)

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Monetary stock of principal countries of the world, end of calendar year 1926—Continued Ct) CO

. Monetary unit Gold stock Per capita Paper cir­ culation, in Mone­ Metallic Silver monetary Country tary United stock un­ stock unit of Population States In banks In circu­ Unclas­ standard Name classified and public Total issuing sified Gold Silver Paper equiva­ lation country lent treasuries stock

Asia—Continued Cyprus Island Gold.... Pound $4.8665 $292" $292 $711 461 317 $0,92 $2.24 1.45 Federated Malay ...do.... Dollar .5678 126 7,164 LS25 .09 5.39 . States. pi India, British ...do....- Rupee .365 81, 469 81,469 1, 682,393 1,811,840 318, 942 .26 5.27 5.68 Pi Indo-China, French SOver... Piaster (18) 18,304 3 76,629 123, 720 19, 999 "$0."92' 3.83 6.18 O Japan, including Gold.... Yen .4985 561, 810 561, 810 212, 231 1, 715, 714 S3, 464 ""6,'73' 2.54 20.56 Pi Chosen, Taiwan, H Kwantung. Netherland East ...do.-., Guilder .402 80, 067 SO, 067 161,403 352,987 53, 230 L50 3.03 6.63 O Indies. Palestine-- do Pound 4. 9431 222 LOOO 852 .26 1.17 Persia 3. Silver... Kran (18) 32, 726 52,000 10, 000 3.27 5.20 Philippine Islands Gold.... Peso .50 3,059 3,059 19,021 121,189 11, 762 .26 L62 10 Sl w Sarawak ...do £)ollar 166 600 .26 .5678 Pi Siam ...do-... Tical .3709 44,177 126, 271 9,724 4.54 12.99 Straits Settlements ...do-... Dollar .5678 187 187 12,825 163, 420 935 .20 13.71 174. 78 Syria and Lebanon ...do-... Pound 3.860 15,923 9,775 2,700 """5."95" 3 62 Africa: Abyssinia Silver.- Thalari (18) 3 340 600 8,000 .42 62 Algeria .. Gold—. Franc .193 16, 695 1, 612,301 6,065 2.75 265. 84 Belgian Congo do . do .193 "" 19 93, 766 15,000 6.25 O Dahomey. ...do do .193 59,106 1,000 59.11 zn Egypt do Pound 4. 9431 17,465 17,466 27, 513 27, 813 14,169 L2S 1.94 1 96 Eritrea 3 ...do Lira .193 L692 450 3.76 French Equatorial —do Franc .193 28,000 3,124 8 96 Africa.3 Gambia do Pound 4. 8665 153 210 .73 Gold Coast ...do do 4. 8665 1, 478 2,299 .64 Guinea, French do Franc .193 874 36, 898 2,020 .43 18 27 Ivory Coast ...do-...... do .193 1 1 6 122, 957 1,656 74.25 Kenya Colony and ...do..-, Shilling .2433 6,799 L683 2,529 2.69 .66 Uganda.8 Madagascar do... Franc. .193 1 403,824 3,382 119.40 Morocco ..-do do .193 2,001 386 386 1,9S0 415, 782 5,567 .36 .07 .35 74.82 Nigeria :do Pound. 4. 8665 3,4S7 224 18, 588 .17 .01 Nyasaland ...do do 4, 8665 246 $49 295 1,445 1,176 .25 1.23

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Portuguese East Af­ ...do Escudo 1.0805 195 146 341 20 2 21 104,897 3,120 .11 33.62 rica. Portuguese West Af­ - -do .... do 1.0805 112,623 4,000 28.13 rica. Reunion Island ...do Franc...... - .193 560 47,100 174 3.22 270.69 Rhodesia,Northern. -..do..... Pound 4.8665 61 61 196 27 931 .05 .21 .03 Rhodesia, Southern 3 ...do do 4.8665 2,020 2,020 SOS 2.50 Senegal -do .. Franc .193 401,833 1,225 328.02 Sierra Leone ...do Pound 4.8665 112 150 1,541 .07 .10 Somaliland: British _ do Rupee .365 329 SOO 344 .95 .87 French ... —do Franc .193 SS SS 158 6,736 65 .61 2.43 88.23 Italian * -do - Rupee .365 1,863 2,000 1,000 1.86 2.00 Sudan, Anglo-Egyp­ ...do Pound 4.9431 124 124 8,904 39 6,469 .02 1.38 .01 tian. Tanganyika. ...do Shilling .2433 5,179 6,994 7,200 .71 .97 Tunis 3 ...do...- Franc. .193 239,654 2,262 105.95 Union of South Af­ ...do...- Pound 4.8665 42,093 17,786 59, 879 15,884 10,303 7,642 7.94 2.16 1.37 rica. Zanzibar ..do Rupee .365 692 3,037 197 3.51 15.41 Oceania: i 8.29 a- Australia ...do...- Pound 4.8665 136,654 106,976 106,976 50,091 6,044 22.61 17.70 H New Zealand ...do do 4.8665 37,946 6,730 1,407 26.97 4.78 o- Fiji Islands ...do do 4.8665 356 356 3 774 367 164 2.17 4.72 2.23 -pi Society Islands -do Franc. .193 20,640 28 737.14 o Total 494,692 9,546,737 38,844 9, 568, 898 4,230,394 1,827,932 .27 5.23 2.31

1 Includes gold and silver certificates (representing coin and bullion held in trust in 11 Stock in national bank, W the Treasury) redeemable on demand. iia On Oct, 26. 2 Including some silver. 12 Including minor coin. tel 3 Last year's figures or figures of previous years. 13 Monetary standard not established. * United States Government and bank notes. 1^ Exclusive of Spanish bank notes. fi Gold standard established Apr. 3,1926. Ifi Stock in Bank of Italy, sole bank of issue since July 1,1926. 0 Government notes only. 16 On Jan. 1, 1927. h3 7 United States gold coin. 17 Incomplete. ''" Trinidad dollars. 18 Fluctuates with the price of silver. 8 On June SO, 1926. 19 On Nov. SO, 1926. 9 New monetary unit established Sept. 17,1925. 20 Union of South Africa coin. 10 Estimated. 21 In addition to this, there circulates about £3,000 Union of South Africa notes. NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1926. Blanks indicate no figures available, rather than no stock. Gold held abroad as follows, not included in the above figures (presumably reported by the country having actual possession): Canada, $27,962,178; Czechoslovakia, $18,809,484 in gold and $1,617,862 in silver; Estonia, $2,563,516; Egypt, $142,307; France, $359,813,935; Germany, $40,560,696; Greece, $4,825,000; Japan, $114,655,000; Lithuania, $3,034,600; Rumania, $82,630,958; Switzerland, $14,276,596; Straits Settlements, $41,637; Union of South Africa, $2,538,279.

CO CO

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Monetary stock of principal countries, of the world, end of calendar year 1927 or) CO [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita

In banks Paper and public circula­ Mone­ Metallic treasuries, tion, in stock Silver Country tary United including monetary Population standard unclas­ that held stock unit of Un­ Name States In cir­ equiva­ sified abroad in culation Total issuing clas­ Gold Silver Paper lent trust—set country sified aside or Pi "ear­ marked" O-

North America: H United States Gold—- Dollar _ $1.00 $4, 379, 268 $4,379, 268 $845, 245 1 5,377,085 118,628 .$36,91 $7.21 45 32 O Canada . - do - - do... -. LOO 2 178,129 178,129 27,105 331,189 9, 389 18.97 2,71 35 27 Mexico 3 ...do Peso .- .4985 $L 101 16, 683 16,683 7,783 3,220 15, 600 ""$0."07" L07 .50 21 British Honduras -..do.... Dollar LOO 90 90 195 614 48 L87 4.06 12 79 H Costa Rica ...do Colon .25 363 2L000 521 .69 40 31 W Cuba* ...do Peso LOO $37,105 37,105 12,085 228, 572 3,562 10.41 3.39 64 17 tel Dominican Republic ...do Dollar LOO 129 129 807 fi 1, 310. LOOO .13 .81 1.31 Guatemala —do Quetzal 1.00 2,993. 1,400 4,393 L295 10, 567 2,520 L74 .51 4 19 Haiti - ...do-.— Gourde .20 125 125 SO 16, 201 2,300 .05 .01 7,04 Honduras ...do Lempira .50 40 40 500 6 eso 773 .05 .64 .81 Newfoundland -.do Dollar 1.00 71,000 LOOO 7 2,300 8 185 263 3.80 8.74 70 Nicaragua ...do Cordoba 1.00 365 5,254 650 ,56 8 08 Panama ^ ...do Balboa 1.00 322 10 332 584 500 .66 L17 o Salvador ...do Colon .50 5,059 5,059 17, 717 L6S4 3.09 10 84 teJ Virgin Islands. ...do.... Franc .193 86 2 88 67 6 500 25 3.52 ""2," 68" 20 00 zn British West In­ dies- Bar badoes -.do_... Pound - 4.8665 1 64 164 .02 Jamaica ...do.— do 4.8665 791 266 858 .92 .31 Trinidad ...do.-- do 4.8665 8 8 5,253 5,626 391 .02 13.43 14 38 Dutch West Indies.. ...do...- Guilder or .402 891 891 230 3,312 166 5.36 LSS 19 95 florin. French West In­ dies- Guadeloupe -..dO_.- Franc .193 299 299 54 33,245 230 LSO .24 144 54 Martinique* ...do.... do .193 Leeo 34, 000 240 "e 92 141,67 South America: Argentina ...do Peso .9648 475, 447 475,447 1,349, 445 10, 087 47 ^^ 133 78 Bolivia - ...do-.-. Boliviano..- .3893 8,568 8,568 7 17 39, 566 2,599 ! 3,29 15.22 Brazin__ ...do.-.. Milreis .5462 56, 323 66, 323 2, 539, 304 36, 000 .' L56 70.54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

Chile-- j._.do-- Peso .1217 9,811 122 9,933 2,322 262,978 3,947 2,51 .58 64.09 Colombia L.-do-_ ....do...... 9733 19,962 19,962 7 9, 517 46, 370 6,923 2.88 1.37 6.69 Ecuador. ...'...do__ Sucre.. .4867 2,046 2,046 9 166 4L 316 2,000 L02 .08 20.65 Guiana— I British.. '...do.. Dollar 1. 0138 7 203 1,529 304 .66 5.03 Dutch- ;...do__ Guilder .402 86 86 334 2,920 108 .80 3.09 27.04 French- ^.j.-.do__ Franc. .193 794 94 7 194 i 11,400 26 3,61 7.46 438.46 Paraguay.• -. ...do__ Peso .9648 192,712 LOOO 192. 71 Peru i--.do-- Pound 4.8665 21,490 21,490 6,036 5,500 3.72 1.09 Uruguay L..do__ Peso 1 0342 69, 610 69, 510 5,171 71,787 L67S 4L42 3.08 42,77 Venezuela 7 |..-do__ Bolivar .193 15, 000 15,000 9,000 62, 600 3,027 4.96 2.97 20.64 Europe: Austria io__ ...do__ Schilling .1407 11, 883 11,883 1,005,315 6,700 L77 150,04 Belgium io_ i...do-_ Belga .139 99,878 99,878 9 141 2,153, 910 7,875 12.68 .02 273, 51 Bulgaria- L-.do__ Lev .193 9,261 9,261 3,476 3,726,972 5,483 Le9 .63 679, 73 Czechoslovakia I (n) Krone .2026 32,804 8,417, 263 14,165 2.31 594,23 Danzig Gold.. Gulden .195 2 2 L950 36,008 400 4,87 90.02 Denmark lo .--L..do__ Krone .268 48, 776 48,776 2,948 354,178 3,435 14.19 ,86 103.18 Estonia j...do_. Crown .268 201 201 39,142 . L117 .18 35.04 Finland ...do-. Mark . 0262 7,979 11 7,990 7 22 1, 514,407 3,511 2.27 431. 33 France 12 ...do._ Franc .193 799, 627 799,627 66,190 56, SOO, 610 39,210 20.39 L68 1,436.87 ...do.. .2382 15, 674 424, 760 171,931 2,74 87,41 O Germany. Reichsmark. 424,760 5,468,946 62, 569 .25 6.78 1^ Gibraltar 7... - ...do-- Pound 4. 8666 13 160 18 8.89 Great Britain and ...do._ —.-do 4. 8665 151,961 761,819 761,819 334,400 494,140 48,163 3.15 15.81 6,94 10.25 Irish Free State. Greece 10 -.do... Drachma... .193 H 14, 707 14,707 1,467 5,690,845 6,800 2.16 .22 836. 88 o Hungary.. ...do... Pengo .1749 34,432 34,432 7,009 486, 754 8,454 4.07 .82 67.67 Iceland ...do... Krone .268 603 eos 7,325 96 6.28 76.30 Italy 15 ...do... Lira .193 239,180 239,180 918, 205 18, 775,000 40, 549 5.89 .44 463.02 H Latvia ..- ...do... Lat :... .193 4,670 4,570 4,632 77, 753 1,845 2.47 2.51 42.14 W Lithuania ...do... Litas .10 105 105 LS50 96, 608 2,029 .05 .66 47.61 Malta ...do... Pound 4. 8665 170 750 184 .92 4.08 Netherlands ...do... Florin or .402 160,836 160, 836 47,856 867, 374 7,526 2L37 6.36 113.92 guilder. Norway ...do... Krone .268 44,641 44, 641 L9S0 330,900 2,770 16.11 .69 119.45 ^ Poland ...do... Zloty .1122 39, 587 39, 587 10, 647 1,170,034 29, 319 L34 .36 39.91 H Portugal ...do... Escudo 1. 0805 9,267 9,267 685 1,831,770 6,185 L49 .11 296.16 Rumania 10 ...do... Leu. .193 29, 006 29,006 2,025 21,026, 263 17,154 L67 .11 1, 225. 73 Russia 16 ...do--. Chervonetz. 5.1455 97, 039 97, 039 104,404 144,815 .67 .72 Spain ...do... Peseta .193 502, 302 502,302 132, 225 4, 202,441 22,128 22.70 5.98 189. 91 Sweden ...1 ...do.. Krona .268 61, 882 61,882 9950 526, 236 6,074 10.18 .15 86,63 Switzerland io_. ...do.. Franc .193 83,470 83,470 12,131 917,393 3,936 2L21 3.08 233.07 Yugoslavia 10...... do.. Dinar .193 17,133 17,133 3,391 5, 743, 389 12,017 L42 .28 477.93 Asia: British North ...do... Dollar .5678 2,472 258 9.58 Borneo. Ceylon ...do... Rupee ,365 15 15 13, 734 62, 471 5,010 2.74 12.46 China i7 Silver. Dollar (18) 107, 677 390, 097 442, 000 .24 .88 Cyprus Island Gold.. Pound 4. 8665 292 292 718 474 317 .92 2.26 L49 (Footnotes at end of table) <:o 01

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

Monetary stock of principal countries of the world, end of calendar year 1927—Continued CO

Monetary unit Gold stock Per capita

In banks Paper and public circula­ Metallic tion, in Mone­ treasuries, Silver United stock including monetary Population Country tary unclas­ stock Un­ standard States that held In cir­ unit of Name sified abroad in Total issuing clas­ Gold Silver Paper equiva­ culation sified lent trust—set country aside or "ear­ marked" pi Pi O Asia—Continued. Pi Federated Malay Gold... Dollar $0, 5678 $240 8,868 LS25 $0.18 6.69 H States. India, British. ...do.... Rupee .365 $108,635 $108,635 1,732, 770 1,826, 424 318,942 $0,34 5.43 5,72 O Indo-China, French Silver. -- Piaster (IS) $17,334 129, 902 19,999 "$0,'86" 6,49 Japan, including Gold...- Yen .4985 • 629,774 529, 774 2 212, 231 1,682, 390 83,464 6.34 2.54 20,15 Chosen, Taiwan, H Kwantung. 19 Netherland East In­ —do Guilder...- .402 71, 640 71,640 169, 818 35L 181 53, 230 L34 3.00 6.59 H dies. Palestine do Pound 4, 8665 2,920 2,000 852 3.42 2.34 Persia 7 Silver... Kran- (18) 32, 726 52, 000 10, 000 3.27 5,20 Philippine Islands.- Gold..-. Peso .60 3,044 3,044 18, 786 118, 015 IL 752 L59 10,04 Sarawak ...do Dollar - .5678 88 7 166 600 .15 .26 Siam ...do.-... Tical .4428 23, 711 ISO, 853 9,724 2.44 13,45 Straits Settlements ..--do.... Dollar .5678 L63S 1, 638 12,824 140, 627 935 L75 13.71 160, 40 o Syria do Pound- 3,860 29, 626 7,675 2,700 "i0."96" 2,84 Africa: zn Abyssinia Silver.-. Thalari (18) 21,458 760 8,000 2.68 .09 Algeria Gold— Franc- .193 15, 521 1, 355, 310 6,065 2.55 223.46 Belgian Congo.. ...do do .193 124, 619 16, 000 8.31 Dahomei 7 ...do..... do .193 59,106 LOOO 59.11 Egypt ...do Pound 4, 9431 18,469 18,459 27, 860 27, 622 14,169 LSO L9e 1.94 Eritrea ..-do Lira .193 Le92 460 3,76 French Equatorial ...do Franc .193 28, 000 3,124 8.96 Africa. • Gambia.. ...do Pound 4.8665 166 210 .80 Gold Coast - do do 4.8665 L690 2,299 .74 Guinea, French do Franc .193 1 1 881 27,123 2,020 .43 13.42 Ivory Coast do do .- - .193 1 1 6 119,441 Le66 72.12 Kenya Colony and ...do Shilling .2433 4,038 40,191 1.59 16.89 Uganda.'* 2,629 Madagascar.. —do Franc .193 SO 296, 853 .01 89.26 Digitized for FRASER 3,382 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928 Morocco.- _ . .. ..-do do .193 2,658 447, 237 5, 567 .47 80.48 Nigeria do Pound-. 4. 8665 3, 437 224 IS, 688 .17 .01 Nvasaland. -.-do...- do . 4. 8666 102 58 160 L59S Li7e .13 L36 Portuguese East -.-do Escudo 1, 0805 195 146 341 2 104,897 .11 33.62 Africa.7 3,120 Portuguese West do do 1, 0805 81, 232 20.31 Africa. 4,000 Reunion Island 20 - .do Franc .193 660 39, 900 3.22 229. 31 Rhodesia- 174 Northern 7_ .21 ...do Pound 4, 8665 51 51 196 27 931 .05 .03 Southern do do 4. 8665 L4eo 1,460 730 900 808 LSI .90 1.11 Senegal ...do Franc .193 439, 472 L226 358. 75 Sierra Leone .do Pound 4. 8665 107 155 L541 .07 .10 Somaliland— British- ...do Rupee .365 329 300 344 .96 .87 French— -..do Franc .193 191 191 4,410 65 2.94 67.84 Italian.. ...do Rupee .365 Lses 2, 000 1,000 ""i.'se" 2.00 Sudan, Anglo-Egyp­ —do Pound 4. 8665 130 ISO 293 6,469 .02 .04 tian. 8,415 1.32 Tanganyika.- . ...do Shilling .2433 8,264 7,200 1.14 Tunis - do Franc .193 4,874 7 239, 664 2,262 .67- 106, 03 Union of South -.do.-.. Pound 4.8665 42,021 16,339 58, seo IS, 154 9,503 7,542 7.74 L74 L2e o Africa. H Zanzibar do Rupee .365 407 197 2.06 O Oceania: pi Australia do Pound 4. 8665 129, 702 106, 400 106, 400 51, SSS 6,044 21,46 17.60 8.57 O New Zealand ...do ...do 4. 8665 38,282 6,570 1,407 27.21 4.66 Fiji Islands . _ .. do do 4, 8665 431 431 973 164 2,62 5.93 Society Islands ...do Franc .193 19, 960 28 712. 85 w Total 437,053 9, 650, 585 55, 493 9, 706, 078 4,167, 821 i, 827, 932 .23 5.31 2,28

1 Includes gold and silver certificates (representing coin and bullion held in trust in 11 Monetary standard not established. M the treasury) redeemable on demand. 12 On Dec. 24, 1927, 2 Including some silver. 13 Exclusive of Spanish bank notes. H 3 Figures for 1925. 1^ Includes that held abroad. * On June SO, 1927. Ifi On Jan, 10, 1928, 5 United States Governnient and bank notes. 16 On Jan. 1, 1928. 6 In United States dollars. 17 Incomplete. 7 Last year's figures or figures of previous years. 18 Fluctuates with the price of silver. 8 Newfoundland government notes only. 19 Figures are for Bank of Japan only. 9 Including minor coin. 20 June SO, 192S. 10 Stock in national bank. NOTE,—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1926. Blanks indicate no figures available, rather than no stock. Gold reported held abroad but not reported as set aside or "earmarked," not included in the above figures (presumably reported by the country having actual possession).

CO

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WORLD PRODUCTION OF GOLD AND SILVER Gi CO (X) World production of gold and silver, 1926 and 1927 [The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint J

Calendar j^ear 1926 Calendar year 1927

Gold Silver Gold Silver Country

Value Value Kilos, fine Ounces, fine Value Kilos, fine Ounces, fine ($0.62873 Kilos, fine Ounces, fine Value Kilos, fine Ounces, fine ($0,57070 Pi per ounce) 1 per ounce)! Pi O Pi North America: H United States 69,630 2,238,616 $46, 276, 299 1,949,392 62, 672,963 $39,404, 366 65,855 2,117,253 $43, 767, 500 1,878, 513 60,394,199 $34. 466 969 Canada . 54,564 1, 764, 228 36, 263, 111 695,861 22, 371, 924 14,065,900 57,373 1,844, 544 38,130,108 703, 364 22, 613,134 12,905,315 O Mexico 24,033 772, 661 15,972,320 3, 057, 268 98, 291,166 61, 798, 605 22, 556 725,175 14,990, 698 3, 252, 688 104, 573,919 59, 680, 336 Total 148,227 4, 765, 505 98, 511, 730 5, 702, 521 183, sse, 043 115,268,871 145, 784 4, 686,972 96,888, 306 5, 834, 565 187, 581, 262 107,052, 620 M Central America and West In­ dies 2 .... 2,709 87,075 1,800,000 108, 837 3,499 118 2 9,nn r\r\f\ 2,257 72, 563 1, 500, 000 98,103 I 3,154,021 1,800,000 South America: Argentina 3 75 2,419 50.000 467 16, 000 9,431 30 967 20, 000 467 15,000 8,560 Bolivia 10 -•332 6,863 * 181, 462 5, 834, OOS 3,668,013 8 241 4,982 168, 051 5, 402,840 3, 083, 401 > Brazil 3,176 102,108 2, no, 759 643 20, 672 12, 997 3,111 3100, 000 2, 067,183 622 3 20,000 11 414 Chile L839 59,132 1,222,364 89, 484 2, 876, 911 1,808,800 1,866 3 60,000 1, 240, 310 90, 202 3 2,900, 000 1, 655, OSO O Colombia 2,229 71,658 * 1,481, 293 3,918 125, 953 * 79,191 2,267 72, 563 3 1, 500, 000 4,088 131, 417 3 75,000 ZP Ecuador L944 62,486 1, 291, 700 2,488 3 SO, 000 50, 298 1,998 64, 242 1,328,000 2,725 87, 601 49,994 Guiana— British 203 6,516 134,696 [ 178 5,714 118,119 Dutch 234 7,526 155, 574 [ 249 3 8,000 5,030 \ 239 7,684 158, 842 [ 249 3 8,000 4 506 French ... L407 45,235 935,090 i 1,504 48, 354 999, 566 Peru - 3,740 120, 241 2,485, 602 668, 734 21,499, 798 13, 617, 568 2,882 92, 656 1, 915, 369 669, 064 18, 295, 408 10,441 189 Venezuela 5 950 SO, 542 631, 359 3 100 3, 215 2,021 ^ 1, 224 39, see * SIS, 767 3 100 3,215 1,835 Total 15,807 508,195 10, 506, 300 . 947,546 SO, 463, 562 19,163, 349 15, 297 491, 787 10, lee, ISS 835, 568 26,863, 481 16, SSO, 989 Europe: Austria . 41 LS18 27, 245 437 14, 050 8,833 4 129 2,667 301 9,677 5 523 Czechoslovakia .. . 240 7,716 159, 60S 23,810 765, 491 481, 287 2SS 3 7, 600 156, 039 23, 328 3 750,000 428,025 France LS07 42,010 , 868,424 8,144 261, SSO 164,620 L400 45,010 930, 439 9,600 308, 640 176,141 Germany 162 5,208 107,659 166, 683 5, 358, 868 3, 369, 275 156 3 5,000 103, 359 171,073 3 5, 500, 000 3,138,860 Digitized for FRASERGrea t Britain -... L286 41, 345 25,995 L463 46,714 26. 660 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

Greece. fi7,909 254, 274 159, 870 15 482 9,964 7, 500 241,125 137, 610 Italy 53 L704 35, 225 16,154 619,351 326,531 67 2,154 44, 627 16, 706 537, 098 306, 622 Norway 9,600 308,640 194, 061 6 10, 010 321,821 ISS, ees Poland 8,451 271, 700 170, S2fi Rumania.- L731 56, 652 1,150, 429 2,914 93, 685 58, 902 2,058 66,165 1, 367, 752 4,376 140, 688 80, 291 1,060,960 21,9S1, 783 3 10, 000 321, 500 Russia - SO, seo 992,155 20, 509, 669 7,776 3 260, 000 157,182 3 SS, 000 ISS, 480 Spain. .- 967 3 20, 000 93, SSS 3,000, 056 1,886, 602 SO 967 3 20,000 95, 072 3,056, 565 1, 744, 382 30 3 460 14, 789 306, 716 3 2, 600 SO, S75 Sweden -__ 460 14, 789 305, 716 2,500 80, 375 50, 5S4 46, 870 Turkey .. 964 19, 927 3 7,000 225, 050 141, 496 3 SO 964 19, 927 3 7, 000 226, 050 . 128,438 3 30 12,410 256, 537 1,672 53, 755 Yugoslavia 323 10, 384 214, 656 1,400 45, 010 28,299 386 SO, 676 Total... 35, 237 1,132,867 23, 418, 443 357, 397 11, 490, 315 7, 224, 302 37, 839 1, 216, 620 26,147, 710 360, 591 n, 693,008 6, 616,131 \sia: 6,024, 806 3, 438,357 British India 11,943 sss, 970 7,937, 362 159, 408 5,124, 962 S, 222, 217 11,952 384, 268 7,943, 524 187, 397 China S, 421 3 110,000 2, 273, 901 4,199 3 135, 000 84, 878 3,110 3 100,000 2, 067,183 3,110 3 100,000 57,070 Chosen (Korea) 5,929 190, 620 3,940, 471 1, 615 51, 927 32, 648 5,910 3 190, 000 3,927, 648 1,617 3 52,000 29, 676 East Indies- British 602 19,350 3 400, 000 602 19, 360 3 400, 000 Dutch.."!—" '— " 3,588 115,364 2, 384, 578 73, 525 2, ses, 829 1, 486, 210 3,517 113,071 2, SS7, 385 71, 098 2, 285,801 1, 304, 507 450 14, 476 299,225 333 10, 706 221,313 o Indo-China 3 10 321 6,635 3 10 321 6,635 316 10,159 5,798 Japan 9,570 307,862 6,364, 082 148, 667 4, 776,110 3, 002, 884 9,580 3 SOS, 000 6, 366,925 149, SOO 3 4,800,000 2, 739, 360 o Philippine Islands 2,838 91, 242 1, sse, 139 Lse9 44, OIS 27,672 2,467 79, 314 1, 639, 566 882 28,356 16,183 pi Sarawak 8 243 5,023 38 243 5,023 Taiwan - 281 9,035 « 186, 762 445 14,S14 3 9, 000 280 3 9, 000 186, 046 467 3 15,000 8,560 o Total — 38, 646 1. 242, 472 26,684,178 389,118 12, 510,165 7, 865,509 37, 769 1, 214, 273 25,101, 248 414,187 IS, 316,122 7, 699, 511 Oceanic: tn Australia- New South Wales 604 19, 435 401, 767 302, 013 9, 709, 741 6,104, 806 561 18,032 372, 754 186, 791 3 6,005, 341 3, 427, 248 Northern Territory 4 140 2,894 6 174 3,597 Queensland 283 , 9, ose 187, 824 7,855 262, 540 158, 779 LlSl 37, 979 786,096 2,616 84,118 48, 006 South Australia . 24 768 15, 669 11 353 222 13 418 8,641 5 179 102 Victoria 1,627 49,078 1, 014, 532 74 2,373 1,492 L199 38, 538 796, 651 46 L471 839 1^ West Australia 13, 603 437, 343 9,040, 680 2,128 * es, 413 43, 013 12, 701 408,353 8,441, 406 L552 49, 895 28,475 Tasmania . 129 4,166 86,119 23, 846 766, 653 482, 018 151 4,860 100, 466 23,07S 741, 782 423, 335 Papua 199 6,388 6 132,052 191 6,150 127,132 140 4,494 2, 565 New Zealand... 3,912 4 125, 777 2, 600,041 IS, 228 ^ 426, 287 267, 391 4,029 129, 519 ^ 2, 677, SSS • 13,293 i 427, 358 243,893 Total - 20, 285 652,171 13,481, 568 349,165 11, 226, 360 7, 057, 720 20,032 644, 023 IS, 313,125 227,''5ie 7, 314, 638 4,174,463 Africa: 622 3 20,000 413, 436 672 21, 605 446,615 Algeria 3 5, 261 169,141 106, 344 3,673 118,087 67, 392 Belcian Conso 4,112 132, 201 2, 732, 836 3,901 125,417 2, 592, 599 SSO 10, 609 6,054 Bechuanaland 134 4,296 88, 806 14 457 287 118 3,807 78, 698 IS 418 238 British West Africa (Gold Coast, Ashanti, Nigeria)... 6,210 199, 666 4,127, 461 5, 338 171, 607 3,547,431 20 643 13. 292 2 64 1,323 Egypt ..--- CO (^Footnotes at end of table) CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

World production of g^old and silver, 1926 and 1927—Continued o o Calendar year 1926 Calendar year 1927

Gold Silver Gold Silver Country

Value Value Kilos, fine Ounces, fine Value Kilos, fine Ounces, fine ($0.62873 Kilos, fine Ounces, fine Value Kilos, fine Ounces, fine ($0.57070 per ounce)! per ounce)!

Africa—Continued. pi French West Africa 310 9,966 $206, 016 213 6,848 $141, 561 Kenya Colony 24 779 16,103 20 666 IS, 640 M adagascar 307 9,870 204, 031 322 10, 362 213, 995 O Portuguese East Africa 284 - 9,127 188, 684 3 35 L125 $707 296 9,621 196, 816 21 682 $389 Pi Rhodesia- Northern 24 . 779 16,103 241 7,739 4,866 11 350 7,236 671 18,344 10,469 Southern 18,458 593, 429 12, 267, 263 3,422 110,024 69,176 18,085 581, 4SS 12, 019, 390 3,522 113, 241 64, 627 O Southwest Africa 31 984 20, 341 Swaziland 41 1,309 27, 069 35 1,135 23, 462 Sudan 271 8,714 180,134 223 7,166 148,146 1-3 Tanganyika. 224 7,202 148, 878 25 804 506 265 8,179 169, 075 28 916 523 Transvaal, Cape Colony, and Pi Natal 309,886 9, 962, 852 205,950, 429 SO, 524 981, SSS 616,993 314,852 10,122,491 209, 250, 460 SL469 1, Oil, 736 577, 398 Total... 340,927 10, 960, SSS 226, 580, 530 39, 622 1, 270, 623 798,877 344, 374 11, 071, 619 225, 870, 686 39, 627 1, 274, OSS 727,090 Total for world 601,838 19, 349,118 399,981, 749 7, 894, 095 263, 795,166 169, 568, 628 603, 352 19, 397, 767 400,987, 213 7, 810,157 251,096, 555 143,300,804 > Q 1 Average price per fine ounce in London. * Amount exported, 2 Estimate based on United States imports of ore and bullion. fi Last year's figures. 3 Estimate based on other years' production. 6 For years ending June 30,1926, and 1927, respectively.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

DIRECTOR OF THB MINT 701

Production of gold and silver in the world since 1860 [The annual production of 1860 to 1872 is obtained from 5-year-period estimates compiled by Dr. Adolph Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint]

Oold Silver

Fine ounces Value Fine ounces Commercial value 1

iseo 6, 486, 262 $134, OSS, 000 29, 095, 428 $39,337,000 1861 5, 949, 582 122, 989, 000 S5, 401,972 46,191,000 1862 . 5, 949, 682 122. 989, 000 35,401, 972 47, 651, 000 1S6S 6, 949, 582 122, 989, 000 35,401,972 47, 616,000 1864 5, 949, 582 122, 989,000 36, 401, 972 47, Sie, 000 1865 6,949, 582 122, 9S9, OOC 36,401,972 47, ses, 000 1866 - . tl 270. 086 129, 614. 000 43,051,583 57, 646,000 1867 e, 270, 086 129,614,000 43,051, 583 57,173,000 1868 - 6, 270.086 129. 614, 000 43,051, 6SS 57. 086, 000 1869 6, 270, 086 129, 614, 000 43, 051, 683 57,043, OOC 1870 6, 270,080 129, 614, 000 43, 051, 683 57,173, 000 1871 5, 591,014 115, 577, OCO 63, S17, 014 SS, 958,000 1872.^ 5, 691, 014 115, 577, 000 63,317,014 83, 705,000 Total 78, 760, eso 1, 628, 262, 000 547, 997, 231 729. 563,000 1873 4, 653, 675 96, 200, 000 es, 267,187 82,120, 800 1874 4, 390, 023 90, 760, 000 55, SOO, 781 70, 674, 400 1876 4, 716, 56S 97, 500, 000 62, 261. 719 77, 578,100 1876 5,010,488 103,700.000 67, 753,125 78, 322, 600 1877 , 5,612,196 113,947,200 62, 679, 916 75, 278, eOO 1878 5, 761,114 119,092, 800 73, 385. 451 84, 540, 000 1879 5, 262,174 108, 778, 800 74, 383, 496 83, 632, 700 1880 5,148, SSO 306,436,800 74, 796. 273 85, 640, 600 1881 4,983, 742 103, 02S, 100 79,020, 872 89, 925, 700 18S2 .'. 4, 934,086 101, 996, 600 86,472. 091 98, 232, 300 ISSS 4, 614, 588 95, 392, 000 89,176', 023 98, 9.S4, 300 1884 4, 921,169 IOL 729, 600 81, 567,801 90, 785,000 1885 5, 246, 572 308,435,600 91, 609,959 97, 518, 800 1886 5,136, 679 106, leS. 900 93, 297, 290 92, 793, 600 1S87 5,116,861 105, 774, 900 96,12S, 586 94,031,000 ISSS 5, 330, 775 110,196, 900 108.827, 606 102,186, 900 1SS9 5, 973, 790 323,489,200 120, 213, 611 112, 414,100 1890.. 5, 749, 306 118,848, 700 126.095, 062 ISl, 9S7, 000 1S91 ° 6,320,194 ISO, 650, 000 137,170,000 135, 600, 200 1892 . . 7,094, 266 146, 651, 500 163,151,762 ISS, 404,400 1893 7, 618, 811 357,494,800 165, 472, 621 129,119,900 1S94 8, 764, 362 181,175, 600 164, 610, 394 104, 493, 000 1895 9, 616,190 198, 763, 600 167, 500,960 109,646,600 1896 9, 783,914 202, 251, eOO 167,061,370 105,859,300 1897 11,420, oes 236, 073, 700 160, 421, 082 96, 262, 700 1898 15, 877, 806 286, 879, 700 169,055, 253 99, 742, 600 1809 14,837,776 306, 724,100 168, SS7, 452 101,002, 600 1900 12,316,136 264, 576, 300 173,59L364 107, 626, 400 1901 12, 625, 527 260, 992. 900 173, on, 283 103, 806, 700 1902 14, 364, 680 296, 737, 600 162, 763, 483 86, 264, 700 1903 15,852, 620 327. 702, 700 167, 689, 322 90. 562, 200 1904 16,804, S72 347, 377, 200 164,195, 266 96, 233, 300 1906 18, 396,451 380. 288, 300 172,317,688 306. lis, 700 1906 19,471,080 402, 503, 000 165,054, 497 111, 721,100 1907 19,977, 260 412, 966, 600 184, 206, 984 121, 677,100 1908 21. 422. 244 442, 837. 000 203,131,404 308,655,100 1909.. . 21, 965. Ill 454.059,100 212,149,023 no, 364, 400 1910 •. 22,022,180 465, 239,100 221, 715, 673 119, 727,000 1911 ^. 22,397,136 462, 989, 761 226,192, 923 122,143,800 1912- _ 22, 605, oes 467, 288, 203 230, 904, 241 141,972, 220 191S 22, 264, 983 460, 051, 329 210, 013, 423 126, 848,107 1914 21, SOI, 836 440, 348, 027 172, 263, 596 95, 261, 769 1915 .... 22, 737, 520 470,026, 261 173,000, 507 89, 911, 664 1916 22,031,094 455, 423,136 180, 801, 919 124, on, 387 1917 20, 345, 528 420, 679, 351 186,125,017 166, 240, 586 1918 18, 614,039 384, 786, 306 203,159, 431 200,002,335 1919... - 17, 698,184 365, 853, 933 179,849,940 201, 588, 402 1920 '." 16,130,110 332,82S, 934 173, 296,382 176, 658. 331 1921 • 16, 974, 962 SSO, 231, 792 171, 285, 542 108, no, 295 1922 , 15, 451, 945 319, 420, oes 209,815,448 142, 536,023 1923 17, 790, 697 367, 764, 279 246, 009, 5S4 172, 275, 552 1924 19,031,001 393, 406, 653 239,484, 70S 178, 310, 725 1926 19, 026, 942 393, 301,128 245, 213,993 172.498, 232 1926 19, 349,118 399, 981, 749 253, 795,166 169,,5e8, 628 1927 19, 397, 767 400, 987, 213 261.096, 555 HSrSOO, 804 Total 709,142,647 14,668,662,608 8, 501,145,949 6, 343, 296, 260 Grand total 787, 909,177 16, 286, 914, 608 9, 049,143,180 7, 072, 859, 260

