Report of the Director of the Mint

Fiscal Year Ended June 30, 1915

EEPORT OF THE DIRECTOR OF THE MINT.

TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. 0., Novemher 1, 1915. 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, 1915, being the forty- third annual report of the Director of the Mint. There is also sub mitted 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 1914.

OPERATIONS OF THE MINTS AND ASSAY OFFICES.

In many ways the fiscal year 1915 was the most eventful in the history of the mmt service; certainly it was as regards the New York assay office and the San Francisco Mint. The movement of gold from the United States in the first three months and the movement of this metal to our shores in the last three months were on such a tremendous scale that the patience, skill, and capacity of the officials and employees at these institutions w^ere sorely taxed. Since July 1, 1915, the volume of business has increased so steadily and so rapidly that the records show the total value of the deposits at the New York assay office for the first four months of the fiscal year 1916 to be $126,224,600 or nearly that of the deposits for the whole of 1908—$131,X92',227—which has heretofore been this office's banner fiscal year. The mint at San Francisco received between April 1 and November 1, 1915, more than $50,000,000 in foreign gold coin and bullion from Australia, Japan,, and China, as compared with $4,346,000 during the entire calendar year 1914. Very little, comparatively speaking, of the foreign gold received has been in fine bars. Much the m°ajor portion has been in coin, chiefly British sovereigns and Japariese yen, and the prompt melting and storing of it have presented problems calling for extraordinary energy and some ingenuity. In order that no injustice might be worked to depositors of foreign coin because of the delay incident to the melting and refining of it, the regulations governing the handling of precious metals were so modified, with your approval, as to permit the payment of 99 per cent of the value of said deposits, ascertained upon their being weighed immediately after receipt, when presented in sums of 400

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$1,000,000 and over. Of course such deposits come only from bank ing houses of recognized standing, and when advantage is taken of this regulation the depositor is required to give a guaranty in writing of the integrity of the coin or bars involved. The former regulation permitted advance payment of only 90 per cent of the value ascertained when the deposit was weighed, 8 per cent more after the trial assay, and the remaining 2 per cent fol lowing the final assay. It can readily be seen how that regulation would have operated against the depositor in the loss of interest when several miUions of dollars were involved in one transaction as has so frequently been the case.^ Another important change which you authorized in the regulations is the reporting by the assayer, on deposits of fine gold bars or coin, in deposits of not less than 5,000 ounces, to one-tenth of one-thou sandth instead of one-quarter of one-thousandth. I found that the loss to the depositor on large deposits was frequently considerable, so I had the honor to recommend to you what has proved to be a most equitable arrangement. A new regulation of importance to miners and prospectors is that which you recently issued, upon my recommendation, reducing the charge for ore assays at the minor assay offices and the Philadelphia Mint from $3 for gold and silver to $1 for these metals and $1 for each of the following metals determined: Copper, tin, zinc, iron, lead, and tungsten. This has already resulted in a material increase of business at the several institutions, has made the mint service more responsive to pubhc requirements, and has been generaUy commended by those whose needs it is intended to meet. The'minor assay offices should be so operated as to make them as serviceable to the miner and pros pector as the Department of Agriculture is to the farmer, or they should be abolished. Receiving, melting, assaying, and forwarding bullion deposits only do not justify the expenditure of the money necessary to their maintenance. It is an interesting fact that in the past fiscal year coinage was exe cuted for more foreign countries at the Philadelphia Mint than in any previous 12 months of that institution's history. These countries were Cuba, Costa Rica, Salvador, and Ecuador. Some of the in creased business may have been due to the unsettled conditions in Europe, whose mints a number of the Latin-American countries have long patronized, but all of it is business which promises to continue. Furthermore, it is evidence of an increasing friendly feehng toward the United States on the part of our neighbors to the south. Every possible courtesy in the way of facilitating shipments and simplifying methods of payment was extended to the representatives of these countries. Although a considerable amount of silver was purchased by my predecessor in the faU of 1914, the stock on hand of this precious metal was so low in July, 1915, that I found it necessary to purchase, with your approval, 4,375,000 ounces in order to be prepared for what was clearly to be^and in due time proved to be—an unprece dented demand for subsidiary coins. The highest price paid was $0.4963 an ounce, or 2.005 cents above the minimum paid. The average price paid was $0.48724 an ounce. The entire amount was 7424°—FI 1915 ^26

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402 REPORT ON THE FINANCES.

bought between August 3 and September 17, and constituted the largest purchase of silver made in a similar period since the repeal, November 1, 1893, of the purchase clause of the act approved July 14, 1890. This transaction resulted in a goodly advance in the price of the white metal, and so stimulated the market, whose unsteadi ness had threatened a partial paralysis of the silver-mining indus try aU over the world, tnat production of silver has contiriued prac ticaUy without abatement. It also had the effect of aiding the production of gold, inasmuch as aU silver buUion carries a certain amount of gold. In commenting on this purchase the Boston News Bureau said: These prices are rauch. below those of a year ago, when the Director of the Mint bought at a corresponding part of the year 1,774,000 fine ounces. For 200,000 ounces of this, bought on July 31, a price of 10.5175 was paid; 200,000 ounces cost 10.5150 on August 7; 1,174,000 ounces were bought at $0.52 on August 11; and 200,000 ounces at $0.55 on August 28, 1914. A distinct achievement of the mint service in the fiscal year 1915 was the melting and spinning of platinum for use in the many Gov ernment laboratories. This metal is recovered in the electrolytic refineries only from the various kinds of buUion deposited. The quantities contained in individual deposits are very small; in practically every instance it is too small to be detected in assaying, and we could not, therefore, compensate the depositor for it, even if the law permitted payment for other than the gold and silver contents of bullion. Furthermore, as bullion of all classes is massed and melted before it passes through the refinery, it would be impossible to determine wiiat particular class carries this metal. In rare cases, where it is evident that a deposit contains platinum the depositor is so advised and is at liberty to withdraw his deposit. It has been the policy of the Government to sell this rare metal from time to time to the highest bidder, but owing to the fact that Russia, the largest producer of platinum, has curtailed its exporta tion and thereby caused a marked advance in the price, I have decided to hold so much of the metal recovered as shall be needed for use in the laboratories of the several departments of the Govern ment. During the past few months equipment has been placed in the New York assay office for melting this metal and the mint at Phila delphia has perfected machinery for spinning it and manufacturing it into utensils used in the laboratories of the Government institutions. I beg further to inform you that the work of this bureau has been considerably simplified by the elimination of several forms calling for reports that were found to be unnecessary or which duplicated information contained in other reports; also that the cost report system which has been in operation in the mints and in the assay office at New Yprk for several years has been so modified as to remove aU cumbersome features and yet be productive of aU infor mation necessary to economical and efficient administration. The following mint service institutions were operated during the fiscal year 1915: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which has a large trade in bars of fine gold and silver; mints at New Orleans and Carson City, and assay offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood,

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DIRECTOR OF THE MINT. 403

these being buUion-purchasing agencies for the large institutions. Refineries were operated at the New York, Denver, and San Fran cisco institutions. The original deposits of gold at the mint service offices during the fiscal year amounted to $166,175,438, an increase of $19,878,883 over the deposits of last year. The coinage of the year amounted to $46,086,458.90, of which $40,533,317.50 was gold, $3,353,032.50 was silver, $1,718,776.95 was nickel, and $481,331.95 was bronze. This amount includes $30,000 in $50 pieces, $25,000 in $2.50 pieces, and $5,500 in $1 gold pieces; also $30,000 in silver half-dollar pieces struck at the San Francisco mint for the Panama-Pacific International Expositiou. There were also coined at the Philadelphia Mint 368,050 gold pieces, 10,765,400 silver pieces, and 11,024,300 nickel pieces for Cuba; 5,000 gold pieces and 859,425 silver pieces for Costa Rica; 2,500,000 silver pieces for Ecuador, and 9,208,000 nickel pieces for Salvador. The mint at San Francisco coined for the Philippine Islands 1,870,000 silver pieces and 500 bronze pieces. : The seigniorage on United States coinage executed totaled $3,687,564.41, of w^hich $1,862,088.97 was on subsidiary silver coins and $1,825,475.44 was on minor coins. The amount of sUver purchased during the fiscal year was 3,395,- 694.87 fine ounces, costing $1,736,599.16, at an average price of 51 cents per ounce, fine. There were also received 491,021.14 fine ounces of United States mutilated silver coins, valued at $678,792, and PhUippine silver coins for recoinage containing 136,247.17 fine ounces at a cost value of $89,032.55.

STOCK OF COIN AND BULLION IN THE UNITED STATES.

On December 31, 1914, the stock of domestic coin in the United States was $2,252,316,331, of which $1,500,743,924 was gold and $568,271,663 was silver doUars, and $183,300,744 was subsidiary sUver coin. The stock of gold buUion in the mints and assay offices on the same date was valued at $304,354,958, and the stock of sUver bullion was 6,291,673 fine ounces.

PRODUCTION OF GOLD AND SILVER.

The production of the precious metals in the United States during the calendar year 1914 is as follows: Gold $94,531,800, and silver 72,455,100 fine ounces.

INDUSTRIAL ARTS.

The amount of gold consumed in the industrial arts duruig the cal endar year 1914 was $42,728,893, of which $34,621,619 was new material. Silver consumed amounted to 29,233,117 fine ounces, of which 22,474,787 fine oimces was new material.

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404 REPORT ON THE FINANCES.

EXPORTS OF GOLD COIN.

The net exports of United States gold coin for the fiscal year 1915 were $23,445,028.

COINAGE FOR THE PANAMA-PACIFIC EXPOSITION.

The act of January 16, 1915, provides for the following coinage of gold and silver pieces for the Panama-Pacific International Exposi tion Co.:

Denorhlnation. Pieces. Value.

$50 gold pieces 3,000 $150,000 $2.50 gold pieces 10,000 25,000 $1 gold pieces .25,000 25,000 50-cent silver pieces. 200,000 100,000

The act further provides that one-half of the $50 gold pieces struck '^ shall be similar in shape to the octagonal $50 gold pieces issued in California in 1851.'; The design submitted by Mr. Robert Aitken for the $50 piece, that by Mr. Charles Keck for the $1 piece, and those by Mr. Charles E. Barber, the engraver of the mint at PhUadelphia, for the $2.50 gold and the 50-cent silver pieces, were accepted by the Director of the Mint and approved by the Secretary of the Treasury. Following is a description of the coins above referred to: Fifty-dollar piece J weight 1,290 grains, 0.900 fine.—Obverse: Minerva, the goddess of wisdom, skill, contemplation, spinning, weaving, and of agriculture and horticulture. Reverse: Owl, sacred to Minerva, the accepted symbol of wisdom, perched upon a branch of western pine. Dolphins, suggesting, as they encircle the central field, the uninterrupted water route made possible by the Panama Canal, occupy the angles of the octagonal coin. Two-and-a-half-doUar piece, weight 64.50 grains, 0.900 fine.—Obverse: Columbia, representing the United States, seated on the mythical sea horse, riding through the waters of the canal, with caducous in grasp, the emblem of trade and commerce, invitingthe nations of the world to use the new way from ocean to ocean. Keverse: American eagle, resting on a standard bearing the motto ^^E Pluribus Unum." One-dollar piece, weight 25.8 grains, 0.900 fine.—Obverse: Head, representing labor, through whose efforts the Panama Canal became a reahty. Reverse: Two dolphins, indicating the meeting of the two oceans. ' Fifty-cent piece, weight 192.9 grains, 0.900 fine.—Obverse: Colum bia scattering fruits and flowers, attendant with cornucopia or horn of plenty, to signify the boundless resources of the West. Background, Golden Gate illumined by the rays of the setting sun, with the inscrip tion ^^Panama-Pacific Exposition, 1915." Reverse: Shield of the United States surmounted by American eagle and supported on the one side by a branch of oak, emblem of strength, and on the other side by the ohve branch of peace. The inscriptions are ^^ United

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Report Directorof the Mint, 1915.