1 At the average par price of a fine ounce of silver in London, excepting the years 1918 to 1922, inclusive, for which the mean of the New York bid and asked prices was used.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

Production of gold and silver in the world since the discovery of America O £From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the production is the annual estimate of the Bureau of the to Mint]

Gold Silver Percentage of production

Annual average for period Total for period Annual average for period Total for period By weight By value Period

Coining value Fine ounces Value Fine ounces Value Fine ounces Coining value Fine ounces in standard Gold Silver Gold Silver silver dollars Pi Pi 149S-1620 186,470 $3,855,000 5, 221,160 $107,931,000 1,511,050 $1, 964,000 42,309,400 $54, 703,000 11 89 66.4 33.6 O 1521-1544 2S0,194 4, 759,000 5, 524,656 114,205, 000 2, 899,930 3, 740, 000 69, 598,320 89,986, 000 7.4 92.6 55.9 44.1- Pi 1545-1560- 273, 696 5, 656, 000 4, 377,544 90,492. 000 10,017,940 12, 952,000 160, 287,040 207, 240, 000 2.7 97.3 30,4 69.6 H 1561-1580 219, 906 4,546, 000 4, 398,120 90,917,000 9, 628,925 12, 450,000 192, 578,500 248,990. 000 2,2 97.8 26,7 73 3 1581-1600 237, 267 4,906, 000 4, 745,340 98,095, 000 13, 467, 635 17,413,000 269, 362, 700 348, 264, 000 L7 93.3^ 22 78 O •J601-1620 .- 273,918 5, 662, 000 5,478, 360 113, 248, 000 13, 596, 2S5 17,579,000 271,924,700 361,579.000 2 98 24.4 76 6 J621-1640 266,846 5, 616, 000 5,336,900 110, 324, 000 12, 664. 240 16, 361, 000 253, 084, 800 327, 221,000 2,1 97.9 25.2 74.8 1641-1660 .- 281,955 5, 828, 000 5,639,110 116, 671, 000 11,776,645 15, 226, 000 235,530,900 304, 525,000 2.3 97,7 27.7 72 3 1661-1680 - 297,709 6,154, 000 5,954, ISO 123, 084, 000 10,834, 650 14, OOS, 000 216, 691, 000 2S0,166, 000 2,7 97.3 30,5 69,5 W 1681-1700 346, 095 7,154, 000 6,921,895 143, OSS, 000 10,992, 086 14, 212,000 219, 841, 700 284, 240,000 3,1 96,9 33.5 66 5 1701-1720 412,163 8, 520, 000 8, 243, 260 170, 403, 000 11, 432, 640 14, 781, 000 228, 650. 800 295, 6-29,000 3,5 96,5 36.6 73 4 1721-1740 613,422 12, 681. 000 12, 268, 440 253, 611,000 ^3,863, OSO 17, 924,000 277, 261, 600 358, 480,000 4.2 95,8 41.4 58 6 1741-1760 791,211 16, 366, 000 16, 824, 230 327,116, 000 17,140, 612 22,162, 000 342,812, 235 443, 2S2, 000 4.4 95.6 42,5 57.5 1761-1780 665, 066 13, 761, 000 13, 313,315 275, 211, 000 20,985, 591 27,133, 000 419,71L820 542, 658,000 3.1 96.9 33,7 66 3 > 1781-1800 571,948 11, 823,000 11, 438,970 236,464, 000 28, 261, 779 36, 540, 000 565, 235, 580 730, 810, 000 2 98 24.4 75 6 1801-1810 571, 663 11,816,000 5, 715,627 118,162,000 28, 746,922 37,168, 000 287,469, 225 371,677,000 L9 98.1 24,1 75 9 O 1811-1820 367,967 7, 606,000 3, 679, 668 76, 063, 000 17, 385, 755 22,479, 000 173, 867, 555 224, 786, 000 97.9 25.3 74 7 Pi 1821-1830 467, 044 9, 448,000 4, 570,444 94, 479,000 14, 807, 004 19,144, 000 148, 070, 040 191,444, 000 97 33 67 zn 1831-1840.. 662, 291 13, 484,000 6, 622,913 134,841,000 19,175, 867 24, 793, 000 191, 758, 675 247,930, 000 1-^ 96.7 35.2 64 8 1841-1850 1, 760, 502 36,393, 000 17, 605, 018 363,928,000 25, 090,342 32, 440, 000 250, 903, 422 324, 400, 000 3.3 93.4 52.9 47 1 1851-1865 6,410, 324 132, 513,000 32, 051, 621 662, 566, 000 28, 488, 597 36, 824, 000 142, 442,986 184,169, 000 6.6 81.6 78.3 21 7 1856-1860 6, 486, 262 134, OSS, 000 32, 431,312 670,415, 000 29, 096, 428 37, 618, 000 145, 477,142 188, 092, 000 18.4 81.8 78.1 21 9 1861-1865 5, 949, 582 122,989, 000 29, 747, 913 614, 944, 000 35, 401,972 45, 772, 000 177, 009,862 228,861, 000 18.2 85.6 72.9 27 1 1866-1870 6, 270,086 129, 614, 000 31,350,430 648,071,000 43,051, 683 55, ess, 000 216, 257,914 278, 313, 000 14.4 87.3 70 30 1871-1875 5, 591,014 116, 577, 000 27,956,068 577, SSS, 000 63,317,014 81, "864, 000 316, 585, 069 409, 322. 000 12.7 91.9 58.5 41 5 1876-1880 . . 5, 543, no 114, 586, 000 27, 715, 650 572,931,000 78,776. 602 101, 851, 000 393, 878,009 509, 256, 000 8.1 93.4 53 47 1881-1885... - 4, 794, 755 99, 116, 000 23,973, 773 495, 582, 000 92,003,944 118, 955,000 460, 019, 722 594, 773, 000 6.6 95 45.5 54 5 1886-1890' 5. 461, 282 112, 895, 000 27, 306, 411 564, 474, 000 108,911, 431 140,815,000 544, 557,155 704, 074, 000 5 96.2 44.5 55 5 1891-1895 7,882, 665 162, 947, 000 39,412, 823 814, 7S6, 000 157, 581, 331 203, 742, 000 787,906, 656 1,018, 708,000 4.8 96.2 44:4 55 6 1896-1900 . 12,446,939 257, SOI, 100 62, 234, 698 1, 286, 605, 400 165,693,304 214, 229, 700 828,466, 522 1, 071, 148, 400 4.8 93 54.6 45 4 1901-1905 15, 606. 7S0 322, 619, 800 78, OSS, 650 1, 613. 099,100 167,996, 408 217, 206, 200 839, 977, 042 1, 086, 030,900 7 91.5 59.8 40 7 1906 19, 471. 080 402, 603. 000 166,054,497 213, 403,800 8.5 89.5 65.3 34 2 1907 19,977, 260 412,966.600 184, 206, 984 238,166, 600 10.5 90.2 63.4 36 6 3908 21. 422. 244 442,837, 000 203,131, 404 262, 634, 500 9.8 90.5 62.8 37.2 Digitized for FRASER 9.5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1928

1909- 21,966,111 464, 059,100 212,149,023 274, 293, 700 9,4 90.6 62.3 37,7 1910... . 22, 022,180 456, 239,100 221, 715,673 286,662, 700 9 91 eL4 38.6 1911 22, 397,136 462, 989, 761 226,192,923 292,461, 500 9 91 61.2 38.8 1912. 22, 605, 068 467,288, 203 2S0, 904, 241 298, 642,852 8.9 91.1 61 39 1913 22, 254,983 460, 061, 329 210, 013,423 271, 632, 506 9.5 90.5 62.8 37.2 •CO 1914.. * 21, SOL 836 440, 348, 027 172, 263, 696 222, 724, 649 11 89 66.4 33.6 o 1915 22, 737, 620 470,026, 261 173, 000, 507 223, 677,423 11.6 88.4 67,7 32.3 1916.. 22, OSI, 094 • 465,423,1S6 ISO, 801, 919 2SS, 764, 096 10,8 89,2 66.1 33.9 1917 20, 345, 528 420, 679, 351 186,126, 017 240, 646,486 9.8 90.2 63,6 36.4 1918.. 18, 614, 039 384, 786, 306 203,169,431 262, 670, 779 8.3 91.7 69,4 40.6 1919 17, 698,184 365, 863, 933 179,849,940 232, 633, 256 8.9 91.1 61,1 38.9 1920 16, ISO, 110 SSS, 423, 975 173, 296, 382 224, 069,968 • 8.5 9L5 69,7 40,3 1921 15, 974,962 SSO, 231, 792 171, 286, 542 221,460,095 8.4 91.6 59,8 40,1 1922 15, 451, 946 319,420, oes *" 209, 816,448 271, 276, 638 6.8 93.2 54.9 45,1 1923 17, 790, 597 367, 764, 279 246, 009, 534 318,072,933 6.7 93.3 53.6 46,4 1924 19, 031, 001 S9S, 406, 653 2S9, 484, 70S 309, ese, 787 7.4 92.6 56 44 1925 19, 026,942 393, 301,128 246, 213, 993 317,044, 365 7.2 92.8 55.4 44,6 1926 19, 349,118 399,981, 749 • 253, 796,166 328,139, 204 7.1 92.9 54. 9 45.1 1927 19, 397, 757 400,987, 213 261,096, 565 324, 650,091 7.2 92.8 56.3 44,7 Total 1, 001, 946, 994 20, 712,896, 449 14, 207, 073, 992 18, 368, 742,118 6.6 93.4 53 47 o o pi O w tei

O CO

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REPORT OF THE DIRECTOR OF THE MINT (ABRIDGED)

TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. C, September 13, 1929. 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, 1929, being the fifty-seventh 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 1928.

Institutions of the Mint Service During the fiscal year ended June 30, 1929, 10 mint-service insti­ tutions were in operation; 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 con­ ducted as assay offices; and assay offices at Boise, Helena, Seattle, and Salt Lake City. The six last-named institutions a.re, in effect, bullion-purchasing agencies for the large institutions and also serve the public by maldng assays of ores and bullion. Electrolytic refin­ eries are operated at the New York, Denver, and San Francisco institutions. Coinage The coinage feature of the fiscal year ended June 30, 1929, was a greater output of pieces than for any fiscal year since 1921. This was incident to a greater coinage for foreign governments, for the same period, and to the increased demand for 1-cent pieces. The total number of domestic pieces executed was 361,650,350; foreign pieces, 46,651,000; grand total, 408,301,350 pieces,- as compared with the prior year's 252,776,335 domestic, 2,490,000 foreign, and 255-,- 266,335 total pieces. The total value, of the year's domestic coinage was $51,659,050, consisting of $39,945,000 gold, $7,488,700 subsidiary silver, $1,438,700 nickel, and $2,786,650 bronze. Gold coins were made at the Philadelphia mint only. The coinage for foreign governments consisted of 25,000 gold pieces for Costa Rica, 6,400,000 silver and 2,800,000 nickel pieces.for Venezuela, 3,060,000 silver, 25,000,000 nickel, and 2,016,000 bronze pieces for Ecuador, 750,000 silver and 100,000 nickel pieces for Nicaragua, 1,500,000 nickel pieces for Panama, and 5,000,000 nickel pieces for Salvador. The Salvador coinage was made at the San Francisco Mint; all the other foreign coinage was made at the Philadelphia Mint. 607

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608 REPORT ON THE FINANCES Details of the domestic coinage executed during the fiscal year ended June 30, 1929, follow:

Total Denomination Philadelphia San Francisco Denver Value Pieces

Double eagles - $36,595,000 $35, 595,000 1,779,750 Half eagles - 3,310,000 3,310,000 662,000 Quarter eagles 1,040,000 1,040,000 416,000 Total gold - 39,946, 000 39, 946, 000 2,857,760 Half dollars $885,000 865, 000 1,730,000 Quarter dollars 1, 701,000 861,000 $406, 900 2, 788,900 11,076,600 Dimes 3,122,000 388,000 344,800 3,854, 800 38, 548,000 Total silver 4, 823,000 1,914,000 751, 700 7,488, 700 61, 353, 600 Five cents, nickel... ._ .. 1,112, 750 147, 250 178, 700 1,438, 700 28, 774,000 One cent, bronze 1,878, 670 . 413,780 494,300 2, 786, 650 278, 666,000 Total minor 2,991,320 561, 030 873,000 4, 225,350 307,439,000 Total value... $47, 759, 320 $2,475,030 $1,424, 700 $51, 659,050 Total pieces 260,993, 750 . 62, 577, 000 58,079, 600 361, 650, 350 Prior fiscal year: Total value $218, 606, 437 $38, 820,980 $5,029, 400 $262, 356, 797 Total pieces 177, 249,000 34, 769, 000 40, 757,400 252,776,336

The coinage by the United States mints for other countries during the same period totaled 46,651,000 pieces as compared with 2,490,000 during the prior year, as follows:

Gold Silver Nickel Bronze Country and denomination pieces pieces pieces pieces

Costa Rica: 2 colones . 25,000 Venezuela: 6 bolivar 800,000 2 bolivar.- 1, 500,000 1 bolivar 2, 600,000 ^^ bolivar.. ._ . .. 400,000 H bolivar - 1, 200,000 12V^ centime . .. . . 800,000 6 centime -- 2,000,000 Ecuador: 2 Sucre 180,000 1 Sucre -- - • 1,880,000 60 centavo - 1, 000,000 10 centavo - ... 5,000,000 6 centavo.. ..'. 16,000,000 2J^ centavo ... 4,000,000 1 centavo '. 1 2,016,000 Nicaragua: 10 centavo 760,000 6 centavo ...... 100,000 Panama: 6 centime ...... __ _- _. 500,000 2}i centime 1,000, 000 Salvador: 1 centavo ...i.. - - 6,000,000 Total ^ ^ 25,000 10, 210,000 34,400,000 2,016,000 Previous fiscal year... 1,890, 000 100,000 600,000

The Salvador coins -were struck at San Francisco; all others at Philadelphia.

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* DIRECTOR OF THE MINT 609

Gold Operations Gold acquired by the Government at the several mint-service institutions during the fiscal year 1929 totaled $249,716,845.02. United States gold coin received by the mints for recoinage amounted to $2,589,765.56; transfers of gold between mint offices totaled r$251,395,967.56; the aggregate amount of gold received by the several mint-service institutions during the fiscal year 1929 was $503,702,- 578.14, which compares with $411,975,037.33 during the prior year. Silver Operations ^ Receipts of purchased silver during the fiscal year 1929 totaled 2,469,942.50 fine ounces, the average cost of which was 57.51 cents per ounce, total cost being $1,420,504.81. Of this amount of 2,469,- 942.50 fine ounces, a total of 1,509,435.98 was silver contained in gold deposits. Silver received in exchange for bars bearing the 'Government stamp totaled 1,401,825.65 fine ounces; United States •silver coin received for recoinage totaled 2,524,217.27 fine ounces, the recoinage value being $3,489,500.29; silver deposited in trust by •other governments totaled 1,433,334.62 fine ounces; and transfers between mint-service offices totaled 1,636,070.32 fine ounces, making the aggregate quantity of silver received by the several mint-service •offices during the fiscal year 9,465,390.36 fine ounces, as compared with 10,365,087.92 ounces during the prior year. The New York market price of silver during the fiscal year ended June 30, 1929, averaged $0.57045; the lowest price was $0.51625 on June 4, 1929, and the highest price $0.59875 on July 27, 1928. Refineries The mint-service refineries that are operated at New York, Denver, and San Francisco produced 2,869,216 fine ounces (98.37 tons) of 'electrolytically refined gold during the past fiscal 3''ear, which com­ pares with 82.16 tons in the prior year; and 3,310,257 fine ounces (113.5 tons) of electrolytically refined silver, which compares with 108.1 tons during the prior year. The stock of gold and silver in unrefined bullion on hand was reduced during the past year by about 19 tons to 412 tons, as com­ pared with the prior year's reduction of about 6 tons. The Denver refinery operated only during the last half of the fiscal year, as during the prior year. Additions and Improvements At the Philadelphia mint the high pressure steam plant, which generated the electric power used at the mint and which had been in use ever since the building was completed in 1901, was shut down February 10, 1929, and replaced with two electric generating sets of 300 kilowatts each. Power purchased from the local power company is deliyered at 2,300 volts, alternating current, and converted to 220 volts, direct current. Current for lighting purposes is converted to 220 volts, alternating current, through transformers. A material saving in power costs over the steam generating plant has been shown, due mainly to reduction of labor force and decreased consumption of coal. A contract has been let for a 75-kilowatt generator which will 71799—30—FI 1929 41

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610 REPORT ON THE FINANCES-

shortly be installed; this smaller set will'be used to generate power for elevators, and to produce power required when the plant is only partially operated. It will also be used in connection with one of the larger sets when the load is heavy for one and not sufficient to warrant the operation of the two larger sets. A new compressor used in connection with lacquering medals has been installed in the medal room, as well as. an improved drying cabinet. . These improvements have made for better .finishes on medals and for 50 to 75 per cent saving over the time required to do similar work prior to making the new installations. The use of chro­ mium-plated coinage dies and collars, initiated during the prior fiscal year, on the pure nickel coinage undertaken for the Government of Ecuador permitted execution of this coinage with a minimum amount of difficulty, although the average life of dies used" was shorter than in stamping cupro nickel. The blanks or disks for this coinage were purchased ready for stamping, the mint being without facilities for properly working pure nickel, a very refractory metal. At the San Francisco mint a new vault has been installed, of the double deck, compartment type, with 13 compartments on each of the two floors. It is 50 feet by 23 feet 8 inches, by 16 feet 10 inches high, inside, with approximately 12,000 cubic feet of storage space in the compartments. Most of the compartments are 9 feet 3 inches by 6 feet 7 inches and either 8% feet or Jji feet high. The floors are served by a push-button-controlled elevator, and a ventilating system serves each compartment. Six improved oil-burning crucible melting furnaces with their accessories were built and installed in the old electric furnace room and will be placed in operation in the near future. The following apparatus has been installed in the refinery: A 2 compartment hood built of l^-inch thick Transite board, and table of 3-inch thick reinforced concrete, in the silver nitrate room, taking the place of a badly damaged Alberene stone hood which had been in service for 20 years. Better ventilation of this room has been provided. A gas-fired assay muffle furnace has been placed in the laboratory, and two electric-driven fuel-oil pumps for use in connection with the melting furnaces. An oil-fired cupel furnace having a capacity of approximately 3,000 ounces silver is under construction. At the Denver mint a structural steel hood is being erected over the refinery melting furnaces to convey dust, fumes, and gases to settling chambers and flues, for the recovery of their metallic values. A gas dryer has been erected to drive off moisture contained in mate­ rials and products from regular and clean-up operations, resulting in much saving of labor and time. A number of safety devices have been installed. Edison Medal The Congress of the United Sta:tes, by joint resolution of May 29, 1928, authorized the striking of a medal commemorative of the achievements of Thomas A. Edison, in illuminating the path of progress through the development and application of inventions that

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: i

Obv

Reverse MEDAL AWARDED THOMAS A. EDISON BY THE CON­ GRESS OF THE UNITED STATES 610

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DIRECTOR OF THE MINT 611

have revolutionized civilization in the last century. The medal was designed and. modeled by J..R. Sinnock, engraver of the mint, and executed in gold at the United States Mint at Philadelphia. On the obverse is ^ portrait of Mr. Edispii with the name EDISON; a symbol representing electricity; the year 1928 and the designer's monogram. On the reverse appears a kneeling figure of Promethetis, benefactor of mankind, represented as giving to the modern world a new form of light, heat, and power, symbolized by a small sun; a group of skyscraper buildings to represent the.present age; and the phrases—medal of the Congress, of the United States—he illuminated the path of progress by his inventions.

Stock of Coin and Monetary Bullion in the United States On June 30, 1929, the estimated stock of domestic coin in the United States was $2,372,677,257, of which $1,407,888,924 was gold, $539,960,-849 standard silver dollars, $304,187,449 subsidiary silver coin, and $120,640,035 minor coin. The stock of gold bullion in the mints, assay offices, and Federal reserve banks on the same date was valued at $2,916,461,936, an increase'during the year of $136,288,720; the stock of silver bullion was 10,431,829.93 fine ounces, a decrease of 434,191.11 fine ounces. Production of Gold and Silver Domestic gold production during the calendar year 1928 was $46,- 165,400, as compared with $45,418,600 in 1927. The output has declined to about 45 per cent of that for the record year 1915, when the total was $101,035,700. Silver of domestic production during 1928 totaled 58,462,507 ounces, valued at $34,200,567; this compares with 60,434,441 ounces, valued at $34,266,328, for 1927, and with the record production of 1915, 74,961,075 fine ounces, valued at"$37,397,300.

Industrial Consumption of Gold and Silver Gold consumption in the industrial arts during the calendar year 1928 is estimated at $59,080,659, of which $31,569,500 was new material. Silver used in the arts is estimated at 35,547,663 fine ounces, of which 24,931,283 fine ounces was new material. As compared with the prior year, silver consumption was about 3,100,000 ounces less, and gold consumption decreased about $238,000. Import and Export of Domestic Gold Coin The net import of domestic gold coin during the fiscal year ended June 30, 1929, was $45,065,099; during the prior fiscal year there was net export of $218,739,072. During the 15 fiscal years 1915- 1929, since the opening of the World War, there has been a net export, of $1,114,893,152. Since 1870 the net export of domestic gold coin has been $l,992,542,2li6, as per tabulation by fiscal years, which may be found in another section of this volume.

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612 REPORT ON THE FINANCES Appropriations, Expenses, and Income Appropriations available for mint service during the fiscal year 1929 totaled $1,709,463, and reimbursements to appropriations for services rendered amounted to $138,360.29, making a total of $1,847,823.29. Expenses amounted to $1,757,855.44, of which $1,694,473.88: was chargeable to appropriations and $63,381.56 chargeable to income. A single appropriation, was provided by the. Congress for the 1930 expenses of the 10 mints and assay offices, in lieu of 4 appropriations for the fiscal year 1929, 20 appropriations for each of several prior years, and 30 annual appropriations theretofore. This adds to ad­ ministrative flexibility and reduces accounting work. The income realized by the Treasury from the mint service aggre­ gated $5,721,339.06, of which $5,102,765.79 was seigniorage. The seigniorage on subsidiary silver coin was $1,561,296.35; on nickel coin, $1,103,279.68; and on bronze coin, $2,438,189.76.

Summary of appropriations, expenses, and balances, fiscal year 1929

Transpor­ Salaries and Contingent tation of Total Items wages expenses bullion and coin

Appropriations $1,391,440.00 $289,300. 00 $28, 723, 00 $1,709,483. 00 Earnings credited to appropriations- 97,330.68 41,029.61 138,360.29 Total available 1,488, 770.68 330, 329. 81 28,723.00 1,847,823.29 Expenses 1, 408,487. 71 261,690. 98 24,396.19 1,894,473.88 Unexpended balances.. 80, 282. 97 68, 738. 83 4,327.81 153, 349.41

Deposits of Gold and Silver, Income, Expenses, and Employees, by In­ stitutions, Fiscal Year 1929 The number and value of deposits, transfers, gross income, and ex­ penses for the fiscal year 1929, and the number of employees on June 30, 1929, at each institution, are shown in the following table:

Num­ Numr Em­ ber of berof Excess of'in- ploy­ deposits mint Coining value ees Institutions of gold service of gold and Gross income Gross expense come (+) or of silver received expenses (—) June and trans­ 30, silver fers 1929

Philadelphia 10,408 40,131 $280, 008,888. 76 $3, 238,997, 60 $793, 508. 29 +$2,445,489.21 299 San Francisco._.i 6,666 944 33,113, 666,16 1, 238, 315. 76 293, 732. 93 +944, 582.83 117 D enver 2,434 134 15,919,146 50 944,318,41 215,155.66 +729,182. 76 79 New York 14, 710 632 193,617,695.27 297,938.89 348, 580. 09 -50,6.41.20 120 New Orleans 434 2,168, 212. 01 737.08 14, 667..19, -13,930.13. 7 Carson City , 186 179; 870.74 419,31 6,156.46 -5,737,16 3 Boise 228 328,051.68 1, 281. 06 7, 886.59 -8, 605. 53 4 Helena : 179 232, 487,96 567. 33 6, 773.89 -6, 208. 66 3 Seattle 1,262 6,966, 688. 07 1, 770.11 28, 078. 26 -28, 308,14 11 Salt Lake City.. 64 19,958.83 523,49 4,447.43 -3,923.94 2

Total 36, 461 41,841 612, 644, 444.96 5, 724,868.92 1,718,986.77 +4,005,882.15 645 Mint Bureau 42, 398.53 -42, 398.53 14 Grand total. 36, 481 41,841 612, 544,444.96 5,724,868.92 1,781,386.30 +3,963,483. 62 659

Fiscal year 1928.. 43,133 37,416 423,732,408.10 6,408,493.98 1, 682, 280.46 +4,726, 233. 52 687

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DIRECTOR OF THE MINT 613 Issue of Fine Gold Bars for Gold Coin and Gold Bullion The value of the fine gold bars issued in exchange for gold coin and bullion monthly by the United States Mints at Philadelphia, San Francisco, and Denver, and the assay office at New York, during the fiscal year 1929 was as follows:

EXCHANGED FOR GOLD COIN OR OTHER GOLD ASSETS

Month San New York Philadelphia Francisco Denver Total

1928 July $45, 385,19 $425,912.78 $56,990, 760.37 $57, 462, 058. 34 August 56,655.38 686, 367.49 $5,008.48 3, 642, 771. 61 4,389,802.96 September. 80,462.49 217, 772. 20 6, 269,428,13 6, 567, 652. 82 October 146,094.01 274, Oil. 99 6, 551,968. 26 6, 972, 074. 26 November 135, 512. 74 320,450. 86 6, 233,720. 01 5, 689, 683. 60 December 90, 721. 66 349, 369.41 6,001.46 36, 668,401.12 37,013,493.64 1929 January 95, 760. 21 349, 663. 99 64, 281, 588.07 54, 727, 012. 27 February 85, 732,99 400, 560.14 3, 686,144.25 4,172,437. 38 March 70,477.96 323, 359. 86 10,009, 60 3,716, 500.48 4,120, 347.80 April 96, 648. 81 25,018. 08 4,293, 665. 21 4,414,222.10 May 80, 498,18 92, 614, 73 5,004. 65 3, 637,934. 75 3, 716,062. 21 June.. 70,286. 50 15,029. 21 4,925, 643.47 5, 010,969.18 Total 1, 062, 226.12 3,480,130. 73 26, 023.98 188,698,415,73 193, 265, 796. 66 Prior fiscal year.. 1,100,160.40 6, 311,899. 50 20,061, 93 103, 307, 696.07 110,739,807.90

EXCHANGED FOR GOLD BULLION

1928 July $46, 600,18 $12, 685.23 $5, 638.95 $206,136. 88 $270,961. 24 August 26,966, 79 12, 508, 78 7, 668. 56 273,156. 88 319,191. 01 September 33,993, 61 11,183, 88 6,436.91 218, 875, 99 269,490. 39 October.. 47, 692. 70 6, 706. 62 9,931. 36 278,030. 03 342. 360. 61 November 63,137. 26 7, 683. 75 6, 741. 72 312,467.19 390, 029.92 December 47,473, 80 7, 021.47 7, 327. 96 275,908, 09 337, 731. 32 1929 January 58,118, 54 10, 316, 21 10, 776. 20 259, 835. 36 339,046. 31 February 50, 792, 01 7, 342, 70 4, 635. 86 199, 273, 39 262,043. 95 March... 37,955, 56 7,914. 54 7, 337.46 235, 600. 99 288, 808, 54 April 66,985. 01 5, 874, 60 7, 207, 85 220, 528, 24 290, 695. 70 May ^ 37,783,56 7, 019, 51 5," 180. 57 203, 585. 62 263, 669. 26 June 37, 617, 87 6, 436. 71 147, 357.91 190,412.49 Total 544,116. 88 96,157.19 83,210.10 2,830,756. 67 3, 654, 240.74 Prior fiscal year.. 518, 767. 54 96, 845, 52 105, 513. 74 2, 867, 706, 29 3, 588, 833.09

Receipts and Disbursements of Gold Bullion and Balances on Hand Receipts and disbursements of gold bullion during the fiscal year 1929, and balance on hand on June 30, 1929, as compared with June 30, 1928, are show^n in the following table:

Receipts dm ng Disbursements Balance on June during fiscal Balance on June Institution fiscal year 1929 Total 30,1928 (details below) year 1929 30,1929 (details below)

Philadelphia $95,837,005, 61 $255,899, 623,18 $351, 736, 628. 69 $45,270,211.27 $306,466,317.42 San Francisco 429,938,039. 06 SO, 650, 349. 21 480, 688,388,27 3> 586,775.26 467,002,613, 01 Denver .. . 105,686,879.38 15,034,840. 93 120, 721, 720. 31 113,219. 57 120,608, 600. 74 New York 1,887, 755,898, 90 201,024,966, 93 2,088,780,864,83 429,620, 682,81 1,659,160,272. 02 New Orleans 43,993.12 2,132, 744.89 2,176,738. 01 2,107,103, 73 69,634. 28 Carson City 12,847, 01 157, 736 98 170, 682 99 156, 786 99 13, 796. 00 Boise 5,286.01 320,403 69 325,689. 70 313,971 78 11, 717. 92 Helena 44, 398. 81 205, 795 86 260,194 67 248,335 58 1,859. 09 Seattle 368,488.19 6,976,387 10 7, 342,875 29 6,851,696 61 491,2^8, 68 Salt Lake City 3, 328. 04 18, 664 45 21,992 49 12, 667 09 9, 326.40

Total 2,619,694,164, 03 512,421,401 22 3, 032,116, 665.25 488,280, 250 69 2, 643,835,314. 66

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614 REPORT ON THE FINANCES Detailed receipts of gold bullion

Deposits in­ Smplus bul cluding United lion recovered Transfers from Institution States uncur­ (including mints and Total rent coin shipment assay offices gains)

Philadelphia. $17,872, 382.87 $5, 340. $238, 021,800. 09 $255,899, 523:18.- San Francisco--. ' 23;>596i ,189.-,;46- 16y,92.7. 7,.338,..23L-92. ;- •30,t650m, m "21 Denver 12, 874; 817r21- 2r'517: 2,'357; 506:50 1-5;. 034?840:^93: V New York _ 197, 337, 624.44 9,421. 3,677, 909. 85 201,024,, 955.93' New Orleans 2,132, 464.88 290. 2,132, 744.89. Carson Gityi...J * 157," 678;34 . ... 57. w,.735.9 8 Boise .; 320, 101.48 ' 299. 2.40 -320, 403. 89 Helena • 205, 648. 95 43. 103. 36 205, 795. 86 Seattle 6,975, 752. 39 221. 413.44 6,978, 387,10 Salt Lake City.. 18, 828. 40 38. 18, 664,45 Total. 260,;991, 278.42 . 34,155.24 251, 395,987. 66 512,421,401. 22

Detailed disbursements of gold bullion

Fine and un­ parted bars Sold'in paid to deposi­ Transfers to ' Wastage • sweeps; Manufactured and ship- institution tors and issued mints and - --•^Totai; assay oflQces manufac­ , into coin " ' iheht in exchange for tures, etc.; losses ' coin or other gold assets

Philadelphia $1,598,521.11 $3, 683, 594. 61 $21,827. 91 $39, 968,267. 64 $45, 270,211. 27 San Francisco 3, 578, 287. 92 9,487. 34 3, 585,776. 26 Denver 108, 807. 80 4,407. 05 $204.92 113, 219. 57 New York 191, 529,172. 30 238,021, 800. 09 69, 610.42 429, 620, 682.81 New Orleans 2,107,103. 73 2,107,103. 73 Carson City 158, 788 99 156, 788, 99 Boise 313, 989. 38 2. .40 . 313,971. 78 Helena J • 248, 335. 58 248, 335. 58 Seattle 6,851,598.81 6,851, 696. 61 Salt Lake City..:.. 12, 887. 09 12^667.09 Total .... 196,810,588.93 261, 395. 854. 08 105, 332. 72 39,968,287.64 207. 32 '488,280,250.69

Purchase of Minor-Coinage Metal for Use in Domestic. Coinage During the fiscal year 1.929 there were purchased at the mint at Philadelphia 21,795,155,63 troy ounces of minor-coinage metals at a cost of $301,776.63, which includes 2,883,835.93 troy ounces in nickel blanks prepared for stamping, costing $96,662.08. There were also purchased during the same period at the mint at San Francisco 3,832,736.42 troy ounce^ of minor-coinage metals at a cost of $43,759.31. The Denver Mint purchased 5,138,115.26 troy ounces of minor-coinage metals for use in coinage, costing $66,626.48.

Minor-Coin Distribution Costs The minor-coinage distribution costs paid during the fiscal year 1929 from the profits on minor coinage amounted to $61,960.81, as follows: .Transportation 153,505.56 Insurance 1 56. 94 Containers 8, 398. 31 Total 61,960. 81

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DIRECTOR OF THE MINT 615 Minor Coins Outstanding The following statement shows the coinage of minor coins, by denominations, the amount on hand, issued, melted, and outstanding June 30, 1929. Minor coins were first manufactured at the Phila­ delphia Mint in 1793; at the San Francisco Mint in 1908; at the Denver Mint in 1911.

Amount Denominations On hand Melted: issued and Coined Issued (net) butstanding Jime 30,1929.

Philadelphia: Copper cents $1,662,887.44 $1,562,887.44 $382,917.26 $1,179,970:18 Copper half cents'. 39,926,11 39,926.11 .69 ' 39,925.52 Copper nickel cents 2, 007, 720.00 2, 007,720.00 808,293,32 1,199,426,68 Bronze 1-cent pieces 44, 645, 696,83 $592,022:83 43,953, 674.00 1,066, 628,07 42,897,046.93 Bronze 2-cent pieces 912, 020. 00 912, 020,00 343,065,98 588,954.02 Nickel 3-cent pieces 941,349.48 941,349.48 288, 889.88 654,479. 60 Nickel 5-cent pieces 65,807,423.10 ""92,'9i4.'75" 65, 714, 608,35 6,278, 034. 00 69, 438,474.36

Total.. 115, 817, 022,1 884,937. 68 115,132,086.; 9,165, 809.10 106, 976, 276. 28 ' San Francisco: Bronze 1-cent pieces..^ 4,373,860. 00 321,360,00 4, 052, 500,00 25,007. 28 4, 027,492.72 Nickel 5-cent pieces 3, 797, 260.00 304,460.00 •3,492,800,00 156, 218,14 3,337,581.86

TotalL 8,171,110, 00 625, 810, 00 7, 645,300.00 180,225.42 7,365,074.68 Denver: Bronze 1-cent pieces— 4, 657, 200, 00 261,164.74 4, 296, 035. 26 20, 070.87 4, 276,964.39 Nickel 6-cent pieces 6,371,815,00 57,660. 00 5,313,955. 00 278,005, 35 6,036, 949. 65

Total.. 9,928,816.00 318,824, 74 9, 609, 990. 26 298,076. 22 9,311,914.04 Grand total., 133,916, 947.96 1, 629, 672, 32 132, 287,376. 64 9,634,110.74 122, 653, 264.90 Deduct $6.05 copper cents, $19.04 2-cent pieces, and $94.08 3-cent nickel pieces . melted at San Francisco Mint, coined at Philadelphia $118.17 Deduct $12.32 bronze 2-cent pieces and $1.38 nickel 3-cent pieces melted at Denver Mint, coined at Philadelphia 13.70 131.87,

Total amount outstanding.. 122,653,133.03

1 There is no record of the melting of the old copper half cents, but it is believed that few, if any, are now in circulation. Operations of the Assay Departments The principal work of the assay departments of the coinage mints and the assay office at New York during the fiscal year 1929 is summarized as follows:

Philadelphia San Francisco • Items Samples Assays Reports Samples Assays Reports

Number Number Number Number Number Number Silver purchases (fine bars) 869 889 869 Deposits and other purchases 14, 025 55,001 6,639 lb, 577 64,323 6,876 Redeposits.- 1,687 3,842 660 Gold coinage ingots 2,421 3,069 807 Silver coinage ingots.. 3,430 3,639 1,716 1,102 1,238 648 Refinery... 6,249 11,887 2,801 Melting and refining department..., 262 66 Coining department 20 65 12 166 364 167 Assayer's bars , 10 32 10 66 265 22 Proof gold 26 176 10 Annual assay commission coin test. 80 92 74 Special assays of bullion and ores... 38 154 31 68 Silver bars for foreign coinage 3,266 3,409 2,271 Mass melts , 340 1,116 365 1,003 60 9 66 15 158 15 Miscellaneous.. 293 964 133 310 77 Total.-.. 24,916 68, 784 12,812 26,377 83,438 11,124

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818 EEPOET ON THE FINANCES

Denver New York Items Samples Assays Reports Samples Assays Reports

Number Number Number Number Number Number Deposits and other purchases.^ 8,460 34,846 2,676 41,922 126,079 lb, 008- Reaeposits 720 2,001 280 Gold coinage ingots 10 30 2 Silver coinage ingots .. . 705 1,600 228 Refinery... ". 1,063 2,616 341 6,187 11,226 2,101' Melting and refining department 226 676 74 Coining department 6 26 3 Assayer's bars 48 120 19 Special assays of bullion and ores ,__ 24 72 12 666 2,372 285- Mass melts.. _ . 8 20 2 40 93 10* Sweeps 30 689 17 211 1,272 39 Platinum . 27 37 3 Miscellaneous... 164 911 i46 638 1,965 203 Total 11,443 43, 506 3,699 48.491 142, 044 17,649

Proof Bullion {1.000 Fine) In order to establish uniformity, in assay of bullion in the offices of the mint service all proof gold and proof silver is made at the mint at Philadelphia and furnished to other offices when required. The amount made during the fiscal year 1929 was: Gold, 500^ ounces, silver, 267 ounces.

Operations of the Melting and Refining and of the Coining Departmentsy. Fiscal Year 1929 The aggregate quantity of metals operated upon in the above- mentioned departments of the coinage mints and assay office at New York during the fiscal year ended June 30, 1929, was 15.4 million fine ounces of gold and 31.3 million fine ounces of silver. There were also operated upon at the coinage mints 108.8 million ounces of minor coinage metal. The figures in the table following are based on the figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount delivered by the- superintendent to operative officers, as prescribed in section 3542, Revised Statutes, are as follows: Melter and refiner—gold, 0.001;: silver, 0.0015; coiner—gold, 0.0005; silver, 0.001. GOLD BULLION

Amount Legal operated- . amount Wastage Institution and Amount Amount upon in­ of wast­ Surplus per. 1,000 Wastage ounces department received returned cluding age on reco.vered operated reworked amount upon metal received

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Melting and refining.. 5, 668, 575 5, 868, 633 4,950,308 5,868 58 Coining 4,813,876 4,813, 969 4, 783, 298 2,406 93 San Francisco Mint: Melting and refining.. 2,899,870 2,900, 563 1, 941, 983 2,900 693 Coining 194, 959 195, 008 98 49 Denver Mint: Melting and refining.. 2, 973,124 2,973,254 473, 111 2,973 130 Coining 127, 607 127, 507 64 New York Assay OlBce: Melting and refining. 14,103, 322 14,103, 622 3, 286, 061. 14,103 300 Total melting and refining . 26, 644,891 25, 648, 072 10, 651, 463 25, 644 1,181 Total coining 6,136,342 5,136, 484 4,783,298 2,588 142

Grand total. 30, 781, 233 30, 782, 556 15, 434, 781 28,212 1,323 -

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DIRECTOR OF THE MINT 617

SILVER BULLION

Amount Legal operated amount Wastage Institution and Amount Amount upon in­ of wast­ Surplus per 1,000 Wastage ounces department received returned cluding age on recovered reworked amount operated metal received upon

Philadelphia Mint: Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Fine oz. Melting and refining.. 11,221,649 11,221,110 9, 967,999 16,832 539 0.0641 Coining . 9,479, 222 9,478,839 9,418,982 9,479 383 0.0407 •San Francisco Mint: Meltingiand refining.. 5,208,938 6,211, 014 4,117,962 7,813 2,076 Coining 2, 263,449 2, 263,138 2, 252, 616 2,253 311 0.1381 Denver Mint: Melting and refining,. 3,886,078 3,887, 076 1,430, 316 6,829 998 Coining 966,686 968, 860 834, 268 986 26 0.0312 New York Assay OfBce: Melting and refining.. 3, 603, 044 3, 507, 986 3, 248,920 6,264 4,942 Total melting and • refining 23,819,709 23,827,186 18, 765,197 35,728 8,016 639 Total coining 12, 699,357 12, 898, 837 12, 605,886 12,698 720 0. 0676 Grand total. _ 36, 519,066 35,626,823 31,271,063 48,426 8,016 1, 259

NICKEL COINAGE METAL

Philadelphia-Mint: Gross oz. Gross oz. Gross oz. Gross ozl Gross oz. Gross oz. Gross oz. Melting and refining 4,680,532 4, 669,351 .1,982,609 11,181 5.6395 Coining 9,003,140 8,991,900 3,287,205 11,240 3.4193 • San Francisco Mint: Melting and refining.. 3,067,467 3,061, 337 1,492,908 6,130 4.1061 Coining 1, 486,938 1,485, 790 1,486,779 1,148 0. 7721 Denver Mint: Melting and refining 1,881,176 1,881,080 875,777 116 0.1325 Coining 914, 652 914,104 817,323 • 448 0.5481 Total melting and refining .. . 9, 629,176 9,611, 748 4,351, 294 17,427 4.0050 Total coining 11,404, 830 11,391, 794 6, 691,307 12,836 2.2967 Grand total 21, 033, 805 21, 003, 542 9,942,601 30, 263 3.0438

BRONZE COINAGE METAL

Philadelphia Mint: Gross oz. Gross oz. Gross oz. Gross 02. Gross oz. Gross oz. Gross oz. Melting and refining 37,140,925 37,119,946 36,899,887 20,979 • 0.5685 Coining 36,833,921 36,819,204 35,687,823 14,717 0.4136 :San Francisco Mint: Melting and refining. 6, 684,700 6, 663,739 6,320,698 20,961 3.3162 Coining 6, 299, 904 6,294,338 6,299, 737 6,666 0.8836 Denver Mint: Melting and refining . 7, 286,376 7, 273, 895 6,995,766 12,680 1.8125 Coining 7,080,195 7,058, 526 6,754,968 1,669 0.2471

Total melting and • refining . 61, 012,000 60,957, 380 50, 216,341 64,620 1. 0877 Total coining 60,194, 020 50,172, 068 48, 642,628 21,962 0.4613 Grand total. ' 101,206, 020 101,129, 448 •98,858,869 76, 672 0. 7746

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618 REPORT ON THE FINANCES Refining Operations The net product of electrolytically refined gold and silver of the mint service during the fiscal year 1929 was 6,179,473.308 fine ounces; other electrolytic output included the equivalent of the refined metals used for aiding the processes, 2,140,613.262 fine ounces; the product of melting operations (only) totaled 1,387,829.942 fine ounces, making the total output of iiiQ refineries 9,707,916.512 fine ounces. Details are shown in the following table:

San Francisco Denver Items Gold Silver . Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 653, 806. 589 1,881,447,88 330, 256. 628 338,095,33 Crude, without charges 11,816.981 2, 640.13 0.999 and over (fire process only) 877, 009.377 0.992 to 0.999, not required to aid processes.. 633.476 0.992 and over, required to aid processes.- 383,80^. 614 8, 543. 6^ Re-treated, unrefined 27, 384. 265 45, 940. 68 83, 960. 408 ioi, 296. §5 Re-treated, refined, to aid processes 29, 278. 977 111, 630.12 Apparent gain.. _...... 271. 918 104.637 554.18 Total 1,942,254.743 1, 936, 932.18 455, 950. 983 554, 216. 66 Bullion obtained from processes: Unrefined 68, 477. 774 43,654.96 119, 717.122 115, 320, 01 Output 0.999 -f fine- Used to aid processes . ... 383,802. 614 8, 543. 82" •.'29, 278! 977' •111,630.12 Electrolytic product 612,984. 978 l; 883, 478.44 306, 954.884 327, 266. 53 Other product .. 877,009,377 Apparent loss 256.17 Total , 1,942, 264, 743 1,935,932.18 456,950,983 664, 216, 66

New York Total Items . Gold Silver Gold Silver

Bullion placed in processes: Fine ounces Fine ounces Fine ounces Fine ounces Crude, with charges 1, 931,156. 396 990,997,40 2,916, 219. 491 3, 210, 540. 81 Crude, without charges _. 11,818.981 2, 640.13 0.999 and over (fire process onlv) 400,481. 580 1, 277, 470. 957 0.992 to 0.999, not required to aid processes. .533. 476 .. 0.992 and over, required to aid processes... 604,130.321 1,103, 227, 61 887, 932.936 1, 111, 771: 23 Copper base (for bar making only) 0.900 standard, etc . _ . 110, 358. 986 110, 358. 985 Re-treated, unrefined.. : 339, 953.860 1,164, 896.44 451, 278. 521 1,301,933. 02 Re-treated, refined, to aid processes 29, 278. 977 111, 630.12 .Apparent gain. 207.288 4,884. 64 683. 843 5,438. 82 Total . 3, 286, 288.420 3, 253, 805. 09 5, 884,474.146 6, 743. 953 93 Bullion obtained from processes: Unrefined 322, Ozl. 348 1, 051, 065.19 510,-216.'244 '1,210,040.16 Output 0.999 + fine- Used to aid processes... 504,130. 321 1,103, 227. 61 917,211.912 1, 223,401, 35 Electrolytic product ... 1,949, 296.186 1, 099, 512. 29 2,869, 216. 048 3,310, 257, 26 Other product 510,820. 586 1,387,829.94/ Apparent loss 266.17 Total 3, 286,268,420 3,263,805. 09 6, 684,474,146 6, 743,963.93

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DIRECTOR OF THE MINT 619 Ingot Melts Made The following statement shows the number of melts made for ingots and the weight of metal involved during the fiscal year 1929:

Number of melts Weight of metal

Mints Passed Per cent Re­ Con­ Passed flrst melted demned , Melted passed melting

Gold: Fine ounces , Fine ounces. Philadelphia 807 4,960,308 4,840,037 97.77 Denver 2 11,441 11,024 96.36

Total 809 4,961,749 4,861,061 97.77 Silver: Philadelphia 2,707 3 9,967,999 9,664,013 96.8fi San Francisco 646 , 2 2,182,030 2,169,127 98.9 Denver 221 7 873,933 869,976 98.40 Total 3,474 10 2 13,023,962 12,673,116 96.54 Nickel: 1 Philadelphia 669 , 1,982,609 1 1.842.985 92.98 San Francisco 465 1,492,908 1,486,778 99. 59 Denver 260 886,360 849,988 96.00 Total 1,284 4,360,877 4,179, 761 96,85 Bronze: Philadelphia 10, 629 36,899,887 35, 322,325 96 72 San Francisco 1,637 6,320,698 ' 6, 299,737 ' '99. 87 Denver 2,011 7,002,774 6,928,306 \' ' 98.94 Total 14,277 60,223,359 48; 660,368' • ' 98. r,7

Fineness of Melts for Gold and Silver Ingots ' ' The statement following shows the number of approved gold and silver ingot melts made, also their reported fineness, during the fiscal year 1929: =

Gold ingot melts Silver ingot melts

For United States coin For United States coin For foreign 'coin

San Ingot . Phila­ San . Ingot . .Phila­ Ingot Phila­ Denver Den-v^er fineness delphia Francisco fineness delphia Francisco fineness delphia

899,6 3 898. 26 7 899,7 60 898.40 6 899.8 176 2 898.60 108 899 9 202 898.60 166 6 900.0 287 898. 70 14 900.1 71 898. 75 69 900 2 19 898,80 140 18 898. 90 31 899. 00 . 890 39 899.10 i22. 60 899. 20 31 899, 26 410 899. 30 67 21 899. 40 10 899. 60 174 61 2 899. 60 4 899. 70 2 899. 75 37 899. 80 3 900. 00 16 1 900. 26 1 Total.... 807 2 1,712 646 228 .

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620 REPORT ON THE FINANCES Commercial and Certificate Bars' Manufactured During the fiscal year 1929 the coinage mints and the assay office at New York manufactured 132,452 gold and 4,403 silver bars, valued at $235,958,658.35, as shown by the following table:

Gold, bars Silver bars Institutions Number Fine ounces Value Number Fine ounces Value

Philadelphia . . . 3,106 74,960,424 $1,549,569.49 San Francisco.... 6,705 1,909, 762,482 39,478,294.06 1,345 889,185, 79 $501, 964, 57 Denver. _ . •_ . . 260 2, 619, 398 62, 080. 58 NewYork.... 122,381. 9,364, 680, 436 193, 583, 068.11 3,058 1, 244, 591. 50 793, 691. 54 Total. 132,452 11,351, 822, 740 234, 663, 002. 24 4,403 2,134, 777. 29 1,295,656.11 Prior fiscal year 120, 045 6, 365, 598,942 131, 688, 608. 06 4,100 1,432,903. 46 859, 001. 23

Ingots operated upon by coining departments and percentage of coin produced to amounts operated upon

Items Philadelphia San Francisco Denver . Total

DOMESTIC COINAGE Gold: Ingots operated upon (ounces).. 4,776,439. 546 4, 776,439. 545 Percentage of good coin produced . 40.46 40. 46 Silver subsidiary: Ingots operated upon (ounces) 6,964, 323. 49 2,252, 616.44 834, 267. 97 9, 051, 207, 90 Percentage of good coin produced 58.49 61.44 65.16 59.84 Nickel: Ingots operated upon (ounces) 2,289, 653.73 721,448, 00 817,323.30 3, 828, 325, 03 . Percentage of good coin produced therefrom. » 30.84 66.65 70. 28 45.82 Bronze: Ingots operated upon (ounces). 34,913,934.43 6,299, 737.00 6, 764,968, 20 47,968, 639. 63 Percentage of good coin produced 65,68 73.16 68.00 53,73 FOREIGN COINAGE Gold: Ingots operated upon (ounces) __ 6, 858.180 6, 858.180 Percentage of good coin produced 16.41 16.41 Silver: Ingots operated upon (ounces) 3,464, 658. 71 3, 454, 658. 71 Percentage of good coin produced:.,^.. 60. 64... 60: 64 Nickel: Ingots operated upon (ounces) 997, 651.12 765, 330. 50 1,762,981. 62 Percentage of goodjCoiu'produced"... _ 14-7; 80- 62. 61 49.85 Bronze: Ingots operated upon (ounces) _ 673, 888. 57 673,888. 57 Percentage of good coin produced 33,66 - 33.66 i Operations were principally on purchased blanks, not here included:

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DIRECTOR OF THE MINT 621 Percentage of good coin produced to pieces struck

Items Philadelphia San Francisco Denver Total

DOMESTIC COINAGE Gold: Blanks struck (number) 3, 544, 801 3, 544, 801 Percentage of good coin produced 80,89 80,89 Silver subsidiary: Blanks struck (number) 38,199, 776 8,580,651 5,121,045 51,901,472 Percentage of good coin produced 99,55 96,19 99.11 98,95 Nickel: Blanks struck (number) . 22, 369, 721 2,954,471 3,578, 218 28, 893, 410^ Percentage of good coin produced 99.53 99.68 99, 88 99. 69' Bronze: Blanks struck (number). ..„. 188,856, 378 41, 429, 966 49,482, 952 279, 769, 296; Percentage of good coin produced 99.47 99,87 99,89 99. 611

FOREIGN COINAGE Gold: Blanks struck (number) 41, 356 41, 356; Percentage of good coin produced 60.45 60. 45" Silver: Blanks struck (number) 10, 624, 771 10, 624, 7711 Percentage of good coin produced.. 96,09 96, 09- Nickel: Blanks struck (number) 29,711,114 6,114, 097 34, 825, 211! Percentage of good coin produced 98.95 97.76 98. 78> Bronze: Blanks struck (number) 2, 034, 249 2,034j249' Percentage of good coin produced 99.36 99.36

Sweep cellar operations, fiscal year 1929

Material Metal content

Quantity Bars recovered Tailings Institutions Source Net avoirdu­ Bags pois Gold Silver Gold SUver . pounds

Ounces Ounces Ounces Ounces Philadelphia.... Melting department 1160 31,566 433.945 761.11 San Francisco.. do 140 9,865 4.489 17.95 142.134 698.22.^ Do Refinery .. 684 46,973 1,072.203 2,474.32 370. 812 1, 768. 27 Denver 384 32, 540 286. 404 980.98- NewYork '.'.'.'.'.ao".".'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. 1,639 118, 221 3,008.286 6,644.69 Denver Deposit melting room... 186 13, 082 184. 769 218.42; New York do...... 248 1'5,891 492.629 ^ 340; 87- Total 3,331 267,138 4,677.607 8,377.73 1,418.064 4,327. OO^

1 Includes 24 barrels.

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622 REPORT ON THE FINANCES Bullion Gains and Losses The net gains from operations on Rold and silver bullion during the' fiscal year 1929 amounted to $173,929.82, as follows:

Mint at- Assay Minor Item office at assay Total New York Philadel- San Fran­ Denver phia cisco

Recovered from refining and coin­ ing operations . $:%119.90 $16, 581. 06 $3, 276. 63 $9, 257. 59 $32,235.18 Recovered incident to receipt of bullion deposits '. 4,836. 29 593.13 2,420. 89 12, 977. 38 $858. 67 21, 686. 36 Net gains on shipments to Govern­ ment refineries 267. 37 287. 37 Gains on hght weight and muti­ lated coins purchased for recoin- 150.87 22,26 26,70 55, 43 255. 26 Receipts from sale of by-products. 17, 602. 82 11, 943, 02 94,150. 42 123, 896. 26

Total gains : 8,107. 06 34, 799. 27 17, 687. 24 116, 440. 82 1,128. 04 ,178,140.43 Wasted in refining and coining 'operations 555. 64 15.30 756. 23 Loss on assay value of operative sweeps sold.. 1,180.13 1, 946.19 328.00 3, 454. 38 Total losses., 1, 735. 67 185. 39 1,961.49 328. 06 4, 210. 61 Net gains 6,371.39 34, 613. 88 15, 705. 75 116,112, 76 1,126.04 173*929.82

Wastage of Coinage Metal, aiid Loss on Sale of Sweeps The value of metals wasted in the operative departments during the fiscal year ended June 30, 1929, was $2,472.36. A loss of $3,454.38 occurred from the difference between the assay value of the bullion contained in sweeps sold and the amount received for the same. Details are given in the table following:

Mint at— Assay office ' • Item San at New Total Philadel­ Fran­ Denver York phia cisco

Silver wastage: Melting and refining department $324.86 $324,85 • Coining department .1.1 ...... 1...... 230.69 $186.39 $15". 30 431.38 Nicdel wastage: Melting and refining departm..nt 345. 97 90.13 .77 436 87 Coining departinent _ 347. 78 16.88 2.98 367.64 Bronze wastage: Melting and refining department 228. 67 271.01 158.14 655.82 Coining department 159.01 71. 96 24.83 255 80 Xoss on sale of sweeps 1,180.13 1,946.19 $328.06 3,454.38 Total wastage and loss 2,815.10 635, 37 2,148. 21 328.06 6,926, 74 Eeiimbursements: Nickel, and bronze wastage on domestic coin, from tainor coinage profits 838. 31 395,71 186. 72 1,420.74 Silver departmental wastages offset by other departmental surpluses 555. 54 185,39 15.30 766 23 Other wastages and loss on sweeps, from con­ tingent appropriations 1,421.25 54. 27 1, 946.19 328,06 3,749, 77 Total reimbursements 2,815.10 835. 37 2,148. 21 328.06 6,926.74

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DIRECTOR OF THE MINT 623 Engraving Department During the fiscal year ended June 30, 1929, the engraving depart- 'ment made 2,710 working dies for domestic coinage. Master dies, hubs, and working dies were made for domestic, Pmlippine, Ecuado­ ran, Venezuelan, Panaman, Nicaraguan, Salvadoran and Costa Rican coinage, also for the Post Office, War, and Navy Departments.

Dies manufactured

Issued to mint at— Manila, Item San P.I. Total Phila­ Fran­ Denver delphia cisco

Domestic coinage: Regular gold coinage 114 114 Regular silver coinage 385 140 85 OIO Regular minor coinage. 1,083 475 326 1,883 Unused coinage 103 Philippine coinage . . . 90 90' Ecuadoran coinage 711 711 Venezuelan coinage 196 196' Panaman coinage 37 37 Nicaraguan coinage... 22 22' Costa Rican coinage 6 6 Salvadoran coinage 50 60' Unused foreign coinage. 7 Total coinage working dies 2,553 685 410 90 3,828- Master dies, hubs, and transfers from models, manu­ factured for— United States coinage 15- Philippine coinage 8 Ecuadoran coinage.. SO Venezuelan coinage 12 Panaman coinage . 4 Salvadoran coinage 2' Other dies, hubs, and transfers from models, manu­ factured foi^- Medals and medalets 25' Military badges and insignia 50> Stamped envelope embossing dies . . 171 Punches and dies for stamping bars 62: Grand total 4,207

Medals Sold Medals manufactured at the mint at Philadelphia were sold during^ the fiscal year 1929 as follows:

Items Pieces Value* .

Gold medals . 353 $8, 761, 10 Silver medals. 681 1, 354. 61 Bronze medals ------_ 13,793 9, 794. 30 Total 14,727 19, 910. 01

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624 REPORT ON THE FINANCES Employees The total number of officers and employees of the mint service on June 30, 1929, was as follows:

Employees by departments Total Established Institution under act Gen­ En­ Melting of— Assay­ Coin­ and re­ June June eral graving ing ing fining 30, 1929 30, 1928

Bureau of the Mint Feb. 12,1873 11 3 14 14 Philadelphia Mint... Apr. 2,1792 115 9' 11 115 49 299 324 San Francisco Mint.. . . July 3,1852 53 12 24 28 117 119 Denver Mint Apr. 21,1862 38 6 17 18 79 79 "New York assay office.. Mar. 3,1853 71 17 32 120 121 New Orleans Mint * Mar. 3,1835 7 7 7 •Carson City Mint i Mar. 3,1863 3 3 3 "Boise assay office Feb. 19,1869 4 4 4 Helena assay office May 12,1874 3 3 3 rSeattle assav office _ May 21,1898 11 11 11 .SaltJLake City assay office May SO, 1908 2 2 2 Total, 1929 318 9 49 166 127 659

Total, 1928. 341 9 49 161 127 687

1 Conducted as assay offices. Work of the Minor Assay Ofiices The following tables exhibit the principal work of the minor assay •offices during the fiscal year 1929:

New Carson Salt Items Boise Helena Seattle Lake Orleans City City

Deposits received number. 441 186 228 197 1,262 53 Fineness, average gold thousandths. 716 240 714 308- 843 379 Fineness, average silver... ..do... 128 505 252 598 121 393 Weight before melting ounces. 144,910 32, 737 22,879 32,895 397,839 2,417 Weight after melting do... 144,158 31, 675 21, 667 32,240 395, 680 2,378 Iross in melting do:.. 754 1,061 1,213 654 2,159 38 Do per cent. 0.52 3.24 5.30 1.98 0.542 1.57 Melts of bullion made number. 432 186 228 201 1,320 53 Mass melts of bullion-made do... 35 8 16 8 64 3 Melts of D. M., R. grains do... 4 1 4 4 4 1 Melts of assayer's clips. _ do... 3 3 4 5 48 1 Value of depcsits, gold dollars. , 132, 744 157, 736 320, 398 205, 692 6,899,973 18,664 Value of deposits, silver, at cost...do... 10, 343 9,082 3,122 10, 880 27,194 527 Bullion shipped gross ounces- 138, 286 30, 292 18, 745 35,315 392,846 1,499 Value of gold shipped.. dollars. , 107,104 156, 787 313,867 248,336 6,851, 597 12, 667 Value, cost, of silver shipped do... 9,043 9,288 3,037 20, 071 27,185 Quartation silver made .ounces. 36 19 28 22 201 •Quartation silver used do... 37 21 12 146 10 Proof gold received do.,.. 5 20 Proof gold used do... 6 2 12 4 Proof silver used do... 0.6 m m 1 Cupels made ^number. 3,220 IH 2,000 12,437 1,600 1,244 2,880 Cupels used. do... 3,067 948 1,592 11,805 •1,200 Crucibles used do... 20 1,309 11 102 11 24

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DIRECTOR OF THE MINT 625 Assays made

On bullion de­ On miscellaneous posits mint service metal On nonmint bullion and ores Institution Sam­ As­ Re- Sam­ As­ Re­ Sam­ As­ Re­ Metals determined in ores ples says ports ples says ports ples says ports tested

New Orleans 862 2,692 432 84 260 42 3 14 3 Gold, silver. Carson City. 372 911 186 32 97 17 116 163 72 Gold, silver, lead, and cop­ per. Boise -. 482 963 228 73 186 23 352 587 352 Gold, silver, lead, copper, and zinc. Helena.. . 394' 1,052- 197 34 100 17 15 23 15 Do. •Seattle 3,692 9,294 1,254 980 116 94 288 94 Gold, silver, lead, and cop­ 442 per. •Salt Lake City.... 65 424 63 5 40 6 237 369 237 Gold, silver, lead,copper, and zinc.

Gold Receipts at Seattle Statement of gold deposits at the Seattle assay office from the opening of the institution on July 15, 1898, to the close of business June 30, 1929: Number of deposits 78, 556 Troy ounces 18, 404, 329. 46 Avoirdupois tons ^ 630. 4 Total cost value $315,380,490. 87 Origin of the foregoing .^lasi^a • Circle . $1,123,409.15 Cook Inlet 6, 133, 670. 05 Copper River 6, 751, 769. 63 Eagle 1, 314, 948. 27 ' Iditarod 16, 930, 838. 80 Koyukuk . 2,288,444.24 Kuskokwim 1, 128, 286. 01 Nome 76, 107, 173. 07 Southeastern Alaska 78, 308, 946. 55 Tanana___ 53, 447, 283. 72 Unclassified 2, 767, 506. 28 Total . 186, 302, 275. 77 British Columbia . 24, 860, 001. 32 Yukon Territory 93, 325, 121. 49 All other sources 10, 893, 092. 29 Total 315, 380, 490. 87 Laboratory, Bureau of the Mint From the domestic coinage of the calendar year 1928 the assay er of this bureau examined and tested 142 gold coins and 396 silver coins, all of which were found within the legal requirements as to weight and fineness. The following table summarizes results of fineness tests on domestic coins, the limit of tolerance being one one-thousandth above or below 900 for gold coins, and three one-thousandths above or below 900 for silver coins. 71799—30—FI 19 2 9 42

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628 EEPORT ON T.HE FINANCES

Number of silver coins Number of Fineness (thousandths) gold coins, Philadel­ San Fran­ phia Philadel­ Denver phia cisco Total

898.8 1 1 2 2 3 2 7 899.0 21 21 4 46 899.3 16 13 5 34 899.4 2 4 3 9 899.5 1 48 33 5 84 899.6 3 4 1 2 7 899.7 18 20 13 6 39 899.8 25 2 2 899.9 i.. 35 1 1 900.0 49 26 25 4 55 900.1 12 3 1 4 900.2 1 13 SO 2 45 900.4 15 31 1 47 900.6 3 6 9 900.8 1 2 3 900.9 1 1 fiOl.S 1 1 Total 1 142- 170 190 36 396 Average fineness 899. 905 899." 667 899.836 899.519 899. 734

Average weights of domestic coins tested as compared with standard weights STANDARD WEIGHTS Grains Double eagle 516. 00 Eagle 258. 00 Half eagle i 129. 00 Quarter eagle 64. 50 Standard silver dollar 412. 50 Half dollar . __. 192. 90 Quarter dollar 96. 45 Dime ._.__ 38. 58 COINS TESTED Philadelphia: 138 double eagles... . 516. 042 4 quarter eagles___. 64.t>438 8 standard silver doUars 412. 831 4 half dollars . 193. 300 64 quarter dollars 96. 528 94 dimes 38. 601 San Francisco: . 44 standard silver dollars 412. 384 48.half dollars 192.927 44 quarter dollars. 96. 458 54 dimes 38. 586 Denver: 18 quarter dollars 96. 242 18 dimes 38. 700 Summary of work of Mint Bureau laboratory

Item Nmnber ' Item Number

Gold assays 2,129 Double eagles examined 138 Silver assays •. , 900 Quarter eagles examined ..• 4 Miscellaneous assays 37 Standard silver dollars examined 52 Half dollars examined 52 Total assays 3,066 Quarter dollars examined..:. 126 Dimes examined...... _. 166 Certificate bar samples, New York (108 Cupels made 2,440 melts) 380 Cupels used 2,350 Certificate, bar. samples, San Francisco Proof gold, made ounces (troy) 4.16 (29 melts)..-!..I 232 Proof gold used do.., 10.13 Miscellaneous samples 14 Proof silver used do... 7.87 Counterfeit coins examined 11 Inquartation silver used do... 72.28

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DIRECTOR OF THE MINT 627 Early in the year the bureau assayer inaugurated an extensive investigfltion of the preparation and spectrochemical analysis of proof gold. This investigation has not been completed, but is being continued. Assay Commission's Annual Test of Coin Section 3547 of the Revised Statutes provides for an annual test of the domestic coinage executed during the calendar year 1928, by a commission, of whom part are ex officio members, the others being appointed, without compensation, by the President. The purpose is *Ho secure a due conformity in the gold and silver coins to their respective standards of fineness and weight.'^ The commission, which met at the Philadelphia Mint February 13 and 14, 1929, reported the following results of their examination: In accordance with section 3539 of the Revised Statutes your committee on counting reports that the packages containing the pieces reserved by the several mints for the trial of coins -were delivered to us by the superintendent at Phila­ delphia, and upon comparison with the transcripts kept by the Director of the Mint were found to be correct. From the deliveries of each month a liberal number of packages were selected from all denominations coined, and the coins contained therein were counted and found to agree with the number called for in each package. The reserved coins were then delivered to the committees, -on assaying and weighing. In the reports of those committees will be found an account of the disposition of these coins. The committee on weighing report that they have taken at random from the several parcels of reserved coins of each mint such a number of pieces of each of the denominations represented and so distributed, by dates of coinage, as seemed to be sufficient for the purposes of weighing. These coins have been individually weighed by the committee and their respective weights ascertained to an accuracy of 0.01 grain, and the results recorded. The weights of these coins are given in the appended table. It will be noted that every coin weighed was well within the deviation allowed by law. The coins were directly weighed against a set of sealed coin weights, supple­ mented by three sets of grain weights, delivered to the commission from the Bureau of Standards, Washington, D. C., in sealed packages, and accompanied by certificates signed by the director of the bureau. The weighings were made on a Troemner balance belonging to the Philadelphia Mint. Prior to the weigh­ ings of the coins this balance was tested by your committee as to equality of arms and sensibility and found to be in excellent condition and entirely satisfactory for the purpose of the committee. Following the weighing of the coins your committee tested the sensibihty of the balance used to compare the working standard Troy pound weight of the Phildelphia Mint, and the summation of working standard weights of 10 -ounces+ 2 ounces was found to equal the Troy pound within the sensibility of the balance (about 0.0001 Troy ounce). Ihe deviations from standard of the heaviest and lightest coins weighed, of each denomination from each mint, are shown in the following table:

Philadelphia San Francisco Denver Legal Denomination deviation allowed Heavy Light Heavy Light Heavy Light

GOLD COINS Grains Grains Grains Grains Grains Grains Grains Double eagle 0.6 0.30 0.21 Quarter eagle .26 .02 .16

SILVEE COINS Dollar 1.6 .84 None. 1.00 1.04 Half dollar 1.6 MS .61 .86 'Quarter dollar . _. 1.6 .96 . . . . .34 .45 0.87 0.86 Dime 1.6 .43 .74 .85 .85 .94 .91 .23. • Oregon Trail half dollar.

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628 REPORT ON THE FINANCES

The committee appointed to examine the coinage of gold and silver as to fineness has completed the' assays of coin selected at random from parcels representing: deliveries made by the mints at Philadelphia, San Francisco, and Denver during, the calendar year 1928, and report that all samples examined were found to be- within the legal limits prescribed by law. The following results show the extreme variations in fineness found on individual coins assayed by the committee: Highest assays on gold coins: Thousandths Philadelphia 900. a Lowest assays on gold coins: Philadelphia ___ . 899. 6 Highest assays on silver coins: Philadelphia ____ _ 900. 2 San Francisco ; 901. 3 Denver.. __ 900. 2 Lowest assays on silver coins: Philadelphia _ 898. 6 San Francisco 899. 1 Denver _ 898. 9^ Mass melts: Gold- Philadelphia _ _ 900.0' Silver— Philadelphia __ 900. 0' San Francisco- _ 900. 0 Denver ._. _ — 899. & The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30,, 1929, is respectfully submitted. R. J. GRANT, Director of the Mint, Hon. ANDREW W. MELLON, Secretary of the Treasury,

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630 REPORT ON THE FINANCES ,

TABLES FRO i HE REPORT OF Deposits and purchases of gold during

Source and description Philadelphia San Francisco Denver New York

' PURCHASES Fiffie ounces Fine ounces Fine ounces Fine ounces Al aska 33.134 7, 090. 576 19.478 •377. 853 Arizona 6, 029. 063 107. 840 3 California . 82, 663. 360 18. 620 42. 273 4 Colorado 95. 525 171, 858. 929 5 Georgia ' 53.909 21. 496 8 Idaho 236. 490 924. 333 7 Montana . • . . ... ,31. 829 33. 751 8 Nevada : 2, 736.179 49. 759 2.366 9 New Mexico 517. 442 10 North Carolina 16. 351 22. 374 11 Oregon . .. 4, 952.907 1? South Carolina 9.585 13 South Dakota 315, 297. 588 14 Utah ^ 5.559 15 Washington 16 Wyoming 24. 558 17 Philippine Islands 27, 917. 581 18 Other 19 Grains, deposit melting room 105. 590 • 27. 628 18. 977 153. 273

20 Total unrefined 218. 549 131, 781.138 488,874:830 519. 435 Domestic refinery bullion: ?1 Less than 0.992 fine .947 1,992.093 2? Over 0.992 fine 35, 363. 081 865, 965. 060 1,355,754.983

23 Total.domestic purchases. L .... 35, 581. 630 • 997, 746.198- 488, 875. 777" 1,358,266/511 24 Foreign cOin 582, 466. 023 28, 749. 368 93, 878. 977 479,172. 500 25 Foreign bullion, crude 47. 606 33, 830. 780 2, 564. 252 705, 397. 341 ?6 Foreign bullion, refined 6,173, 867. 915 27 Jewelers bars, dental scrap, etc 160, 501.142 45, 747. 190 20, 375. 329 401, 585. 596

28 Total deposits purchased 778, 596. 401 1,106, 073. 536 605, 694. 335 9,118, 289. 863

REDErOSITS PURCHASED

?P Domestic coin 43. 452 30. 835 13. 844 5, 815. 123 30 Bars stamped by U. S. Government.. 27. 709 47. 185 29. 970 304. 059 31 Surplus (recoveries) 150. 925 742. 331 94. 678 299. 815 32 Total redeposits purchased 222. 086 820. 351 138. 492 6,218.997 33 Total purchases 778, 818. 487 1,106, 893. 887 605, 832. 827 9,124, 508. 860

REDEPOSITS TRANSFERRED

34 Domestic coin from Treasury -•-. 90, 217. 012 18, 169. 156 • 9, 842. 049 35 Domestic assay pieces 109.570 36 Refined bars 11, 514, 304. 584 37 Unrefined bars 354, 836. 969 113, 944. 382 177,718.889 38 Proof bullion 150. 000 100. 000 200. 000 39 Total redeposits transferred 11, 604, 631.186 373,156. 125 123, 888. 431 177,918. 889

40 Grand total, fine ounces 12, 383,449. 653 1, 480, 056. 012 729, 719. 258 9, 302, 427. 749 Value of— 41 . Purchases*"'t ...... $16, 099, 608. 93 $22, 881, 527. 51 ,$12,523,676.3 2 $188, 620, 332. 72 4?, , Domestic coin, Treasury transfers. 1, 864,951.16 375, 589. 78 203,453.19 43 Other transfers 238, 024, 065. 09 7, 338, 231.92 2, 357, 506. 50 3, 677,909. 85

44 Total value 255, 988, 623.18 30, 595, 349. 21 15, 084, 838. 01 192, 298, 242. 57 Number of fineness determinations required: Deposits of gold and silver 6,544 6,549 2,434 14, 695 ^f Redeposits purchased 908 17 15 47 Redeposits transferred 40,131 944 134 832 48 Deposits in trust 2,956

49 Total determinations._. 50, 539 7,510 2,588 15, 342

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DIRECTOR OF THE MINT 631

THE DIRECTOR OF THE MINT the fiscal year ended June SO, 1929

9 Salt Lake New Orleans Carson Seattle Boise Helena City Total

Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fine ounce.? 20. 762 , 7. Ibb 24.360 286, 764. 282 294, 237.388 11 30.081 6,166.984 ?• 6.663 82, 729.946 3- 42. 769 171,997.223 4i 75. 405 5' 14, 203.413 3.765 161. 544 11.246 15, 640.790 ' 6- 7.926 9, 629. 771 79. 551 9, 682. 82? • r 7, 692. 692 493. 026 137.784 11,011.706 8- 517. 442 9' 38. 725 W 613. 381 388. 373 297. 754 6, 252, 415 11 9. 5R5 1?' 316, 297. 586 13' 100. 306 105. 865 14' 4,052. 020 4, 052.020 Mr 8.163 32. 721 16' 27, 917. 581 17 17. 277 17.277 18- 14.029 2.788 9. 528 2.107 10.704 1.744 344. 368 19- 14.029 762.795 16, 334. 428 9, 677. 280 291,488. 555 599. 765 946. 027.804 20^ 989. 430 2,962.470 34, 043. 707 2. 291,126. 831 9?' 14. 029 , 7, 621. 795 15, 334.428 • 9, 577. 280 , 326, 499.'692 • 699.765 . 3, 240,117.;105 123' 91, 796. 046 1, 276, 082. 914 '24- 4, 753.188 1, 673. 740 748, 286. 907 ?5 6,173, 887.915 26' 6, 371. 087 8.684 160. 014 373. 099 5, 599. 692 303.132 640, 024. 865 27"

101,934. 360 7,630.479 15.494.442 9, 950. 379 333, 773. 024 902. 897 12, 078, 339. 706 28-

1, 237. 228 1.840 6, 942.122 29' 11. 566 420.489 30' .4. 851 1, 292. 600 31 1, 237. 228 4.851 13. 206 8,656.211 32* 103.171. 578 7, 630. 479 15, 499. 293 9,960. 379 333, 788. 230 902:-897 12,086,994.917 335

118, 228. 217 34' 109. 570 35^ 11,514,304.584 36' 646, 500. 240 37' 5.000 20. 000 475. 000 38'

5.000 20. 000 12, 279. 617. 811 39' 103,171. 578 7,630. 479 15, 499. 293 9, 966. 379 333, 808. 230 902. 897 24, 366, 612. 628 40'

$2,132,744.89 $157, 735. 98 $320, 398:89 $205,'692. 50-' $6,899, 973. 66> •' $18, 684..46. $249^860,353.85 •'il 2,443,994.13 i?: 103. 36 413.44 251,398,230.16 43 2,132, 744. 89 157,736.98 320, 398. 89 206, 795. 86 6, 900, 387.10 18, 684. 45 603, 702, 578.14 44

• 434 186 228 179 1,253 54 :• - 32, 556 45 9 •• 949 46 41, 841 47 2, 956 48 434 186 228 179 1,262 54 78, 302 49

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632 REPORT ON THE FINANCES

Deposits and purchases of silver during

Source and description Philadelphia San Francisco Denver New York

PURCHASES Fine ounces Fine ounces Fine ounces Fine ounces 1 Alaska 4.41 949.89 4.86 47.33 ? Arizona. . . 3,790.12 448.84 3 California 19,490.20 2.77 2.77 4 Colorado . . 6.00 106,636. 90 6 Georgia 11.33 2.98 6 Idaho . ... 4, 019. 32 561. 09 7 Michigan 622.63 8 Montana . . . _ 12.00 10.72 9 Nevada^. , ... 139, 513. 03 6.48 .31 10 New Mexico ...... -. .. . 74.63 11 North Carolina , 8. 71 3.26 19 Oregon 720.41 13 South Carolina .10 14 South Dakota ' 84, 943.88 16 Utah... .37 16 Washington .. . _. 17 Wyoming .. . 12.49 18 Philippine "islands 9, 590.40 19 Other - ?0 Grains, deposit melting room 150. 80 40.80 13.64 241. 06 21 Total, unrefined 697. 78 178,132.17 191, 716. 65 297. 69 Domestic refinery bullion: 22 Less than 0.992 fine 196. 78 39, 577.44 ?,3 Over 0.992 fine 700,174.87 239,969.84 24 Total domestic purchases 700,872. 65 178,132.17 191, 912. 43 279,844,97 9b Foreign coin 1 381. 66 145.89 18, 716.17 96 Foreign bullion, crude 12.45 917, 258. 45 118, 837.13 150.145. 68 97 Foreign bullion, refined 260, 331. 65 44, 423.27 28 Jewelers' bars, dental sCrap, etc 144, 703.44 270, 800. 21 24,854. 25 457, 739. 59

29 Total deposits purchased.- 1,106,281.86 1,368,336. 72 333, 603.81 948,869. 68

REDEPOSITS PURCHASED

30 Domestic coin . .. 6,183. 29 391. 61 969.89 31 Bars stamped by U. S. Government.. 3.46 1.23 6.46 647.06 3? Surplus (recoveries) 2, 076. 34 910. 98 4,942.47 83 Total redeposits purchased 6,186. 74 2,469,18 1,887. S3 5, 589. 62 84 Total purchases 1,112, 468. 59 1,368,805.90 335,491.14 954,469.10

REDEPOSITS TRANSFERRED

35 Domestic coin from Treasury 1, 796, 674. 62 452,809. 29 268,172.16 86 Domestic assay pieces 116.41 37 Ref3ned bars 1, SSS, 723. 79 38 Unrefined bars 70, 050. 31 35, 989.85 146,148.37 39 Proof bullion 50.00 80.00 60.00 40 Total redeposits transferred 3,179,414. 82 622, 909. 60 304, 222. 01 146,196.37

DEPOSITED IN TRUST 41 Domestic refinery bars 1,187,463. 76 4? Foreign refinery produce 246,870.86 43 1,433,%334. 62 44 Grand total, fine ounces . 6, 726, 218. 03 1,891, 716. 50 639, 713.16 1,100, 655. 47 Value: 46 Cost of purchases $847,397. 34 $774, 268. 64 $190, 716.88 $638,492. 21 46 Cost of bullion transferred 884,920. 77 40,101. 50 20, 445. 09 , 88,763.88 47 Coining value of subsidiary bullion 1, 629,338. 58 1,891, 708. 02 462, 446.14 1,319, 452. 70 purchased. 48 Subsidiary coining value of pur­ 2,490, 927. 00 626, 508.93 372,064. 36 chased and transferred domestic coin.