1. OBVERSE TWO-AND-A-HALF-DOLLAR GOLD PIECE. 2. REVERSE TWO-AND-A-HALF-DOLLAR GOLD PIECE. 3. OBVERSE ONE-DOLLAR GOLD PIECE. 4. REVERSE,ONE-DOLLAR GOLD PIECE. 5. OBVERSEl HALF-DOLLAR SILVER PIECE. 6. REVERSE HALF-DOLLAR SILVER PIECE.

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Report Directorof the Mint, 1915.- PLATE II.

1. OBVERSE OCTAGONAL FIFTY-DOLLAR GOLD PIECE. 2. REVERSE OCTAGONAL FIFTY-DOLLAR GOLD PIECE. 4. OBVERSE ROUND FIFTY-DOLLAR GOLD PIECE. 5. REVERSE ROUND FIFTY-DOLLAR GOLD PIECE.

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DIRECTOR OF THE MINT. 405

States of America," with value of the coin and the motto '^In God we trust." • " Work was immediately commenced upon the dies, which were shipped after conipletion to the mint at San Francisco, at which place the first coinage of these pieces was delivered on May 28, and up to the end of the fiscal year (June 30) there were struck the following: Pieces. $50 gold pieces (octagonal) 609 $2.50 gold pieces : 10,000 $1 gold pieces. 5,500 50-cent silver pieces 60,000 The $50 gold pieces were struck on the large medal press shipped from the PhUadelphia Mint for this purpose.

ESTIMATES FOR THE FISCAL YEAR 1917.

The total of estimates for the mint service for the fiscal year 1917^ including the bureau office in Washington, is $1,160,480, which compares with estimates of $1,177,580 for the fiscal year 1916 and appropriations for the latter year of $1,136,180.

APPROPRIATIONS, EXPENSES, AND INCOME.

Amounts appropriated for the fiscal year 1915 totaled $1,147,771.68, which, together with unexpended balances of permanent appropria tions amounting to $12,700.13 and reimbursements within the service and from other Government services of $161,604.17, aggregated an avaUable total of $1,322,075.98. „ ^ ^ The total expenses chargeable to appropriations were $1,149,376.92; those chargeable to income were $7,553.90; aggregate, $1,156,930.82. The uicome, including $3,687,564.41 seigniorage realized by the Treasury from the mint service, totaled $4,262,896.32. Income and expenses are itemized below:

INCOME. Mint charges on bullion... : $340, 595. 93 Proceeds of stock medals and proof coins sold 3, 589. 85 Charges for manufacture of special medals 9, 924. 96 Charges on foreign coinage executed 146,099. 67 Charges for work done for other institutions, etc .• 5, 579. 54 Receipts from special assays of bullion and ores 2, 749.15 Surplus bullion recovered 49,296. 31 Gain on bullion shipments to refineries $182. 30 Less contra losses 26. 37 155.93 Proceeds of proof gold and silver formerly on inventory 1,660. 73 Commission on telephone calls : 1. 37 Proceeds of sale of old material 721."27 Proceeds of sale of by-products 14, 951. 20 575,33191 Seigniorage of subsidiary silver coinage $1,862,088. 97 Seigniorage on minor coinage—^nickel 1,409, 332. 91 Seigniorage on minor coinage—bronze 416,142. 53 • 3,687,564.41

Total 4,262,896.32

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406 REPORT ON THE FINANCES.

EXPENSES. Salaries of officers and clerks $273,859. 21 Wages of workmen.... 618, 320. 64 Contingent expenses (including equipment), less amounts to reimburse wastage and loss on sale of sweeps 230,789. 99 Wastage of operative departments (gold and silver) 2, 758. 38 Loss on operative sweeps sold 3, 955. 02 Freight on bullion and coin shipments between mints and assay offices.. 19, 693. 68

1,149, 376. 92 Wastage of operative departments (minor metal)V 1,072. 35 Expense of distributing minor coin ^ 6,481. 55

Total.....: 1,156, 930. 82 Net income of the Government from the mint service 3,105, 965. 50

Total , - 4, 262, 896. 32

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1915.

Annual appropriations. Perma nent ap Items and .offices. Freight propria Total. Salaries. Wages of Contmgent on bullion tion workman. expenses. and coin. balances.2

Office of Director of the Mint: Appropriated $25,580.00 $5,600.00 $20,000.00 $51,180.00 Expended 3 23,558.87 4,641.88 4 19,693.68 47,894.43 Unexpended balance 2,021.13 958.12 306.32 • 3,285.57 Mint at Philadelphia: Appropriated 70,383.34 $300,000.00 65,000.00 $4,873.24 440,266.58 Reimbursed 108,613.47 44,288.71 152,902.18 Available for use 70,383.34 408,613.47 109,288.71 4,873.24 593,158.76 Expended 68,889.67 295,348.69 88,291.84 (4,865.75) 452,530.20 Unexpended balance 1,493.67 113,264.78 20,996.87 4,873.24 140,628.66 Mint at San Francisco: Appropriated . 48,008.33 122,500.00 40,000.00 210,508.33 Reimbursed 5,364.89 2,796.54 8,161.43 Available for use 48,008.33 127,864.89 42,796.54 218,669.76 Expended 47,769.46 119,356.06 38,358.07 205,483.68 Unexpended balance 238.88 8,508.83 4,438.47 13,186.18 Mint at Denver: Appropriated 47,200.00 94,000.00' 35,000.00 343.01 176,543.01 Reimbursed . 341.63 341.63 Available for use 47,200.00 94,000.00 35,341.63 343.01 176,884.64 Expended 46,888.17 92,266.27 34,102.61 173,257.05 Unexpended balance 311.83 1,733.73 1,239.02 343.01 3,627.59 Assay office at New York: Appropriated 51,100.00 80,000.00 60,000.00 7,483.88 198,583.88 Reimbursed 30.76 17.60 48.35 Available for use 51,100.00 80,030.75 60,017.60 7,483.88 198,632.23 Expended 60,479.72 80,011.11 69,231.86 1,093.25 190,815.94 Unexpended balance 620.28 19.64 786.74 6,390.63 7,816.29 Mint at New Orleans: Appropriated 5,600.00 5,360.00 3,000.00 13,950.00 Expended 5,050.00 6,281.62 1,784.19 (715.85) 12,115.81 Unexpended balance 660.00 68.38 1,215.81 1,834.19

1 Payable from seignorage on minor coinage. 2 For new machinery and appliances at Philadelphia and Denver mints; for equipment of assay office at New York. 8 $3,116.67 paid employees detailed to other offices. 4 Chargeable, as indicated in parentheses^ to the various offices.

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DIEECTOR OF THE MINT. 407

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1915- Continued.

Aimual appropriations. Perma nent ap Items and offices. Freight propria Total. Salaries. Wages of Contmgent on bullion tion workman. expenses. and coin. balances.

Mint at Carson: Appropriated $4,200.00 $2,000.00 $1,000.00 $7,200.00 Expended 4,200.00 1,999.97 990.99 ($397.98) 7.190 96 Unexpended balance. ... .03 9.01 9 04 Assav office at Helena: Appropriated 4,441.67 2,500.00 1,000.00 7,941.67 Reimbursed 138.14 138 14 Available for use 4,441.67 . 2,500.00 1,138.14 8,079.81 Expended 4,400.00 2,500.00 960.93 (630 16) 7,860.93 Unexpended balance 41.67 177.21 218.88 Assay office at Boise: Appropriated • 4,200.00 2,000.00 1,000.00 7,200.00 Expended 4,200.00 2,000.00 991.53 (997 41) 7,191.53 Unexpended balance 8.47 8.47 Assay office at Deadwood: Appropriated 4,041.67 2,000.00 500.00 6,541.67 Reimbursed 8.80 3.64 12.44 Available for use 4,041.67 2,008.80 503.64 6,554.11 Expended 4,000.00 1,935.84 498.09 (345.00) 6,433.93 Unexpended balance .... 41.67 72.96 5.66 120.18 Assay office at Seattle: Appropriated 11,516.67 17,000.00 6,000.00 34,616.67 Expended 11,450.00 16,208.58 5,789.99 (ii, 685.5ij 33,448.57 Unexpended balance 66.67 791.42 210.01 1,068.10 Assay office at Salt Lake City: Appropriated 3,060.00 2,000.00 1,000.00 6,050.00 Expended 2,973.33 1,412.60 768.16 (56.02) 5,153.99 Unexpended balance 76.67 687.60 231.84 896.01 Total, entire service: Appropriated 279,321.68 629,350.00 219,100.00 20,000.00 $12,700.13 1;160,471.81 Reimbursed 114,017.91 47,586.26 161,604.17 Available for use 279,321.68 743,367.91 266,686.26 20,000.00 12,700.13 1,322,075.98 Expended 273,859.21 618,320.64 236,410.14 19,693.68 1,093.25 1,149,376.92 Unexpended batlance 5,462.47 125,047.27 30,276.12 306.32 11,606.88 172,699.06

CONSOLIDATED INCOME AND EXPENDITURES. A complete statement of the income and expenditures of the Treasury on account of the mint service, including seigniorage on the silver and minor coins, is shown in the statement following.

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Consolidated statement of income and expenditures of the entire mint service for thefiscal year 1915. o 00 * EXPENDITURES. EARNINGS. Compensation of employees: Deductions on bullion deposits: Mints and Assay Offices- Parting and refining charges $252,689.29 Salaries appropriation $250,300.34 Melting charges 50,166.67 Wages appropriation 618,320.64 Assaying and stamping charges 5,650.83 $868,620.98 Alloy charges 14,466.52 . Bureau of the Mint, salaries appropriation 23,558.87 Fine-bar charges 17,622.62 $892,179.85 $340,695.93 Equipment, stores, and other expenses: Special assays of biilllon and ores 2,749.15 Mints and Assay Offices- Proceeds of sale of medals and proof coins 3,589.85 Contingent appropriation (including $2,758.38 operating waste of precious Relmbm'sements to appropriations: Contingent. Wages. Total. metals and $3,955.02 loss on assay value For manufacture of machinery and of precious metals contained tn opera appliances for Goveriunent insti tive sweeps sold) 231,768.26 tutions, etc $1,891.39 $3,688.15 $5,579.54 O Equipment of New York assay office build For manufacture of special medals. 7,215.57 2,709.39 9,924.96 ing, appropriation 1,093.25 For manufacture of Philippine Freight on bullion and coin shipments be coinage 2,597.49 5,195.01 7,792.50 n tween mints and assay offices, appro For manufacture of foreign coinage: priation 19,693.68 San Salvador .•.. 5,584.27 20,297.64 25,881.91 o 252,655.19 CostaRica. 666.76 3,018.73 3,685.49 Bureau of the Mint, contingent appropriation. 4,641.88 Cuba 23,890.43 67,508. 78 91,399.21 257,197.07 Ecuador. 5,740.35 11,600.21 17,340.56 W 47,586.26 114,017.91 161,604.17 161,604.17 ^ Total earnings 508,539.10 Net expenditures, to profit and loss statement, below 640,837.82 1,149,376.92 1,149,376.92 O 02

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Consolidated statement of income and expenditures of the entire mint service for thefiscal year 1915—Continued.

Net expenditures, from earnings and expenditm-es statement, above.. 640,837.82 Seigniorage: Net revenues from mint service 3,105,965.50 On subsidiary (silver) coinage $1,862,088.97 On minor coinage— Nickel $1,409,332.91 Bronze 416,142.63 1,825,475.44 Less- Operating waste $1,072.35 Cost of distribution.. 6,481.55 7,553.90 1,817,921.54 3,680,010.51 g Sm'plus bullion recovered: s JFrom deposit melting room grains and sweeps 30,073.84 W From coining operations 192.74 fed From melting and refining operations 18,715.53 From gain on shipment (difference in assays) $182.30 o Less losses on shipments 26.37 H 155.93 O 49,138.04 o Gain on light weight gold coin purchased for recoinage.. 314 20 Proceeds of sale of by-products (platiniun, etc.) 14,951.20 Proceeds of sale of old materials 727. 27 Proceeds of proof gold and silver formerly on inventory. 1,660.73 Commission on telephone calls 1.37 3,746,803.32 3,7 46,803.3

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410 REPORT ON THE FINANCES.