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DIRECTOR OF THE MINT 633

the fiscal year ended June SO, 1929

New Orleans Carson Boise Helena Seattle Salt Lake City Total

Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces Fineounces Fine ounces 8.79 0.20 6.16 40,610.19 ' 41, 630.83 T 11.23 ,., 4„250.a9 ? .18 19,.496..92 ^ 23.26 106,666.15 4 14.31 «) 4, 784. OS .64 37.22 26.90 9,428. 20 6- 622. 63 7 L85 18,837. 22 • 12. 72 18,874. 61 8 16,996.44 373.42 19L97 156, 081.63 ft" 74.63 10- 11.96 IT 149. 74 23.01 39.63 932.79 1^ .10 13 84,943. m 14 113.83 114.20 \fi 300.11 300.11 Iff .83 13.32 17 « 9,690.40 18 6.26 6. 26 19 7.87 4.06 7.20 .80 L98 1.76 469. 74 20 7.87 16,009.46 5,316.44 18,849.08 40,996.46 397.16 452,419.76. 21 39,774. 22 940,144. 71 ?3

7.87 16,009.46 6,316. 44 18,849.08 40, 996. 46 397.16 1,432,338. 69 24 17,223. 72 ?5 6,889.26 459. 26 1,191, 602.12 96 304, 764. 92 27 11, 625.15 2.27 166.* 25; V 444.^86' = •."6r432;;:42 • '639.16V •y^917i'207i^69(^ >'28 18,422. 28 16, Oil. 73 5,482. 69 19,293.93 47,888.13 936.32 3,863,127.04 2»

7,644. 79 3f> 658.19 31 63.13 7, 982.92 3? 53.13 16,186. 90 S3; 18,422.28 16, Oil. 73 5, 535. 82 19,293. 93 47,888; 13 936.32 3,879,312. 94 34

2, 516, 566. 07 3 5' 116.41 SfV 1,383, 723. 79 37 252,186. 53 38 180. 00 39' 4,152, 742. 80 40

1,187,463. 76 41 245, 870. 86 4? l; 433,334. 62 43 18,422. 28 16, Oil. 73 • 6,635.82 •19;293.-.93 47; 888:13 - ' 936.32 '9,465,390.36' 44

$10,343.80 $9,081.65 $3,122. 22 $10, 880. 76 $27,194.36 $627.41 $2, 212,024.14 45 1, 012, 231. 24 46 25,467.12 22,134. 76 7, 652. 77 26, 672.10 66,200. 97 1,294.38 6,352,366. 64 47 3,489,500. 28 48

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

^634 REPORT ON THE FINANCES

Deposits of gold at United States mints and assay offices since 187S

Character of gold deposited

Domestic bullion, Surplus .iOFiscal year ended including bullion, Total June so- domestic Domestic Foreign Foreign grains, refinery coin bullion coin jewelers' product bars, old from foreign plate, etc. ores, etc.

.1873....'.... • $28, 868, 570 $27,116,948 $426,108 • $518,542 $774, 218 $57,704,386 .1874 29, 736, 388 6,275, 367 3,182, 520 9, 313,882 654,354 49,142, 511 31875 34, 268,126 1,714,311 739,440 1,111,792 724, 628 38, 558, 294 :1876.... 37, 590, 529 417,947 1,141,906 2, 111, 084 881, 819 41,943, 285 1877..^ 43, 478,104 447,340 1,931,163 2, 093, 281 837, 911 48, 787, 779 1878...... 48, 075,124 301, 022 2,088, 879 1, 318, 461 907, 932 52, 889, 218 1879...... 38, 549,708 198,083 1, 089, 797 1,498, 820 937,751 42, 254,157 1880.....'... 35, 821, 705 209, 329 21, 200, 997 40, 428, 580 1,178, 606 98, 835, 097 :1881...... 35, 815, 037 440, 777 -37, 771, 472 55,482, 386 1, 343,431 130, 833,103 "1882...... 31, 298, 512 599, 357 12, 783.807 20,304,811 1, 770,186 88, 758, 853 31883 32, 481, 842 374,129 4, 727,143 8, 908, 084 1, 858,108 48, 347,108 -1884...... 29, 079, 598 283,117 8, 023, 735 9, 095,482 1, 864, 789 48, 326, 679 1886. 31, 584,437 325, 210 11,221,847 7, 893, 218 1, 889, 383 52, 894,075 "1888 32, 458,494 393, 545 4, 317,088 5, 873, 585 2, 089, 077 44, 909, 749 1887 32, 973,027 518, 985 22, 571, 329 9, 898, 512 2, 285, 220 88, 223, 073 1888... 32, 406, 307 492, 513 21, 741, 042 14, 598, 885 2,988,751- 72, 225,498 :1889 .. ,31. 440, 779 585,067 2,136, 517 4,447, 476 3, 526, 597 42,136,436 .1890 • 30, 474,900 655,476 2, 691,932 5, 298, 774 3, 542,014 42, 883,096 1891...... 31, 556,117 583,847 4,054, 823 8, 266, 304 4,035,710 48,486, 801 1892 .... 31, 961, 546 557, 988 10,935,155 14,040,188 3, 838, 603 81,131,480 .1893...... 33, 286,168 792,470 2, 247, 731 6, 293, 298 3, 830,176 48, 449, 841 a894...... 38, 696,951 2, 093, 615 15, 614,118 12, 388,407 3, 118,422 71, 909, 613 .11895 44, 371,950 1,188, 258 14,108, 436 2, 278, 614 3, 213,809 65,161, 087 .1896 •.. 53, 910, 967 1, 670,008 6,672,390 3, 227, 409 3, 388, 622 68, 789, 384 •1897 60, 618, 240 1, 015, 314 9, 371, 521 • 13,188,014 2, 810, 249 87,003, 338 1898 69, 881,121 1,187, 683 26,477, 370 47, 210,078 '2,938,943 147, 693,195 1899 76, 252,487 1.158, 308 30, 338, 660 32, 785,152 •2,964, 684 143,497,191 87, 458, 836 18, 834,496 3, 517, 641 133, 920,120 :a900 929, 696 1, 389,097 22,720,150 :1901 92, 1,116,180 27,189, 659 27, 908,489 3, 959, 657 153,101,681 94, 822,079 13, 998,182 4, 284, 724 132, 580,830 >1902 514, 298 1,488,448 18,189, 417 TOOS...... 96, 960,908 16, 331,059 8,950, 595 4, 247, 583 127,004,443 87, 745, 627 1904 618,315 2.159, 818 36,802, 224 48,152, 784 4, 892, 931 177, 763, 384 1905 101, 838, 288 3,404,967 17, 645, 527 15,141, 678 5, 588,483 143, 378, 970 .1908 103, 217,462 1, 514, 291 36, 317, 866 8, 648, 512 4, 790, 558 153,109,494 1907 114, 735,878 2, 754, 283 36, 656, 546 17, 221, 252 5, 731,112 178, 580, 656 1908 111, 727, 439 3, 989, 773 71, 774, 351 13, 884,426 8, 231, 547 207,415,976 1909 119, 974, 659 3, 432, 288 16,021, 621 1, 034, 378 5, 341, 604 145, 567, 230 1910 104, 910, 247 3, 603,140 15, 761, 852 405, 226 5, 826, 331 130, 371,108 1911 120, 338,160 2,949,199 35, 673,116 10,088, 643 5, 783,886 176, 383,091 1912... 119, 604,953 3,496, 769 20, 914, 227 2,155, 233 6,025, 502 151,929,881 1913 118, 278,957 1, 846, 880 31, 985, 879 2, 732, 439 6, 081, 727 161,131, 878 1914 113, 217, 239 4, 719, 876 18, 978, 572 3, 261,987 6, 057,184 148, 296, 556 1915. 119, 722,159 4, 209, 612 22,881, 854 15,420, 256 5, 748, 959 187,477,920 11916. 120, 356, 339 2, 522, 290 91,099,419 271, 541, 705 6, 330, 201 492, 215, 774 1917 204, 416,485 1, 906,126 671,448, 088 124, 111, 619 8,048, 828 909,867,998 1918 101, 350,336 6,431, 236 153,405, 687 40, 422,147 7,812,187 309,487, 722 1919 83, 416, 689 24, 621, 646 34, 568, 599 15, 288 8, 907, 516 151, 363, 384 1920... 108, 714,480 6,079, 373 78, 021, 286 29,003,844 10,989,886 229, 611,038 1921 72, 748, 328 1,887, 929 609,493, 374 78,813, 705 12, 798, 620 873,708,108 1922 69, 102,007 2,491, 089 346,479, 208 123,987, 764 14, 300,128 558, 984, 515 1923 74, 777,074 2, 340, 594 192,071,404 48, 033, 348 12, 834, 532 330,151,885 1924 81, 677, 663 3,008,442 276, 706,141 116, 698,431 13, 242, 795 491, 432,883 1925 78, 415, 618 1, 812, 398 83, 062,092 34,418, 655 13,194, 277 211,185,085 1926 72, 680,338 2, 088, 238 81, 815,854 10, 683, 789 13, 555, 249 180, 558, 646 1927 72, 669, 228 2, 704, 941 40, 384, 083 100, 678, 518 13,433,124 229, 781,004 1928 68, 980,739 2, 216, 232 63, 381,116 42,724, 624 12, 854,429 179, 845, 629 1929 66, 2,589, 786 143,093, 226 26, 378, 562 13, 284,327 252, 306, 620 Total 4,037,487,903 168, 209, 819 3,378,317,978 1, 587, 605, 552 304, 961, 219 1,464.482,471

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIRECTOR OF THE MINT 635

Deposits of silmer

Character of silver deposited

Domestic Domestic coin Foreign coin Fiscal year bullion, Surplus «nded June including •bullion, Total' so- domestic grains, refinery Foreign jewelers' product."' United Ha­ . bullion: Philipr bars, old from States waiian pines, for Other plate, foreign recoinage etc. ores, etc.

Fine Fine Fine Fine Fine Fine Fine Fine ounces ounces ounces ounces ounces ounces ounces ounces 1873.. 6,619,104 37,966 69,877 216,171 141, 236 7,074,342 1874.. 8,370,, 649 45,287 89,474 163,748 213, 624 8, 882,682 1875.. 11, 729,014 10,984 399, 240 124, 285 166,104 12,429, 627 1876.. 18, 686,953 3,753 269,836 109, 246 138,096 19, 206,882 1877., 20, 96,7, 567 795,376 , 284, 732 189, 968 315,354 24, 662,996 1878., 22,271, 284 4,930 824,919 285, 541 157, 366 27, 524,030 1879.. 20,832, 329 8,206 829,836 • 640,349 161, 347 22, 372,066 1880.. 24,852, 680 30, 395 892,826 823, 516 192,866 26, 792, 282 1881.. 22,025, 225 5,652 014,862 668,038 201, 251 23,816,028 1882.. 23,942, 987 98, 669 103,408 665,803 289, 826 26, 080,692 1883.. 25, 338, 843 492, 668 414, 767 979,758 292, 680 28, 516, 516 1884.. 24, 334, 752 117, 589 952, 731 1, 634, 782 306, 310 28, 246,164 1885.. 24, 943, 394 678, 741 627, 619 867,866 336,981 28,454, 591 1886.. 25,101, 639 216, 015 145,017 628,646 361, 316 27,452, 532 1887.. 29, 293, 372 5,848, 685 127, 213 271,166 396,656 36,938,992 1888.. 28,921, 649 1, 202,177 290,390 67, 549 485,190 31,986, 956 1889.. 29, 606, 387 394,346 063,900 328, 276 502, 223 31,895,132 1800.. 29,187,136 486, 302 852,166 951,162 626, 270 32, 983,024 1891.. 50, 667,116 637, 652 767,908 1, 970,912 633, 073 55, 676, 661 1892.. 56,817, 548 6, 036,246 556, 618 349, 852 572, 661 84, 332, 726 1893.. 66, 978, 082 5, 346,912 738, 711 505,171 582, 728 65,149, 604 1894.. 15, 296, 815 bi 012, 060 994, 901 522, 725 467,958 22,194,469 1896.. 6, 809, 626 3,015, 905 362,141 15, 291 680,125 11, 783, 088 1896.. 4,420, 770 3,170, 768 680, 757 150, 942 604, 386 9,027, 623 1897., 3,914, 985 2, 208,953 626, 085 101,157 473, 755 7, 324, 935 1898.. 2,116, 690 1, 243, 050 ,209,987 6,808 249, 468 3,828,003 1899.. 5, 684,912 6, 080, 986 716,077 19, 382 484, 751 12, 866,108 1900.. 4, 977, 978 3, 587, 992 088,019 44,704 557,831 10,256, 524 1901.. 2,466, 749 2, 613, 670 306,149 4, 250,196 567, 647 11, 204, 311 1902.. 1, 425, 060 2, 275,090 152,023 29,265 676,'430 6,456,868 1903.. 12, 523, 630 2,050,225 461,686 110,463 , 21,869 627,108 16, 794,981 1904-. 9, 991,187 1, 923, 609 148,788 361, 701 12,667,137 1,471, 963 652,015 18,116,400 1905.. 4,923, 655 1,333, 696 3,647 906,410 1 7,703,766 92, 995 739,311 16, 703,379 1906.. 2, 398,871 969, 568 3,896 162, 607 1 61,333 1,287, 658 632, 644 8, 506, 376 1907.. 20, 388,163 770,269 662,003 4,680, 791 282,612 636, 722 29, 310, 660 1908.. 16,114, 553 786, 086 963,399 8,870, 033 134,974 648, 007 29, 517,051 1909.,. 5, 375, 389 659, 935 326, 847 7, 320, 312 21, 917 520, 715 16, 225,115 1910-. 1,647,146 • 548,821 162, 240 1,391,587 13, 296 460,935 5,124,023 1911.. 3, 220, 236 393, 906 799,105 621, 800 6,040 495,013 5,536,100 1912.. 5, 635, 513 458, 694 957, 233 227, 296 7,934 540,117 7,827, 233 1913-. 3,104, 347 280, 688 624, 215 342, 289 17, 010 577,423 4, 945,972 1914.. 9, 752, 814 589, 972 527, 233 143,873 85,141 672, 687 11, 671,420 1915.. 7, 250, 205 491, 028 130,138 136, 247 383,439 536,887 10,927,944 1916.. 9,346,085 569, 510 860,420 138,067 204, 470 698,026 12,816,677 1917.. 7, 556, 359 6, 240, 994 327, 785 149,198 816, 725 882,893 17, 974, 016 1918.. 21,155, 924 8,176, 334 780, Oil 1,911,376 7,145, 336 964, 626 46,133, 607 1919.. 2, 669,447 456, 283 100 670, 071 618, 531 4,801,019 1,145, 087 11, 360, 618 1920.. 5, 336,184 641,117 205,066 226 4, 413, 248 i, 274, 743 13,770,683 1921.. 63, 540, 055 507, 894 158, 717 763, 075 830, 670 67, 800, 311 1922.. 61, 994, 780 1, 734, 696 705, 424 6, 219, 623 746, 708 61,401, 231 1923-. 68, 903,846 2,367,425 522. 320 198,834 768, 359 73,760, 784 1924., 17, 690, 587 1, 492, 359 296, 980 .113,755 880,430 23,474, 111 1925.. 1, 692, 032 1, 764, 224 030, 099 182, 265 895,840 6, 664, 460 1928.. 2,127, 588 1, 828, 582 271, 270 301, 311 930,415 8, 459,166 1927.. 6,131,185 2, 630, 930 718, 409 38.407 843, 281 10,358,172 1928.. 3, 074, 950 2, 818, 357 427, 284 13,491 844, 760 9,178, 842 1929.. 1, 432, 527 2, 624, 217 496,357 17, 224 925, 660 6, 395,985 Total. 1972, 373,131 |95, 586,129 618, 724 |92,493, 884 | 36, 883, 860 |45, 216, 492 ISl, 785, 239 |l, 274,936,459

» Spanish-Filipino coins.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

636 REPORT ON THE FINANCES Authority for United States coinage, hy denominations, with standard weight and fineness, and total coined GOLD COINAGE Total coined to Dec. 31, 1928- Denominations Authorizing acts Standard Standard weight fineness Pieces Value 60t dollars •'••• cbnaihiBmo- rative: Panama-Pacific In­ ternational Ex­ Thou­ position- Grains sandths Octagonal Jan. 16, 1916.. 1,290 900 1,609 $76,460. 00' Round.- do.. 1,290 900 1,610 76, 600.00- Doubleeagle ($20) Mar. 3, 1849.. 616 900 Feb. 12, 1873. 167,669,866 616 900 3,353,197,120.00- Eagle ($10), Apr. 2, 1792.. 270 916^ June 28, 1834. 258 899.225 Jan. 18, 1837.. 268 900 52,811,986 Feb. 12, 1873. 258 900 528,119,850.00' Half eagle ($6) Apr. 2i 1792.. 135 9165^ June 28, 1834. 129 899.226 391, 249, 345. OO* Jan. 18} 18371. 129 900 78,249,869 Feb. 12, 1873. 129 900 Quarter eagle ($2.60). Apr. 2, 1792.. 67.6 9165^ June 281,, 1834. ,64.6 899. 225 19,684, 590 49, 211,476.00' Jan. 18, 1837.. 64.5 900 Feb. 12, 1873. 64.6 900 Quarter eagle ($2.60), commemorative: Panama-Pacific In­ Jan. 16, 1916.. 64.6 900 10,017 26,042. 60» ternational Expo­ sition. Sesquicentennial Mar. 3, 1926 ^ 64.5 900 200,226 600,665. 00? Exhibition. • 3 dollars ±'. .-. • Feb; .21,'. 1863;-Feb. 12, 1873 77.4 900 539, 792 1,619,37:6.00' (discontimie'd, act Sept. 26, 1890). 1 dollar.. Mar. 3, 1849; Feb. 12, 1873 900 19,499,337 19,499,337. Oa (discontinued, act Sept. 26, 1890). 1 dollar, commemora­ tive: Louisiana Purchase June 28, 1902. ' 26.8 900 260, 268 250, 268. 00 Exposition. Lewis and Clark Ex­ Apr. 13, 1904. 25.8 900 60,069 60,069.00 position. Panama-Pacific In­ Jan. 16, 1916.. 25.8 900 26, 034 26,034. OO­ ternational Expo­ sition. SO, 040.00 McKinley Feb. 23, 1916. 25.8 900 30,040 Grant Feb. 2,1922.. 26.8 900 10,016 10,016.00^ Total gold.. 339,034,108 4,343,948,477.60

SILVER COINAGE

Dollar- Apr. 2, 1792 416 892.4 Jan. 18, 1837 (discontinued, 412^ 900 act Feb. 12,1873). Feb. 28, 1878 il2H 900 848,536,570 t $848,636,670.00' July 14, 1890 412J4 900 Mar. 3, 1891 4121^ 900 Apr. 23, 1918 412^ 900 1 Silver-dollar coinage: Act Apr.* 2,* 1792— From 1792 to 1805 $1,439,517 During 1836 1,000 From 1839 to Feb. 12, 1873 6,690,721 $8,031,238 Act Feb. 28,1878 378,166,793 Act July 14,1890, to date of repeal of purchasing clause of (Sherman) act, Oct. 31, 1893 _ 36,087,285 Act Nov. 1, 1893, to June 12, 1898 42,139,872 Act June 13,1898, war revenue bill 108,800,188 187,027, 346 Act Mar. 1,1891, trade-dollar conversion 5,078,472 Act Apr. 23,1918, Pittman Act replacement- Old design, since Feb. 21,1921 86,730,000 Peace dollar, since Dec. 21,1921 183,602,722 270,232, 722 848,636,670 NOTE.—Silver-dollar coinage suspended 1806 to 1836 and 1874 to 1877. The bullion value of the dollar was greater than its coin value prior to 1878,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIBECTOR OF THE MINT 837 Authority for United States'^coinage, hy denominations, with standard weight and fineness, and total coined—Continued

SILVER COINAGE—Continued

Total coined to Dec. 31, 1928 Authorizing acts Standard Standard Denominations weight fineness Pieces Value

Thou­ Grains sandths Trade dollar«. Feb. 12, 1873 (discontinued, 420 900 36, 965, 924 $35, 965, 924. 00 act Mar. 3, 1887). Dollar, commemora­ tive: Lafayette Mar. 3, 1899.. 4123.^ 900 50, 026 60, 026. 00 Halfdollar Apr. 2, 1792.. 208 892.4 Jan. 18, 1837-. 206H 900 Feb. 21, 1853. 192 900 449, 927,310 224,963, 656. 00 Feb. 12, 1873. 3 192.9 900 Half dollar, commem­ orative: Columbian Exposi­ Aug. 5, 1892.. 192.9 900 5, 022,105 2,501,052.50 tion. Panama-Pacific In­ Jan. 16, 1915.. 192.9 900 60, 030 SO, 015. 00 ternational Exposi­ tion. Illinois Centennial... June 1, 1918... 192.9 .900 100, 058 50, 029. 00 Maine Centennial... May 10, 1920.. 192.9 900 50,028 25, 014. 00 Lancimg.of Pilgrims May 12, 1920.. 192.9 900 300,185 150, 082. 50 Tercentennial. Alabama Centennial. May 10, 1920.. 192.9 900 70, 044 35,022. 00 Missouri Centennial. Mar. 4, 1921... 192.9 900 60, 028 25,014. 00 Grant Feb. 2, 1922... 192.9 900 100, 061 50,030. 60 Monroe Doctrine Jan. 24, 1923... 192.9 900 274, 077 137, 038. 50 Centennial. Huguenot-Walloon.. Feb. 26, 1923-, 192.9 900 142, 080 71, 040. 00 Stone Mountain Mar. 17, 1924.. 192. 9 900 , 2, 314, 709 1,157, 354. 50 Battle Lexington- Jan. 14,. 1925— 192.9 900 162, 099 81, 049. 50 Concord. California Diamond Feb. 24, 1925. 900 150, 200 75,100. 00 Jubilee. Fort Vancouver do. 192.9 900 50, 028 25, 014. 00 Sesquicentennial Mar. 3, 1925.. . 192. 9 900 1, 000,528 500, 264. 00 Exhibition. Oregon Trail. _ May 17, 1926. 192.9 900 198,113 99, 056. 50 Battle of Bennington. Feb. 24, 1925. 192.9 900 40, 034 20, 017. 00 Hawaiian Discovery- Mar. 7, 1928.. 192. 9 900 10,008 5, 004. 00 Quarter dollar Apr. 2, 1792.. 104 892.4 Jan. 18, 1837.. lOSH 900 Feb. 21, 1853., 96 900 631,630,341 157,907, 586. 25 Feb. 12, 1873. * 96. 45 900 Quarter dollar, com­ memorative: Columbian Exposi­ Mar. 3, 1893., 96.46 40,023 10,005. 75 tion. 20 cents Mar. 3, 1875 (discontinued, 8 77.16 900 1, 355,000 271, 000. 00 act May 2, 1878). Dime-. Apr. 2, 1792 41.6 892.4 Jan. 18, 1837... 41H 900 1,346,436,797 Feb. 21, 1853 38.4 900 134, 643,679. 70 Feb. 12, 1873 6 38. 58 900 Half dime. Apr. 2, 1792 20.8 892.4 Jan. 18, 1837 20H 900 97,604,388 4,880,219.40 Feb. 21, 1853 (discontinued, 19.2 900 act Feb. 12, 1873). 12% •3 cents- Mar. 3, 1851 750 j 42,736,240 1, 282, 087. 20 Mar. 3, 1853 (discontinued, 11.52 900 act Feb. 12, 1873). Total silver.. 3,464,357,016 1,413, 547,950. i

2 Coinage limited to export demand by joint resolution July 22, 1876. Redeemed $7,689,036 at face value under act Mar. 3, 1887, converted into 6,078,472 standard dollars and $2,889,011 subsidiary silver coin. 812H grams, or 192.9 grains. 4 6]i grams, or 96.45 grains. 6 6 grams, or 77.16 grains. « 2^A grams, or 38.58 grains..

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

638 REPORT ON THE FINANCES Authority for United States.coinage, by denominations, with f^fandard weight and fineness, and total coined—Continued MINOR COINAGE

Total coined to Dec. 31, 1928 Standard Standard Denominations Authorizing acts weight composi­ tion Pieces Value

Grains 5 cents (nickel) May 16, 1866 Feb. 12, 1873 } 77.16 (0 1, 483,926, 762 $74,196, 338. 10' Scents (nickel) Mar. 3, 1865 .- 30 Feb. 12,1873 (discontinued, 30 } 31,378,316 941, 349. 48' act Sept. 26, 1890). • 2 cents (bronze) Apr. 22, 1864 (discontinued, 96 (S) 45, 601, 000 act Feb. 12, 1873). 912, 020. 00- Cent (copper) . Apr. 2, 1792... 264 («) Jan. 14, 1793 .-. > 208 Jan. 26, 1796 lo. . 168 • 156, 288, 744 1, 562, 887. 44 Jan. 18, 1837 (discontinued, 168 act Feb. 21, 1857). Cent (nickel) Feb. 21, 1857 (discontinued, 72 (") 200, 772, 000 2, 007, 720. 00 act Apr. 22, 1864). Cent (bronze). Apr. 22, 1864... 48 («) Feb. 12, 1873 48 }5,203,728,683 52, 037, 286. 83 Halfcent (copper). Apr. 2, 1792 .. 132 Jan. 14, 1793 104 8 Jan. 25, 1796 io.__ 84 I 7,985,222 39,926.11 Jan. 18, 1837 (discontinued, 84 act Feb. 21, 1857). Total minor 7,129, 680, 727 131, 697, 527. 96 Total coinage 10,933,071,851 5,889,193, 956. 26

7 Composed of 75 per cent copper and 25 per cent nickel. 8 Composed of 95 per cent copper and 5 per cent tin and zinc. 9 All copper. 10 Proclamation of the President in conformity with act of Mar 3, 1795. 11 Composed of 88 per cent copper and 12 per cent nickel.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

\ DIRECTOR OF THE MINT 639>

Coinage of each mint, value, with grand total pieces, since organization to close- of business December Sl, 1928

New.; Orleans; Philadelphia,"^' ' • San Francisco, Denver, Denominations 1838-1861, • 1793-1928 1854-1928 1906-1928 1879-1909

Gold: 60 dollars . .. $150,950.00 Double eagles $1,298,297,540.00 1, 761,210, 520.00 $265,030, o5o. 00 $16,375, 500. 00 Eagles _.-..- 297,794,320.00 144, 824,060.00 59,092,800.00 .23,610,890.00 Half eagles 206, 538,105.00 140,140,040.00 26,463,300.00 4, 618, 625. 00 3 dollars 1,357,716.00 186,300. 00 72,000.00^ Quarter eagles _ •41,083,887.50 1, 886,297. 60 2, 704, 205.00 3,023,157. 50 Dollars .- - 18,673,821.00 | 115, 266.00 1,004,000.00

Total gold .... 1,863,645,389.50 | 2,048,313,433. 60 348,290.300.00 48, 704,172. 50 Silver: Dollars . 421,228,065.00 180,629,073.00 45,836,600.00 187,111,529.00' Trade dollars • 6,107, 524. 00 26, 847,000.00 Half dollars 125,879,001.50 48,189,641. 60 13,180, 565.55 40,117,338.00 Quarter dollars . 104,122,308.76 20, 663, 534. 25 16,476,800.00 15,085, 760. 00 20 cents 11,342.00 231,000.00 Dimes _ . . 90,720,379.40 20, 604, 218.90 14, 525,985.55 6,807,990. 80- Half dimes 3,948,791.90 119,100.00 812,327. 50 3 cents . 1,280,487.20 21,800.00^ Total silver, ... 752,277,899.75 296,853, 586. 66 89,014,940.00 249,956, 635.10 - Minor: 5 cents 65, 226, 823.10 3, 670,000.00 5, 299, 515. .00 3 cents...... 941,349.48 2 cents 912,020.00 . 1 cent .... 47,274,614.27 4, 072,380. 00 4,265,905. 55 Half cent 39,926.11 . Total minor 114,394,732.96 7,742,380.00 9, 580,415. 00 Total value: 2,730,318,022.21 2,352,909,380.16 1 446,885,655.00 298,880,707.60 Total pieces 8,411 259,714 1, 208, 833i 121 836, 680,140 419,076, 513 ••

Carson, Charlotte, Dahlonega, Total value Total pieces Denominations 1870-1893 1838-1861 1838-1861

Gold: 50 dollars $150,950.00 3,019=' Double eagles $17, 283, 680.00 3, 353,197,120.00 167,659,856 Eagles 2,997, 780. 00 528,119; 850.00 52, 811; 985 Half eagles 3, 548,085.00 $4,405,135.00 $5,536,055.00 391, 249, 345.00 78, 249,869'' 3 dollars 3,380.00 1,819,376.00 539, 792 Quarter eagles 544,915.00 494,625.00 49, 737,082. 50 19,894.833 • Dollars 109,138. 00 1 72, 529.00 1 19, 874, 754.00 19, 874, 754

Total gold 23,829,425.00 5,059,188.00 1 6,106, 589.00 1 4,343,948,477. 60 339,034,108- Silver: Dollars 13,881,329.00 848, 586, 596.00 848,586,596" Trade dollars 4, 211, 400.00 35,985,924.00 35,965,924 • Half dollars 2, 654,313. 50 230,000,853. 50 480,001,707 Quarter dollars 2, 579,198.00 157,917,591.00 831, 670, 364 20 cents . . . 28, 858. 00 271,000.00 1, 355,000 > Dimes 2,090,110. 80 • 134, 843,879.70 1, 348, 436, 797 Half dimes 4,880, 219. 40 97, 804, 388 3 cents 1, 282,087. 20 • 42,738,240" Total silver 25, 445, 009. 30 1 1 1,413, 547,950. 80 3,464, 357. 016

Minor: '5 cents 74,198, 338.10 1,483,928:782:: 3 cents 941, 349.48 31, 378, 316 2 cents 912,020.00 45, 601, OGO 1 cent \ 55, 807, 894. 27 5, 660, 789,427 Half cent 39,928.11 7,985,222" 1 • Total minor . 1 131,897,527.98 7.129,680,727" Total value 49, 274, 434. 30 5, 059,188. 00 1 6,108, 589. 00 • 5, 889,193,958.,26 Total pieces 66, 638-119 1, 208,131 1 378,710 10,933,071,851.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

640 REPORT ON THE FINANCES Coinage of each mint during

BY VALUE AND

Mints 1919 1920 1921 1922 1923

PHILADELPHIA

Oold: D,ouble,eagles._-, $4, 666,0.00.',00, $10, 570, oop. 00, $27, 510,000.00 $11,320,000,00 Eagles Half eagles... Quarter eagles Dollars 10, 016.00

Total gold 4, 585, 000.00 10, 670,000. 00 27, 520, 016.00 11, 320, 000.00

.Silver: Dollars 45, 896, 473. 00 51, 737, 000. 00 30,800, 000.00 Half dollars $481,000. 00 3, 311, 070. 00 233,082. 50 60, 030.50 Quarter dollars.. 2,831,000.00 8, 965, 000. 00 479, 000. 00 2, 429, 000.00 Dimes 3, 674, 000.00 5,903, 000. 00 123,000.00 6, 013, 000.00 Total sil ver 6,886, 000. 00 16,179,070.00 48, 531, 536. 50 51,787,030.50 38, 242, 000. 00 Minor: 5 cents...J 3,043, 400. 00 3,154, 650. 00 633,150. 00 1, 785,750.00 1 cent. 3, 920, 210. 00 3,101, 650. 00 - 391, 570.00 747, 230. 00 Total minor.-. 6,983, 610. 00 8, 256, 300. 00 924, 720. 00 2, 532, 980.00 Total value... 13,849, 810. 00 27, 000, 370. 00 58, 026, 255.50 79,307,048. 50 52, 094, 980.00

SAN FRANCISCO

Gold: Double eagles 11,160,000.00 53,160,000.00 Eagles.. . . 1, 265, 000. 00 Half eagles__ \ Quarter eagles :::::::::::::::::::::::::::

Total gold 12,426,000.00 53,180,000.00 fill ver: Dollars..^ 21, 895, 000. 00 17,475,000.00 19,020,000.00 Half dollars 776, 000.00 2,312,000.00 274, 000. 00 1, 228, 038. 50 Quarter dollars.. 459, 000. 00 1, 595, 000. 00 340, 000. 00 Dimes 885,000.00 1,382,000.00 844,000.00

Total silver.... 2,120, 000.00 5, 289, 000. 00 21,989, 000.00 17, 476, 000. 00 21,230,038.50 Minor: o cents 378, 050. 00 484, 450. 00 777,850. 00 307,100.00 1 cent 1,397,600.00 482, 200. 00 152, 740. 00 87, 000.00 Total minor... 1,773, 850. 00 948, 850. 00 230,590. 00 394,100.00

Total value... 3,893,650.00 18, 880,850. 00 22,199, 590. 00 70,635,000. 00 21, 624,138. 50

DENVER •

Gold: Double eagles 34, 045, 000.00 Eagles : Half eagles Quarter eagles Total gold 34, 045,000. 00

Silver: Dollars 20, 345, 000.00 15,063, 000.00 6, 811,000. 00 Half dollars 682, 555. 55 775, 500. 00 104, 000.00 Quarter dollars.. 486,000.00 898, 600.00 Dimes 993, 900. 00 1,917,100.00 108, 000. 00 Total silver.... 2, 062, 400. 00 3, 589, 200. 00 20, 657,000. 00 15, 063,000. 00 6,811, 000. 00 Minor: 5 cents 400, 300.00 470,900.00 1 cent .571,640.00 492,800.00 71,800.00 Total minor... 971,840.00 983,700.00 71,600. 00

Total value. __ 3, 034, 240. 00 4, 552,900. 00 20, 557,000. 00 15,134,600.00 40, 856,000.00 7 ALL MINTS