GOLD-CERTIFICATE BARS. At the close of the fiscal year 1915 refined gold bars, duly stamped with their weight, fineness, and value, in accordance with the pro visions of the act of Congress appro veci March 2, 1911, providing for the issue of gold certificates against gold bullion and foreign gold coin, were held at the several mints and the assay office at New York as follows: San Francisco Mint : $155,325,634.33 Denver Mint 26,152,624.80 New York Assay Office. 62,230,129.67 Total 243,708,388.80

DEPOSITS OF GOLD BULLION. The value of all gold bullion contained in original deposits at the mints and assay offices during the fiscal year 1915 was $166,175,437.79. The redeposits during the year, consisting of bullion transferred from one office to another, and bars bearing the stamp of one of the mints or assay offices, amounted to $65,270,187.22. The value of the gold bullion and uncurrent domestic and foreign coin received, including redeposits, amounted to $231,445,625.01, which was the total of gold receipts at all offices. Statements which show the classification of deposits, the source of domestic bullion by States and Territories, and the receipts at the several offices of the service appear in tabular form in this volume elsewhere.

DEPOSITS OF FOREIGN GOLD BULLION AND COIN.

Foreign gold bullion containing 1,106,910 fine ounces, of the value of $22,881,855, and foreign gold coin containing 745,955 fine ounces, of the value of $15,420,256, were deposited, which was received from the following countries:

Crude bullion. Refined bullion. Coin.

Country. Fine Coining Fine Coining Fine Coining ounces. value. ounces. value. ounces. value.

British Columbia 59,684 $1,233,782 10,993 $227,236 Yukon 40,150 . 829,973 Northwest Territory 348 7,193 Ontario and Quebec 273,627 6,666,371 Nova Scotia 254 • 5,245 Mexico 38,916 804,474 58,546 1,210,261 86,952 $1,797,446 Central America 71,713 1,482,436 1,03.8 21,460 South America . 238,495 4,930,137 2,661 55,008 West Indies 6,936 143,385 Panama 261 5,396 China . . 306,450 6,334,877 Russia - 637 11,092 i56 3,232. Great Britain . 7,077 146,299 Germany 7,158 147,963 Snaln • 6,575 115,263 Japan ... 628,934 13,001,220 France 1,195 24,704 Turkey 126 2 691 Canada 119 2 467 Other countries 153 3,162 Mixed coin 4,811 99,461 Total.... 1,037,371 21,444,369 69,539 1,437,496 746,965 16,420,256

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DIRECTOR OF THE MINT. 411

DEPOSITS AND PURCHASES OF SILVER.

The deposits of silver at the mints and assay offices during the fiscal year ended June 30, 1915, for return to depositors in fine or unparted bars, with the weight and fineness stamped thereon, aggre gated 3,949,845.48 fine ounces. The United States assay office at New York received the greater part of these deposits. The Government of the Philippine Islands deposited at the United States mint at San Francisco, Phihppine silver coins issued under the act of March 2, 1903, containing 136,179 fine ounces, for recoinage into coins of reduced weight and fineness as authorized by the act of June 23, 1906. The purchases and deposits of silver bullion at the mints and assay offices of the United States during the fiscal year 1915 were as follows:

Items. Fine ounces. Cost.

Commercial bars purchased 1,942,814.60 $1,007,637.10 Local purchases. 725,467.93 363,708.72 Purchased from Salvador (remnants) 196.41 94.28 Partings, charges, and fractions 718,940.77 .360,623.33 Mutilated and uncurrent coin 1,748.66 875.09 Philippine coins for recoinage 136,179.10 88,892.35 Philippine assay coins 68.07 37.98 Domestic assay coins 272.36 319.10 Surplus bullion 5,130.25 2,787.42 Deposit melting room grains 1,123.89 554.12 For return in fine bars 3,949,845.48 1,990,851.90 Total 7,481,787.52 3,816,381.39

DEPOSITS OF FOREIGN SILVER BULLION AND COIN,

Foreign silver bullion containing 2,130,138 fine ounces and foreign silver coin containing 383,445 fine ounces were received from various countries, as follows:

• Bullion. Country. Coin. Crude. Refined.

Fine ozs. Fine ozs. Fine ozs. British Columbia. 36,736 49,928 Yukon . ... 10,124 Northwest Territory. ^ 30 Ontario and Quebec 53,237 Nova Scotia 23 Mexico : . 1,733,975 190,774 Central America 82,589 South America 156,390 144,995 West Indies 746 Panama 60 China 6,088 Russia 212 855 Germany .• Mixed 46 821 Total 2,080,210 49,928 383,445

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412 REPORT ON THE FINANCES.

COINAGE. The domestic coinage during the fiscal vear 1915 amounted to 123;268,422 pieces, of the value of $46,086,951.40, as foUows:

Philadelphia. San Francisco. •Denomination. Pieces. Value. Pieces. Value.

Gold: Fifty-dollar pieces (octagonal) i 600 $30,000.00 Double eagles 95,320 $1,906,400.00 1,296,750 25,935,000.00 Eagles 151,050 1,510,500.00 136,000 1,360,000.00 Half eagles 247,125 1,235,625.00 427,000 2,135,000.00 Quarter eagles ^ 10,000 25,000.00 Quarter eagles . . . 240,117 600,292.50 Dollars ^ 5,500 5,500.00 Total gold 733,612 5,252,817.50 1,875,850 29,490,500.00

Silver: Half dollarsl . 60,000 30,000.00 Half dollars . 150 75.00 984,000 492,000.00 Quarter dollars 32,150 8,037,50 420,000 105,000.00 Dimes . .: 16,520,200 1,652,020.00 1,820,000 182,000.00 Total silver. 16,552,500 1,660,132.50 3,284,000 809,000. 00 Minor: Five-cent nickels . 19,467,039- 972,851.95 3,437,000 171,850.00 One-cent bronze. 28,356,195 283,561.95 4,577,000 45,770.00 Total minor 47,813,234 1,256,413.90 8,014,000 217,620.00 Total coinage .... 65,099,346 8,169,363.90 13,173,850 30,617,120.00

Denver. Total. Denomination. Pieces. Value. I'leces. Value.

Gold: Fifty-dollar pieces (octagonal) i 600 $30,000.00 Double eagles .. 1,392,070 27,841.400 00 Eagles 343,500 $3,435,000.00 630,550 6,305,500.00 Half eagles 247,000 1,235,000.00 921,125 4,605,625.00 Quarter eagles i 10,000 25,000.00 Quarter eagles 448,000 1,120,000.00 688,117 1,720,292.50 Dollars ^ . . 5,600 5,500.00

Total gold 1,038,500 5,790,000.00 3,647,962 40,533,317.50 Silver: Half dollarsl. . . 60,000 30,000.00 Half dollars 378,400 189,200.00 1,362,650 681,275.00 Quarter dollars 1,142,800 285,700.00 1,594,950 398,737 50 Dimes 4,090,000 409,000.00 22,430,200 2,243,020.00 Total-silver 5,611,200 883,900.00 25,447,700 3,353,032.50 Minor: Five-cent nickels 11,481,500 574,075. GO 34,375,539 1,718,776.95 One-cent bronze 15,200,000 152,000.00 48,133,195 481,331.95 Total minor 26,681,500 726,075.00 82,508,734 2,200,108.90

Total coinage 33,331,200 7,399,975.00 111,604,396 46,086,458.90

1 Coined lor Panama-Pacific International Exposition under authority of Congress (Public No. 233, 63d Cong., S. 6039), approved Jan. 16, 1915. Assay pieces of Panama-Pacific Exposition, 9 $50 pieces and 17 quarter eagles omitted. The approximate amount of copper used in the above coinages was 319 tons, of which 9 tons were used inalloymg gold and 11 tons in alloying silver, while 299 tons were used in minor coinage.

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DIRECTOR OF THE MINT. 413

Additional coinages were made during the fiscal year 1915 at the mints at Philadelphia and San Francisco as follows: COINAGE BY PHILADELPHIA MINT.

Value in Valueof For Govern Value in United States metal ment of— Denomination. Pieces. Value. UnitedStates subsidiary con money. silver coin. tained.

Colones. Costa Rica Gold, 2 colon 5,000 5,000.00 $4,653.54 Sliver: 50 centavos.. 202,213 101,106.50 $80,885.06 10 centavos 150,000 15,000.00 12,000.00 5 centavos 507,212 25,360.60 20,288.67 859,425 141,467.10 113,173.73 Sucres. Ecuador Silyer, 20 centimes 2,500,000 .500,000.00 500,000.00 Salvador Nickel: Pesos. 5 centimes 1,500,000 75,000.00 $3,182.85 3 centimes 2,700,000 81,000.00 4,583.30 1 centime .. . 5,008,000 50,080.00 5,313.24 9,208,000 206,080.00 ' 13,079.39 Cuba Gold, cinco pesos: 368,050 1,840,250,00 1,840,250.00 Silver: Pesos 1,580,100 1,580,100.00 l,689,4n.32 40 centavos 1,400,100 560,040.00 560,040.00 20 centavos 2,485,100 497,020.00 497,020.00 10 centavos 5,300,100 530,010.00 530,010.00 10,765,400 3,167,170.00 3,276,48L32 Nickel: 5 centavos 2,819,100 140,955.00 5,981.85 2 centavos 1,819,100 36,382.00 2,701.98 1 centavo 6,386,100 63,861.00 6,775.32 11,024,300 241,198.00 15,459.16

COINAGE BY SAN FRANCISCO MINT.

Philippines . Silver: . Pesos. 20 centavos 950,000 190,000.00 $113,957.12 10 centavos 920,000 92,000.00 36,820.76 1,870,000 282,000.00 150,777.88 Bronze, 1 centavo 500 5.00 $0.91 Total 36,600,626 $1,844,903.54 4,040,432.93 28,539.45

PURCHASE OF MINOR COINAGE METAL FOR DOMESTIC USE. During the fiscal year 1915 there were purchased 12,492,833 troy ounces of minor coinage metals for use in domestic coinage, at. a cost of $134,709.80, distributed as follows: Purchase of minor coinage metals.

• Philadelphia. San Francisco. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper 7,291,666.67 $68,825.00 1,102,281.63 $10,392.94 Z inc 292,220.83 1,04L98 Nickel 729,166. 67 19,000.00 Mutilated copper coins • 14.58 .14 Mutilated bronze coins 479 50 4.61 Mutilated nickel coins : 60.37 .62 Total . 8,313,608.62 88,872.35 1,102,28L63 10,392.94

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414 REPORT ON THE FINTANCES.

Purchase of minor coinage metals—Continued.

Denver. Total. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper...... 2,785,830.25 $27,554.91 11,179,778.65 $106,772.86 Zinc 292,220.83 1,04L98 Nickel 291,112.50 7,889.60 1,020,279.17 26,889.60 Mutilated copper coins 14.58 .14 Mutilated bronze coins 479.50 4.61 MutilB'terl nickel coins 60.37 .62

Total 3,076,942. 75 35,444.51 12,492,833.00 134,709.80

PURCHASE OF COPPER FOR USE IN PHILIPPINE ISLANDS MINOR COINAGE.

There were no metals purchased, other than 1,102,281.63 troy ounces of copper at a cost of $10,392.94, for use in the minor coinage for the Philippine Islands during the fiscal year 1915. There were no prepared blanks purchased for use in domestic or other coinage during the same period.

DISTRIBUTION OF MINOR COINS.

The amount of minor coins distributed during the fiscal year 1915 was $1,462,994.97, and the expenses for distribution were $7,230.06, as follows:

Denomination. From Phila From San From Den delphia. Francisco. ver. Total.