Grand total value 20, 777,500. 00 50,213, 920.00 100, 782,846. 50 185, 076,646. 50 114,675,118.50

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIRECTOR OP THE MINT 641

the past 10 calendar years DENOMINATION

1924 1925 1926 1927 1928 Total

$86,470, 000.00 $56, 635, 000. 00 $16, 336, 000. 00 $58,936, 000. 00 $176, 320, 000. 00 $448, 680, 000. 00 10,140, 000. 00 10,140, 000.00

1, 615, 665. 00 970, 000.00 1, 040, 000. 00 3, 626, 665. 00 10, 016. 00

86, 470, 000. 00 56, 635,000. 00 28, 090, 565. 00 59, 905, 000.00 177, 380, 000. 00 482,436, 581. 00 11, 811,000.00 10,198, 000. 00 1, 939, 000. 00 848, 000. 00 360, 649. 00 153, 390,122. 00 71,040.00 1,238,404.00 524, 279. 00 20, 017. 00 30, 018. 00 '5,958,921.00 2, 730, 000.00 3, 070, 000. 00 2,829,000.00 2.978,000.00 1, 684, 000. 00 25,895,000.00 2, 401, 000. 00 2, 561, 000. 00 3, 216, 000. 00 2,808, 000. 00 1,948, 000. 00 27, 647, 000. 00 17, 013, 040. 00 17, 087,404. 00 8, 508, 279.00 6, 654, 017. 00 3,922, 667.00 212, 791, 043. 00

1, 081, 000. 00 1, 778, 255. 00 2, 234, 650. 00 1, 899, 050. 00 1,170, 550. 00 16, 680, 455. 00 751, 780. 00 1, 399, 490. 00 1, 570, 880. 00 1, 444, 400. 00 1, 341,160. 00 14,668,370. 00 1, 832, 780. 00 3,177, 745. 00 3, 805, 630. 00 3, 343, 450. 00 2, 511, 710. 00 31, 348, 825. 00 105, 315, 820. 00 78, 880,149. 00 40,404, 374. 00 69,902, 467. 00 183,794,377.00 708, 575,449. 00

58, 560, 000. 00 76, 530, 000. 00 40, 830, 000. 00 62,140, 000. 00 301,370, 000.00 1, 265, 000. 00

58, 550, 000. 00 75, 630,000. 00 40, 830, 000, 00 62,140, 000. 00 302, 635, 000. 00 1, 728, 000. 00 1, 610, 000. 00 6, 980, 000. 00 866, 000. 00 1, 632, 000. 00 71, 006,000. 00 100,114.00 50, 027. 50 1,196. 000. 00 970, 000. 00 6,904,180. 00 715, 000. 00 675, 000.00 99. 000. 00 661, 000.00 4, 544, 000.00 712,000. 00 685, 000. 00 152, 000. 00 477, 000.00 740, 000.00 . 5,577,000.00 3,156,000.00 2, 295,114. 00 7, 857, 027. 50 2, 638, 000. 00 4, 003, 000. 00 88, 031,180.00 71, 850. 00 312, 800.00 48. 500. 00 171, 500. 00 346, 800. 00 2,198, 900.00 116, 960. 00 263, 800. 00 45, 500.00 142, 760. 00 172, 660.00 2,841, 220. 00 188, 810. 00 576, 800. 00 94, 000. 00 314, 260. 00 519, 460. 00 5, 038,120., 00 61, 893, 810. 00 78, 401, 714. 00 48, 781, 027. 50 65, 092, 280. 00 4, 622, 460. 00 395, 704, 300.00

60, 990, 000. 00 58, 770, 000. 00 9, 620, 000. 00 3, 600, 000. 00 167 026 000 00

I 1, 445, 000. 00 1,445, 000. 00 60, 990, 000. 00 60, '215, 000. 00 9, 620, 000. 00 3, 600, 000. 00 188,470,000.00 2, 348, 700. 00 1, 288,900. 00 45 838 800 00 1 482 000 00 778, 000. 00 429, 000. 00 244,100.00 408, 900. 00 3 240 800 00 681, 000. 00 511, 700. 00 682,800. 00 481, 200.00 416,100. 00 6, 791, 800. 00 1,459, 000. 00 511, 700. 00 3,460, 500. 00 1,994, 200. 00 823, 000. 00 66, 331, 000. 00 262, 900. 00 222, 500. 00 281, 900. 00 286, 500. 00 321,800. 00 2, 246, 800. 00 25, 200. 00 225, 800. 00 280, 200. 00 271, 700. 00 311, 700. 00 2, 250, 540. 00 288,100. 00 448, 300. 00 582,100. 00 658, 200. 00 633, 500. 00 4, 497, 340, 00

62, 737,100. 00 81,175, 000. 00 13, 642, 600. 00 6,152,400. 00 1,456, 500. 00 229, 298, 340.00

229, 946, 730. 00 216, 456, 883. 00 102. 828, 001. 50 141,147,127. 00 189, 773, 337. 00 1, 331, 578, 089. 00

71799—30—FI 1929- -43

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

642 REPORT ON THE FINANCES Coinage of each mint during BY NUMBER

Mints 1919 1920 1921 1922 1923

Philadelphia: Gold 228,250 628, 500 1, 385, 516 566, 000 Silver 48, 026, 000 93, 512,140 49,308, 598 51,837, 081 90,646,000 Minor 462,889, 000 373, 258, 000 49,820, 000 110,438,000 Total... 600,916,000 468,998,390 99,657,098 63, 222, 677 201, 650,000 San Francisco: Gold 884, 500 2,858,000 Silver. __ 12, 238,000 24,824,000 22, 243,000 17, 475,000 29, 272, 077 Minor.._ 147, 281, 000 55,909, 000 16,831,000 14,842,000 Total- 159, 619, 000 81,417, 500 39, 074, 000 . 20,133,000 . 44,114,077 Denver: Gold 1, 702, 250 Silver 13,048,000 24,308,400 21, 833, 000 15,083,000 6,811,000 Minor 65,160,000 58, 698,000 7,160,000 Total 78. 208, 000 83, 008, 400 21, 833, 000 22, 223,000 8, 513, 250 All mints: Grand total pieces _. ... 738, 642,000 631,422,290 180,364, 098 95, 678, 577 254, 277,327

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIRECTOR OF THE MINT 843

the past 10 calendar years—Continued OF PIECES

1924 1925 1926 1927 1928 Total

4,323, 500 2,831,760 2,476, 976 3, 334, 760 9, 232,000 24, 907, 242 46, 883,080 50,664,808 46, 463, 558 40, 880,034 26, 236, 685 544, 357,964 96,798, 000 175,514,100 201, 781, 000 182,421, 000 157,527,000 1,800,446,100 1 148, 004. 580 228,910,668 260, 721, 634 226, 635, 784 192, 995, 685 2, 369, 711, 306 2,927,600 3,776, 600 2,041, 600 3,107, 000 15,195, 000 11, 708, 000 7,660, 228 11, 300, 055 8,424,000 13, 616,000 158, 760, 380 13,133, 000 32,636,000 6, 520, 000 17,706,000 24, 202,000 328,060, 000 27,768, 600 44.072,728 18, 861, 555 29, 237, 000 37, 818, 000 502,015, 360 3,049,600 3, 516, 600 481,000 180,000 8,929, 250 9,922,000 6,117,000 10, 892, 700 7,057, 300 5, 788, 600 119, 641, 000 7,778,000 27,030,000 33, 658, 000 32,900, 000 37,606,000 269,990, 000 20, 749, 600 36,663, 500 46, 031, 700 40,137, 300 43, 394,600 398, 660, 260

196,522,680 308,646,886 314, 614, 789 296, 010,084 274, 208, 285 3, 270, 286, 916

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

644 REPORT ON THE FINANCES

Combined gold coinage of the mints of the United States, hy denominations and calendar years, since their organization

tJalendar year 50 dollars Double eagles Eagles Half eagles 3 dollars Quarter eagles Dollars^

1793-1795 $27,950 $43,535 1796 60,800 16,995 $165.00 1797.. 91, 770 32,030 4,390.00 1798-. 79, 740 124, 335 1, 535. 00 1799 174,830 37, 255 1.200.00 1800.. 259, 650 58,110 1801 292, 540 130, 030 1802.. 150,900 265,880 6,630.00 1803 89, 790 167, 530 1,057. 50 1804. 97,960 152, 375 8, 317. 50 1805 165,915 4, 452. 50 1808 320,465 4,040. 00 1807 420,465 17, 030. 00 I8t)8 277,890 6, 776. 00 1809 169, 375 1810-. 501,435 1811 497,906 1812. 290, 435 1813 477,140 1814 77, 270 1815 __ 3,175 1816...: 1817_. 1818--. 242,940 1819 258, 615 1820 .. . 1, 319,030 1821 173, 205 16,120. 00 1822.. 88,980 1823 .. 72,425 1824 86, 700 6, 500. 00 1825 .. 145, 300 11,085.00 1826 90, 345 1,900. 00 1827 - .--.... 124, 665 7,000. 00 1828 . . 140,145 1829 . 287, 210 8, 507, 50 1830 631, 755 11, 350. 00 1831 702,970 11,300. 00 1832 787, 435 11, 000. 00 1833 968,150 10,400. 00 1834 _. .-.-- 3, 680,845 293,425. 00 1835 1,857,670 328, 505. 00 1836. 2, 765, 735 1, 369,965. 00 1837 1,035, 605 112, 700. 00 1838.. 72,000 1, 600,420 137, 345. 00 1839 382,480 802, 745 191, 622, 50 1840-._ 473, 380 1,048, 530 153, 572. 50 1841- 656,310 380, 945 54,602.50 1842__ 1, 089,070 655, 330 85,007. 50 1843.. 2, 506, 240 4,275,425 1,327,132. 50 1844. 1, 250,610 4, 087, 715 89. 345. 00 1845 - 736,530 2, 743, 640 276, 277. 50 1846... 1,018, 750 2,736,155 279, 272. 50 1847 _. 14, 337, 580 5,382,685 482,060. 00 1848 1, 813, 340 1,863, 660 98, 612. 50 1849 6, 775,180 1,184, 645 111, 147. 50 $936, 789 1850i_. ,$26, 225, 225 3, 489, 510 860,160 895, 547. 50 511,301 1851 48,043,100 4,393,280 2, 651,955 3, 867, 337. 50 3, 658,820 1852.. 0 44,860, 520 2,811,060 3, 680, 635 3, 283,827. 50 2, 201,145 1853 26, 646, 520 2, 522, 530 2, 305,095 3, 519, 616. 00 4, 384,149 1854. 18, 052,340 2, 305, 780 1, 513, 235 $491, 214 1,896, 397. 50 1, 657,016 1855 -- 25, 046,820 1,487,010 1, 257,090 171,465- 600, 700. 00 824,883 1856_. SO, 437, 560 1,429,900 1, 806, 665 181, 630 1, 213,117. 50 1,788, 996 1857 28, 797, 500 481, 060 1, 232, 970 104, 673 796, 236. 00 801, 602 1858 21,873, 480 343, 210 439, 770 6,399 144,082. 60 131,472 1859.. 13,782,840 253,930 361, 235 46,914 142, 220. 00 193,431 1860 _ 22, 584,400 278,830 352, 385 42, 465 164,360. 00 61, 234 1861 74,989,060 1, 287, 330 3, 332,130 18,216 3, 241, 295. 00 527, 499 1862... 18, 926,120 234,950 60,825 17, 355 300, 882. 50 1, 326, 865 1863 22,187, 200 112,480 97, 360 15,117 27,075. 00 6,250 1864 19, 958,900 60,800 40, 540 8,040 7,185. 00 5,950 1865... 27,874,000 207,050 144, 535 3, 495 62, 302. 50 3,725 1886 30,820, 500 237,800 253, 200 12,090 105,175. 00 7,180 1887 23, 436, 300 121,400 179,600 7,950 78,125.00 5,250 1868 18, 722,000 241, 550 288, 625 14, 625 94,062. 50 10, 625 1869.... 17, 238,100 82,850 163,925 7,575 84, 612. 60 6, 925 1870... 22,819,480 164, 430 143, 550 10, 605 51,387. 50 9,335 1871... 20,456, 740 254, 650 245,000 3,990 68, 375. 00 3,930 1872 21, 230, 600 244, 500 275, 350 6,090 62, 676. 00 3,630 1873... 55,456,700 173, 680 754, 605 75 612, 562. 50 125,125 Total: 1793-1873.. 680, 466,000 56, 656,940 68,889,385 1,169,883 26, 750, 302. 50 19,181,927

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIRECTOR OP THE MINT 845

Combined gold coinage of the minis of the United States, by denominations and calendar years, since their organization—Continued

Calendar year 50 dollars Double eagles Eagle Half eagles 3 dollars Quarter eagles Dollars

1874..... $33,917,700 $799, 270 $203,630 $125,460 $9,850.00 $198,820 1876 - 32,737,820 78,350 105, 240 60 '30,050.00 420 1876 .. 46, 386,920 104, 280 61,820 135 23,062. 60 3, 246 1877 43, 504, 700 211,490 182,660 4,464 92,630.00 3,920 1878 - 45, 916. 500 1,031,440 1,427,470 246,972 1,160,650. 00 3,020 1879 28,889, 260 6,120, 320 3, 727,155 9,090 331, 225. 00 3,030 1880 -- 17, 749,120 21,715,160 22,831, 765 3,108 7,490. 00 1,636 1881 14, 585, 200 48, 796, 250 33,458,430 1,650 1, 700,00 7,660 1882 .. 23, 295, 400 24, 740, 640 17,831,885 4,620 10,100. 00 6,040 1883 24,980,040 2, 596, 400 1,647,990 2,820 4,900.00 10,840 1884.. 19,944, 200 2,110,800 1,922, 250 3,318 4,982. 50 6,206 1885 _. 13,876, 560 4,815, 270 9,065,030 2,730 2, 217, 50 12, 205 1886 22,120 10, 621, 600 18,282,160 3,426 10, 220, 00 6 016 1887... 5, 862, 420 8, 706,800 9, 560, 435 18, 480 15, 705, 00 8,543 1888 21, 717, 320 8, 030, 310 1, 560,980 16,873 40, 245. 00 16 080 1889 16, 995,120 4, 298,850 37,825 7,287 44,120. 00 30, 723 1890 19, 399, 080 755, 430 290. 640 22, 032. 50 1891... 26, 891, 340 1,956, 000 1,347,065 27, 600. 00 1892 19, 238, 760 9,817,400 5, 724, 700 6. 382. 50 1893. 27,178, 320 20,132,450 9,610,985 75, 266. 00 1894 48, 350,800 26,032, 780 5,152, 275 10,305.00 1895. 45,183,120 7,148, 260 7, 289, 680 15, 297. 50 1896 43,931, 760 2, 000,980 1,072, 315 48,005. 00 1897 .. 57,070, 220 12, 774,090 6,109,416 74, 760.00 1898 54,912,900 12,857, 970 10,154. 475 60.412. 50 1899 __ 73, 593, 680 21, 403, 520 16, 278, 645 68, 375. 00 1900. 86, 681, 680 3, 749, 800 8, 873, 650 168,012.50 1901 -. 34,150, 520 48, 036.180 21, 320, 200 228, 307. 50 1902 35, 697, 580 5, 520,130 5, 557,810 334, 332. 50 1 75 080^ 1903 -. . . 24,828, 660 7, 766,970 10,410,120 503,142. 50 1 175,178 1904... 227,819,440 2, 709,880 2,445, 680 402,400.00 2 25,030 1905 . 37,440, 220 5, 703. 280 6,915,040 544,860. 00 2 35,039 1906 1 55,113,800 16, 903.920 6, 334,100 441.225.00 1907 . 96, 658, 620 26,838. 790 7, 570,960 941,120. 00 1908 109, 283, 200 14,813, 360 6,149, 430 1,412, 642. 50 1909 - 59, 774,140 5,987, 530 21,910, 490 1,104, 747. 50 1910 60, 788, 340 34,883,440 7,840,250 1,231, 705. 00 1911 _. 36, 392, 000 5,866,950 12,018,195 1,899,677, 50 1912 2,996, 480 7, 050,830 5,910, 720 1, 540,492, 50 1913... . 11,928,760 5, 080, 710 6, 620,496 1,805,412, 50 1914 40, 926,400 7,025, 500 3, 785, 625 1, 720, 292, 50 1915- 3 $160,950 14, 391, 000 4,100, 750 3,760, 375 4 1, 640, 292, 60 3 25,034 1916 15,920,000 1,385,000 1, 200,000 6 20,026 1917 « 10, 014 1918 1919... • 1920 15, 725, 000 1, 285,000 1921 .. 10, 570, 000 1922 80, 670, 000 6 lb, QI& 1923-. 45,365,000 1924 206,010, 000 1925-. 190, 935, 000 1,445, 000, 00 1926 66, 785,000 10,140, 000 7 1, 615, 566,00 1927... 124, 675, 000 970,000, 00 1928 176, 320, 000 1,040,000, 00 Total: . 1874-1928.... 150,960 2, 672, 731,120 472, 462,910 322, 359,980 449,493 22,986, 780, 00 692.827 1793-1873 680, 466, 000 55, 656, 940 68,889,385 1,169,883 26,760, 302, 50 19,181,927 Grand total... 160,960 3, 353,197,120 628,119,860 391,249,345 1, 619,376 49,737, 082, 60 19,874,754

1 Louisiana Purchase Exposition, 2 Lewis and Clark Exposition. 3 Panama-Pacific International Exposition coins (octagonal, $75,450; round, $75,600). 4 Includes $25,042.50 Panama-Pacific International Exposition coins. 6 McKinley memorial coins. « Grant memorial coins. 7 Includes $500,565 National Sesquicentennial of Signing Declaration of Independence.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

646 REPORT ON THE FINANCES Combined silver coinage ^ of the mints of the United States, hy denominations and calendar years, since their organization

Trade Quarter Calendar year Dollars Half dollars Half dimes Scents dollars dollars Dimes

1793-1796...... $204,791 $161,672,00 $4,320.80 1796 72,920 $1,473, 50 $2,213,60 511, 50 1797 7,776 1,959,00 63.00 2,626.10 2,226.36 1798 327, 536 2,766.00 1799 423, 615 1800 220,920 2,176.00 1,200.00 1801 -. 64,454 15,144. 60 3,464.00 1, 695, 60 1802 41,660 14,945, 00 1,097.50 650, 60 1803 66,064 15. 857. 60 3,304.00 1,892.60 1804 19,670 78, 259. 50 1,684; 50 826. 60 1805 321 105,861.00 50, 348-. 60 12,078.00 780.00 1806.. 419, 788.00 51, 531.00 1807 525,788.00 55,160, 75 16,600.00 1808 684,300.00 1809 702,905.00 4,471.00 1810 638,138.00 636.60 1811 601, 822,00 6,618.00 1812 814,029. 50 1813 620,951. 50 1814 519, 537. 60 42,160.00 1815 17, 308, 00 1816 23, 575.00 5,000. 75 1817 607, 783, 60 1818 980,161.00 90, 293. 60 1819 1,104, 000,00 36,000,00 1820 376, 561.00 31,861, 00 94, 258. 70 1821 • 652, 898, 60 64, 212, 75 118,661.20 1822 779, 786. 60 16,020,00 10,000. 00 1823 847,100, 00 4,450,00 44,000.00 1824 1,752,477. 00 1825 1,471, 583.00 42,555.55 61,000.00 1828 2,002,090. 00 1827 2,746,700.00 1, 000.00 121,600.00 1828 1,537,600.00 26, 500, 00 12, 600.00 1829 1,856, 078.00 77,000.00 61,500.00 1830 2,382,400,00 51,000.00 62,000.00 1831 2,936, 830,00 99, 600, 00 77,136.00 62,136. 00 1832 2,398,500.00 80,000.00 62, 250.00 48, 250.00 1833 2, 603,000.00 39,000.00 48,600.00 68,500.00 1834 3,206,002,00 71,600. 00 63, 600.00 74. 000, 00 1835 2,676,003,00 488,000.00 141,000.00 138,000.00 1836 1,000 3, 273,100, 00 118,000. 00 119, OOO. 00 95,000,00 1837 1, 814,910,00 63,100.00 104,200.00 113,800.00 1838...- ... 1, 773, 000,00 '208,000,00 239,493, 40 112, 750.00 1839 300 1,748, 768,00 122, 786, 50 229,638, 70 108,285.00 1840 61,005 1,145, 054, 00 153, 331. 75 263, 358.00 113,954. 26 1841 173,000 355, 500,00 143,000.00 363,000.00 98, 250. 00 1842 184, 618 1,484,882,00 214, 250, 00 390, 750.00 68, 250. 00 1843 165,100 3.058,000,00 403,400,00 152,000.00 68, 250.00 1844 20,000 1, 885, 500. 00 290, 300. 00 7, 250.00 32, 500,00 1845 24, 600 1, 341, 500. 00 230, 500. 00 198, 600.00 78, 200. 00 1846 169, 800 2, 257,000. 00 127, 500.00 3,130.00 1, 350, 00 1847 140, 750 1, 870,000, 00 275, 500.00 24, 500.00 63, 700,00 1848 16,000 1, 880,000.00 36, 600.00 45,160.00 83,400.00 1849 62, 600 1,781.000,00 86,000.00 113,900.00 72,460,00 1850 47, 500 1,341, 500,00 150,700,00 244,160.00 82, 260, 00 1851 1,300 301, 376.00 62,000,00 142,650.00 82,050,00 $185,022.00 1862 1,100 110, 665,00 68, 285,00 196, 660.00 63,025,00 659,906,00 1853 46,110 2,430, 354.00 4,146, 555,00 1,327,301.00 .785,251.00 342,000.00 1854 33,140 4,111.000,00 3, 486,000,00 624,000.00 365,000.00 20,130.00 1856 26,000 2. 288, 725.00 857, 350,00 207, 500, 00 117,500,00 4,170,00 1856 63,600 1,903, 600.00 2,129.500,00 703,000. 00 299.000,00 43, 740,00 1857 94,000 1,482.000,00 2. 726. 600,00 712,000.00 433,000,00 31, 260,00 1858 5.998,000, 00 2,002, 250,00 189,000,00 258,000,00 48,120,00 1859... 6Zf,£00 2,074,000.00 421,000,00 97,000,00 46,000,00 10,950.00 1880 73-5', 930 1, 032, 850,00 312.350,00 78,700.00 92,950,00 8, 610, 00 1861 78,500 2,078,950,00 1, 237, 650,00 209,650,00 164,050.00 14,940,00 1862..... 12,090 802,175,00 249,887.50 102,830.00 74, 627. 50 10,906.60 1863 27, 660 709, 830.00 48,015, 00 17,196.00 6,923.00 643,80 1864 31,170 518, 785.00 28, 517, 60 26,907.00 4,623, 50 14.10 1865 47,000 593,450,00 25,076,00 18,650.00 6,675,00 266.00 1866 49, 625 899, 812, 50 11,381, 25 14,372, 60 6, 536, 25 681. 76 1867 80,325 810,162. 50 17,156, 25 14,662. 50 6,431. 26 138. 76 1868 182, 700 789,100. OG 31,500,00 72, 625, 00 18,296, 00 123.00 1889 424,300 725,950, OO 23,150,00 70,660.00 21,930, 00 153. 00 1870 445,462 829, 758, 50 23,935. 00 62,160, 00 26,830.00 , 120. 00 1871 1,117,136 1,741,855,00 53,255. 50 109,371,00 82,493,00 127.80 1872 1,118,600 866,775,00 68,762, 50 261,046,00 189,247.60 68.50 1873 $1,225,000 296, 600 1, 593,780. 00 414,190, 60 443,329,10 51,830.00 18.00 Total: 1793-1873.. 1, 225, 000 8,031, 238100 , 541, 253. OO 22, 288, 021, 50 9,242,079, 204,880 , 219.-401,282,087 . 20

•°ae footnotes at end bf table.

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DIRBCTOR OF THE MINT 647 •Combined silver coinage ^ of the mints of the United States, by denominations and calendar years, since their organization—Continued Quarter Trade Dollars Half dollars Dimes Half dimes 3 cents Calendar year dollars . dollars

'1874' . - — $4,910,000 $1,406,650.00 $215,975.00 $319,151,70 1876 1 6,279,600 . 5,117,750.00 1,278,375.00 2,.406, 670.00 1876 1 6,192,160 7,461,675.00 7,839, 287, 50 3,016,115.00 18771 13,092,710 7, 640,255.00 6, 024,927, 50 1,735,051,00 1878 1 4,269,900 $22,495, 550 726, 200.00 849, 200,00 187,880.00 l'879 ... 1,541 27, 560,100 2,950.00 3,675:00 1,510.00 1880 -- . 1,987 -27,397,355 4,877. 50 3,738,76 3,736. 60 1881 960 27,927,975 5,487.50 3, 243,76 3,497. 50 1882 1,097 27, 674,100 2,750.00 4,075,00 391,110.00 1883 979 28,470,039 4, 619. 50 3, 859, 75 767,571. 20 1884 28,136,875 2; 637. 50 2, 218, 75 393,134.90 1885. 28,697, 767 3,065.00 3, 632, 50 267,711.70 1886 31,423,888 2,943.00 .1,471, 50 668,409.40 1887 33,611,710 2,855.00 2,677, 50 1,673,838.90 1888 31,990,833 6,416. 50 308, 708. 25 721,648.70 1889 . 34, 851, 811 6,355. 50 3,177. 75 835,338.90 1890 38,043,004 6,295,00 20,147, 60 1,133,461,70 1891. _ 23,562, 735 100,300, 00 . 1,551,150.00 2,304,671.60 1892 6,333, 246 2 1, 652,136. 50 2,960,331.00 1, 695,365.50 1893 .. 1,465,792 3 4,003.948, 50 4 2, 583,843. 25 759, 219.30 1894 3,093,972 3, 887,831,00 2, 233,448. 25 205,099. 60 1895 . 862, 880 2, 354. 852,00 2,255,390.26 226,088.00 1896 19,876, 782 1. 507,855,00 1,386, 700, 25 318, 581.80 1897 . 12, 661,731 2, 023,315, 50 2, 524,440,00 1, 287,810.80 1898 14,426, 735 3,094, 642, 50 3,497,331, 75 2,015,324, 20 1899 15,182,846 4,474,628, 50 3,994, 211, 50 2,409,833,90 1900 5 25,010,938 6.033,617,00 3,822.874, 25 2,477,918. 20 1901 22, 666, 813 3,119,928, 50 2, 644. 369, 25 2, 607,350,00 1902 18,160, 777 4,454,723, 60 4,617, 589.00 2, 796,077,70 1903 10,343, 755 3.149,763. 60 3, 651, 518.00 2,829,406. 50 1904 8, 812, 650 2. 331,654.00 3, Oil, 203. 25 1, 640,102.70 1905 . 1,830,883. 50 2,020, 582. 60 2,480,754,90 1906 5,428,414, 50 2, 248, i08. 75 2,976, 604.60 1907 5,825,587,50 3,899,143,76 3,453, 704. 50 1908-. 6,819, 686, 50 4,262,136, 25 2,309,954, 60 1909 2, 529,025. 00 4,110,662, 50 1,448,165,00 1910 1.183, 275: 50 936,137, 75 1,625,055,10 1911 1, 686,811. 50 1,410, 536, 75 3,359,964,30 1912 2, 610, 760.00 1, 277,175, 00 3,453,070,00 1913 663,313, 50 493,853. 25 2,027,062,20 1914 558, 305.00 2,388, 652. 50 3,136, 865, 50 1915 6 1,488,440,00 1,969, 612. 50 658,046.00 1916 . 1,085, 200,00 2,095, 200.00 6,720,400.00 1917 10, 761,700. 00 9,484,400,00 9,198, 200, 00 1918 ^10,434, 549.00 8,173,000.00 6.885,480, 00 1919 1, 839, 500.00 3, 778,000,00 6,452,900,00 1920 8 6. 398, 570. 00 9, 458, 800,00 9, 202,100,00 1921 «87, 736,473 10 611,062. 50 479,000, 00 231,000,00 .1922 84,275,000 11 50,030. 50 1923 58, 631,000 12 1, 228, 038; 50 2, 769,000. 00 6, 657,000, 00 1924 13, 539,000 13 71,040, 00 4, 223,000. 00 3,794,000,00 1925 11, 808,000 14 1, 338, 518, 00 3,070, 000,00 3, 657, 700,00 1928 11, 267,700 15 574. 306. 50 3.933,000.00 4,050,800.00 1927 2,982,900 18 1. 218,017,00 3, 321,100. 00 3, 788, 200. 00 1928 1,992, 649 17 1.000.018, 00 2, 661,900. 00 3,104,100.00 Total: 1874-1928.. 34,740,924 840, 555,358 129,459, 800, 50135 , 629, 569. 50125,401 , 800. 50 1793-1873.. 1, 225,000 8,031, 238100 , 541, 253. 00 22, 288,021. 50 9, 242.079, 20$4,880,219.4 0 $1,282,087.20 Grand total.. 35,965,924 848, 586, 598230,000 , 853, 50157,917 , 591,00 134. 643, 679.70 4,880,219.40 1,282,087.20

1 20-cent silver coinage, 1875, $265,598; 1876, $5,180; 1877, $102; 1878, $120; total, $271,000. 2 Includes $475,000 in Columbian coins. 3 Includes $2,026,062.50 in Columbian coins. 4 Includes $10,005.76 in Columbian coins. 5 Includes $50,026 in Lafayette souvenir coins. • « Includes $30,015 in Panama Pacific International Exposition coins. ' Includes $60,029 Illinois Centennial coins. 8 Includes $25,014 Maine Centennial and $100;056 Landing of Pilgrims coins. . 8 Includes $1,006,473 "Peace" coins, 10 Includes $50,026,50 Landing of Pilgrims, $25,014 Missouri Centennial, and $36,022 Alabama Centennial coin^, 11 Grant Memorial coins, 12 Includes $137,038,50 Monroe Doctrine commemorative coins, 13 Huguenot-Walloon commemorative coins, " Stone Mountain, $1,157,354.50; Lexington-Concord. $81,049,50; California Jubilee, $76,100; Vancouver, $25,014, 15 National Sesquicentennial of signing Declaration of Independence, $500,264; Oregon Trail, $74,042.50. 18 Includes commemorative coins Battle of Bennington, Vt., $20,017. 17 Includes $25,014 Oregon Trail and $5,004 Hawaiian commemorative coins. NOTE.—The silver dollar coins executed subsequent to 1920 represent an equivalent number of dollars converted to bulhon under the act of Apr. 23, 1918—259,121,554 for export to India and 11,111,168 for domestic subsidiary coin.

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648 REPORT ON THE FINANCES Combined minor coinage of the mints of the United States, hy. denominations and calendar years,, since their organization

Calendar yeair 6 cents 3 cents 2 cents Cents Half cents

1793-1795 $10,660. 33 $712. 67 1796 9, 747, 00 677.40 1797 8,976.10 636. 24 1798 9, 797.00 1799 9, 046. 86 60,83 1800 28, 221. 75 1, 057. 65 1801 13, 628. 37 1802 34, 351, 00 71.83 1803 24, 713. 53 489. 50 1804 7, 568. 38 6, 276. 66 1805 .- 9, 411,16 4, 072. 32 1808 3. 480, 00 1, 780. 00 1807.. 7, 272. 21 2, 380. 00 1808 11, 090, 00 2, 000. 00 1809 2, 228, 67 5, 772. 86 1810 14, 685, 00 ' 1, 075. 00 1811 2,180, 25 315. 70 1812 10, 755. 00 1813 4,180. 00 1814 3, 578, 30 1815 1816 28, 209. 82 1817 39. 484. 00 1818 31. 870. 00 1819 26, 710. 00 1820 44. 075. 50 1821 .: 3, 890. 00 1822 20, 723. 39 1823 _ 1824 12, 620. 00 1825 14, 611. 00 315, 00 1826 15,174. 25 1,170, 00 1827 23, 577. 32 1828 22, 606, 24 3, 030, 00 1829 14,145, 00 2, 435, 00 1830 17,115. 00 1831 33, 592. 80 11, 00 1832 23, 620. 00 1833 27, 390. 00 770, 00 1834 18, 551, 00 600, 00 1835 38, 784. 00 705. 00 1838 . . 21,110, 00 1, 990. 00 1837 .. 55, 583, 00 1838 ... 63, 702, 00 1839 31, 286, 61 1840 . 24, 627. 00 1841 16, 973. 87 1842 23, 833. 90 1843 24, 283. 20 1844 . . 23. 987. 52 1845 38, 948. 04 1846 ... 41, 208. 00 1847 61,836. 69 1848 64,167. 99 1849 41, 785. 00 199. 32 1850 ... • 44, 268.44 199. 06 1851 98,897. 07 738. 36 1852-. 50, 630. 94 1863 _ 66,411.31 648. 47 1854 42, 361, 56 276. 79 1856 .. 15, 748, 29 282. 50 1856 26,904.63 202.15 1857 177, 834, 56 175. 90 1858 . 246, 000, 00 1869 384, 000, 00 1880 . - 205, 660, 00 1861 101, 000, 00 1862 280, 760. 00 1863 498, 400. 00 1884 , $398,960.00 529, 737,14 1866 $341,460,00 272,800. 00 354, 292, 86 . 1866 $737,126,00 144, 030. 00 63, 540, 00 98, 265, 00 1867.. . 1, 645,475, 00 117,450,00 58. 775, 00 98, 210, 00 1888 1,440,850. 00 97, 580,00 56, 075, 00. 102, 665, 00 1889 819, 760.00 48,120, 00 SO, 930, 00 64, 200, 00 1870 . . 240, 300. 00 40, 050, 00 17, 225, 00 62, 750, 00 1871 28,050. 00 18,120. 00 14,425. 00 39, 296, 00 1872 301,800. 00 26,860, 00 1, 300. 00 40,420, 00 1873 227, 600.00 35,190, 00 116, 766. 00 Total, 1793-1873 5,340,860.00 867,840, 00 912, 020. 00 4,929,807.44 39,926.11

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DIRECTOR OF THE MINT 649 Combined minor coinage of the mints of the United States, by denominations and calendar years, since their organization—Continued

Calendar year 5 cents 3 cents 2 cents Cents Half cents

1874 $176,900. 00 $23,700,00 $141,875.00 1875 104,850. 00. 6,840, 00 135,280.00 1876 128, 500. 00 4,860, 00 79,440,00 1877 .- . -_... 8, 625. 00 1878 117. 50 70. 50, 57,998, 50 1879 . 1, 456. 00 1,236; 00 • 162,312, 00 1880 997. 75 748, 65 389, 649, 55 1881 3, 618. 75 32, 417. 25 392,115, 75 1882 673,830. 00 759.00 385,811, 00 1883 1,148, 471. 05 318, 27 455,981,09 1884 663, 697.10 169. 26 232, 617,42 1885. 73,„824„60 143. 70 117, 653,84 1886 166, 514, 50 128, 70 176, 542,90 1887 783,182, 60 238,83 462, 284,83 1888 536, 024,15 1, 232,49 374,944,14 1889 794,088, 05 646,83 488,693, 61 1890 812, 983, 60 671,828, 54 1891... 841, 7F, 60 470, 723, 50 1892 584, 982,10 376,498, 32 1893 668, 509, 75 466,421,95 1894 270, 658, 60 167, 521, 32 1895 498,994, 20 383,436, 38 1896. 442,146, 00 390, 572, 93 1897 1, 021, 436, 75 504, 663, 30 1898 626, 604, 35 498, 230, 79 1899 1,301,451, 56 538, 000, 31 1900 1, 362, 799, 75 688, 337. 64 1901 1, 324, 010, 65 798, 111, 43 1902 1, 574,028. 95 873, 767. 22 1903... 1, 400, 338. 25 850,944, 93 1904 1, 070, 249. 20 613, 280,16 1905 1,491, 363. 80 807,191, 63 1906 1,930, 888. 25 960, 222, 65 1907 1,960, 740. 00 1, 081, 386,18 1908 . 1,134, 308.85 334, 429,87 1909 579, 526. 30 1,176,862.63 1910 1, 508,487. 65 1, 628, 482; 18 1911 1,977,968, 60 1,178, 757. 87 1912 • 1,747,435, 70 829, 950. 80 1913 3, 682, 961,96 984, 373. 62 1914 1,402, 386, 90 '805, 884, 32 1916 „ 1, 603, 088, 50 659. 751, 20 1916 4,434, 553, 30 1, 902,998, 77 1917 3, 278, 391,45 2,841, 697, 85 1918 2, 266, 515, 70 3, 708,148. 34 1919 3, 819, 750. 00 5, 889, 350. 00 1920 4,110, 000. 00 4, 056, 650. 00 1921 811, 000, 00 544, 310. 00 1922 71, 600. 00 1923 2, 092,850. 00 834, 230. 00 1924 1,415. 750. 00 893,940. 00 1926 2, 313, 555. 00 1, 889, 090. 00 1926 2, 565, 050. 00 1,898, 580. 00 1927 2, 357, 050. 00 1,858,860. 00 1928. 1, 839,150. 00 1,825, 520. 00 Total: 1874-1928 68, 855,488.10 73, 509.48 50, 878, 088,83 1793-1873 5, 340,850. 00 867,840,00 $912,020,00 4,929,807,44 $39,928.11 Grand total 74,198, 338.10 941, 349,48 912,020,00 55, 607, 894. 27 39, 926,11