5-cent nickel $402,530.50 $142,542. 75 $73,978.90 $619,052.15 1-cent bronze.. i. 767,098.00 42,727.80 34,117.02 843,942.82 Total distribution 1,169,628.50 185,270.55 108,095.92 1,462,994.97 Expenses of distribution: Transportation ... 5,887.43 1,727.26 7,614.69 Bags 446.31 76.82 79.74 602.87 Seals 10.40 10.40 Twine 2.10 2.10 Total expenses 6,333.74 78.92 1,817.40 8,230.06

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DIRECTOR OF THE MINT. 415

MINOR COINS OUTSTANDING. The following statement shows the amount of coinage of minor coins by denominations since 1793, the amount issued, on hand, melted, and outstanding June 30, 1915:

Amount Outstanding Denomination. coined. Issued On hand. Melted. June 30,1915.

Philadelphia: Copper cents.... $1,562,887.44 $1,562,887.44 $381,303.30 $1,181,584.14 Copper half cents 39,926.11 39,926.11 39,926.11 Copper-nickel cents 2,007,720.00 2,007,720.00 805,200.24 1,202,519.76 Bronze 1-cent pieces 22,584,716.67 22,256,040.37 $328,676.30 534,079.34 21,721,96L03 Bronze 2-cent pieces 912,020.00 912,020.00 340,934.06 571,085.94 Nickel 3-cent pieces 941,349.48- 941,349.48 284,649.13 656,700.35 Nickel 5-cent pieces 40,873,204.35 39,883,99L25 989,213.10 4,298,020.90 35,585,970.35 Total 68,921,824.05 67,603,934.65 1,317,889.40 6,644,186.97 60,959,747.68 San Francisco: Copper cents 5.05 Bronze 1-cent pieces 404,800.00 325,142.85 . 79,657.15 6,267.63 318,875.22 Bronze 2-cent pieces n.52 Nickel 3-cent pieces 13.80 Nickel 5-cent pieces 324,230.00 288,174.94 36,055.06 7,143.00 281,03L94 Total 729,030.00 613,317.79 115,712.21 13,441.00 599,907.16 Denver: Bronze 1-cent pieces 545,870.00 411,540.69 134,329.31 1,400.00 410,140. 69 Nickel 5-cent pieces 1,472,425.00 986,780.00 485,645.00 31,700.00 955,080.00 Total : 2,018,295.00 1,398,320.69 619,974.31 33,100.00 1,365,220.69 Grand total 71,669,149.05 69,615,573.13 2,053,575.92 6,690,727.97 62,924,875.53

Deduct $30.37, value of old minor coins melted at San Francisco Mint for the net amount outstanding, viz, $62,924,845.16. The uncurrent minor coins melted at each mint are not necessarily those of former coinage of any particular mint.

WORK OF THE GOVERNMENT REFINERIES. Bullion was operated upon by the refineries connected with the mints at San Francisco and Denver and the assay office at New York during the fiscal year 1915, as follows:

Sent to refinery. Returned from refinery. Institution. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 1,316,108.282 364,838.07 1,316,147.211 365,933.11 Denver 1,396,580.513 1,169,114.45 1,396,656.325 1,167,341.32 New York 2,822,787.565 3,738,366.33 2,822,806.005 3,736,971.71 Total 5,535,476.360 5,272,318.85 5,535,609. 541 5,270,246.14

Apparent gain. Apparent loss. Institution. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 38.929 1,095.04 Denver . . 275.812 1 773.13 New York 18.440 1,394.62 Total 333.181 1,095.04 3,167.75

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416 REPORT ON THE FINANCES.

Bullion upon which charges were collected and bullion owned by the Government.

Bullion owned by the Government retained Bullion upon which by the refinery for charges for parting were Total. collected. parting purposes upon Institution. which no charges were imposed.

Gold. Silver. Gold. Silver. Gold. Silver.

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. San Francisco 545,876.755 259.979.54 770,231.527 104,858.53 1,316,108. 282 364,838.07 Denver 1,184,530.347 862,801.65 212,050.166 306,312.80 1,396,580.513 1 169 114 45 NewYork 1,187,099.657 3,313,941.84 1,635,687.908 424,424.49 2,822,787.565 3,738, .366.33 Total 2,917,506.759 4,436,723.03 2,617,969.601 835,595.82 5,535,476.360 5,272,318.85

BY-PRODUCTS OF REFINERIES.

Institution. Platinum. Palladium. Iridium. Osmiridium. Copper.

Ozs. Value.^ Ozs. Value.^ Ozs. Value.^ Ozs. FaZwe.i Pounds. Value.^ San Francisco.. 2 380.58$14,081.4 6 2 17.50 $560.00 4.79 $167.65 311,920.02 $2,264.80 Denver . 2 205.49 6,575.68 216.09 • 514.88 2 2,960.95 473.75 New York 41,921.01 72,020.68 5 286.6511,466.0 0 102.00 $5,100.00 Total 2,507.08 92,677.82 320.24 12, .540.88 102.00 5,100.00 4.79 167.65 . 14,880.97 2,738.55

1 Approximate value only. 4 Includes 943.31 ounces, refined. 2 Refined. 5 Includes 252.95 ounces, refined. 3 Includes 3,459.02 pounds, refined.

EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION. The value of the fine gold bars exchanged for gold coin and bul lion, monthly, by the United States Mint at Philadelphia and assay office at New York for the fiscal year 1915 was as follows:

Exchanged for gold coin. Exchanged for gold bullion.

Months. New York. Pbila New York. Total. Philadelphia, Total. delphia.

1914. July $3,181,026.03 $3,181,026.03 $21,460.72 $316,367.59 $337,828.31 August 3,298,245. 50 3,298,245. 50 18,845.84 439,510.33 458,350.17 September — 3,566,268. 42 3,566,268.42 15,559.93 595,741.18 611,301.11 October '. 6,608,909.52 6,608,909.52 26,330. 21 733,132.17 759,462. 38 November 2,556,469. 60 2,556,469.00 18,697.43 552,373.19 571,070.62 December 1,444,409.54 1,444,409.54 26,273. 26 311,448.05 337,721.31

1915. January. 3,526,140.45 3,526,140.45 29,824.06 269,654.92 299,478.98 February. $10,069.71 1,583,840.98 1,593,910.69 18.728.17 189,384.23 208,112.40 March 65,382.92 2,180,385.61 2,245,768.53 33,114.69 255,705.81 288,820. 50 April 60,459.60 2,371,574.74 2,432,034.34 22.154.18 232,642.61 254,796. 79 May.. 65,407.49 2,320,584. 94 2,385,992.43 25,157.82 239,985.91 265,143. 73 June 75,556.35 2,575,488.01 2,651,044.36 18,745.80 167,-622.04 186,367.84 Total.. 276,876.07 35,213,343. 34 35,490, 219. 41 274,892.11 4,303,568.03 4,578,460.14

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DIRECTOR OF THE MINT. 417

MINT OF THE UNITED STATES AT PHILADELPHIA. The mint was in operation throughout the.year.

ASSA'XING DEPARTMENT. The operations of this department during the fiscal year 1915 were as follows:

Samples operated on. Item. Gold and Gold. Silver. silver.

Deposits 4,421 561 Ingots 297 2,051 Purchases...; 2,067 Bullion samples and ore assays. 173 Assayer's bars 34 Coiner's bars 43 Melter's bars 62 Superintendent's bars 128 Sweep samples , 14 Total. 4,718 4,679 454

The number of assays made was as follows: Deposits (gold and silver) 42,560 Quartermaster's department. 56 Ingots (gold and silver) 5,568 New York bars 21 Purchases , -... 2,802 Superintendent 40 Special assays 735 Assay commission 134 Melter's bars. 377 Sweep assays 70 Ore assays 1 97 Nickel and bronze 23 Coiner's bars 151 Mint Bureau 543 Total 53,177. The average cost per assay during the year was $0,686 (approxi mate). In addition to the above, 561 ounces of proof gold and 594 ounces of proof silver were made. Of the 297 melts of gold ingots made in the melting department, 56 were returned for remelting, although within the standard fineness required by law, to be thoroughly mixed. Of the 2,051 melts of silver ingots, 1 was returniBd for remelting.

The fineness of the gold ingots passed was: The fineness-of the silver ingots passed was .. - 3 melts at , ;. 900.4 9 melts at .' 898 9 melts at 900.3 19 melts at ....."...:...•; 898.25 3imeltsat 900.2 337 melts at . . .* 898.50 31 melts at 900.1 475 melts at 838.75 83 melts at... 900 721 melts at 899 36 melts at: 899.9 297 melts at. . 899.25 36 melts at 899.8 134 melts at .899.50 llmeltsat 899.7 51 melts at . 899.75 1 melt at... 899.6 7 melts at . 900 241 2,050

MELTING AND REFINING DEPARTMENT, During the fiscal year this department was in contmuous operation, the silver-ingot operations covering the entire period. Gold-ingot work commenced in November, 19X4, .and continued intermitte^ibly throughout the year. Broh^ze Trork; \^as lights beginpirig-iiter:%e 1914 settlement-and wor then resurmngbto&liie^" operations in February, working lightly in^ that month ana March, 7424°—FI 1915- -27

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418 REPORT ON THE FINANCES. and closing with six working days in June. The nickel-alloy w:ork started in September and the department continued making ingots of this alloy until settlement. The number of ingot melts made and amount of metal sent to melting rooms is shown by table given below: • Ingot metis made.

Number Metal. made. Ounces melted.

Gold... 297 851,077.254 Silver 2,051 7,629,811.53 Nickel. 1,759 6,323,517.99 Bronze 3,821 11,223,553.56 Total 7,928 25,927,960.334

During the fiscal year this department received from the superin tendent gold buUion containing by assay 1,002,088.702 fine ounces, having a coinage value of $20,715,011.93. The amount of silver bul lion received contained 8,082,003.92 fine ounces, having a coinage valueof $11,172,633.73. This department returned to the superintendent the foUowing amounts in ingots: Gold, 679,714.290 fine ounces; silver, 7,392,554.91 fine ounces; nickel, 10^520,660.90 troy ounces; bronze, 6,085,890.20 troy ounces. Upon settlement of the accounts of this department there was found a gain of 295.794 fine ounces of gold, valued at $6,114.60, and 2,300.49 fine ounces of silver, valued at $3,180.22. In either case the surplus appearing in settlement was readily and satisfactorily accounted for by considering special recoveries for the year and acknowledging weU- known sources of gain.

Sweep-celler operations.

Nuraber Net Department. barrels. weight. Gold. Silver.

Pounds. Fine oz. Fine oz. Melting and refining. 40,436 113.622 1,016.12 Superintendent's . 8,720 .82.020 88.97 Coming...;...... :... . 3,638 11.182 108..20 Total. 206.824 1,213.29

Bronze recovered, 10,767 troy ounces; nickel recovered, 29,253 troy ounces. : In the last year's report was noted the awarding of the contract to the Selas Co. for their gas-boosting machine. This system was instaUed in duplicate and has been in successful operation for the past six months or more. These machines are operated alternately, running each one.week:at the time. The principle of this system xjonsists in thoraughly.mixing one part of gas (city gas) with three iparts ;of. air (nonexplosive mixture). The gas is drawn in, Hkewise /title air, by.Jbhesame positive-pressure^blower of the involute type. In passing;:throxigh ports:of fixed areas the gas and air always bear jbhe same proportion, which iii our case is 3.1 to 1, After mingling,

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DIRECTOR QF THE MINT. 419

the mixed gases, of definite and invariable composition, are coni- pressed to 76-inch water column at machine and distributed to fur naces. The volume of air necessary to complete combustion is induced to flow through air shutters of Bunsen burners at furnaces. Here the air may be controlled within a moderate amount and normally no further adjustments are necessary, the gas valve being fuUy open. With this equipment it is no longer necessary to light fires at 6 a. m; in order to produce three cupro-nickel heats by 3 p. m. AU fires are now started at 8 a. m., each melter attending to the fighting up of his o^vn furnace,, which enables him to examine the condition of his furnace and crucible in a more thorough manner than when one man attends to starting up five or more furnaces, as was the old practice. The rapidity with which melts may be made now, due to the higher temperature secured, is essential to the proper working of our cupro-nickel aUoy, besides being the factor tnat makes this system cheaper than unaided city gas. A number of oil furnaces were sent to us for trial and numerous tests were made. We found none suited to our requirements. Then, too, the continual receipts of oil in wagon tank lots, the transfer of same to our storage tank, the necessary uncleanliness and incon venience of handling and distributing oil fuel in an institution of this kind, made us conclude that gas was' the fuel best suited to our requirements. Gasohne having increased in price, and apparently decreased in thermal units, it was decided some time ago to shut down our gas-making plant. It was then we had city gas piped to all parts of the house. We used this unaided gas in the melting room for about six months, untU we found that the ^^Solas'^ gas gave us quicker and higher temperature heats at less cost. It is now planned to cast cupro-nickel ingots 25 per cent heavier than has been our practice for the past two years, during which time we increased their weight six times. In other words three years ago our minor coinage ingots weighed 4 pounds; we expect to make bars now weighing 30 pounds. This is contemplated because we are looking into the question of overhauling or scraping our bars before coinage operations proceed, beheving this practice wiU make for more perfect coin.

COINING DEPARTMENT. During the fiscal year ended June 30, 1915, the mint coined double eagles, eagles, half eagles, and quarter eagles, half doUars (proof only), quarter doUars, dimes, 5 and 1 cent pieces. In addition the foUowing - denominations for the foUowing-named countries were coined: Cuba: Cinco pesos (gold); pesos, 40, 20, and 10 centavos (sUver); 5> 2, and 1 centavos (nickel). Costa Rica: Two colones (gold); 50, 10, and 5 centimes (sUver). Ecuador: Twenty centimes (silver). Salvador: Five, 3, and 1 centavos (nickel). During this period the coining department received from the superintendent 850,660.785 fine ounces of gold for coinage, which was operated upon, and from which there was produced 733,612 pieces of double eagles, eagles, half eagles, and quarter eagles of the value of $5,252,817.50, amounting to 254,105.046 fine ounces of gold. For the Government of Cuba 368,050 pieces of cinco pesos, ofthe

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420 REPORT ON THE FINANCES.

value of $1,840,250, amounting to 89,022.094 fine ounces. For the Government of Costa Rica 5,000 pieces of 2 colones, of the value of $4,653.54 in United States gold coin, amounting to 225.115 fine ounces. This, and 502,372.401 fine ounces in clippings, condemned coin, blanks, bars, and sweeps were delivered to the superintendent prior to settlement, and there was delivered in settlement 4,916.970 fine ounces in coin and bars. The entire operation showed a wastage of 19.127 ounces of the value of $395.39, being 4.50 per cent.of the legal aUowance. The percentage of coin to the amount of metal operated upon was 40.95. The low percentage is due to the fact that the pieces of the smaUer denominations were first struck and weighed after coinage. The coining department also received during the same period from the superintendent for coinage 7,673,445.27 fine ounces of silyer, of which 7,620,289.47 were operated upon and from which there was produced 16,552,500 pieces of half dollars, quarter dollars, and dimes of the value of $1,660,132^50, which contained 1,200,907.08 ounces of fine silver. For the Government of Cuba, 10,765,400 pieces of pesos, 40, 20, and 10 centavos, of the value of $3,276,481.32 in United States subsidiary coin value, containing 2,370,124.68 fine ounces of silver. For the Government of Ecuador, 2,500,000 pieces of 20 centimes, of the value of $500,000 in United States subsidiary coin, contain ing 361,687.50 ounces; and for the Goverhment of Costa Rica, 859,425 pieces in 50, 10, and 5 centimes, of the value of $113,173.73 in United States subsidiary coin, containing 81,867.05 fine ounces of silver, together with 3,410,009 fine ounces in clippings, condemned coin, blanks, bars, and sweeps were delivered to the superintendent prior to settlement, and 248,386.55 fine ounces in ingots, coin, coin condemned, coin unfinished, blanks, and bars were delivered at set tlement.. Upon this operation there was a wastage of 454.79 fine ounces of the value of $252.78, being 5.97 per cent oi the legal aUow ance. The percentage of coin produced to the amount operated upon was 53.57. The department during the year received 11,929,930 troy ounces of nickel ingots, from which there was produced from the ingots operated upon 19,457,039 pieces, of the value of $973,851.95 in United States 5-cent nieces, contaming 3,093,509.08 troy ounces. For the Governmentof Cuba, 11,024,300 pieces bf 5, 2, and 1 centavos, of the face value of $241,198, containing 1,171,147.35 troy ounces. For the Government of Salvador, 9,208,000 pieces of 5, 3, and 1 centavos, of the face value of $206,080, containirig 1,025,011.20 troy ounces; aU of which, and 5,259,248.20 troy ounces of condemned coin and blanks, were delivered to the superintendent prior to settlement. There was also delivered at settlement 1,371,402.50 troy ounces in ingots, strips, coin clippings, condemned coin, and unfinished blanks. On the entire operation there was a wastage of 9,611.67 oimces, of the value of $146.96. The percentage of coin produced from the ingots operated upon was 49.28. The percentage of wastage was 00.08854; Thero was also delivered to this department during the same period 7,704,833.40 ounces of bronze ingots and blanks, from which there was produced from the metal operated upon 2,832,020.20 ounces of 1-cent cpin, of t]iey:aluepf $283,561;95, or 28,356,195 pieces. This amount, together with 1,816,432.70'^bunces of clippings, condenmM coin, and blanks, was dehvered prior to settlement. The amount

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DIRECTOR OF THE MINT. 421 returned at settlement was, ingots and strips, 2,503,561.40 ounces and 550,575.90 ounces unfinished coin and blanks. . The wastage on this operation amounted to 2,243.20 ounces, of the value of $22.48. The percentage of wastage was 00.03829. The percentage of good coin produceci to the amount operated upon was 48.35. In addition to the buUion received for coinage the following shows the amount used in.the manufacture of medals: Of the 1,104.865 fine ounces of gold received, 453.310 fine ounces were useci in the manufacture of medals, which, together with 646.653 fine ounces in chppings and filings, were delivered to the superintendent prior to settlement, and 4.934 fine ounces in chppings and filings at settlement. The amount of silver received was 3,857.41, of which 1,835 fine ounces were used in the manufacture of medals, and that amount, with 2,031.03 ounces in clippings and filings, were dehvered prior to settle ment. As will be seen by the operation of 25,183,199.06 ounces of bullion and metal for coinage and 4,962.28 ounces of bullion for medals there were produced 99,829,621 pieces of com, of the value of $14,379,493.86 and 1,239 gold and sUver medals. Upon this entire operation the wastage or loss amounted to $817.61.

ENGRAVING DEPARTMENT. All the dies used in coining operations in all the mints are made in the engraving department at PhUadelphia. The embossed-envelope dies used by contractors supplying stamped envelopes for the Post Ofiice Department and postal savings bank are also made here; also dies for Army and Navy and other authorized public medals. The mint is reimbursed for the actual expenditures for labor and materials on these medal accounts. The number of dies prepared for United States coinage last year, including 77 for' special coins for the Panama-Pacific Exposition, was 2,690. In addition 75 dies were made for Philippine coinage, 44 for the Government of Costa Rica, 720 for the Government of Cuba, 60 for the Government of Ecuador, 220 for the Government of Salvador, 90 for the Post Office Department, 76 for medals, and 65 master dies and hubs; in all 4,040, as follows:

Phila San Fran Denomination. delphia. cisco. Denver. Total.

Gold: 50 dollars (Panama-Pacific Exposition) Double eagle Eagle 22 Half eagle. 43 Quarter eagle. 20 Quarter eagle (Panama-Pacific Exposition). 6 One dollar (Panama-Pacific Exposition) 34 Total. 67 167 234 Silver: Half dollar 70 20 90 Half dollar (Panama-Pacific Exposition). 20 20 Quarter dollar 20 60 Dime. 190 60 320 Total. 190 160 140 490.

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422 REPORT ON THE FINANCES;

Phila San Fran Denomination. delphia. cisco. Denver. Total.

Minor: 6 cents 850 155 410 1,416 1 cent 180 80 114 374 Total 1,030 235 624 1,789 Philippine: 20 centavos 20 20 10 centavos -. 40 40 Total : 60 60 Costa Rica: 2 colones 4 4 50 centimes 8 8 10 centimes 6 6 5 centitnos 26 26 • Total :. 44 44 Cuba: 5 pesos 47 47 Peso 50 60 40 centavos 139 139 20 centavos 100 100 10 centavos 120 120 5 centavos 89 89 2 centavos 44 44 1 centavo 109 109 Total 698 698 Ecuador: 20 sucre 60 60 Salvador: 5 centavos : 76 76 3 centavos 61 61 1 centavo 84 84 Total 220 220

Grand total coinage dies .- 3,632 Unused coinage dies destroyed Jan. 2,1915.... 159 Proof dies 18 Master dies and hubs.for coiaage : 65 United States embossed envelope dies 90 Medal dies 76

Total. 4,040

THE STATE OF THE NUMISMATIC COLLECTION. The accessions to the coUection of coins^ and medals for the fiscal year ended June 30, 1915, amounted to 342 specimens, of which 257 were coins and 85 were medals. The foUowing analysis shows the distribution of these acquisitions as to metals and periods:

As to metals: ! : As to i)eriods: .Coins- Coins- Gold 77 Antique : 90 Electrum 2 Medieval 4 Silver L.. 161 Modem 163 Nickel 9 Medals.... 85 Bronze 8 Medals- Silver 20 Bronze 62 Aluminum. 3 Of the antique coins acquired the majority are Greek, and while these are chiefly of historical value, they include also a number of specimens of superior artistic die engraving. Among the latter are a few rare and beautiful gold coins oi Syracuse and (Jarthage.

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DIRECTOR OF THE MINT, 423

While only a few medieval coins, strictly speaking, were added, yet a number of gold coins, properly classed as modern, belong to the early years of the sixteenth century, and are, therefore, in fact more medieval than modern. These gold coins were issued by Venice, Genoa, and other Itahan States, in which modern coinage, especially of gold, had its origin. . A noteworthy addition to the coUection, from the point of view both of works of art and of popular interest, are specimens in bronze of the award medals of 7 out of the 10 Carnegie hero foundations.: These medals were procured through the kind offices of the State Department, and include the awards of the foundations for Denmark, Great Britain, HoUand, Italy, Sweden, and Switzerland, which, with the United States of America-Canadian medal, make an exhibition of more than usual interest. Similar funds have been estabhshed by Mr. Carnegie in Belgium, France, and Germany, and we have been promised specimens of their respective medals as soon as they have been produced. The following persons and firms made donations of coins or medals to the collection during the fiscal year: Carnegie Heldenfona, HoUand: Copy of award medal. ' Carnegie Hero Fund for Great Britain: Copy of award medal. Joseph K. Davison^s Sons, Philadelphia: Various medals. Committee of New York Tercentenary Celebration: Bronze medal. Fondazione Carnegie, Rome: Copy of award medal. G. F. Kunz, chairman of committee: Samuel P. Avery medals. Horace McFarland, New York City: Miscellaneous bronze coins and medal. - G. T. Morgan, PhUadelphia: Bronze medal. ^ Navy Department, United States of America: Various award medals. Dr. Francis C, Nicholas: Carbo, Sonera, Mexico—Necessity struck by constitutionalists. . A. A. Norris, Philadelphia: Silver assay commission medals. William Poillon, New York City: Aluminum Masonic medals. M. W. Stryker, president Hamilton College, Clinton, N. Y.: SUver medal. John H. Stroer, Manitowoc, Wis.: Nickel coins of HoUand. F. T. Sung, Pekin, China: Chinese medals. War Department, United States of America: Various award medals. Whitehead & Ho ag Co., Newark, N. J.: Bronze medals. Faran Zerbe, department of medals, Panama-Pacific Exposition, San Francisco, Cal.: Silver official souvenir medal of Panama-Pacific International Exposition.

MACHINE SHOP, CARPENTER SHOP. AND SEWING ROOM. * * * ^ *

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424 REPORT ON THE FINANCES.