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650 REPORT ON THE FINANCES

Total gold,- silver, and minor coinage of the United States, hy calendar years

Calendar year Gold Silver Minor Total value

1793-1796 $71,485,00 $370,683.80 $11,373.80 $453,641,80 1796 77,960, 00 77,118.50 10,324.40 166,402,90 1797.. . 128,190,00 14, 550.45 9,610.34 152, 250. 79 1798 206, 610.00 330, 291.00 9, 797. 00 545, 698.00 1799 213,285, 00 423, 516. 00 9,106. 68 645,906. 68- 1800.. 317, 760, 00 224, 296, 00 29,279.40 571,336.40 1801 422,670,00 74, 768, 00 13, 628.37 610,958, 37 1802 423,310,00 68,343, 00 34,422.83 516, 076,83 1803 268,377. 60 87,118,00 26, 203, 03 370, 698, 53 1804 258,642. 60 100,340, 50 12,844, 94 371,827. 94 1805 170,387.50 149, 388, 50 13,483,48 333, 239.48 1806 324, 505.00 471,319, 00 5, 260,00 801, 084.00 1807 437,495.00 697,448, 75 9, 652, 21 1,044, 595. 96 1808 284, 665.00 684,300, 00 13, 090, 00 982, 056.00 1809 169,375.00 707,376, 00 8, 001, 53 884, 752. 53 1810 501,435,00 638, 773, 50 . 15, 680, 00 1,155,868,60 1811 497,905.00 608,340,00 2,495, 95 1,108, 740, 96 1812 290, 435. 00 814, 029, 60 10, 755, 00 1,115, 219, 60 1813 477,140,00 620, 951, 50 4,180,00 1,102,271.60 1814 77,270,00 561,887.50 3, 678. SO 642, 535,80 1815 3,175, 00 17,308, 00 20. 483,00 1816 28, 675, 75 28, 209.82 56, 785, 67 1817 607, 783, 50 39,484,00 • 647.267,50 1818.. . 242,940,00 1. 070,454, 50 31, 670,00 1.355, 064, 50 1819.... 258, 615. 00 1,140,000,00 26,710,00 1,425, 325,00 1, 319, 030,00 501, 680, 70 44, 075,60 1,864, 786.20 189, 325, 00 825, 762, 45 3, 890, 00 1, 018, 977.45 1822... 88,980,00 805,806,50 20, 723,39 915, 509,89 1823.. 72,425,00 895, 550,00 967, 976,00 1824 93, 200, 00 1, 752,477,00 12, 620.00 1,858, 297. 00 1825 166, 385, 00 1, 664, 583.00 14, 928, 00 1, 735, 894.00 1826...- 92. 245. 00 2, 002, 090,00 16, 344, 25 2,110,679.25 1827 131, 565. 00 2,889, 200,00 23, 577.32 3, 024,342. 32 140,145. 00 1,'675, 800, 00 25,636, 24 1,741, 381. 24 295, 717. 50 1, 994, 578, 00 16, 580, 00 2,306,875. 50 1830 643,105. 00 2,496,400, 00 17,116. 00 3,165, 620. 00 1831 714, 270. 00 3,175, 600, 00 S3, 603. 80 3,923.473. 80 1832 798,435. 00 2, 679, 000. 00 23, 620. 00 3,401, 055.00 1833 978, 550,00 2, 769, 000, 00 28,160,00 3, 766, 710.00 1834 3,954, 270, 00 3,415, 002, 00 19,151, 00 7,388.423. 00 1835 2,188,175,00 3,443,003,00 39,489,00 " 6,668,667.00 1836 4,135,700, 00 3, 608,100, 00 23,100, 00 7, 764,900.00 1837 1,148, 305, 00 2, 098, 010, 00 56, 583,00 3, 299,898. 00 1838... . . 1,809, 765. 00 2,333,243.40 63, 702, 00 4,206, 710:40 1839 1,378,847, 50 2, 209,778. 20 31, 288, 61 3,617,912.31 1840. 1,676,482,60 1, 728,703. 00 24, 827. 00 3, 428,812. 50 1841 1, 091, 867, 50 1,132, 750, 00 15,973, 87 2, 240, 581.17 1842 1,829,407. 50 2,332, 760, 00 23,833. 90 4,185,991.40 1843 8,108, 797,60 3,834, 750,00 24, 283.20 11,987,830.70 1844 5,427, 870, 00 2,235, 560, 00 23,987. 52 7,887, 207. 52 1846 3, 756, 447, 50 1,873, 200,00 38,948,04 5,668, 595, 50 1846 4, 034,177, 60 2, 558, 580,00 41,208,00 6, 633,986, 54 1847. 20, 202,325,00 2,374,450,00 61,836,69 22,638,611,6& 3,775, 512, 50 2,040,050. 00 64,157,99 6,879,720.49 9, 007, 761, 50 2,114,960, 00 41, 984, 32 11,164, 695,82 1850 31, 981, 738, 50 1,886,100,00 44, 487,50 33,892,308,00 1861. 62,614, 492, 50 744,397. 00 99, 635,43 63,488,524,93 1862 56,846,187,50 999,410,00 60,630, 94 57,898, 228,44 1853 39,377, 909, 00 9, 077, 571.00 67, 059,78 48,622, 539,78 1864 26, 915,982.60 8,619, 270.00 42,638.35 34, 577,870,85 1855. 29,387.968.00 3,601,245.00 18,030,79 32,905, 243, 79 36,857,768.60 6,142,240.00 27,106.78 42,027,116.28 32,214,040.00 5,478,760.00 178,010.46 37,870,810.46 1868 22,938,413. 50 8,496,370.00 246,000.00 31,679,783.50 , 1869 14,780,670. 00 3,284,460. 00 364,000.00 18,429, 020.00 | 1860 23,473,654.00 2, 269,390.00 205,660,00 25,938,704,00 1861 83,395,530.00 3,783, 740. 00 101,000,00 87,280,270.00 1862 20,876,997.60 1,262, 516.50 280,750, 00 22,409,264.00 1863 22,446,482.00 809,267.80 498,400.00 23,753,149.80 20, 081,416. 00 609,917.10 926,687.14 21,618. 019.24 28,295,107.50 691,005. 00 968,662.86 29,964, 865.36 1866 31,435,945.00 982,409.25 1,042,960.00 S3,461,314.26 1867 23,828,626.00 908,876.26 1,819,910.00 26,667,411.25 1868 19,371,387. 60 1,074,343.00 1,697,160.00 22,142,880.50 1869 17,682,987.50 1,266,143.00 963,000.00 19,812,130.60 1870 23,198,787.60 1,378,256.60 360,326. 00 24,927. 368.00 1871 '. 21,032, 685.00 3,104,.038.30 99,890.00 24,236,613. SO 1872 21,812,645.00 2,604,488.60 369,380.00 24,686,513.60 1873 67,022,747.50 4, 024,747.60 379,465.00 61,426,950.10 Total, 1793-1873 852,114,437.60 147,489,898.30 12,090,443.66 1,011,694,779.35

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DIRECTOR OF THE MINT 651

Total gold, silver, and minor coinage of the United States, by calendar years—Contd

Calendar year Gold Silver Minor Total value

1874.. $36,264, 630.00 $6,851, 776.70 $342, 476.00 $42,448, 881.70 1876.. 32,951, 940.00 16,347, 893. 00 246, 970. 00 48,546, 803.00 1876.. 46, 579,452.'5 0 24,603, 307. 60 210, 800.00 71,293. 560. CO 1877.. 43,999, 864.00 28,393, 045.60 8, 625.00 72,401, 434. 60 1878.: 49,788, 052. 00 28, 618,860.0 0 58, 186.60 78,363, 088.60 1879.. 39,080, 080.00 27, 569,776.0 0 166, 003.00 66,814, 859.00 1880.. 62,308, 279. 00 27,411, 693. 75 391, 395.96 90, 111, 388,70 1881.. 96,850, 890.00 27,940, 163.76 428, 161.76 125,219, 205, 60 1882.. 65,887, 685.00 27,973, 132. 00 960, 400.00 94,821. 217.00 18.83.. 29, 241,990 . 00 29,246, 968. 45 1,604, 770.41 60, 093, 728. 86 1884.. 23,991, 756. 50 28,534, 866.15 796, 483.78 63,323, 106,43 1886.. 27, 773,012.6 0 28,962, 176.20 191, 622.04 66,926, 810.74 1886.. 28,946, 542. 00 32, 086,709.9 0 343, 186.10 61,376, 438,00 1887.. 23, 972,383.0 0 35,191, 081.40 1, 215.686 . 26 60,3,79, 160. 66 1888.. 31,380, 808.00 33, 025,606.4 5 912, 200, 78 65, 318, 615,23 1889.. 21,413, 931. 00 35,498, 683.15 1,283, 408.49 68,194, 022. 64 1890.. 20,487, 182. 50 39, 202,908.2 0 •1,384, 792,14 61,064, 882. 84 1891.. 29, 222,005 . 00 27, 518,866 . 60 1,312, 441, 00 68, 053, 302.60 1892.. 34, 787,222 . 60 12, 641,078.0 0 961, 480, 42 48,389, 780, 92 1893.. 66,997, 020.00 8,802, 803.05 1,134, 931, 70 66, 934, 754,75 1894.. 79, 646,160 . 00 9, 200,350,8 5 438, 177, 92 89,184, 688, 77 1895.. 69, 616,357 . 50 6, 898,010 , 25 882, 430, 56 66,196, 798, 31 1896.. 47, 053,060,0 0 23, 089,899,0 5 832, 718,93 677, 98 100,06 70, 975, 1897.. 76, 028,485 . 00 18,487, 297, SO 1, 526, 96,041, 882, 35 1898.. 77,986, 767, 50 23, 034,033.4 5 1,124, 836,14 626, 09 519. 90 451.86 102,144, 1899.. 111, 344,220 , 00 28, 081, 1,837, 139,243, 191, 76 1900.. 99,-272, 942, 50 347.45 2,031, 137. 39 38,345. 460, 76 122. 08 137,649, 427, 34 1901.. 101, 735,187 , 60 30,838, 2,120, 134, 693, 770:33 1902.. 167,20 2,447, 47,184. 932, 60 30, 028,440.0 0 796.17 79,660, 895. 87 1903.. 43, 683,880.6 0 19,874, 1904.. 609.96 2, 251,281.1 8 65, 809, 607. 68 233, 402,430,0 0 15, 695, 1,683, 529,35 250, 781, 569. SO 1905.. 439, 00 180, 90 1906.. 49,638, 6,332, 027.85 2, 298,665.4 3 68,269, 175. 33 78, 793,045,0 0 10, 851, 2,890, 908.80 92, 334, 981. 65 1907.. 490,00 435, 75 1908.. 131, 907, 13,178, 776, 25 3,042, 126,18 148,128, 051. 93 131,638, 632,50 12,391, 1, 468,738 , 72 145, 499, 148,47 1909.. 907. 50 862.50 1910.. 88, 776, 8, 087,468,3 5 1, 766,388 , 93 98,621, 148. 93 104, 723,735 . 00 3,744, 3, 036,929,8 3 111, 605, 133.18 1911.. 822. 50 301. 55 1912.. 56,176, 6,457. 995.00 3,156, 726.47 66,790, 850. 52 17, 498,522 , 60 7,340, 2, 677,386,3 0 27,416, 903.80 1913.. 377,50 228.95 1914., 25,433, 3,184, 823.00 4,667, 335,47 33,284, 941. 92 53,457, 817.50 6,083, 2, 208,071.2 2 61,749, 711. 72 1916.. 401. 60 097.50 1916.. 23,988. 4,114,800,0 0 2, 062,839 , 70 SO, 145, 338,70 18, 625,028.0 0 8,880, 6,337, 650,07 S3,743, 376,07 1917.. 014.00 300.00 1918.. 10, 29,412, 029,00 6,118,089 . SO 35,640, 403. 30 1919.. 25,473,400 , 00 6, 972,662.0 4 31,446, 691.04 1920.. 11,068. 270.00 9, 709,100.0 0 20, 777, 600,00 1921.. 16, 990,000 . 00 25,057;535 , 50 8,166, 650. 00 60,213, 920, 00 1922.. 10, 570,000 , 00 89,067,030,5 0 1,165, 310,00 100, 782, 845, 60 1923.. 80, 680.016.0 0 84,325,038.5 0 71, 600,00 165,076, 646, 50 1924.. 45, 365,000.0 0 66, 283,040.0 0 2,927, 080, 00 114, 575, 118, 50 1925.. 206, 010,000.0 0 21,627, 218.00 2, 309,690 . 00 229,946, 730,00 1926.. 192, 380,000,0 0 19.874, 806.50 4, 202,645,0 0 216,456, 883,00 1927.. 78, 540,565,0 0 19,825, 217.00 4,461. 630,00 102,828, 001, 50 1928.. 126,645, 000. 00 11, 286,667 . 00 4, 215,910 , 00 127.00 670.00 141,147, 177,360, 000. 00 8,748, 3,664, 189,773, 337.00 Total: 1874-1928.. 3,491,834,040.00 1. 266, 058,052.60 119,607, 084.41 4,877, 499,176.91 1793-1873.. 862,114, 437.60 147,489,898,30 12, 090,443. 66 1,011,694,779,35

Grand total... 4,343,948, 477.50 1,413,647,950.80 131,697, 627.96 6,889,193,966, 26

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652 REPORT ON THE FINANCES

Stock of Domestic Coin in the United States, June SO, 1929

Item Gold Silver Minor ' Total

Estimated stock of coin in United States JuneSO, 1928... $1,328, 989,679 $838,971,932 $116,688,811 $2,284,660,422 Coinage executed during flscal year 1929 . 39,945,000 7,488,700 4,225,350 51,659,050 Imports, United States coin, fiscal yekr 1929. 76,599,592 1,705,140 78,304,732 Total 1,446,534,271 848,165,772 120, 914,161 2,414,614,204 Less: Exports, United States coin, fiscal year 31,534,493 114,475 31,648,968 United States coin withdrawn from monetary use, face value, fiscal year 1929 2,610,854 3,802,999 274,126 6,687,979 United States coin used in industrial arts, estimated, fiscal year 1929 3, 500,000 100,000 3,600,000 Total ... 37,645,347 4,017,474 274,126 41,936,947 Estimated stock of coin in United States, June 30,1929... 1 1,407,888,924 844,148,298 120,640,035 2,372,677,257

1 No net change during year in amount of earmarked gold coin held for foreign account. NOTE.—The number of standard silver dollars coined to June SO, 1929, was 840,505,332, which added to the Hawaiian dollar coinage, 500,000 plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports, 498,859, equals 841,652,191. Since July 1,1898, the number . of standard silver dollars exported in transports has been 2,495,000, the net export from November, 1919, to July 20,1920, in movement due to the high price of silver, was 28,287,142; those melted under the terms of the Pittman Act of April 23,1918, totaled 270,232.722, those melted otherwise (mutilated, etc.) since 1883 numbered 221,149, and the number of Hawaiian dollars melted to June SO, 1929, was 455,329, a total dispo­ sition of 301,691,342, leaving in the United States on June 30, 1929, 539,960,849 standard silver dollars and 304,187,449 dollars in subsidiary silver coin. Bullion in mints and assay offices, June SO, 1929

Bullion Value

Gold 1 $2,543,835,314,66 Silver (cost value) 6,747,634,05 Total 2,550,582,948,61

Basic metallic stock, June SO, 1924, 1925, 1926, 1927, 1928, and 1929

Coin and bullion June 30, 1924 June 30, 1925 June 30,1926 June 30, 1927 June 30, 1928 June 30, 1929

Gold $4,490,807,303 $4,388,195,841 $4,500, 978, 937 $4,565,098,136 $4,109,162,895 $4,324,350,860 Silver i 812,449,277 • 822,017,285 830,852, 304 840,459,405 846,7bi, 486 850,895,932 Total.. 5,303,256, 580 5,208,213,128 5,331,829,241 5,406, 557,641 4,955,917,380 6,175,246,792

1 Silver bullion is a potential rather than an actual monetary asset, since it can not be represented by circulating certificates nor be paid out as cash until coined.

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DIRECTOR OP THE MINT 853 Location, ownership, and per capita circulation of United States money, June SO, 1929

Money held in the Treasury Amount held in Reserve trust against against , Held for Fed­ Kind of money gold and silver United States eral reserve Another , Total certificates (and notes (and banks and money Treasury notes Treasury agents of 1890) notes of 1890) Gold coin and bullion $3,278,368, 764 $1,384,335,199 $166,039,088 $1,662,425,679 $175,668,898^ Gold certificates Standard silver dollars 488,402,359 470,037, 392 18,364,967 Silver certificates. Treasury notes of 1890 Subsidiary silver _ 2,341,685 2,341,685' Minor coin 2,002,466 2,002,46ff United States notes 2, 271,041 2, 271, 041 Federal reserve notes 1,108,120 1,108,120' Federal reserve bank notes.. 88,164 88.154 National bank notes 16,303, 625 15, 303, 626 Total June 30,1929--. 1 3,789,886, 214 1, 854, 372, 591 156.039, 088 1, 562, 425, 579 2 217, 048, 956 Comparative totals: June SO, 1928 1 3, 725, 649, 727 1,986, 761,140 166,039,088 1, 387, 650,413 195,199, 086 Oct. 31,1920 1 2, 436, 864, 530 718, 674. 378 152,979,026 1, 212, 360, 791 362,850, 336 JuneSO, 1914 11,845, 676, 888 1, 507,178,879 150, 000,000 188, 397,009 Jan, 1, 1879 1 212,420,402 21, 602, 640 100, 000, 000 90,817, 762

Money outside of the Treasmy

Kind of money Held by Fed­ In circulation Total amount o eral reserve Total Per banks and Amount agents 3 capita 4 Gold coin and bullion 6 $1,045,982,091 $677,493, 652 *$368,488,439 $3.08 7 $4, 324, 350,866 Gold certificates 1, 384, 335,199 449, 341, 280 934,993, 939 7.81 8 (1,384, 335,199) Standard silver dollars ... 61, 558,490 7, 874, 240 43, 884, 250 ,36 639,960,849 Silver certificates.. 468, 753,942 81, 680,867 387, 073,075 3,23 8 (468, 753, 942) Treasury notes of 1890 . . 1, 283,460 1, 283,450 ,01 8 (1, 283, 460) Subsidiary silver 301,845, 784 17, 619, 784 284, 226,000 2.37 304,187,449 Minor coin.-- ..'. 118, 637, 589 3,427, 638 115, 209,931 .96 120, 640, 035 United States notes 344,409,975 82, 221. 636 262,188, 339 2,19 346, 681,016 Federal reserve notes 2,193,862,295 501,140, 879 1, 692, 721, 416 14,13 2.194, 970.415 Federal reserve bank notes 3, 622, 977 7, 488 3, 615, 511 ,03 3. 711,131 National bank notes 688, 990,817 36,178, 605 852,812,212 5.46 704, 294, 442 Total June 30, 19298. *6, 603. 282, 569 1,856, 988, 007 *4, 746, 298, 582 39. 62| 8, 538, 796,192 Comparative totals: June 30, 1928 6.379.202.187 1, 582, 575, 910 4, 796, 628, 257 40. 52 8,118. 090, 754 Oct. 31,19206 . 6, 761,430, 872 1,083,216,060 5, 698, 214, 612 53 01 8 479 620 824 JuneSO. 19146 3, 458,059. 755 3,458. 059, 755 34. 92 3. 796, 458, 764 Jan. 1, 1879 816, 266, 721 816. 288. 721 16 92 1 nn? ns4 4RS -,„-., „„.-.. — 1 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 2 This total includes $15,724,715 of notes in process of redemption, $188,415,543 of gold deposited for redemption of Federal reserve notes, $13,157,972 deposited for redemption of national-bank notes, $1,950 deposited for retirement of additional circulation (Act of May 30,1908), and $7,459,992 deposited as a reserve against postal-savings deposits. 3 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta. 4 Population of continental United States (estimated) June 30.1929,119,788,000; June 30.1928,118,384,000; Oct. 31. 1920, 107,491,000; June 30, 1914, 99,027,000; Jan. 1, 1879, 48,231,000. «Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta. 6 Revised. •' Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks under earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included. 8 These amounts are not included in the total since the money held in trust against gold and silver cer­ tificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars; respectively. NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption, silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890. which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of ths United States aind a first lien on all the assets of the issuing Federal reserve bank. Federarreserve notee are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such dis­ counted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement, A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national- bank notes secured by Government bonds.

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654 REPORT ON THE FINANCES Estimated monetary stock of gold and silver in the United States and the amount per capita at the close of each fiscal year since 187S

Total stock of coin and bullion Per capita Fiscal year ended June SO— Population Total Gold Silver Gold Silver metallic

1873 41,677,000 $136,000,000 $6,149, 305 $3.23 $0.16 $3.38 1874 . 42, 798, 000 147, 379, 493 10, 355, 478 • 3,44 .24 3.68 1875 43,951, 000 121,134, 906 19, 367, 995 2,76 .44 3,19 1878 45,137, 000 130. 058, 907 36, 415, 992 2,28 .81 3,69 1877 48, 353, 000 187,501.472 68, 464, 427 3.81 1.21 4,82 1878 47, 598, 000 213,199,977 88, 047,907 4.47 1.85 6,32 1879 48, 866,000 245, 741, 837 117, 526, 341 5.02 2.40 7,42 1880 : 50,155, 783 351,841,206 148, 522, 678 7.01 2.96 9,97 1881 51, 316,000 478,484, 538 175, 384.144 • 9,32 3,41 12,73 •1882... 52,495,000 508, 757, 715 203, 217,124 9,65 3.87 13.62 1883 53, 893, 000 542. 732. 083 233, 007. 985 10,10 4,34 14.44 1884 64, 911, 000 545. 500, 797 255. 568,142 9,93 4,65 14.58 1885 56,148, 000 588, 697, 036 283, 478, 788 10.48 6.05 15.53 1886 57,404, 000 590. 774, 461 312, 252, 844 10.29 5.44 15.73 1887 58, 680, 000 654, 520. 335 352, 993. 586 11.15 6.00 17.15 1888 59, 974, 000 705, 818, 855 386, 611,108 11,76 6.44 18.20 81, 289,000 680,063, 505 . 420, 548, 929 11. 09 6.86 17.95 1889 7.39 1890 62, 622, 250 895, 583, 029 463, 211, 919 11.10 18.49 63,975, 000 848, 582, 852 522, 277, 740 10.10 8,16 18.26 1891 8,70 1892 66, 520. 000 884, 275, 335 570, 313, 544 10.15 18.85 66.946. 000 597, 897, 685 615, 861, 484 8.93 9.20 18.13 1893 627, 293, 201 624, 347, 757 9.13 1894 68, 397, 000 9.18 18.31 636, 229, 825 825, 854,949 9.10 8.97 18.07 1895 • 69, 878, 000 599, 597,964 628, 728, 071 8.81 1896 71, 390, 000 8,40 17.21 696, 270, 542 634, 509, 781 9,66 8.70 1897 72, 937, 000 8.66 18.25 881, 514, 780 637, 672, 743 11,66 20.12 1898 • 74, 522, 000 982,865, 505 639,286,743 8.40 1899 . • 76,148,000 12.64 8.42 21.04 647, 371, 030 21.87 1900 76, 891, 000 • 1,034,439,264 661, 205,403 13.45 8.50 1901 . 77, 754, 000 • 1,124, 652, 818 670, 540,105 14.47 8,48 22.97 1902 79,117, 000 1,192, 395,607 • 677.448. 933 15.07 8,38 , 23.55 1903 80,847,000 1, 249, 552, 756 682, 383, 277 15.45 8,33 23.83 1904 81, 867,000 1, 327, 672, 672 686,401,168 16.22 8,24 24.66 1905 83, 259, 000 1, 357. 8S1,188 687, 968, 920 16,31 8,12 24.55 1906 84, 662, 000 1,472,995. 209 705, 330, 224 17.40 8,20 26.62 1907 86,074,000 1, 466,056, 632 723, 594, 596 17.03 8.27 26.23 1908 87,496,000 1, 615,140, 575 733, 250. 073 18.46 8.25 26.73 1909 88,926, 000 1, 640, 567,131 727. 078. 304 18.45 8,05 26.70 1910.. 90, 363, 000 • 1, 635,424, 513 732. 002,448 18.10 7.79 26.15 1911 93,983, 000 1, 763,134,114 741,184,095 18.65 7.75 26.44 1912... 95,656,000 1, 812, 856, 241 746, 685,964 18.96 7,66 28.70 1913 97, 337, 000 1,866, 619,157 753, 563, 709 19.17 7.61 28.83 1914 99, 027, 000 1,871,611, 723 758, 039, 421 18.90 7,53 • 28.51 -1916 100, 725, 000 1, 973, 330, 201 763, 218, 469 19.59 7.45 27.12 1916 102. 431. 000 2,450, 516, 328 772, 908, 391 23.92 17. 42 31.37 1917 104,146,000 3, 018, 964, 392 745, 747, 094 28.99 7.04 36.41 1918 105, 869,000 3,145,680, 606 668, 329,-597 29.71 6.28 36. 75 1919 107, 600,000 3,112, 320, 547 548, 938, 429 28.92 5,19 34.20 1920 105, 768,000 2, 707, 866, 274 619, 725,982 26.60 5.73 30.79 1921 108,087, 000 3, 294, 909, 763 696, 719, 362 30.48 6.35 36,21 1922 109, 743,000 3, 784, 651, 712 792, 041, 753 34.49 7.12 40,84 1923 111, 268,000 4,049,553,748 812, 449, 277 36.39 7.21 43.51 1924 112, 686, 000 4,490,807, 303 822, 017, 285 39.85 7.20 47.06 1925 114,104, 000 4, 386,195, 841 830, 862, 304 38.44 7.19 45, 64 1926 115, 523, 000 4, 500,976,937 840, 459, 405 38.96 7.19 46,15 1927 116,943, 000 4, 586,098,136 846, 764, 485 39.04 7.15 46,23 1928 118, 364, 000 4,109,182, 895 850, 895, 932 34.72 7.10 41,87 1929 119, 788,000 4, 324, 350, 856 36.10 43,20

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" DIRECTOE OF THE MINT 655 Stock of Money in the United States, December Sl, 1928

Item Gold Silver ' Minor Total

Estimated stock of coin in United States Dec, 31, 1927 $1, 235, 913, 697 $838,705, 686 $115,250,675 $2,189,869,937 Coinage executed calendar year 1928.._ 177, 380.000 8,748, 667 3, 664, 670 189,773, 337 Net release from earmark, calendar year 1928 2.000, 000 2,000,000 Imports United States coin, calendar year 1928 47,870, 221 1, 622,489 49,492, 710 Total 1,483,143, 918 849, 076,821 118, 915, 245 2,431,136,984 Less: Exports United States coin, calendar year 1928 143, 225, 401 225, 210 143,450, 611 United States coin withdrawn from monetary use, calendar year 1928, face value 2,382,998 4,391, 365 298,323 7,070,684 United States coin used in the industrial arts, estimated, calendar year 1928 3, 500,000 100,000 3, 600,000 Total. 149,108,397 4, 716, 575 296,323 154,121,296 Estimated stock of coin in United States Dec, 31, 1928 1,314, 035, 521 844, 360, 246 118, 618,922 2, 277,014, 689

NOTE,—The number of standard silver dollars coined to Dec, 31, 1928, was 840,506,332, which, added to the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 160,000, and the number retmned in Government transports, 496,859, equals 841,652,191. Since July 1,1898, the number " of standard silver dollars exported in transports has been 2,495,000, the net export from November, 1919, to July, 1920, in the movement due to the high price of silver was 28,287,142, the number melted under the terms of the Pittman Act of Apr, 23, 1918, was 270,232,722, the number otherwise melted (mutilated, etc.) since 1883 was 220,668, and the number of Hawaiian dollars melted to Dec, 31, 1928," was 455,329, a total disposition of 301,690,849, leaving in the United States on Dec, 31, 1928, 639,961,342 standard silver -dollars and 304,398,904 dollars in subsidiary silver coin.

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656 REPORT ON THE FINANCES Location, ownership, and per capita circulation of United States 7noney, December Sl, 1928

Money held in the Treasury Amount held Reserve in trust against, Kind of money against gold United States Held for Total and silver notes (and Federal All other .certificates Treasury reserve banks money (and Treasury notes of and agents notes of 1890) Gold coin and bullion $3, 206, 606, 813 $1, 412, 515, 819 $156, 039. 088 $1. 448,961,109 $189,090,797 Standard silver dollars 481,960, 397 476.181,974 5, 778,423 Subsidiary silver 2,189, 001 2,189, 001 Minor coin 975, 648 975, 648 United States notes 3, 963, 054 3, 953,054 Federal reserve notes 1,434,090 1, 434, 090 Federal reserve bank notes. 57, 219 57, 219 Nationalrbank notes 16, 067,169 16, 067.169 Total Dec, 31, 1928.... 1 3, 713. 243, 391 1, ;. 897, 793 158, 039. 088 1. 448. 961.109 3 219, 545,401 Comparative totals: Dec. 31, 1927 1 4, Oil, 886, 982 2, 090, 884,120 155, 420, 721 1, 556, 510, Oil 209, 072,130 Oct. 31, 1920.-.. 1 2,436, 884. 530 718, 674, 378 152, 979, 026 1, 212, 360, 791 352, 850, 336 JuneSO, 1914 1 1, 845, 575, 888 1, 507,178. 879 150, 000, 000 188, 397, 009 Jan, 1,1879 1 212, 420, 402 21. 602, 840 100, 000, 000 90, 817, 762 Money outside of the Treasury Held by In circulation Kind of money Federal Total, Total reserve banks Per amount« and agents 3 .Amount capita' Gold coin and bullion $934, 814, 076 $539, 504, 363 $395, 309, 713 $3. 32 8 $4, 141, 420, 889 Gold certificates 1,412, 515, 819 421, 519, 960 990. 995, 859 8.32 (1, 412, 515, 819) Standard silver dollars 58, 001. 378 11, 528, 004 46, 475, 374 ,39 539, 961, 775 Silver certificates 474, 888,124 64, 553, 914 410. 334, 210 3.45 7 (474, 888.124) Treasury notes of 1890 1, 293. 850 1, 293, 850 ,01 7 (1. 293. 850) Subsidiary silver 302, 209. 570 10, 895, 847 291, 313, 923 2.45 304. 398, 571 Minor coin 117, 843. 029 2, 029, 887 115, 613,142 .97 118, 618, 677 United States notes 342, 727, 982 48, 529, 449 294,198, 513 2.47 346, 881. 016 Federal reserve notes 2, 275. 919, 475 467. 888, 878 1. 808, 052, 599 15.18 2, 277. 353, 585 Federal reserve bank notes- 3, 825, 532 5. 377 3, 820,155 .03 3, 882. 751 National-bank notes 682, 714, 960 66,954,116. . 815, 780, 844 5.17 698, 782,129 Total Dec, 31, 1928—. ', 553, 775 1, 633, 385, 593 4. 973.168,182 41.76 8. 431, 099, 373 Comparative totals: ' Dec. 31, 1927 0, 898, 441, 937 1. 695,486, 256 5, 002, 955, 881 42.52 8, 619. 444, 799 Oct. 31, 1920 6, 761, 430, 872 1, 063, 218, 060 5, 898, 214, 812 53.01 8, 479, 620. 824 JuneSO, 1914 3. 458, 059, 755 3, 458, 059,755 34.92 3, 796, 456, 784 Jan. 1, 1879 818, 268, 721 818,288,721 18.92 1, 007, 084, 483 1 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside of the Treasury to arrive at the stock of money in the United States. 2 This total includes $16,404,494 of notes in process of redemption, $173,759,547 of gold deposited for re­ demption of Federal reserve notes, $10,283,017 deposited for redemption of national-bank notes. $2,430 deposited" for retirement of additional circulation (act of May 30, 1908), and $7,529,888 deposited as a reserve against postal savings deposits. 3 Includes money held by the Cuban agency of the Federal .Reserve Bank of Atlanta. * Population of continental United States (estimated) Dec. 31.1928,119.076,000; Dec, 31,1927,117,653,000; Oct. 31, 1920, 107.491,000; June 30, 1914, 99,027,000; Jan. 1, 1879, 48,231,000. * Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta. 9 Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks under earmark fox foreign account is excluded, and gold held abroad for Federal reserve banks is included. 7 These amounts are not included in the total, since tlie money held in trust against gold and silver cer­ tificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. NfOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their re­ demption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes ara secured by the deposit with Federal reserve agents of a like amount of gold or of gold and such dis­ counted or purchased paper as is eligible under the terms of the Federal reserve act.. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including the gold redemption fund, which must be deposited with the United States Treasurer, against Federal reserve notes m actual circulation. Lawful moaoy has been deposited with the Treasurer of the United States for retirement oif all outstanding Federal rjserve bank notes. National-bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the redemption of national-bank notes secured by Government bonds.

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DIBECTOR OF THB MINT 857 Monetary stock of gold in the United States since 187S ^

[In thousands of dollars]

Coin in Coin in Bullion in national Coinin Bullion in Federal Federal bariks, Other Total End of year Treasury Treasury reser"\(e reserve comp­ coin 2 stock of banks banks troller's gold report

Fiscal year June 30: 1873. 65. 619 15, 670 3,818 SO, 000 105.007 1874.-. 60,972 9,640 5,536 39,607 115, .665' 1875.-- 45, 382 8,259 3,711 31, 696 89,048 1876-- 41,912 9,689 3,226 44, 533 99. 260' 1877 ....• 76, 682 . 10. 962 5,306 39. 059 131, 989 1878-. 122.137 6,323 8,192 39, 768 176,420' 1879-- 129. 920 5,317 21, 531 63, 601 210, 369- Calendar year: 1879-- 95, 790 62, 98,106 46,844 302, 739' 1880-. 61,481 93, 92.185 150,086 397, 542 1881_- 84.640 88, 101,115 210, 776 485, 257 1882-. 119,523 61, 75, 326 234, 206 480, 556. 1883 152, 608 66, 73,447 228, 297 520, 019' 1884_. 171. 553 63, 76,171 215, 813 626, 700' 1885 75.435 72, 96. 742 313, 346 668,461 187,197 81. 97, 781 223, 200 589, 609 1887- 182, 619 123, 99.162 245,146 650,072' 1888- 227, 854 97. 78. 224 246, 218 649, 753 1889. "246,402 67, 84,416 235, 436 633, 519' 1890- 226, 220 67, 80, 362 274, 056 648, 284 1891- 196, 834 83, 91.890 253, 765 625, 865 1892- 156, 882 81, 100. 991 242, 622 582,102 1893. 73. 624 84, 151, 234 281, 940 591,430 1894- 91, 781 47. 151.117 248, 788 638, 793 1895- 83,187 29, 147. 308 242, 645 502, 584 1896- 121. 746 64, 161, 828 251, Oil 589, 233 1897- 152.488 45, 187,609 252,419 637, 795 1898- 141.070 140, 263; 889 286,892 831,900' 1899. 257, 306 143, 203. 701 293, 388 897, 473 1900- 328.453 153, 199, 350 307, 870 1901- 417, 343 123, 190.172 318, 389 1, 049.64 » 1902- 458,180 159, 178.147 324, 253 1,120, 531 1903- 478, 970 209, 170, 647 332, 731 1,191. 686. 1904- 647, 262 49, 195. Ill 326, 262 1, 216.82 2 1905. 862,154 101, 196,681 327, 549 1, 287,56 8 1908- 737, 677 158, 188,096 376, 007 1.458, 323 1907- 788, 488 162, 203, 289 457, 995 1, 612,689 ' 190S- 924, 317 111, 209.186 411, 606 1, 656,150 ! 1909- 934, 803 97, 213,991 392, 508 1. 638,649 ' 1910- 982, 588 120, 1, 710.03 5 ., 001. 413 183. 227, 978 378, 745 1911. 235,185 379, 941 1, 799,62 8 1912- 995; 209 258, 1,880, 237 987, 878 303, 240, 452 385. 718 1913- 232. 799 380, 632 1, 904,694 : 1914. 879,413 304, :, 042, 688 648, 22, 058 60 168, 660 437.859 1,813. 005 1915- 15, 450 118, 416 486, 724 2, 312, 1918- 906,491 276, 061 679, 303 687, 18, 928 120, 396 520, 251 2,842, 804 1917- 35, 605 121,166 61, 560 570, 365 3,155, 1918- 775, 909 772, 009' 540, 980 720, 24, 929 84, 930 24, 725 477, 305 3,159, 915 1919. 33, 457 455,169 2, 994, 1920. 238, 270 999, 222, 918 21,236 127 284, 733 783, 85, 979 147, 313 20, 686 453.882 2, 925,750 ' 1921. 121,900 419, 726 1922- 309, 445 978, 70, 716 19, 360 3, 660,30 1 334, 024 221, 138.481 81. 377 19, 054 404, 211 3, 928, 1923- 198. 605 391, 968 1924- 510, 781 324, 81, 344 18,169 4, 243, 595,198 099, 174, 012 80, 589 19, 368 390. 046 4,499, 481 1925- 159,871 1928- 595, 318 085. 130, 586 18, 212 395. 814 4, 399,42 5 628,202 877. 181. 731 240, 652 17, 237 391, 444 4, 492,060 ' 1927- 207. 625 1928. 693, 990 512, 266,133 16, 997 385,090 4, 379,26 8 224, 736 314. 768 16, 574 378, 736 4,141, 421

1 Previous to 1914 figures are unrevised. - Includes coin in State and private banks as well as coin in tills and the hands of the public. 71799—30—FI 192 9- -44

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658 REPORT ON THE FINANCES

Average price of an ounce of gold in London and United States equivalent since 1870

Equivalent in United Per cent States value of Lon­ premium of Average London don price 2— price per stand­ average price above Calendar year ard ounce to 1918, Bank of , inclusive, and For British per fine ounce For a fine England's thereafter i standard minimum ounce ounce (1.000) buying (0,9162/3) rate

£ 8. d. 1870 ... 3 17 9.01 $18.9190 $20.6389 0,00107 1871 3 17 9.01 18.9190 20, 6389 . 00107 1872 ' 3 17 9, 24 18. 9237 20. 6440 . 02572 1873..-i 3 17 9.28 18. 9246 20; 6449 . 03001 1874 3 17 9,00 18. 9188 20, 6387 1876 3 17 9,23 18. 9235 20. 6438 . 02466 1876 3 17 9,30 18. 9249 20. 6453 . 03215 1877 3 17 9,42 18. 9273 20, 6480 . 04502 1878 3 17 9,41 18. 9271 20, 6477 . 04394 1879 3 17 9,11 18. 9210 20. 6411 . 01179 1880 3 17 9.15 18. 9218 20. 6420 . 01608 1881 3 17 9.36 18, 9259 20. 6464 . 03751 1882 3 17 9,43 18, 9276 20. 6482 . 04609 1883 3 17 9.18 18, 9224 20. 6426 . 01929 1884 3 17 9,32 18. 9253 20. 6458 . 03430 1885 - 3 17 9.17 18. 9222 20. 6424 . 01822 1886 3 17 9.10 18. 9208 20. 6409 . 01072 1887 3 17 9.01 18.9190 20. 6389 . 00107 1888 3 17 9,21 . 18.9231 20, 6434 . 02261 1889 3 17 9,04 18. 9196 20, 6396 . 00429 1890 3 17 9.44 18. 9277 20, 6484 . 04716 3 17 10,29 1891 18.9460 ' 20,6673 • .13826 1892 .... 3 17 10.17 18. 9426 20, 6646 . 12540 3 17 10,57 18. 9506 1893. 3 17 9,33 20, 6734 . 16827 1894 18. 9256 20, 6460 . 03537 3 17 9,03 18. 9194 1896 3 17 10,16 20, 6393 . 00322 1896 3 17 11,23 18. 9423 20, 6643 . 12433 1897 3 17 10,46 18. 9640 20. 6880 . 23901 1898 3 17 9.27 18.9484 20. 6710 . 15648 1899 3 17 9,91 18, 9243 20. 6447 .02894 1900 3 17 9,83 18, 9373 20, 6589 . 09753 1901 - 3 17 9,56 18. 9366 20, 6570 . 08896 1902 3 17 10,06 18.9300 20, 6509 . 06896 1903 3 17 9,94 18. 9403 20. 6621 .11361 1904 3 17 9.42 18, 9379 20. 6596 .10076 1905 3 17 9,82 18, 9273 20. 6480 .04502 1906 3 17 9.96 18. 9354 20. 6568 . 08789 1907 3 17 10.19 18.9381 20, 6597 . 10182 1908 3 17 9,18 18.9429 20, 6660 . 12765 1909 3 17 9.03 18. 9224 20, 6426 . 01929 1910 3 17 9.00 18.9194 20, 6393 . 00322 1911 3 17 9.00 18.9188 20. 6387 1912 3 17 9,00 18.9188 20. 6387 1913.. 3 17 9.04 18,9188 20. 6387 1914 3 17 9.00 18.9196 20. 6398 . 00429 1915 3 17 9.00 18. 9188 20. 6387 1916 . - 3 17 9.00 18. 9188 20. 6387 1917 3 17 9,00 18. 9188 20. 6387 1918 18, 9188 20. 6387 1919 4 10 1,03 20. 0937 21. 9204 6, 21033 1920 6 12 11,52 25.1958 27. 4883 33.17875 1921 6 7 .50 23. 8758 26. 0463 26. 20109 1922 4 13 3.80 20. 8144 22. 7086 10. 01952 1923 4 10 2.90 20.1284 21. 9583 6. 39381 1924 4 13 8.3 20. 8980 22. 7978 10. 46141 1925 4 5 5.6 19. 0634 20. 7964 . 76410 1926 4 4 11.1 18. 9426 20. 6646 , 12549 1927 . . 4 4 11.2 18.9444 20,6667 . 13561 1928 4 4 11.2 18. 9444 20, 6667 ,13561 Mint price per standard ounce (0,916%) .• 3 17 10.50 18.9492 .16077 Equivalent per fine ounce 4 4 11.45+ 20, 6718 .16077 Bank rate per standard ounce (0,916%) 3 17 9.00 18. 9188 . Equivalent per fine ounce 4 4 9. 82- 20. 6387

1 London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounce basis. 2 Conversions on basis of legal monetary parity; exchange not a factor.