PROOF COINS AND MEDALS. The foUowing table shows the number of proof coins and medals and their nominal value manufactured during the fiscal year:

Nominal Articles. Pieces. value.

Gold medals 305 S9,265.76 Silver medals : 914 901.46 Bronze medals 14,032 6,419.88 Gold proof coins 220 1,920.00 Silver proof coins '. 919. 266.40 Minor proof coins 1,539 46.31 Total... 17,929 17,809.81

EMPLOYEES. The total number of employees in this mint at the close of the fiscal year was 323, distributed in the several departments as foUows: General 165 Engraver's. Coining 94 Melting and refining 45 Total 323 Assayer's 11 VISITORS. A large number of visitors from aU States of the Union and from foreign countries visited the mint during the year, 77,289 having been shown through the buUding by the guides. Number of deposits, 6,132^ number of redeposits, 164; value of gold and sUver deposits, including redeposits, $15,836,021.38; income, $1,978,212.61; expenses, $462,452.66; employees, 323. MINT OF THE UNITED STATES AT SAN FRANCISCO. INCREASE OF DEPOSITS. The increase of deposits for the fiscal year 1915 over the fiscal year 1914 amounted to $24,585,314.71, and is explained in round figures by the gold received from the foUowing countries:

Fine Locality. ounces. Value.

Japan (gold coin).. 628,260 S12,987,286.00 China 306,424 6,334,346.00 Other foreign 16,171 338,648.00 California 67,870 1,402,997.00 Alaska _... 20,000 413,436.00 Philippine Islands. 24,000 496,124.00 Other domestic 120,000 2,480,620.00 Total. 1,182,725 24,453,457.00 Silver. 131,857.71 Total. 24,585,314.71

PANAMA-PACIFIC INTERNATIONAL EXPOSITION. Under the direction of the Secretary of the Treasury and the Direc tor of the Mint it has devolved upon the superintend.ent of the mint at San Francisco to maintain and operate an exhibit of the mint proc esses at the Panama-Pacific International Exposition. This exhibit occupies a floor space oi 2,116 square feet in the Mines Building, where there is an exemphfication of electrolytic refining, as weU as the usual operations from the melting of the metal to the striking of the finishea pieces. This work consists of striking the commemora tive bronze and sUver metals. The commemorative coins, consisting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1915

DIRECTOR OF THE MINT. 425 of the round and octagonal $50 gold coins, $2.50 gold coins, $1 gold coins, and 50-cent silver coins, are being struck at the mint. In connection with the special coinage for the Panama-Pacific Inter national Exposition, the striking at this mint of the first $50 piece ever coined oy the Government was a memorable event marked by appropriate ceremonies. The coin was struck on the large hydraulic press, which had been forwarded from the PhUadelphia Mint for this special coinage. The press and the walls of the room were draped in the National colors, and the ceremony was participated in by over 100 invited guests. CHANGES IN OPERATIONS AND NEW GENERAL EQUIPMENT. An important change made in the operations at this mint during the year was the substitution of oU fuel for city gas in the melting department. Several years ago an attempt was made to install oil- burning furnaces in this department, but it was abandoned as being unsatisfactory. Early in 1914 the superintendent, with the approval of the Director of the Mint, decided to give oil fuel a thorough try out. Three furnaces with an improved design of burner and an air super heater were installed and gave entire satisfaction, equahng gas in speed on aU classes of metal, with a high economy. The results obtained with fuel oil were so satisfactory that it was decided to change all of the gas furnaces to oU furnaces. There are now seven completed furnaces and four nearing completion. Some trouble has been experienced, with the fire brick melting down under the terrific heat. This trouble, howeyer, will be overcome somewhat when the operators become more familiar with the furnace. A new type of furnace is now being tried that wiU be more satisfactory in this respect. As regards the relative cost of city gas and fuel oil, the following is submitted: One thousand feet of city gas costs approximately $0.68 (based on our shding scale) and contains 740,000 British thermal units. One barrel of Cahfornia fuel oil, costing $0.92, contains 5,940,000 British thermal units. Taking the same cost, $0.68 in both cases, there is practicaUy 5.9 more British thermal imits in the oil than in 1,000 feet of city gas. The cost of oU for the fiscal year 1916 is $0.66^ per barrel, which wiU give a greater economy. The burners and superheater were designed and buUt at the mint, and the entire instal lation, with the exception of the settling chamber, was constructed by the mint force. A new emergency signal system has been instaUed throughout the building, to notify the guard in case of trouble in any part of the building. New fighting fixtures have been installed around the exterior of the building, and the. contract 'has been let for an interior lighting system. A mUling and drilling machine, also a bench drUl, has been pur chased for the machine shop, also a precision lathe, bench buffer, bench driU, and grinder for the scale adjuster; also a pattern-maker's disk grinder for the carpenter. A new motor-driven feed pump and an automatic fuel-oil regulator has been installed in the boiler room. A Dodge rock crusher has been installed in the sweep cellar. NEW EQUIPMENT FOR COINING DEPARTMENT. During the past year speed controls were instaUed on roUing mills Nos. 2 and 3. These devices enabled the speed of the roUs to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1915

426 REPORT ON THE FINANCES. increased 25 per cent as the strips approached their proper finished thickness. The speeding up on the long thin strips was of twofold benefit. It resulted in uicreasing the output of work per roll and in producing a more uniform thickness of the finished strips. To meet and balance the iacreased output of the rolls, similar speed controls were installed on the cutting presses, enabhng them to work up to their full capacity. In the adjusting room a visual electric safety device in the form of two minature electric lamps was instaUed on each of the automatic weighing machines, enabhng the operator to instantly detect any stopping of the electric current operating the magnetic clamps.. Considerable trouble was experienced with the automatic weighing machines when operating upon gold blanks from the shaving machines. SmaU particles of gold shavings would adhere to the blanks aiid be carried into the delicate mechanism of the weighing machines. This danger and annoyance was overcome by the instaUation of an elec trically driven rotary riddle, equipped with an automatic adjustable stop, which aUowed the machine to operate long enough to remove the shavings and then automaticaUy stopped it. • Hoods were placed over the rotary furnaces in the whitening room to carry off any. escaping gases and surplus heat. This improvement bettered the working condition for the men employed in this room. In the pressroom a screen bottom chute was attached to the double eagle upsetting machine to catch and save any particles of gold detached from blanks passing through the machine. PRESENT COST AND INVENTORY SYSTEM. This system has been in operation for the past fiscal year. It is of distinct advantage in checking up on operations and the work in the mint. OPERATIONS FOR THE FISCAL YEAR 1915. During the year the mint received 15,311 gold and sUver deposits and 73 redeposits from the Carson Mint, containing 3,452,037.340 fine ounces of gold of the value of $71,359,945, and 1,846,201.66 fine ounces of silver at a subsidiary coinage value of $2,552,205.49. The receipts this year show an increase over last year of 6,068 deposits at an increased value of $24,585,314.71. The detaUs covering classification of buUion and source of origin are set out in tables appearing in another part of this report. ^ - - " ; The receipts of gold bulhon were as foUows: Deposits $71,104,329.76 Uncurrent United States coin transferred ; 9,179.27 Surplus bullion recovered 6,304.84 Redeposits .- : 240,131.13 Total 71,359,945.00 The disposition of the gold bulhon 'was as foUows: Bars paid depositors... . $3,773.00 Sold Ul sweeps ;....:... 11,663.71 Bars exchanged fbr coki 100,322.10 Coinage 29,490,992.60 Wastage 312.91 Total , 29,607,064.22 Balance, receipts, and disbursements. Balance on June 30,1914, as per report : : $166,270,031.06 Receipts fiscal year.l915,.per above. , 71,359,945.00 Total. :.: 237,629,976.06 Disbursernents fiscal year 1915, per above 29,607,064 22 Ledger balance June 30,1915 208,022,911.84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1915

DIRECTOR OF THE MINT, 427

The pm'chases, deposits, and redeposits of sUver bullion at this mint during the fiscal year 1915 were as foUows:

Iteins. Fine ounces. Cost.

Fine silver purchased 855,767 11 $445,688.23 Purchases and partings , 372,285.11 187,912.92 Surplus bullion, sweeps, bars, proof, etc. 2,088.16 1,134.12 For return in fine bars 460,097.07 233,110.05 Philippine Island coins transferred for recomage. 136,180.24 88,896.95 Mutilated and uncurrent coins 13,033.33 17,934.92 Total deposits and purchases 1,839,451.02 974,677.19 Redeposits from Carson 6,750.64 3,400.19 Total silver 1,846,201.66 978,077.38

Bars manufactured during the year.

Items. Fine ounces. Value.

Gold: Certificate ^ 1,353,127.088 $27,971,619.39 For exchange for gold coia . 4,853.082 100,322.10 For payment to depositors 182.517 3,773.00 Total gold bars 1,358,162.687 28,075,714.49 Silver: For payment to depositors 459,492.18 232,797.48

The gold certificate bars on hand at this mint June 30, 1915, amounted to $155,325,634.30. For the government of the Philippine Islands this mint manufac tured dming the fiscal year 1915 silver coin as foUows:

Value in Metal con United Denomination. Pieces. Value. sumed in States comage. subsidiary coin.

Pesos Fine ounces. 20 Centavos 950,000 190,000 91,663.49 $126,716.42 10 centavos 920,000 92,000 44,388.55 61,363.12 Total coinage 1,870,000 282,000 136,052.04 188,079.54

The! purchase of minor coinage metals during the year for the manufacture of United States coin was as foUows: Copper, 1,102,281.63 troy o'^nces; cost, $10,392.94. From October, 1908, to June 30,1915, bronze 1-centavo pieces have been coined for the government of the Phihppine Islands from new metal purchased and from old Spanish copper coins deposited for recoinage, asfollows: 1 centavos from— Value. New inetal purchased ^^ F185,238.00 Minor coins for recoiaage 59,061.12 Totkl 1-centavo coinage. : i...... 244,299.12 During the year minor coin was distributed to the amount of $185,270.55—in 5-cent nickels, $142,542.75; 1-cent bronze, $42,727.80; total, $185,270.55.

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428 REPORT ON THE FINANCES. The minor-coin distribution expenses amounted to $78.92, viz: Coin sacks, $76.82; twine, $2.10; total, $78.92. Minor coinage issued, melted, and amount outstanding:

Outstand Denomination. Coined. Issued. On hand. Melted. ing June 30, 1915.

Nickel, 5-cent $404,800 $325,142.85 $79,657.15 $5,000 $320,142.85 Bronze, 1-cent 324,23Q 288,174.94 36,055.06 1,400 286,774.94 - Total 729,030 613,317.79 115,712.21 6,400 606,917.79

The foUowing table shows the coinage during the fiscalyear 1915:

DOMESTIC COINAGE.

Denomination. Pieces. Value.

Gold 1,875,876 $29,490,992.50 Silver . . . .: 3,284,000 809,000.00 Minor: 6-cent 3,437,000 171 850.00 1-cent •. , : 4,577,000 45,770.00 Total minor coinage...... 8,014,000 217,620.00 Total domestic coinage . . . 13,173,876 .30,517,612.50

PHILIPPINE COINAGE.

Silver 1,870,000 F2S2,000.00 Bronze 500 5.00 Total Philippine coinage 1,870,500 282,005.00

ASSAY DEPARTMENT. The operations of this department for the fiscal year were as foUows:

Number of samples op Number of samples op erated on. erated on. Item. Item. Gold. Silver. Total, Gold. Silver. Total,

Deposits 28,528 3,142 31,670 Coiner's settlement bars. 62 Redeposits 194 194 Assayer's bars 38 46 Exchange bars 32 116 148 Sweeps 33 66 Purchase bars 766 766 General Land Ofiice sam Return bars 24 32 ples 329 329 Anode melts 430 264 694 Forest Service samples.. 63 63 Mint fine melts..... 1,161 182 1,343 Secret Service samples.. 29 29 Ingot melts 1,358 1,010 2,368 Bureau of the Mint sam Crude mass melts 468 468 ples 70 Fine mass melts 3,780 3,780 Experimental bars 143 143 Total 37,664 4,769 42,333 Bullion assay samples..., 46 46 Superintendent's grains bars :. 20 20

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DIRECTOR OF THE MINT. 429

Number of assays made and segregated. •

Number. Number. Gold...i 99,058 Deposits , : 78,041 Silver ..? 5,634 Redeposits .- 586 Sweeps 168 Purchase 3,681 Bm'eau of the Mint 140 Ingots...: 3,078 General Land Oflice 756 Refinery 12,888 Forest Service 189 Miscellaneous. 8,671 Total 105,945 Total ." 105,945

Mint fine-gold determinations. Mint fine-silver determinations.

Fineness. Melts. Fineness. Melts.

999.0: I 999.25.... f ... 6 999.2 2 999.5 86 999,3 2 999.4 33 999.5 77 999.6 46 999.7 7 Total 168 Total 91

Ingot melts.

Passed Remeit Con Melts. on first Total. melting. ed. demned.

Gold ingots : 679 Silver ingots : 342 347 Philippine 20 centavos 69 69 Philippine 10 centavos 34 34 Panama-Pacific International Exposition half dollars 48 Panama-Pacific International Exposition gold 9 Total 1,181 20 1,201

Fineness of ingot melts.

Domestic coinage. Philippine coinage.

Gold ingots. Silver ingots. 20 centavos. 10 centavos.

94 at 899.8 28 at 898.8 lat 748:2 3 at 748.2 317 at 899.9 82 at 899.1 5 at 748.6 10 at 748.6 230 at 900.0 90 at 899.3 8 at 748.7 3 at 748.7 32 at 900.1 •84at899.6 9 at-748.9 9 at 748.-9 4 at 900.2 33 at 899.8 11 af 749.2 6 at 749.6 2 at 900.3 27 at 900.0 10 at 749.6 3 at 760.0 3 at 900.2 8 at 749.8 7 at 760.0' 10 at 750.4 679 347 69 34

MELTING AND REFINING DEPARTMENT. The superintendent: of: melting and refining received from the superintendent of the mint during the fiscal year 1915, the foUowipg: Gold account: = Fine dunces. Silver account: - Fine ounces. In bullion 6,520,640.700 In bullion....;.....:. 3,033,588.18 Returned prior to. Returned prior to settlement 3,763,712.409 settlement 1,680,990.69 - •Returried at. set Returned at set tlement 2,467,233.288 6,220,945.697 tlement 1,354,600..63 3,035,591.32 Surplus. 304.779 Surplus. 2,003.1.4

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480 REPORT ON THE FINANCES. Refinery operations covering a period of six months were as foUows: Gold account: Silver account: Delivered to the Fine ounces. Delivered to the Fine ounces. refinery 1,316,108.282 refinery «.. . 364,838.07 Returned froiri the Returned from the refinery 1,316,147.211 refinery , 365,933.11 Sm-plus. 38.929 Surplus. 1,095.04 The refijiery also returned 5,495 pounds of copper, 211.70 troy ounces of platinum", 17.50 troy ounces of paUadium, and 1.48 troy ounces of osmiridium. The refinery earnings were as foUows: Charges collected on bullion treated. $34,120.09 By products (estimated value) — 10,617.86 Total ; ...... J... : 44,737.96 Minor coinage metals. Nickel account: Troy ounces. Bronze account: . Troy ounces. Received 1,776,395.96 Reserved 1,023,076.33 Returned in ingots Returned in ingots priorto settlement. 720,880.70 prior to settlement. 710,364.70 Returned at settle Returned at settle-" ment ....1,053,661.33 1,774,542.03 ment..: 308,103.00 1,018,467.70 Operating wastage. 1,853.93 Operating wastage •. 4,608.63 Total minor coinage metal operated upon...... 1,431,245.40

COINING DEPARTMENT. The superintendent of the coining department received from the superintendent of the mint, gold, silver, nickel, and bronze during the fiscal year 1915, and returned same as foUows:

Items. Gold. ' Fine ounces. Silver. Fine ounces.

Received prior to settlement, 1915 2,950,537.983 1,376,302.79 Returned prior to settlement, 1916..... 2,868,626.328 1,190,089.27 Returned at settlement, 1915 91,997.618 _ 2,950,522.846 186,12!5.92 1,375,215.19 Actual wastage..: 15.137 87.60

. Items. . Nickel. Troy ounces.. . Bronze. Troy ounces.

Received prior to settlement, 1916 860,103.20 811,425.40 Returned prior to settlement, 1915 844,276.03 690,211.98 Returned at settlement, 1915 15,109.50 859,385.53 120,755.10 810,967.08 Actual wastage ^ 717.67 458.32 o During the same period the superintendent of the coining depart ment operated on gold,'Silver, nickel, and bronze and made delivery to the superintendent of the mint as foUows:

Items. Gold. Silver.

Fine ounces. Fine ounces. Amount operated upon 2,816,246.890 1,212,819.38 Coin delivered to superintendent. 1,426,626.760 721,409.20 Percentage of gold coin to amount operated upon. 60.56 59.64

Items. Nickel. Bronze.

Troy ouncef Troy ounces. Amoimt operated upon ...:...;...•....:....;...... 846,143.60 ,'674,254.70 Coin delivered to superintendent..:...':. 552,920.73 = 468,649.68 Percentage of nickel coin to amount operated upon. 66.41 68.00

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DIRECTOR OF THE MINT. 431

The following table shows the coinage during the fiscal year 1915:

DOMESTIC COINAGE.

Denomination. Pieces. Value.

Double eagles 1,296,750 $25,935,000.00 Panama-Pacific International Exposition octagon $50 1609 30,450.00 Eagles - — 136,000 1,360,000.00- Half eagles 427,000 2,135,000.00 Quarter eagles, Panama-Pacific International Exposition 110,017 25,042.50 Gold doUar, Panama-Pacific International Exposition. 5,500 5,500.00 Total gold ._. 1,875,876 29,490,992.50 Half dollars : 984,000 492,000.00 Half dollars, Panama-Pacific International Exposition 60,000 30,000.00 Quarter dollars 420,000 105,000.00 Dimes 1,820,000 182, OCO. 00 Total silver 3,284,000 809,000.00 MINOR COINAGE. Five-cent nickels 3,437,000 171,850.00 4,577,000 45,770.00 One-cent bronze 8,014,000 217,620.00 Total rninor. 13,173,876 30,517,612.50 Total domestic coinage

, PHILIPPINE COINAGE.

20 centavos 950,000 noo, 000.00 10 centavos , 920,000 92,000.00 1 centavo , 600 5.00 Total 1,870,500 282,005.00

1 Includes assay pieces Panama-Pacific Exposition coins. During the year 39,779 visitors were shown through the mint, by the guides. On June 30, 1915, there were 118 officers and employees in the mint, as follows:, General department. : 58 Coining department : 20 Melting and refining department ."..:..".".....: :. 30 AssayiQg department .• 10 Total. 118 MINT OF THE UNITED STATES AT DENVER. This mint was in operation during the entire fiscal year, the coinage being of the denominations of eagles, half eagles, quarter eagles, hSf doUars, quarter doUars, dimes, nickels, and bronze cents. At the Denver Mint several improvements and economies have been effected. The superintendent has, by changes in the personnel of the force, beeii able to abolish some positions and to consolidate othefs. In the refinery changes have been made to eliminate fumes, which have always been troublesome—in fact, at times have been so bad that it was ahnost impossible for the men to stand them. Since the removal of the hood from the gold ceUs and other changes in the system there have been no fumes in therbom. "" Changes in mechaiiical devices used in the sweep ceUar andthe substitution of oU for steam as a drier have greatly increased the efficiency of this branch of the institution.

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432 REPORT ON THE FINANCES. Two automatic weighing machines are being buUt in the machine shop and are nearing completion. As these machines are being con structed by men in the shops in their spare time not taken up with Tegular work, their greatest cost wUl be material used in their construction. ASSAY DEPARTMENT. The operations of this department during the fiscal year 1915 were as foUows: Melts and samples operated on.

Items. Gold. Silver. Total.

D eposits 3,827 1,017 4,844 Redeposits 1,270 1,270 Exchange bars. — 60 ""74" 134 Return bars 1 1 Purchase 435 435 Anode melts 114 454 568 Mint fine melts 203 231 434 Ingot melts 159 253 412 Consolidated melts 4 4 Experimental samples 317 316 633 Bullion Eissay samples 7 8 15 Copper melts ^ — 12 12 Superintendent's grain bars 13 13 Sweeps bars 5 9 Melter and refiner settlement 39 75 Coiner's bars 3 3 Assayer's bars 13 13 Coin samples 253 173 426 Sweep samples 85 Nickel and bronze ingot samples.. 37 Bureau of the Mint 197 197 Special assays 310 304 614 Total. i,795 3,317 10,234

Number of actual assays made ; 51,738 Number of cupels made 40,455 Number of pieces of lead cut and rolled 42,948 The reported finenesses of the refined gold and sUver and ingot finenesses of gold and sUver ingot melts were as foUows:

Fine gold. Fine silver. Gold ingots. Silver ingots

Fineness. Melts. Fineness; • Melts. • Fineness. Melts: • •'Fineness . Melts.

999.3 4 999 17 899.7 1 898.6 10 999.4 16 999:25 22 899.8 12 898.7 9 999.5 125 999. 50 104 899.9 65 898.8 33 999.6 51 999.75 88 900 73 898.9 29 999.7 7 900.1 . 8 899 62 899.1 44 899.2 25 899.3 15 899.4 10 899.5 3 899.6 •8 899.7 4 899.8 4 .899.9 2 900 3 •900.2 1 Rem.elts 1 Total .... 203 "f-'L. ^^l,\ Total."..;.... ' 159 253

. • • ••

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DIEECTOE OF THE MINT. 433

MELTING AND REFINING DEPARTMENT. The superintendent of the melting and refining department received, operated upon, and dehvered gold and sUver buUion and minor coin age metal, from August 1, 1914, to June 30, 1915, as follows: RECEIPTS.

Items. Gold account. Silver account. Nickel accoimt. Bronze account.

Five ounces. Fine minces. Troy ounces. Troy ounces. Settlement bullion July 31,1914 1,057,581.083 1,724,761.41 744,111. 52 805,646.07 Deposits 1,091,182.660 721,862.37 Redeposits 5.53,700.118 .224,856.16 Clippmgs 170,824.816 . 300,487.05 713,960.60 ' 503,463.96 Condensed coin 77,136. 741 29,036.40 54,376.70 33,960.50 Condensed blanks : 45,203.670 Treasury purchases 600,280.86 Sweeps, bars, etc 3,251.696 1,127.01 Proof metal ...... ' . 96. 750 Certificate bars .393,518.675 Ineot copper 1,166,69.5.83 1,604,195.84 R efinerv copper 14.938.58 Nickel 291,112.50

Total 3,392.496.107 3,602,401.26 2,985,18.5.73 2,947,255.36 Surplus 138.667

. DELIVERIES.