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DIEECTOE OP THE MINT 659 Average commercial ratio of silver to gold each calendar year since 1687, with gold considered as of legal monetary value

Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio Years Ratio

1687... 14,94 1728.... 15.11 1769.... 14.72 , 1810.... 15,77 1851.... 16.46 1892.... 23.72 1688... 14,94 1729.... 14.^92 1770.... 14. 62 1811.... 15.63 1852.... 16.69 1893.... 26.49 1689... 16,02 1730 14,81 1771.... 14, 66 1812.... 16,11 1853.... 15.33 1894.... 32.66 1690... 15, 02 1731.... 14, 94 1 1772 14, 52 1813.... 16, 25 1854 15,33 1895.... 31.60 1691... 14.98 1732 15, 09 1773.... 14,62 1814 15,04 1855.... 15.38 1896 30.59 1692... 14.92 1733.... 16,18 1774.... 14, 62 1815.... 15. 26 1858..:. 15.38 1897.... 34,20 1693... 14.83 1734 16, 39 1776 14,72 1816.... 15,28 1867.... 16.27 1898.... 35.03 1694... 14,87 1735.... 15.41 1778.... 14, 65 1 1817.... 15,11 1858.... 15.38 1899.... 34.36 1695... 15,02 1736.... 15,18 1777 14. 54 1818.... 15.35 1859.... 15.19 1900.... 33.33 1696... 15,00 1737.... 15,02 1778.... 14. 68 1819.... 15. 33 I860.... 16.29 1901.... 34,68 1697-.. 16,20 1738.... 14.91 1779 14.80 1820 15. 62 1861.... 16.60 1902.... 39.16 1698... 15,07 1 1739.... 14.91 1780.... 14. 72 1821.... 16, 95 1862.... 15.35 1903.... 38.10 1699... 14,94 1 1740.... 14,94 1781 14.78 1822 16,80 1 1863.... 16.37 1 1904..- 35.70 1700... 14.81 1741 14,92 1782.... 14.42 1823.... 15. 84 1864.... 16,37 1906..- 33.87 1701... 16.07 1742.... 14, 85 1783...- 14. 48 1824.... 15,82 1866.-.. 16,44 1906.... 30.64 1702... 15,52 1743.... 14,85 1784.... 14,70 1825-.. 15. 70 1866.... 16,43 1907.... 31.24 1703... 16,17 1744 14,87 1785.... 14,92 I 1826.... 15. 76 1867.... 16.67 1908.... 38.64 1704... 15,22 1745 14,98 1786...- 14,96 1827.... 16. 74 1868.... 16.69 1909.... 39.74 1705... 15,11 1746.... 15,13 1787 14,92 1828.... 16.78 1869.... 16.60 1910.... 38.22 1706... 16,27 1747 15,26 1788.... 14,65 1829.... 16.78 1870.... 16.67 1911.... 38.33 1707... 16,44 1748.... 16.11 1789.... 14.75 1830.... 16.82 1871 15.67 1912.... 33.62 1708... 16,41 1749 14.80 1790.... 16.04 1831.... 16.72 1872.... 16.63 1913.... 34.19 1709... 15,31 1760.... 14.55 1791 15,05 1 1832.... 15,73 1873.... 16.93 1914 37.37 1710... 15,22 1761.... 14,39 1792.... 16.17 1833.... 16,93 1874.... 16,16 1916.... 39.84 1711... . 16,29 1752.... 14.50 1793.... 15,00 1834.... 16,73 1875.... 16,64 1916.... 30.11 1712... 15,31 1753.... 14.64 .1794.... 15.37 1835.... 15,80 1 1876.... 17,76 1917.— 23.09 1713... 15,24 1764.... 14.48 1795.-.. 16.65 1836.... 15.72 1877...- 17.20 1918.... 19.84 1714... 15.13 1756.... 14.68 1796.... 15.66 1837.... 15.83 1878.... 17.92 1919.... 16.63 1715... 15.11 1766.... 14.94 1797 16.41 1838.... 16.86 1879.... 18.39 1 1920.... 15.31 1716... 15,09 1757 14.87 1798.... 16,69 1839.... 15, 62 1880.... 18,06 1921.... 26.60 1717... 15,13 1758.... 14,85 1799.... 16,74 1840.... 16,62 1881 18.25 1922.... 27.41 1718... 16,11 1759.... 14,16 1800.... 16,68 1841.... 16.70 1882.... 18.20 1923.... 29.62 1719... 15,09 1760.... 14.14 1801.... 16.46 1842.... 15.87 1883.... 18.64 1924.... 27.76 1720... 15,04 1761.... 14.64 1802.... 16.26 1843.... 15.93 1884.... 18.61 1926.... 29.38 1721... 16,05 1762.... 16.27 1803.... 16.41 1844.... 16.86 1885.... 19.41 1926.... 32.88 1722... 15,17 1763.-.. 14.99 1804.... 15.41 1846.... 16.92 1886...- 20.78 1927 36.22 1723... 16,20 1764.... 14.70 1806.... 16. 79 1846.... 16.90 1887..- 2L10 1928.... 36.26 1724... 16,11 1766.... 14,83 1806.... 16.62 1847.... 16.80 1888.:.. 22.00 1726... 16,11 1766.... 14,80 1807..-. 15,43 1848.... 16, 85 1889.... 22,10 1726... 16.15 1767.... 14,85 1808.... 16,08 1849.... 16, 78 1890.... 19.75 1727... 15,24 1788-... 14. 80 1809.... 15,96 I860.... 15. 70 1891.... 20.92

NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and Abell's tables, from 1879 to 1896 from daily cabled prices from London to the Bureau of the Mint, and since from daily London quotations. > c

Ratio of Silver to Gold, as Af ected by World War During the period December, 1916, to June, 1920, it is probable that the world's basic silver price was that of New» York rather than that of London. The normal relationship between the two prices— New York a fraction of a cent below the London quotation with exchange considered—did not prevail during this period, when the average monthly New York price varied between approximately 3 cents above and 6 cents below the London price. This period ap­ pears to have been initiated by enormous coinages to meet war­ time needs, and large silver shipments from the United States to the Orient. Its close was coincident with the removal of the product of United States mines from the world market, purchases under the Pittman Act of April 23, 1918, having begun in June, 1920. The ratio of silver to gold, based on the New York price, was for this period: Calendar year 1917, 24.85; 1918, 21; 1919, 18.44; 1920, 20.27. With the partial release during the first half of 1919 of British governmental control of gold export, the London price of exportable gold advanced above its monetary par. The ratio of silver to this

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600 REPORT 0:N THE FINANCES gold, based on the average London price of both metals, follows: 1919, 17.53; 1920, 20.41; 1921, 32.34; 1922, 30.11; 1923, 31.35; 1924, 30.62. Final release of British governmental control of gold export became effective April 28, 1925, when the Chancellor of the Exchequer of Great Britain announced that the restrictions authorized by the gold and silver (export control) act of 1920 on export of gold would be discontinued from that date. This had the effect of restoring the gold standard to the United Kingdom. The example of Great Britain was followed by Australia, New Zealand, Netherlands, and the Dutch East Indies, and on June 1 by South Africa. On April 29, 1925, the London quotation on gold dropped more than 1 shilling to 84s. lid. per fine ounce, as compared with 84s. 11.45d., mint par. Thereafter the quotation fluctuated between 84s. lO^d. and 84s. llKd. until January 29, 1926, when it touched 84si 9%d.; it has since varied between the latter figure and 84s. ll^d.

Bullion value of the silver dollar [S71}i grains of pure silver] at the annual average price of silver each calendar year since 18S7

Year Value Year Value Year Value Year Value Year >alue

1837 $1,009 1856 $1.039 1875 $0.96086 1894 $0.49097 1913 $0,46760 1838 1.008 1867 1.046 1876 .90039 1895 ,50587 1914 . 42780 1839 1.023 1858 1.039 1877 , 92958 1896 . 52257 1915 .40135 1840 1.023 1859- 1.052 1878 , 89222 1897 . 46745 1916 ,53094 1841 1.018 1880 1.045 1879- , 86928 1898 .45840 1917- , 69242 1842-.:...- 1.007 1881 1.031 1880—... ,- 88584 1899 .46525 1918 . 76142 1843- 1.003 1882 1.041 1881 , 87575 1900 . 47958 1919 . 86692 1844 1.008 1863 1.040 1882 ,87833. 1901--.... , 48093 1920 . 78844 1846 L004 1864 1.040 . 1883. , 85754 1902 , 40835 1921 .48817 1846 1.005 1865.' 1.035 1884 . 85904 1903 , 41980 1922...... 52543 1847 1.011 1866 1.036 1885 , 82379 1904 , 44783 1923 .50458 1848 1.008 1867 1.027 1886 . 78931 1905 . 47200 1924 .51906 1849 1.013 1868 1.025 1887 . 75755 1906 , 52353 1926 .53681 1850- 1.018 1869 1.024 1888 . 72883 1907 ,61164 1928 .48284 1851 1.034 1870 1.027 1889 , 72325 1908 ,41371 1927 .43838 1852 ... 1.025 1871 1.025 1890 , 80927 1909 .40231 1928 ,45237 1853 1.042 1872 1.022 1891 . 76418 1910 ,41825 1854 1. 043} 1873 1.00368 1892 - .87401 1911 ,41709 1855.. - 1.039 1874 1.98909 1893 ,80351 1912 .47543

Values of foreign coins, October 1, 1929 ^ In pursuance of th'e provisions of section 25 of the act of August 27, 1894, as amended by section 403, Title IV, of the act of May 27, 1921, and reenacted by section 522, Title IV, act of Septeniber 21, 1922, I hereby proclaim the following estimates by the Director of the Mint of the values of pure metal contents of foreign coins to be the values of such coins in terms of the money of account of the United States, to be followed in estimating the value of all foreign merchandise exported to the United States during the quarter beginning October 1, 1929, ex­ pressed in any such metallic currencies: Provided, however, That if no such value has been proclaimed, or if the value so proclaimed varies by 5 per cent or more from a value measured by the buying rate in the New York market at noon on the day of exportation, conversion shall be made at a value measured by such buying rate, as determined by the Federal Reserve Bank of New York and published by me as certified by said bank pursuant to the provisions of said section 25 as amended. ANDREW W. MELLON, Secretary of the Treasury.

1 Department circular No, 1 (published quarterly).

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DIRECTaR OF THE MINT 661

Values of foreign, coins

Value in terms of Country Legal Monetary unit ; United Remarks Istandard: States money

.A^rgentine Republic Gold.. Peso $0.9648 Currency: Paper normally con­ vertible at 44 per cent efface value. Austria.. - Gold. Schilling. .1407 Gold. Belga ,1390 1 belga equals 5. Belgian paper Belgium francs. Gold.-. Boliviano. .3650 Law of July 11,1928, ISM bohvi- Ploliyia anos; equal 1 pound: sterling. Gold. Milreis.-^. ,5462 Currency: Government paper con­ Brazil vertible at. 4,567 paper milreis to the gold milreis ($0,1196), by de . cree of May 23, 1928. British Colonies in Aus­ Gold.. Pound sterling. tralasia and Africa. British Honduras Gold.. Dollar.. 1. OOOO Bulgaria Gold... Lev ,0072 By law of Nov. 28, 1928. Canada. Gold. Dollar.. 1, OOOO Chile Gold. Peso-.- ,1217 Amoy , 6266 Canton ,6247 Chefoo ,6993 Chin Kiang., ,6121 Fuchau..'... ,5796 The tael is a unit of weight; not a Haikwan...... 6376 coin. The customs unit is the Hankow .6863 Haikwan tael. The values of Kiaochow ,6072 other taels are based on their re­ Tael..-. lation to the value of the Hai­ Nanking ,6201 kwan tael. Niuchwang.. ,5876 The Yuan silver dollar of 100 cents China. Sil ver. < Ningpo ,6025 is the monetary unit of the Chi­ Peking ,6109 nese Republic; it is equivalent to Shanghai ,5724 0,637— of the Haikwan tael. Swatow ,5788 Takau ,6306 Tientsin ,6072 Yuan.- ,4061 Hong Kong. ,4121 Dollar. _ British Mexican . 4152 Mexican silver pesos issued under Mexican decree of Nov. 13, 1918, are of silver content approximate­ ly 41 per cent less than the dollar here quoted; and those issued under decree of Oct. 27,1919, con­ tain about 51 per cent less silver. Colombia Gold.- Peso ,9733 Currency: Government paper and silver. Costa Rica -. Gold.. Colon - ,4653 Law establishing conversion oflQce fixes ratio' 4 colons (nongold) = $1 United States, Cuba.. Gold.. Peso 1. OOOO Denmark Gold.. Krone .2680 Dominican Republic Gold.. Dollar - 1. OOOO United States money is principal circulating medium. Ecuador.. Gold.- Sucre. ,2000 By law effective Mar, 19, 1927, Egypt Gold.- Pound (100 piasters).. 4; 9431 Estonia Gold-. Kroon .2680 Finland Gold.- Markka - ,0252 France Gold.- .Franc - ,0392 By law of June 24,1928. Germany-__ Gold.. Reichsmark ,2382 Great Britain Gold.. Pound sterling 4, 8666 Greece-... Gold.. Drachma - ,0130 By law effective May 14, 1928, Guatemala... Gold.. Quetzal 1, OOOO Haiti - Gold.. Gourde .2000 Currency: National bank notes re­ deemable on demand in Ameri­ can dollars. Hondm-as Gold.- Lempira ,5000 Legally established but not yet ac­ tually operative. Hungary ' Gold.. Pengo • , 1749 India (British) __ Gold.. Rupee.. .3650 By law effective Apr. 1, 1927. Indo-China Silver. Piaster :.. .4128 Italy Gold.. Lira , .0526 By decree effective Dec. 22, 1927. Japan •. Gold.. Yen . 4985 Latvia Gold.. Lat ,1930 Liberia Gold.. Dollar -.. 1, OOOO Currency: Depreciated silver to­ ken coins. Lithuania Gold.. Litas ,1000 Currency: Notes of the Bank of Lithuania.

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662 REPORT OK THE FINANCES

Values of foreign coins—Continued

Value in Legal terms of Country Monetary unit United Remarks standard States money

Mexico.— Gold... Peso $0,4986 Netherlands _. Gold... Guilder (florin) ,4020 Newfoundland .. Gold... Dollar ... 1, OOOO Nicaragua Gold... Cordoba .. 1, OOOO Norway. ... Gold... Krone .2680 Panama Gold... Balboa 1.0000 Paraguay Gold... Peso (Argentine) .9648 Currency: Depreciated Paraguay­ an paper currency. Persia . Silver.. Kran .0704 Currency: Silver circulating above- its metallic value. Gold coin is a commodity only, normally worth double the silver of same denomi­ nation. Peru Gold... Libra 4.8665 Philippine Islands Gold... Peso .5000 Poland .- Gold... Zloty .1122 By decree effective Oct, 13,1927.. Portugal . Gold... Escudo 1, 0806 Currency: Inconvertible paper. Rumania Gold... Leu ,0060 By law of Feb, 7, 1929, Russia Gold... Ruble .6146 Pre-war unit, (1 Soviet chervon­ etz =10 gold rubles,) Salvador Gold... Colon >6000 Siam .'•... „ - Gold... Baht (Tical) .4424 By law of Apr, 16,1928. Spain . Gold.- Peseta .1930 Valuation is for gold peseta; cur­ rency is notes of the Bank of Spain. Straits Settlements Gold... Dollar .5678 Sweden. Gold... Krona . . . .2680 Switzerland Gold... Franc .1930 Turkey Gold... Piaster . . 0440 (100 piasters equal to the Turkish' pound.) Uruguay Gold... Peso 1. 0342 Currency: Inconvertible paper. Venezuela Gold..- Bolivar .1930 Yugoslavia Gold.- Dinar. .1930

Quarterly changes in value of foreign coins during 1929, in Department circu­ lar No. 1

Value, 1929 Country Monetary unit Jan. 1 Apr. 1 Julyl Oct.l

Bolivia Gold boliviano.- $0,3660 $0,3660 1,3650 $0,3660 Bulgaria Gold lev .1930 .0072 .0072 .0072 China Silver tael, Amoy.... .6913 .6774 .6513 . 6266 Do Silver tael. Canton .6892 .6753 . 6494 .6247 Do Silver tael, Chefoo .6612 .6479 .6230 .6993 Do Silver tael, Chinkiang... .6753 .6617 .6363 .6121 Do Silver tael, Fuchau .6394 .6266 .6025 . 6796 Do Silver tael, Haikwan (customs) .7034 .6892 .6627 .6376 Do Silver tael, Hankow .6468 .6338 .6094 .6863 Do Silver tael, Kiaochow .6699 . 6564 .6312 .6072 Do Silver tael, Nanking .6841 .6703 .6446 .6201 Do Silver tael, Niuchwang .6483 .6352 ,6108 . 6876 Do Silver tael, Ningpo .6646 .6512 .6262 .6026 Do Silver tael, Peking .6739 .6604 .6350 . 6109'. Do Silver tael, Shanghai .6314 ,6187 .6949 .5724 Do Silver tael, Swatow . .6386 .6267 .6017 .6788 Do Silver tael, Takau .6817 .6665 .6306 Do Silver tael, Tientsin .6564 .6312 .6072 Do Silver dollar (Yuan) .4480 . 4389. .4221 .4061 Do Silver dollar, Hong Kong .4547 . 4465 .4284 .4121 Do Silver dollar, British Do Silver dollar, Mexican .4580 .4488 .4315 .4162 Indo-China. Silver piaster .4554 .4462 .4291 .4128 Persia Silver kran .0776 .0761 .0731 .0704 Rumania... Gold leu •. .1930 .0060 .0060 .0060

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WORID'S MONETARY STOCKS OF GOLD, SILVER, AND PAPER MONEY AT THE CLOSE OF THE YEARS 1927 AND 1928 The foUowing compilations have been made from such data as are available—avowedly incomplete. The amount of gold and silver in circulation in many countries is not obtainable, and in some countries that held by private banks can not be given. For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by the Government and Federal reserve banks. All foreign coin which comes into possession of the Government is converted into bullion.

Monetary stock of principal countries of the world, end of calendar year 1927

[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita

In banks Paper and piiblic circula­ tei Mone­ Metallic treasuries, tion, in o Country tary United stock including Silver monetary Population H standard States unclas­ that held In circu­ stock unit of (thousands) Un­ O Name equiva­ sified abroad in lation Total issuing clas­ Gold Silver Paper lent trust—set country sified aside or o "ear­ marked" W North America: United States . Gold.... DoUar $L00 $4,379,268 $4,379,268 $846,246 1 5,377,086 120,013 $36.49 $7.04 44.80 Canada ...do do LOO 2178,129 178,129 27,106 331,189 9,619 18.71 2.85 34.79 Mexico' ...... do. Peso .4986 $1,101 16,683 16,683 7,783 3,220 15,048 "$0."07" Lll .62; .21 "4 British Honduras ...do Dollar LOO 90 90 196 614 48 L87 4.06 12.79 Costa Rica ...do. Colon .26 363 21,000 472 .77 44.49 Cuba * ...do ... Peso. LOO $37,105 37,106 12,086 228,672 3,668 10.40 3.38 64.06 Dominican Republic. ...do Dollar LOO 129 129 807 »1,310 1,022 .13 .79 L28 Guatemala ...do Quetzal LOO 2,993 L400 4,393 1,296 10, 667 2,464 L79 .62 4.30 Haiti ...do..... Gourde .20 126 126 SO 16,201 2,660 .06 .01 6.36 Honduras ...do Lempira .60 40 40 600 6 630 740 .06 .67. .85 Newfoundland. ...do. Dollar LOO U,000 1,000 7 2,300 8 186 268 3.73 8.68 .69 Nicaragua. ...do Cordoba LOO 366 6,264 660 .66 8.08 Panama ^ . . ...do..... Balboa LOO 322 10 332 684 600 .66 L17 Salvador ...do Colon ,50 6,059 6,069 18,117 1,680 3.00 10.78 Footpotes at end of tabl^,

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Monetary stock of principal countries of the world, end of calendar year 1927—Continued [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]

Monetary unit Gold stock Per capita

In banks Paper Metallic and public circula­ Mone- treasuries, tion, in Country stock Silver monetary Population taiT United including stock standard States unclas­ In circu­ unit of (thousands) Un­ Name sified that held Total equiva­ abroad in lation issuing clas­ Gold Silver Paper lent trust—set country sified aside or "ear­ marked"

Virgin Islands .-- Gold.... Franc $,193 $86 $2 $88 $67 6 600 25 $3.62 $2.68 20.00 British West Indies- Barbados --do Pound 4, 8666 1 64 164 .02 Jamaica - do. . do 4, 8685 791 266 858 .92 31 Trinidad ...do .—do 4, 8865 8 8 5,253 5, 626 391 .02 13.43 14.38 Dutch West Indies .. —do Guilder or .402 891 891 230 3,312 68 16.36 3.96 67 10 florin. French West Indies- Guadeloupe do Franc .193 299 299 54 33, 246 230 LSO .24 144 54 Martinique '* ...do do .193 $1,660 34, 000 240 '"$§."92" 141. 67 South America: Argentina .- —do Peso .9848 475,447 476,447 1, 349.445 10,647 44.65 126, 74 Bolivia —do Boliviano.-- . 3893 8,568 8,668 U7 39, 556 2,699 3.29 16 22 Brazil --.do..»... Milreis .5462 100, 770 100, 770 8a 3,004,864 40,543 2.48 74.11 Chile .-.do Peso .1217 9,811 122 9,933 2,322 262,978 4,025 2.46 ."57' 62 86 Colombia —do..... do .9733 19,962 19,962 7 9,517 46,370 7,283 2.74 LSO 6.37 Ecuador -.do Sucre . 2000 2,046 2,046 9 166 41,316 2,000 L02 .08 20 65 Guiana- British— —do Dollar 1. 0138 7 203. 1,629 307 .66 4 98 Dutch- —do..... Guilder .402 86 86 334 2,920 143 .60 2.34 20 42 French -, --do Franc .193 7 94 94 7 194 * 11,400 47 2.00 4.13 242, 65 Paraguay --do Peso .9648 192,712 1,000 192. 71 Peru-. —do Pound 4, 8665 21,490 21,490 6,036 5,500 3.72 1.09 Uruguay..- --do Peso 1, 0342 89, 610 69, 610 5,171 71,787 1,720 40.41 "Toi" 41 73 Venezuela ^ —do Bolivar .193 15,000 16,000 9,000 62,600 3,089 4.85 2.91 20.23 Europe: Austria i" --do SchUling .1407 11,883 11, 883 1, 005, 315 6, 700 L77 150. 04 Bfilginm lO do . Belga .139 99, 878 99,878 9 141 2,153,910 7,932 12.69 •""•.•62' 271 54 Bulgaria ...do Lev .193 9,261 9,261 3.476 3, 728,972 5,597 L65 .62 665. 88 Czechoslovakia (") Krone .2026 32,804 8, 417, 263 14,388 '"2,'28' 585. 02 Danzig Gold.... Gulden .195 2 1,955 36,008 400 4.87 90.20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Denmark lo .do., Krone .268 48,776 • 48, 776 2,948 364,178 3,476 14.03 ,86 101. 92 Estonia .do., Crown .288 201 201 39,142 L116 .18 36.10 Finland .do., Mark .0252 7,979 11 7,990 7 22 1, 614,407 3,568 2.25 425. 63 France 12 -do., Franc .193 799,627 799, 827 66,190 68,300,610 40,960 19.52 LOl 1, 374, 62 Germany .do., Reichsmark. .2382 15,674 424, 760 424, 760 171,931 5,488, 946 62,592 .25 6.78 2.74 87.37 Gibraltar 7_ .do-, Pound 4, 8665 13 160 18 8.89 Great Britain and .do.. do 4, 8665 781,819 781,819 334, 400 494,140 48,408 15.73 6.90 10.21 Irish Free State. Greece 10 .do., Drachma... .193 H14, 707 14, 707 1,487 5, 690,845 6,825 2.16 .22 833. 82 Hungary .do., Pengo .1749 34,432 34,432 7,009 486,754 8,522 , 4.04 .82 57.11 Iceland .do., Krone .268 603 603 7,326 96 6.28 76.30 Italy 15 .do-, Lira .193 239,180 239,180 e 18, 205 18, 775,000 40,799 6.86 .46 460.18 Latvia .do., Lat .193 4.570 4,570 4,632 77, 763 1,870 2.44 2.47 4L58 Lithuania .do., Litas .10 105 105 1,350 96,-608 2,286 .05 .59 42.26 Netherlands -do.. Florin or .402 160,836 160,836 47,856 857,374 7,626 2L09 6.27 112. 42 guilder. Norway...... do.... Krone .268 44,641 44, 641 1,930 330,900 2,789 16.01 .69 118. 64 Poland ..do.... Zloty. .1122 39, 587 39,587 10, 647 1,170,034 29,589 L34 .36 39.54 . Portugal -.do.... Escudo 1. 0805 9,267 9,267 685 1,831, 770 6,185 L49 .11 296.16 Rumania lo ..do.... Leu .193 29, 006 29,006 2,025 21, 026, 263 17, 709 LOS .11 1,187, 32 Russia 19 ..do-.. Chervonetz. 5.1455 97,039 97, 039 104,404 146,989 .66 .71 . Spain .- ..do-.. Peseta .193 502, 302 502, 302 132, 225 4, 202,441 22,128 22.70 6,98 189, 91 O Sweden.. ..do.... Krona .268 61,882 61,882 9 950 526, 238 6,088 10.16 .16 86,43 O Switzerland i" -.do.-, Franc .193 83,470 83,470 12,131 917,393 3,959 2L08 3.06 23L 72 Yugoslavia lo —do-... Dinar .193 17,133 17,133 3,391 5, 743,389 13,160 LSO .26 436. 42 Asia: O British North Borneo- ..do— Dollar.. .5678 2,472 258 9,68 Ceylon .-do- Rupee. .365 15 15 13, 734 62,471 5,125 2.68 12,18 China 17 Silver. Dollar- (18) 107, 677 390, 097 442,000 .24 .88 Cyprus Island - Gold- Pound. 4.8665 292 292 718 474 317 .92 2.26 L49 Federated Malay Gold-- Dollar.. .5678 240 1,325 .18 6,69 States, India, British — —do- Rupee.. .365 119,097 119,097 1,732, 770 1,826,424 318,942 .37 5.43 5,72 Indo-China, French... Silver. Piaster., (18) 17,334 129, 902 20, 698 83 6,27 Japan, including Gold.. Yen .4985 480, 299 480, 299 212, 231 1,831,981 83,468 6.75 2.54 2L95 ^ Chosen, Taiwan, H Kwantung, Netherland East In­ —do-. Guilder. .402 71,640 71,640 169,818 351,181 51, 718 LS8 3,09 6.79 dies. Palestine .-do- Pound. 4,8666 2,920 2,000 887 3.29 2.25 Persia 7 _ Silver. Ejran... (18) 32, 726 19 116,403 10,000 3.27 1L64 Philippine Islands Gold.. Peso... ,50 3,044 3,044 18, 786 118,016 11,922 .25 L57 9,90 Sarawak ...do... DoUar.. ,5678 88 7 156 600 .16 ,26 Siam ...do.- Tical... ,4428 23, 711 130,853 9,939 2,38 13,16 Straits Settlements ...do... DoUar.. ,5678 1,638 1, 838 12,824 140. 627 935 L76 13.71 160,40 Syria ...do... Pound. 3,860 29, 626 7,676 3,000 9 87 2,66 Africa: Abyssinia Silver. Thalari. (18) 21,458 750 10,100 2.12 .07 Algeria Gold.. Franc. - .193 15, 621 1, 365, 310 6,065 2.66 223,46 Belgian Congo ...do— do... .193 124, 619 16,000 8.31 Dahomei 7_. _ ...do- do... .193 69,106 1,000 59.11 Footnotes at end of tabl^.

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Monetary stock of principal countries of the world, end of calendar year 1927—Continued ^ [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of isstiirig country (000 omitted)] O

Monetary unit Gold stock Per capita

In banks Paper Metallic and public circula­ Mone­ treasuries, tion, in Country United stock SUver Population tary unclas­ including stock monetary standard States In circu­ unit of (thousands) Un­ Name sified that held Gold equiva­ abroad in lation Total issuing clas­ SUver Paper lent trust—set country sified aside or "ear­ marked"

Africa—Continued. Egypt Gold- Pound $4.9431 $18,459 $18,459 $27,850 27,522 14,169 $L30 $L96 1 94 Eritrea..- —do...- Lira.. .193 1,692 460 3.76 French Equatorial —do Franc ,193 28,000 3,126 8 96 Africa, Gambia .. —do Pound 4, 8665 166 210 80 Gold Coast. — do -—do 4, 8665 1,690 2,300 74 Guinea, French —do Franc ,193 1 1 881 27,123 2,020 .43 13.42 Ivory Coast —do do .193 1 1 6 119,441 1. 658 72.12 Kenya Colony and —do ShiUing ,2433 19, 004 40,450 6,765 3.29 7 02 Uganda,^ Madagascar ... —do Franc .193 30 296,853 3, 621 .01 8L98 Morocco —do do .193 $2,658 447,237 5,557 $0.47 80 48 Nigeria . - do Pound 4, 8685 3,437 224 18,475 .18 01 Nyasaland —do— do 4, 8885 102 $58 160 L598 L176 .13 LSO Portuguese East -..do Escudo 1. 0805 195 146 341 2 104, 897 3,120 .11 S3 62 Africa.7 Portuguese West —do do 1, 0805 81, 232 4,150 19.57 Africa, Reunion Island ^o. --do Franc-- ,193 560 39, 900 174 3,22 229 31 Rhodesia- Northern -..do Pound 4, 8665 22 2 24 438 36 931 .03 .47 .04 Southern —do do 4, 8685 1,480 1,460 730 900 808 L81 .90 1 11 Senegal —do Franc ,193 439, 472 L225 358. 75 Sierra Leone -.-do- Pound 4. 8885 107 155 1,541 .07 10 SomalUand— British - do Rupee ,365 329 300 344 .96 87 French.-- —do Franc .193 191 191 4,410 85 2.94 67,84 Italian —do Rupee .365 1,883 2.000 LOOO '"i."86' 2,00

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Sudan, Anglo-Egyp- ...do Pound 4.8666 130 i30 8,4i5 293 6,476 .02 1.30 .05 tian. Tanganyika —do— Shilling .2433 • 4,874 8,254 4,350 L12 L89 Tunis —do Franc .193 7 239, 664 2,160 110,95 Union of South Africa. ...do Pound 4, 8866 42,021 16,339 58,360 13,154 9,503 7,859 7.62 1,72 1.24 Zanzibar.- —do Rupee .365 407 197 2,06 Oceania: Australia - --do Pound 4, 8685 130,983 106,119 105,119 51, 994 8,235 2L01 16,86 8,34 New Zealand- do . - ... do 4, 8885 38,282 6,570 1,460 26,40 4. 53 Fiji Islands-.- --do do 4, 8865 431 431 973 184 2,62 5,93 Society Islands -- do- - Franc- ,193 19,960 28 712, 85 Total 286,203 9, 654, 709 55,495 9, 710, 204 4,183,029 1,845,053 .16 5,26 2, 27

1 Includes gold and silver certificates (representing coin and bullion held in trust in 10 Stock in national bank. the treasury) redeemable on demand, 11 Monetary standard not established. 2 Including some silver. 12 On Dec. 24, 1927. 3 Figures for 1925. 13 Exclusive of Spanish bank notes. < On June 30, 1927. 1^ Includes that held abroad. * United States Government and bank notes, 15 On Jan, 10, 1928. 6'In United States doUars, 16 On Jan. 1, 1928. o 7 Last year's figures or figures of previous years, 17 Incomplete. O 8 Newfoundland government notes only. 18 Fluctuates with the price of silver. 8a Paper mUreis. 19 On Mar. 20, 1927. 9 Including minor coin. 20 June 30, 1928. o NOTE.—Figm'es given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Y earbook, 1928, Blanks indicate no figures available, rather than no stock. Gold reported Held abroad but not reported as set aside or " earmarked," not included in the above figures (presumably reported by the country having actual possession). W

5^

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Monetary stock of principal countries of the world, end of calendar year 1928 {subject to revision) [Stated in United States money (OOO omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted) (XD

Monetary unit Gold stock Per capita

In banks Paper and pubUc circula­ MetaUic Mone­ treasuries, SUver tion, in Population Country United stock monetary tary including stock (thousands) standard States unclas­ that held In circu­ unit of Un­ Name ^ equiva­ sified abroad in lation Total issuing clas­ Gold Silver Paper lent trust—set country sified aside or "ear­ marked"

North America: • United States Gold.... Dollar $L00 $4,141,421 $4,141,421 $849,996 1 6,216,397 120,013 $34, 61 $7,08 43.45 Canada . do do LOO 2 160,855 180,856 27, 738 349,870 9,619 16.89 2.91 36 76 Mexico 3-_ __. .do .. Peso ,4986 22,956 22,956 12, 766 15,048 L52 ,84 British Honduras ...do Dollar LOO 202 546 48 4.21 11.37 Costa Rica .do - Colon ,25 383 24,138 472 ,76 51.13 Cuba* ...do— Peso .- LOO 6,546 $17, 241 23,787 8,413 64,176 3, 568 6,67 2.36 15,18 Dominican Republic-- ...do DoUar LOO 90 90 240 61,661 L022 .08 ,23 L51 Guatemala ...do—. Quetzal LOO 2,466 100 2,586 L312 9,936 2,454 L04 .53 4,06 Haiti 6.-...... do—. Gourde .20 125 126 SO 16, 201 2,650 .06 ,01 6.35 , Honduras 6.. ...do—. Lempira .50 40 40 500 9 630 740 .05 ,67 .85 Newfoundland 6 ...do Dollar LOO 1, 000 LOOO 2,300 7 185 268 3.73 8.68 ,69 Nicaragua ...do—. Cordoba LOO 440 6,031 660 .67 9.27 Panama.. ...do Balboa LOO 10 io 8 90 600 ,02 .18 Salvador 6__ ...do—. Colon .50 6,059 6,059 18,117 L680 . 3,01 10.79 Virgin Islands ...do..-. Franc .193 86 2 88 69 26 3,62 "•2.'76" 20,00 British West Indies- 6. 9 500 Barbados ...do Pound 4,8666 1 164 .02 Jamaica ...do do 4,8686 791 94 858 .92 ,37 Truaidad 6- _ ...do— do 4. 8666 8 8 6,253 321 391 .02 13.43 14 38 Dutch West Indies :..do—- GuUder .402 L047 L047 165 6, 626 58 18,06 2,67 91,34 French West Indies- 5,298 Guadeloupe. ...do Franc .193 296 296 24 38,488 230 L28 ,10 167.34 Martinque . .do .. „ .do .193 985 986 41, 720 240 4,02 173,83 South America: Argentina .do .- Peso ,9648 618,931 618, 931 61, 349,446 10,647 68,13 126,74 Bolivia . do Boliviano.-. 10. 366 11 7,476 7,475 6 17 44,204 2,699 2,87 "","01" 17 01 BrazU ...do-— Milreis ,5462 148, 691 148, 591 3, 379,028 40,643 3,66 83,34 Chile ...do Peso ,1217 7,363 122 7,486 898 351, 506 4,026 L86 "•","22" 87.33 Columbia- ...do do ,9733 24, 271 24,271 6 9, 617 56,183 7,283 3,33 L31 7.71 Ecuador ...do Sucre.. 12,2000 13 1,134 H24 K. 18 497 15 37,434 2,0QQ .66 .26 18.72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Guiana— British- .do DoUar... 1, 0138 205 L576 307 ,67 6,13 Dutch 6 __. -do GuUder- .402 86 86 334 1 2,920 143 .60 2,34 20.42 French -do Franc... ,193 94 94 194 11,400 47 2.00 4.13 242,56 Paraguay s -do Peso ,9848 192, 712 LOOO 192, 71 Peru -do— Pound-- 4.8885 19,938 19, 938 7,224 6,122 5,500 3.62 L3' Lll Uruguay -do—- Peso 1, 0342 69, 557 69, 657 5,171 72,484 L720 . 40,44 3.01 42,14 Venezuela -do—-. Bolivar-. ,193 7,818 7,818 6 9, 000 89,196 3,089 2,63 2,91 28,87 Europe: Albania -do-. Franc .193 LOOO LOOO LOO Austria ^^. -do-. Schilling .1407 23,743 23, 743 17 4 1,087, 363 6,700 3.54 159, 31 Belgium 18.18 -do-, Belga- .139 125, 574 125, 574 19 283 2, 302, 332 7,932 15.83 "".'03" 290, 26 Bulgaria .do-. Lev... 20. 0072 9,442 9,442 3,854 4,173, 017 5,597 L68 .66 745,58 Czechoslovakia (21) Krone .0298 8,807 8,607 12 12, 642, 908 14, 388 ,69 871.76 Danzig- Gold.. Gulden ,195 1 1 L950 39.416 400 ""4,"87" 98.64 Denmark is ...do— Kj-one ,268 46,298 46, 298 2,153 360, 200 3,475 13,32 .82 103, 66 Estonia ..-do— Crown ,268 61 61 6 40, 346 L115 ,05 36,18 Finland ...do— Mark .0252 7,672 7,672 6 22 1, 613, 213 3,558 2.15 ""'.'oi' 425. SO France 22 23. 0392 ...do— Franc 1, 253, 500 1, 253, 500 19 28, 706 63,916, 693 40,980 30.60 ,70 1, 660,44 ,2382 Germany ..-do-: Reichmarks. 629, 731 829, 731 207, 926 5, 647, 237 62, 692 10.06 3,32 90.22 Gibraltar 6 _• ...do— Pound 4.8665 24 180 18 Great Britain and Irish Free State .do- do 4.8686 772, 722 772, 722 260,000 420, 841 48,408 15.96 5.16 Greece .do., Drachma.-- 25, 0130 7,321 7,321 66 5, 889, 550 6,825 L07 ,01 833, 63 Hungary -. .do-, Pengo ,1749 35,169 35,189 2,456 513, 461 8,522 4.12 .29 60, 25 Iceland.- -do-, Krone ,268 601 601 8,053 96 6,26 —--.- 83.88 Italy -do., Lira 28,0526 265, 732 285, 732 19 5, 382 17, 295, 393 40, 799 6,61 423,91 Latvia -- -do., Lat .193 4,584 4,584 4, 832 77, 853 1,870 2.45 2,47 41,52 Lithuania -do-, Litas .10 3,427 3,427 L350 84, 774 2,286 L60 .69 37.08 Netherlands -do- Florin or .402 174, 692 174, 892 47,195 870, 588 7,626 22.91 6,18 114,16 guUder, Norway -do-, Krone .268 45,429 45,429 1, 876 315, 500 2,789 16,28 .67 113.12 Poland -do-, Zloty ,1122 47,761 47, 761 9,139 1,394, 284 29, 589 L61 .31 47.12 Portugal 27 -do., Escudo 1. 0805 9,267 9, 287 998 1, 978,184 8,185 L49 .16 319, 51 Rumania -do-. Leu ,193 30, 327 SO, 327 853 2L 211,000 17, 709 L71 .03 1,197, 75 Russia 28... -do., Chervonetz. 5.1455 91, 888 91, 886 98, 083 182,110 146, 989 ,62 .87 L23 Spain 29... -do., Peseta ,193 493, 807 493,807 134, 717 4,377,167 22,128 22,31 6.08 197. 81 -do-, ,268 83, 259 63, 259 19 903 10.39 .14 Sweden 29. Krona 546, 013 6,088 89,88 -do.. Franc .193 92,908 73, 258 188,164 37,905 952, 697 4L97 9,67 Switzerland -.. 3,959 240,84 -do-. Dinar .193 17, 666 17, 666 6, 528,170 13,160 LSS 420.07 Yugoslavia i^^ Asia: ...do.-, Dollar- .5678 2,383 258 9,23 British N, Borneo —do-.. Rupee.. ,365 i4 14 12,945 57.417 6,125 2,52 1L20 Ceylon Dollar.-. (31) 140, 235 .31 China 30 Silver.. 56L430 442,000 L27 Pound-. 4, 8665 292 Cyprus Island Gold— -. 292 766 412 317 -.92 2.41 1,30 .-do— DoUar- .5678 158 8,472 LS25 .12 6.39 Fed, Malay States Rupee.. India, British .-do- .365 123,999 123,999 1, 671, 482 1,891, 023 318,942 ,38 5.24 5,92 Silver.- Piaster.. (31) 22,042 141,875 20, 898 riLoe' 6,86 Indo-China, French- Yen—.. Japan, including Cho­ Gold- ,4985 529, 254 629, 254 8 212, 231 1, 773, 499 83,458 6,34 2.54 2L25 sen, Taiwan, Kwan­ tung, Footnotes at end of table.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Monetary stock of principal countries of the world, end of calendar year 1928 (subject to revision)—Continued [Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)] O

Monetary unit Gold stock Per capita

In baiU^s Paper Metallic and public circula­ Mone­ stock treasuries, tion, in Country tary United SUver Population unclas­ including stock monetary standard States that held In circu­ (thousands) Un­ Name sified Total unit of equiva­ abroad in lation issuing clas­ Gold SUver Paper lent trust—set country sified aside or "ear­ marked"

Asia—Continued. Netherlands E, Indies- Gold-... Guilder $0.402 $68,264 $88, 264 $160,119 356, 645 51, 718 $1,32 $3,09 • 6.89 Palestine -.-do Pound 4. 8865 8 2,920 2,000 887 3,29 2.25 Persia 8 Silver--- Kran (31) 32, 726 116, 403 10,000 3,27 11. 84 Philippine Islands Gold— Peso.- - ,50 3,518 3,518 19, 089 130,912 11,922 .29 LOO 10.98 Sarawak . - do Dollar ,5678 32 96 600 .16 Siam ...do Baht or ,4424 129,068 9,939 .81 12,98 tical. 8,038 Straits Settlements do- Dollar ,5878 1, 630 L6S0 146, 931 935 L74 13.66 157 14 Syria -.do Pound 3,860 $6, 746 12, 763 8,610 3, 000 "$2,'25" 2,87 Turkey . do Lira. 4,400 153, 749 13, 650 11,26 Africa: Abyssinia .. . Sil ver..- Thalari (31) 22,043 L324 10,100 2,17 13 Algeria Gold—. Franc ,0392 8,955 1, 777,481 6,065 L47 293, 07' Belgian Kongo.. -.do do ,0278 L948 L948 157, 687 15, 000 .13 10,50 Egypt ...do Pound 4, 9431 17, 693 17,693 28,231 SO, 398 14,169 L24 ""L'99' 2,14 Eritrea 8 —do Lira ,0626 L692 460 3.76 French Equatorial —do Franc ,0392 <28, 000 3,126 8,96 Africa. „ French West Africa.-- —do do .0392 622,467 4,901 127, 01 Gambia ...do Pound- 4.8685 191 210 .91 Gold Coast ...do do- 4, 8665 L797 2,300 ,78 Kenya Colony and ...do ShiUing ,2433 20,042 30,451 5, 765 3,49 5,28 Uganda.33 Madagascar —do— Franc .0392 294,051 3, 621 81,21 Morocco ...do do—... .0392 3,119 3,119 709,065 5, 567 .56 127, 59 Nigeria —do Pound 4.8885 3,693 227 18,475 '"".l¥ ,01 Nyasaland : --.do do 4.8686 118 42 160 L606 L176 .13 L36 Portuguese East ...do ,Escudo 1,0805 438 438 76, 712 3,120 ,14 24,28 Africa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Portuguese West --do do 1,0805 69,172 4,150 16, 67 Africa. • Reunion Island o do Franc .0392 39,900 174 229. 31 .Rhodesia- Northern .--do Pound 4. 8885 10 24 40 787 122 931 .04 .84 .13 Southern' —do­ do 4, 8665 842 842 925 953 808 L04 L14 L18 Sierra Leone 8 do 4. 8885 107 155 L,641 .07 .10 Somaliland— do British - do Rupee .365 475 750 344 LSO 2.18 French 8__ _ .do Franc .0392 191 191 4,410 66 2,93 67.84 Italian o -do , Rupee .385 L863 2,000 LOOO "Tse" 2.00 Sudan, Anglo-Egyp­ tian -do —. Pound 4. 8885 70 70 8,896 34 233 6,475 .01 L37 .04 Tanganyika . do ShiUing ,2433 4,837 9,844 4,350 LOO 2,26 Tunis 8 do Franc ,0392 239, 864 2,160 110,96 Union of South Africa ...do Pound 4.8665 33, 518 33, 074 68, 590 16,389 9,658 7,659 8,69 2.14 L26 Zanzibar ...do Rupee .366 660 2,799 197 2,79 14.21 Oceania: Australia do Poimd 4.8665 19129, 297 108, 433 108,433 45,645 6,236 20.73 17,39 7.32 New Zealand- .do do 4,8686 35, 342 6,521 L450 24,37 4,60 Fiji Islands 8.. do -do 4.8865 431 431 973 164 2.62 6.93 Society Islands do Franc .0392 18, 952 28 676. 85 O O Total 202,382 10, 402, 779 124,173 10, 628,962 4,170,183 L 858, 703 ,11 5,66 2.24 O 1 Includes gold and silver certificates (representing coin and bullion held in trust in •17 Exclusive of 1-schUling and 3^-schUling coins. the treasury) redeemable on demand, 18 On Dec. 26, 1928, 2 Including some silver, 19 Including some minor coin, 3 In Mexican banks on Apr, 30, 1928. 20 New monetary unit established Nov, 28, 1928. 4 On June 30,1928; national coin and United States bank notes in Government treasury 21 Monetary standard not established; stabilized rate indicated. and in banks. 22 On Dec. 28, 1928. { United States Government notes, 23 New monetary unit established June 24, 1928. 6 Last year's figures or figures of previous years. 24 Exclusive of Spanish bank notes, I Newfoundland Government notes only, 25 New monetary unit established May 14, 1928. 8 In Banco Nacional; paper currency of the United States circulates, 28 New monetary unit established Pec, 22, 1927. 9 In United States dollars. 27 On Dec. 26, 1928. 10 New monetary unit established July 11, 1928, 28 On Jan, 1, 1929, II On May 31, 1928, 29 On Dec. 29, 1928. 12 New monetary unit established Mar, 19, 1927. 30 Incomplete. 13 Exclusive of the gold held abroad. 31 Fluctuates with the price of sUver, 14 Including nickel, 32 Including notes, " On Nov, 27, 1928. 33 On June SO, 1928. 18 Stock in National Bank. 34 In banks and Government treasury. NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1928, Blanks indicate no figures available, rather than no stock. Gold reported held abroad but not reported as set aside or "earmarked," ^ot included in the aboye figures (presumably reportec} by the country having aptual possession),

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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

WORLDIPRODUCTION OF GOLDiANDpILVER World production of gold and silver, 1927 and 1928 [The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint]

Calendar year 1927 Calendar year 1928—subject to revision.

Gold .SUver Gold SUver Country

Kilos, " Ounces, KUos, Ounces, Value Value Value ($0.57070 KUos, Ounces, Value KUos, Ounces, fine fine fine fine fine fine fine fine ($0.58627 per ounce) i per ounce) i t=i • O North America: United States 65,856 2,117,253 $43, 767, 600 1,878,513 60,394,199 $34,466,969 66,710 2,144, 720 $44,335,300 L 817,294 58,426,004 $34,263,413 Oanafia . .- - 57,829 1,852,785 38,300,465 707,207 22, 736, 698 12, 975,833 68,805 1,890, 592 39,082,005 682,314 2L 936,407 12,860,657 O Mexico -- " -- 22, 558 725,176 14,990, 698 3,252,688 104, 673, 919 59, 680, 336 21, 745 699,102 14,451, 721 3,375,966 108, 637,307 63, 632,167

Total 146,041 4,695,213 97,058,667 5,838,408 187, 704,816 107,123,138 147,260 4, 734,414 97,869,026 5,875; 574 188,899, 718 110, 746,237 H. Central America and West Indies 2- 2,257 72, 663 1, 500,000 98,103 3,164, 021 1,800,000 L881 60,469 1,250,000 79, 682 2, 558, 548 1, 500,000 W South America: .A.rgentina 3 : SO 967 20,000 466 16,000 8,560 SO 968 20,000 467 15,000 8,794 Bolivia 8 241 4,982 168,051 6,402,840 3,083,401 16 508 10,460 175,389 6, 638, 756 3,305,833 BrazU 3,190 102, 558 2,120,062 484 15, 561 8,881 3,114 100,115 2,069, 561 796 25, 591 15 003 Chile - - L888 3 60,000 1,240,310 90,202 3 2,900,000 1, 655,030 896 28,806 595,473 44, 688 1,436, 719 842,305 "A Colombia-. 2,257 72, 583 3 1, 500,000 4,088 ISL 417 3 75, 000 L254 40,323 4 833, 555 2,122 68,228 3 40,000 Ecuador - L998 64,242 1,328,000 2,725 87,601 49,994 2,319 74, 672 1,541, 540 2,482 79,804 46,778 a Guiana- British - 178 6,714 118,119 166 5,325 110,086 • w Dutch—------239 7,684 158,842 i 249 3 8, 000 4,666 \ 171 5,498 113, 664 233 3 7, 600 4,397 French _ L504 48,354 999, 568 1 L 414 45,460 939, 742 Peru. 2,882 92,658 1,915,369 569,084 18,295,408 10,441,189 2,081 68,904 1,383,028 672,090 21,607, 693 12,687,942 Venezuela _ 4 1,224 39,366 813, 767 3 100 3,215 L835 L501 48, 257 997, 661 3 125 4,019 2,356 Total 15, 376 494,345 10, 219, 017 835,429 26,859,042 15,328,456 12,962 418, 734 8,614,660 898,392 28,883,310 16,933,417 Europe: Austria - -.- 4 129 2,667 301 9,677 5,623 3 10 321 6,636 3 588 18,904 n,083 Czechoslovakia - - 233 3 7,500 155,039 23,328 3 750, 000 428, 025 216 6,944 143, 545 23,878 767,678 450,067 France L40O 45, 010 930,439 9,600 308, 640 176,141 fi 1,400 45, 010 930,439 fi 9, 600 308,640 180,946 Germany.. 180 5,786 119, 607 164,648 5,293,433 3,020,962 fil80 .«^ 7Sfi 119,607 s164,648 5, 293,433 3,103,381 Great Britain L453 46, 714 26, 660 4 129 • 2,667 L019 32,761 19,207 Greece --- 15 482 9,964 7,600 241,125 137, 610 »15 482 9,964 »7,600 241,125 14L364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929 Italy .. r 67 2,164 44,527 16, 706 537,098 306, 522 60 L607 33, 220 16,000 514,400 301, 577 Norway .. 9,800 315,070 179,810 6 10,409 334,649 196,195 Poland 7,776 3 250,000 142,675 7,313 235,113 137,840 Rumania 2,058 66,166 1,387, 752 4,376 140, 888 80, 291 L948 62,628 1, 294,636 3,110 99,986 68,619 Russia 3 S3,000 1,060,950 21,931, 783 3 10,000 321, 500 183,480 37,325 3 1, 200,000 24,808, 201 1L819 3 380,000 222, 783 Spain SO 966 3 20,000 95,072 3,058, 565 1, 744,382 23 726 3 15,000 78, 683 2, 626,443 1,481,178 Sweden . 3 480 14, 789 305, 716 3 2, 500 . 80,375 45,870 435 3 14,000 289, 406 2,333 3 75,000 43, 970 Yugoslavia 386 12,410 256, 537 L672 63, 755 SO, 676 3 440 14,146 292,424 31,900 61,085 35,812

Total 37,833 L 216, 341 25,144,031 354,732 11,404, 640 6, 508, 627 42,046 1,351, 779 27,943, 745 338, 700 10,889,217 6,384,022 Asia: r 4,353, 530 British India 11,952 384, 288 7,943, 524 187, 397 6,024, 806 3,438,367 11, 897 376,058 7, 773,809 230,974 7,425,810 China ' 3,110 3 100,000 2,067,183 3,111 3 100,000 67,070 3,110 3 100,000 2,067,183 3,111 3 100,000 58,627 Chosen (Korea) 5, 578 179,318 3, 706, 790 L600 51,447 29,381 5,175 166,380 3,439, 380 L60O « 51,447 SO, 182 Dutch East Indies . 3,517 113,071 2, 337, 385 71, 098 2, 235,801 1,304, 507 3,429 110, 242 2, 278,904 83,203 2,031,976 1,191,287 Federated Malay States 333 10, 706 221,313 582 18,693 388,419 Indo-China •. 3 10 321 6,635 316 . 10,159 6,798 8 257 6,313 L664 53,176 SL175 Japan 9,808 308,823 6, 383, 938 140,950 4, 531, 543 2, 588,152 9,608 »308,823 6,383,938 140,950 8 4, 531, 543 2, 658, 708 Philippine Islands 2,487 79, 314 1, 639, 666 882 28,358 16,183 3,317 106, 641 2,204,465 L132 36, 394 2L S37 Sarawak . 38 243 5, 023 6 3 200 4,134 Q Taiwan 457 14, 693 303, 731 662 18,074 10,315 457 »14, 693 303, 731 582 fi 18,074 10, 596 H Turkey «30 964 19,927 3 7,000 225, 050 128,438 28 3 900 18, 605 6,843 3 220,000 128,979 O Total-. 37, 088 24, 635, 015 412,916 13, 276, 238 7, 576,181 37, 415 8,482,401 1,19L 719 1, 202,887 24,885,881 450,029 ====14,'488,42=0 O Oceania: Australia- New South Wales _ 661 •18,032 372,764 279,938 3 9,000,000 6,136,300 399 12,831 265,240 281,656 9,055,241 5,308,816 Northern Territory 6 6 176 3,618 3 100 2,067 W Queensland... L052 33,833 699,390 2,616 84,118 48,006 413 13.277 274,460 686 22,034 12,918 feJ South Australia 13 418 8,641 6 179 102 17 548 11,328 Victoria . L199 38, 538 796, 651 46 L471 839 L055 33,917 701,127 45 L454 852 West Australia 12,702 408,352 8,44L386 L652 49,895 28,475 12,237 393,405 8,132,403 1,866 3 60,000 36,176 Tasmania ... 151 4,861 100,486 23,072 741,782 423,335 136 4,330 89, 509 20,819 669,326 392,406 ^ Papua. L731 55,666 1,150, 703 140 4,494 2,665 L729 55,573 L148,806 L711 3 66,000 32,245 H New Zealand. _ . 4,029 129,619 2,677,383 13,293 427,358 243,893 3,692 118,714 2,464,036 13,867 446,811 261,366 Total... 21,443 689, 394 14,261, Oil 320,662 10,309,297 6,883, 615 19,680 632, 696 13,078,975 320,649 10,308,866 6,043, 779

1 Average price per fine ounce in London. 4 Amount exported. 2 Estimate based on United States imports of ore and bullion. »Last year's figures. 8 Estimate based on other years* production. 6 For year ended June SO.

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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

World production of gold and silver, 1927 and 1928—Continued [The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint]

Calendar year 1927 Calendar year 1928

Gold SUver Gold Silver Country

Value Value KUos, Kilos, Ounces, KUos, Ounces, KUos, Ounces, Ounces, Value ($0.58627 Value ($0.57070 fine fine fine fine fine fine fine fine per ounce) per ounce)

Africa: Abyssinia $446,615 284 9,131 18,754 Algeria 3,673 118,087 $87,392 3.852 117,412 $68,835 O Belgian Congo 3,901 125,417 2, 592,599 330 10,609 6,054 4,296 138,116 2,855,111 330 10,609 6,220 Bechuanaland 118 3,807 78,698 13 418 238 54 L748 36,134 4 141 83 British West .Africa (Gold O Coast, Ashanti, Nigeria)... 5,338 171,607 3,547,431 4,911 157,901 3,264,103 Egypt 2 64 L323 2 64 LS23 French West Africa 213 6,848 141,661 «213 6,848 141, 661 Kenya Colony 20 655 13,640 26 814 16,827 81 47 W Madagascar. 322 10,352 213,995 196 6,269 , 129,592 tei Portuguese East Africa 296 9,521 196,816 682 389 132 4,239 87, 628 327 192 Rhodesia- Northern 11 350 7.235 571 18,344 10,469 19 602 12,444 3 88 52 Southern. 18,085 681,438 12,019,390 1,622 113,241 64,627 17,920 678,112 11,909,292 3,229 103,802 60,856 Southwest Africa 31 984 • 20,341 17 542 11, 204 Swaziland..-. 35 L1S5 23,462 11 347 7,173 Sudan. _ 223 7,166 148,145 181 5,835 120, 620 o Tanganyika.: 265 8,179 169,075 29 916 523 399 12,828 265,178 49 .1, 575 923 tei Transvaal, Cape Colony, and w Natal 314,852 10,122,491 209,260,460 SL 469 1,011,736 577. 398 322,061 10,354,264 214,041, ess 32,080 1,031, 376 604, 665 Total. 344,374 n,07L619 228,870,686 39, 628 1,274,033 727,090 350, 720 11,275. 680 223,088, 577 1,265,411 741,872 Total for world., 604, 392 19.431,194 401, 678,427 7,899,878 253,981,085 144,947.007 611,964 19,674, 838 406, 710,864 8,002, 286 257,273,490 150, 831, 728

5 Last year's figures.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

DIRECTOR OF THE MINT 875 Production of gold and silver in the world since 1860 '[The annual production of 1860 to 1872 is obtained from 6-year-period estimates compiled by Dr. Adolph Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint]

Gold Silver Calendar year Value Commercial Fine ounces Fine ounces value 1

1860 6,486, 262 $134,083,000 29, 095, 428 $39,337,000 1861 .. 5, 949, 582 122,989,000 35, 401, 972 46,191,000 ,1862 5,949, 582 122, 989,000 35,401, 972 47,651,000 1863 . .... 6,949, 582 122,989,000 35, 401,972 47,616,000 1864 6,949, 582 122,989, 000 35, 401, 972 47,616, 000 1865 . 5,949, 582 122, 989, 000 35, 401, 972 47,368, 000 1866....' 6,270, 086 129, 814,000 43, 051, 683 57, 646, 000 1867 6,270, 086 129, 814,000 43,051, 683 57,173,000 1868 6, 270,086 129,614,000 43, 051, 583 57,086,000 1869. 6, 270,086 129, 614, 000 43,051, 583 57,043,000 1870 6,270, 086 129,614,000 43,051, 583 67,173,000 1871 6,69L 014 116,677, 000 63,317,014 83, 958,000 1872 5,69L 014 115, 577,000 63, 317, 014 83,705,000 Total 78, 768,830 1, 628, 252, 000 647, 997, 231 729, 563,000 1873 . 4,653, 675 98, 200, 000 63, 267,187 82,120, 800^ 1874 4,390,023 90, 750, 000 65, 300, 781 70,674,400^ 1876 4, 718, 683 97, 500,000 62, 281, 719 77, 578,100^ 1876 5, 018,488 103, 700,000 67, 753,125 78,322, 600^ 1877. . 5, 612,196 113,947, 200 62, 679, 916 75, 278, 600- 1878... 5, 761,114 119,092, 800 73, 385,461 84, 540,000' 1879 6, 282,174 108, 778,800 74, 383,495 83, 532, 700* 1880 5,148,880 106, 436, 800 74, 795, 273 85, 640, 600' 1881 4,983,742 103,023,100 79,020, 872 89,926, 700) 1882... 4,934, 086 101, 996, 800 86,472, 091 98,232, 300 1883 4, 614, 588 95,392, 000 89,175,023 98,984, 300" 1884 4,921,169 101, 729, 600 81, 667,801 90, 786, OOO 1885 5,245, 572 108,435, 600 91, 609, 959 97,618,800' 1886 5,135, 679 106,163, 900 93,297, 290 92,793, 600' 1887 • 5,116,861 105, 774,900 98,123, 586 94,031,000' 1888... . .6,330,775 110,198, 900 108, 827, 606 102,185, 900' 1889.... 5, 973, 790 123,489,200 120, 213, 611 112,414,100 1890 5, 749, 306 118,848,700 126,095, 062 131,937,000' 1891 6, 320,194 130,650,000 137,170, 000 135, 500, 200» 1892 7,094, 286 148, 651, 500 153,16L762 133,404,4O0» 1893 7, 818,811 157,494, 800 165, 472, 621 129,119, 900> 1894 8, 764,362 181,175, 600 164, 610,394 104,493,000* 1895 9, 615,190 198, 763, 600 187, 500, 980 109, 545, 60a> 1898 9, 783, 914 202, 261, 800 157,061, 370 105, 859, 300^ 1897 11,420,068 236,073, 700 180,42LO82 96, 252, 700' 1898 13,877, 806 286, 879, 700 169, 056, 263 99,742, OOO­ 1899 14,837, 775 306, 724,100 168, 337,452 264, 576,300 lOi, 002, 600* 1900 . 12.316.135 173, 591,364 107,628,400- 260, 992, 900 173, Oil, 283 1901 12, 625, 527 296, 737, 800 103, 806, 700 1902 • 14,354, 680 162,763,483 88, 264, 700 327, 702, 700 187, 689,322 1903 16,852, 620 347, 377, 200 90, 562,20O 1904 16, 804,372 184,195, 286 95, 233, SOO 380, 288, 300 172, 317, 688 1905 18,396, 451 402,603,000 106,113, 70O 1906 19,471,080 166,064,497 111,721,100 412,966, 600 184,206, 984 1907 19, 977, 260 442, 837,000 121, 677,100* 1908. 2L 422,244 203,131,404 108,665,100'' 464,059,100 212,149, 023 1909 21, 965, 111 455,239,100 110.364,400* 1910 22, 022,180 221, 715, 673 119, 727,000* 462, 989, 781 226,192, 923 1911 22.397.136 467,288, 203 122,143,800' 1912 22, 605, 068 230, 904,241 14L972,220' 460,051, 329 210, 013,423 1913 22, 254, 983 440, 348,027 126, 848,107' 1914 21, 301,836 470, 026, 261 172, 263,696 95, 261, 769' 1915 . . . 22, 737, 620 466,423,136 173, 000, 607 89,911,664 1916 22, 031,094 420, 679,351 180, 801, 919 124, Oil, 387' 1917 20,345, 528 384, 786,306 186,126,017 166,240,586 1918.... 18,614,039 365, 863, 933 203,159,431 200,002,336' 1919 17, 698,184 332, 823, 934 179, 849,940 201, 688, 402' 1920 16,130,110 330, 231, 792 173,296, 382 176, 658, 331. 1921 16, 974, 962 319, 420, 063 171,285, 642 108,110,296' 1922 16,451, 945 367, 764, 279 209, 815,448 142,.636,023" 1923 ... 17, 790, 697 393,405, 653 246,009,634 172, 276, 652' 1924 19, 031, 001 393, SOL 128 239,484, 703 178, 310, 726' 1925 19, 025, 942 399,981, 749 245,213, 993 172, 498,232" 1926 19,349,118 401, 678, 427 253,795,166 169,668, 628 1927 19,431,194 406, 710,864 253, 981,085 144; 947,007: 1928 : ^ 19,674,638 267, 273,490 150, 831, 728> Total 728, 850, 622 |16,066,064 , 686 8,761,303,969 6,496,774,191!

807, 617,252 | 16,694,316, 686 9,309, 301,200 7,225,337,191

1 At the average par price of a fine ounce of silver in London, excepting the years 1918 to. 1922,.inclusive :for which the mean of the New York bid and asked prices was used.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

Production of gold and silver in the world since the discovery of America O ^ [From 1493 to 1886 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the production is the annual 6stiriiate of tte Bureau ofthe O Mint]

Gold Silver Percentage of production

Annual average for period Total for period Annual average for period Total for period By weight By value Period Coining value Fine ounces Value Fine ounces Value Fine ounces Coining value Fine ounces in standard Gold Silver Gold Silver silver dollars

1493-1620 186,470 $3,855,000 6,221,160 $107,931,000 1; 611,050 $1,954,000 42,309,400 $64,703,000 11 89 66.4 33 6 1521-1544 230,194 4,769,000 5,624,666 114,205,000 2,899,930 3,740,000 69,698, 320 89,986,000 7,4 92.6 65.9 44 1 1645-1660 273,696 6,656,000 4,377, 644 90,492,000 10,017,940 12,952,000 160,287,040 207,240,000 2,7 97.3 30.4 69 6 I 1661-1580 219,906 4, 546,000 4,398,120 90,917,000 9,628,926 12,450,000 192,678, 600 248,990,000 2,2 97.8 26.7 73 3 1581-1600 237,267 4,906,000 4,746,340 98,096,000 13,467,636 17,413,000 269,362,700 348,254,000 L7 98.3 22 78 1601-1620 273,918 6, 662,000 6,478,360 113, 248,000 13,696,235 17,579,000 27L924,700 351,579,000 2 98 24.4 76 6 i 1621-1640 266,846 6, 516,000 6,336,900 110, 324,000 12,654; 240 16, S6L 000 263,084,800 327,221,000 2,1 97.9 26.2 74 8 1641-1660 ^ 281,956 5,828,000 5,639,110 116,-571,000 11,776,545 16,226,000 235,630,900 304,525,000 2,3 97.7 27.7 72 3 1661-1680 297,709 6,164, 000 5,964,180 123, 084,000 10,834, 560 14,008,000 216,691, 000 280,166,000 2,7 97.3 30.5 69 6 1681-1700.... 346,095 7,154,000 6,92L896 143,088,000 10,992,085 14,212,000 219,841, 700 284,240,000 3.1 96,9 33.5 66 5 1701-1720 412,163 8,520,000 8,243,260 170,403,000 IL 432,540 14,78L000 228,650,800 295,629,000 3,6 96,5 36.6 73 4 1721-1740 613,422 12, 681,000 12,268,440 253,611,000 13,863,080 17,924,000 277,261,600 358,480,000 4,2 96,8 4L4 68 6 1741-1760 .. . 791,211 16,356,000 16,824,230 327,116,000 17,140,612 22,162,000 342,812,235 443,232,000 4,4 . 95,6 42.6 67 5 i2t 1761-1780.. 665,066 13, 761,000 13,313,316 275,21L0OO 20,985,591 27,133,000 419,711,820 542,658,000 3,1 96,9 33,7 66 3 > 1781-1800 571,948 n, 823,000 IL 438,970 236,464,000 28,261,779 36,540,000 565,235, 680 730,810,000 2 98 24.4 75 6 1801-1810 571,563 11,816,000 6,715,627 118,152,000 28,746,922 37,168,000 287,469, 225 371,677,000 L9 98,1 24,1 75 9 1811-1820 367,957 7,606,000 3,679, 668 76,063,000 17,385, 766 22,479,000 173,857, 556 224,786,000 2,1 97,9 25.3 74 7 1821-1830 457,044 9,448,000 4,570,444 94,479,000 14,807,004 19,144,000 148,070, 040 191,444,000 3 97 33 67 Ul 1831-1840 .- 652,291 13,484,000 6,522,913 134, 841,000 19,176,867 24,793,000 191,758, 675 247,930,000 3,3 96,7 36.2 64 8 1841-1850 1,760,502 36,393,000 17,605,018 363,928,000 25,090,342 32,440,000 250,903,422 324,400,000 6,6 '93,4 52,9 47 1 1851-1856 6,410,324 132, 613,000 32,051,621 662,666,000 28,488,597 36,824,000 142,442,986 184,169,000 18,4 8L6 78,3 21 7- 1856-1860 6,486,262 134,083,000 32,431,312 670,415,000 29,095,428 37,618,000 .-145,477,142 188,092,000 18,2 8L8 78,1 21 9 1861-1866 6,949,682 122,989,000 29,747,913 614,944,000 35,401,972 45,772,000 177,009, 862 228,861,000 14,4 85,6 . 72,9 27 1 1866-1870... 6,270,086 129, 614,000 31,360,430. 648, 071,000 43,051, 583 55,633,000 215,257,914 278,313,000 12.7 87,3 70 SO 1871-1875 6, 591,014 115, 577,000 27,955,-068 577,883,000 63,317,014 81,864,000 316,585,069 409,322,000 8.1 9L9 58.6 41 5 1876-1880 . 5, 543,110 114, 586,000 27,715,550 672,931,000 78,776, 602 101,851,000 393,878,009 509,256,000 6.6 93,4 53 47 1881-1885 4,794, 755 99,116,000 23,973, 773 495, 682,000 92,003,944 118,956,000 460,019, 722 594,773,000 5 95 46,5 64 5 1886-1890 . . • 5,461, 282 112,895,000 27,306,411 564,474,000 108,911,431 140,815,000 644, 557,155 704,074,000 4,8 95,2 44,5 65 5 1891-1895-... 7,882, 565 162,947,000 39,412,823 814, 736,000 157,581,331 203,742,000 787,906, 656 1,018,708,000 4.8 95,2 44,4 i55 6 1896-1900 12,446,939 257, 301,100 62,234,698 1,286, 505,400 165,693,304 214,229,700 828,466, 522 1, 071,148,400 7 93 54,6 46 4 1901-1905 16,606,730 322,619,800 78,033,650 1, 613, 099,100 167,995,408 217,206, 200 839,977,042 L 086,030,900 8.5 9L6 59,8 40 7 1906 19,471,080 402, 503,000 165,054,497 213,403,800 10.5 89,6 65,31 34.2 19,977,2601 412,966,600i 184, 206, 984 238,166,600 Digitized for FRASER1907 9.8 90,2i Ales, 4. _L36,Q http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1929

1908. 21,422,244 442, 203, 131,404 262,634, 500 I 9,5 90,6 62,8 1 37,2 1909- 2L 965, 111 464, 212, 149,023 274,293,700 9,^: 90,6 62, J 37.7 1910- 22,022,180 455, 221,715,67 3 286,662,700 9 91 6L4 38,6 1911- 22, 397,136 462, 226, 192,923 292,451,500 9 91 61,2 38.8 1912-. 22,605,068 467, 230,904 , 241 298, 542,852 8,9 9L:. 61 39 1913-. 22, 254,983 460, 210,013,42 3 271,532,506 9,5 90.6 62,8 37,2 1914- 21, 301,836 440, 172,263,69 6 222,724,649 11 89 66.^ 33,6 1915. 22,737, 520 470, 173,000 , 507 223,677,423 1L6 88.^: 67,7 32,3 1916. 22,031,094 455, 180,80L91 9 233,764,096 10,8 89,2 66.] 33,9 1917.. 20, 345, 528 420, 186, 125,017 240,646,486 9,8 90,2 63.6 36.4 1918.. 18, 614,039 384, 203, 169,431 262,670,779 8,c; 9L7 59. < 40.6 1919.. 17, 698,184 365, 179,849,94 0 232,633,256 8.9 9L:, 6L] 38,9 1920. 16,130,110 333, 173,296,38 2 224,059,968 8.6 9L6 59,7 40.3 1921.. 15,974,962 330, 171,285,54 2 221,460,095 8,^= 9L6 59,8 40.1 1922.. 15,451,945 319, 209,816,44 8 271,276, 538 6,8 93,2 64, < 45.1 1923.. 17,790,597 367, 246,009,53 4 318,072,933 6,7 93,3 53,6 46.4 1924.. 19,031,001 393, 239,484,70 3 309,636,787 7.4 92,1) 66 44 1925.. 19,025,942 393, 245,213,99 3 317; 044,355 7,2- 92,8 55,- 44.6 1926.. 19,349,118 399, 253,795,16 6 328,139,204 7,1 92,9 54.1 45,1 1927.. 19,431,194 401, 253,981,08 5 328,379, 585 7,1 92,9 55 45 406, 257,273,49 0 332, 636,431 1928.. 19, 674,638 7,1 92,9 55 ir45 Q Total. 1,021,655,069 21,120, 298, 527 14,467,232,012 18,706,108,043 6,6 93,4 53 47 O

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