Ingots 852,692.032 890,300.47 2,481,943.80 2,298,892.00 Fine bars 1,747.341 2,007,650.85 Certified bars 1,195,166.663 Unparted bars 1,342,715.838 602,256.77 Proof metal 10.000 66. 78 Due from bureau 7.751 8.86 Ineot Conner 319,116.92 617,923.41 JL14.g,WU ^V^l^i.1 ° 177,904.26 Nickel Zinc 12,747.29 Tin 8,464.16 Sweeps 395.249 776.69

Total 3,392,634.774 3,500,950.42 2,978,964.97 2,938,026.86

Wastage 1,460.84 6,220.76 9,228.60 Amount operated upon: Ingot 880,176.610 907,543.58 2,514,15.8.10 2,326,316.85 Refinery ... 1,396,580.513 1,169,114.46

Total 2,276,767.023 2,076,658.03 2,614,168.10 2,326.316.86

Refinery operations, Denver Mint, fiscal year 1915, were as follows:

Delivered to Returned Delivered to Returned Items. from Items. from refinery. re.lnery. refinery. refinery. Gold account. ^Silver account. Crude bullion witl- Fine ounces. Fin£ ounces. Crude bullion with Fine ounces. Fine ouuces. charges - 1,184,630.347 charges 862,801.65 Bullion, 0.992 and Bullion, 0.998 and over 31,976.013 ovisr 762.25 Bullion without Bullion without charges 179,875.153 charges 306,660.56 Fine bars 1,363,482.609 Fine bars 1,127,639.02 Settlement bullion, Settlement bullion, sweeps, etc 33,173.816 sweeps, etc ... 39,802.30 Total 1,396,3'^0;513 1,396,656.326 Total 1,169,114.45 1,167,341.32 Surplus 276.812 Wastage 1,773.13

By-products: Electrolytic copper, 2,960.96 pounds: estimated value S473.75 Sponge platinum, 206.49 troy ounces; estimated value 6,575.68 Sponge palladium, 1609 troy ounces; estimated value 514.88 Charges collected on bullion operated upon 78,740.87 Total earnings, including estimated value of by-products,. 86,305.81 7424°—FI 1915- 28

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434 REPORT ON THE FINANCES.

Ingot melts made:

Number Ounces Con Metal. Remeited. made. melted. demned.

Gold 159 8.^0,176.51 None. None. Silver 253 907.543. .58 None.' 1 Nickel 730 .2.614,158.10 None. None. Bronze 607 2,326,316.86 None. None.

Total , 1,749 6,628,195.04 None 1

Sweeps-cellar operations.

Number Net Silver. Department. of sacks. weight. Gold.

Fine Fine Pounds. ounces. ounces. Deposit melting room 234 14.268 15.612 71.60 Refinery 776 66,159 349. »57 671.30 Ingot melting room 627 45,385 45.392 105.39

OPERATIONS OF THE COINING DEPARTMENT FOR THE FISCAL YEAR 1915. From-August 1, 1914, to the close of the fiscal year the coining department operated upon gold, sUver, nickel, and bronze in the foUowing amounts: 573,900.975 firie ounces gold, producing 280,091.250 fine ounces of coin, valued at $5,790,000; 969,140.52 fine ounces of silver, producing 639,214.10 fine ounces of coin, having a value of $883,900; 2,459,553.90 troy ounces nickel, producing 1,729,951.85 troy Qunces of coin, having a value of $538,225; and 1,951,481 troy ounces bronze, from which were produced 1,451,073.70 troy ounces of coin, valued at $145,070. The attached tabulated statement shows in detail the receipts and deliveries, the wastage and surplus in operations, and the percentage of coin to the amount operated upon. The low per cent oi gold com is due to the fact that in operating upon quarter eagles the blanks were sent directlv to the coining presses, no attempt having been made to adjust them. Receipts and deliveries by the superintendent of the coining department for thefiscal year 1915.

Items. Gold. Silver. Nickel. Bronze.

Fine ounces. Five ounces. Troy ounces. Trey ounces. Receipts: Ingots, etc 865,956.276 1,558,004.44 2,620,615.83 2,298,892.00 Deliveries: Coin 283,091.250 1,214.10 1,729,951.85 1,451,073.70 Clippings, etc 293,172. 433 1,539.97 725,734.90 499,571.60 Bullion on hand June 33,1915. 292,701.917 1,917.07 161,105.20 347,356.90 Wastage for the fiscal year 333.30 3,823.85

Total , 865,96.5.600 1,658,004.44 2,623,615.80 2,298,892.00 Surplus 9.324 Amount operated upon 673,900.975 9,140.52 2,459,553.90 1,951,481.00 Per cent of coin to amount operated upon. 41.06 65.95 70.34 74.36

During the year 57,241 visitors witnessed the coining operations from the balconies. On June 30 there were 95 officers and employees of this mint, divided as follows among the departments: General, 42; assay, 7-; coining, 22; melting and refining, 24,

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DIRECTOR OF THE MINT. 436

UNITED STATES ASSAY OFFICE AT NEW YORK. The unusual conditions existing in the financial world, as a result largeljr of the European war, and to a lesser extent the unsettled conditions in Mexico, have taxed the capacity of the assay office and refinery to the utmost. The conditions of operation, owing to the lack of room and the limited number of men available to handle the largely increased business, have been far from satisfactory. The proposed new building, for which the appropriation is now made and the plans practically completed, promises relief from those con ditions imposed by lack of room. During the year the old building, which has stood on Wall Street for the past. 82 years, has been removed, and it is hoped that the new building will be rushed to completion as soon as possible. This, however, wiU increase rather than diminish the necessity of additional employees. There has been the best possible cooperation between aU departments and between their employees, and entire wiUingness on the part of the clerks and other employees to respond to any caUs for extra labor of a different sort from what they are supposed to do. WhUe this is a fine thing in itseh, there is a hmit to which it can be relied upon to secure the efficient performance of work which properly caUs for a larger force. Another year of increased business, such as now seems to be in prospect, will bring us close to that limit. During the year this office received 15,122 deposits, which contained 8,050,857.28 gross ounces. In addition the office received from the United States Mint at Denver, on transfer, gold bars weighing 2,187,358.472 fine ounces, valued at $45,216,712.60. The total revenue of this office during the fiscal year 1914-15, including by-products recovered and on hand (approximating $85,000 in value), amounted to $251,277, as against the total of appropria tions for all purposes, including salaries, wages, and contingent expenses, of $191,100. AU of the appropriation was not expended, but the exact amount to be turned back can not be exactly determined at this date, as some accounts are stUl outstanding. On this showing of revenue on the year's operation of approxi mately $50,277 in excess of expenditures, it is felt that Congress would be well justified in granting the increase to the force of einployees for which estimates have been made. During the y^ear 139,120.601 fine ounces of gold and 605,842.25 fine ounces of silver were transferred to the mint at PhUadelphia. Gold bars were issued to depositors for domestic use in payment for bullion for $4,303,568.03, and gold bars were exchanged for gold coin for domestic use in the arts, etc., for $24,193,576.57, snowing a total decrease of $6,457,109.42. Gold bars wereexchanged for goldcoin for export for $11,019,766.77, showing a decrease of $18,058,876.71. The charges collected on gold bars exchanged for gold coin amoimted to $16,507.12.

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436 REPORT ON THE FINANCES.

RECEIPTS AND DELIVERIES BY THE SUPERINTENDENT OP THE MELTING AND REFINING DEPARTMENT.

Items. Gold. Silver.

Receipts: Fine ounces. Fine ounces. Settlement metal, June 30,1914.. 370,030.713 460,669.20 Condemned fine gold bar 4.897 Deposits and purchases 3,020,749.354 3,917,370.62 Redeposits 101,152.013 432,623.35 Uncurrent coin 28,737.083 Transfers from Philadelphia 96.760 100.00 Total. 3,520,770.810 4,800,663,17 Deliveries: Gold certificate bars : .">-.. 1,654,902.26?- Commercial (fine) bars 1,226,439 3C2 3,607,332.03 Commercial (fine) bars condemned. 4. \97 Sweeps — 77.". 206 2,900.39 Unparted bars. 173,079.02 Balance, June 30,1915 738,699.412 1,015,999.44 Total.. 3,620,822.130 4,799,310.88 Wastage. 1,352.29 Total.. 3,620,822.130 4,800,663.17 Surplus.. 61.320

By-products of refinery, fiscal year 1915.

Sold. Weight Approxi Classification. on hand. mate value. Weight. Value. Ounces. Ounces. Platinum sold on bids 347.00 §13,355.16 Platinum sold in sweeps 16.91 617.60 Platinum " 1,568.10 $62,324.00 Palladium 286.65 11,466.00 Iridium 102.00 6,100.00 Silver buUion sent to the refinery upon which refining charges were coUected contained, by assay, 3,313,941.84 fine ounces, and sUver owned by the Government returned to refinery for parting purposes upon which no parting charge was collected contained, by assay, 213,976.21 fine ounces. All copper recovered during the year is unrefined and in the form of settlement bars and slabs.

ASSAYER S DEPARTMENT. During the fiscal year 1915 the operations of the department, as shown by the tabulated statement below, have been in such volume that it has taxed our resources to the utmost to keep up with the cur rent work; 127,646 assays were made upon 44,368 samples, divided as foUows:

Items. Samples. Assays. Reports.

Deposits 35,200 101,904 14,791 Redeposits 1,612 4,122 773 Fine silver purchase 284 454 142 Refinery 6,793 14,762 2,410 Specials 1,183 6,626 680 Mint Bureau and sundry 296 878 193

The deposits and redeposits represent 14,892 melts of gold and sUver; the refinery samples, 287 melts of fine gold and 669 melts of fine sU ver; 330 melts of gold anodes and 917 melts of silver anodes, the remainder being settlement melts and misceUaneous refinery samples.

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DIRECTOR OF THE MINT. 437

The specials represent articles of jewelry, manufacturers^ samples, etc., deposited for the accurate determination of fineness, a number being used in legal actions relative to the enforcement of statutes governing the stamping of karat fineness. Some were umpire assays controUing the purchase or sale of buUion between private parties. Sweep, by-product, and Mint Bureau assays make up the others. The average cost per assay, including overhead charges, was $0.30. About 110,000 cupels were made, and the silver disks used in parting were rolled and cut to the required weight. The fineness was stamped upon all the fine gold and sUver bars manufactured, and the necessary computations for checking the gold and silver values and charges on all deposits were made in the department. The constant increase in the work necessary in the department without increase in the force has brought about conditions where ib is nearly always performed under pressure, and any absence due to sickness or leave makes it more and more difficult to maintain the high standard of accuracy and prompt dispatch of the business, which has been the aim. The work performed shows a steady growth, amounting to 25 per cent in the last four years, without any increase in the force for performing it. The number of officers and employees at this assay office at the close of the fiscal year 1915 was as follows: General , 47 Assay 15 Melting and refining 27 Total .

THE ASSAY OFFICE OF THE UNITED STATES AT SEATTLE, WASH. Gold dust and huUion received during the year.—Number of deposits received, 2,288; weight in troy ounces, 555,323.80; weight in avoir dupois tons, 19; coining value, $8,850,454.52. The origin of the foregoing is shown below:

Total coining Source. Gold. Silver. value. Alaska: Fine ounces. Fine ounces. Kuskokwim 121.820 11.89 §2,534.68 Circle 2,672.127 616.37. 64,022.66 Cooks Inlet 18,199.222 1,971.69 378,936.99 . Copper River 25,248.691 4,887.96 628,691.86 Eagle 1,926.066 349.61 40.298.47 Iditarod 68,779.682 11,017.86 1,437,033.38 Koyukuk 6,541.065 253.41 114,894.30 Nome 131,733.269 16,172.09 2,744,141.23 Southeast Alaska., 4,996.497 1,072.60 104,769.39 Tanana 43,468.814 6,868.24 908,061.02 Total for Alaska 302,687.162 42,211.61 6,313,383.98 California 27.485 2.93 672.22 Colorado 1.694 .18 36.27 Idaho 409.755 99.63 8,607.98 Montana 1 14.782 .24 306.90 Nevada 14.439 4.60 304.70 Oregon 4,074.363 10,832.77 99,199.88 Washmgton 1,766.676 464.67 36,966.06 United States gold coin 85.1'/6 1,760.77 Yukon Territory 40,149.944 10,124.33 843,968.95 British Columbia 68,767.266 36,631.61 1,265,328.83 British Columbia, refined 10,992.507 22'*, 236.29 Foreign gold coin 602.323 12,451.12 Assaver's proof bullion 41.600 662.60 1,775.79 Jewelers' bars 1,311.977 662.24 27,898.21 Deposit melting-room grains. 20.433 6.69 430.26 Redeposits 496.325 10,239.31 Total , 421,352.896 101,602.70 8,860,464.52

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438 REPORT ON THE FINANCES.

Statement of gold deposits from the opening ofthe institution on July 15,1898, to the close of business June 30, 1915. Number of deposits 55,418 Troy ounces 13,365,906.33 Avoirdupois tons 45V. 6 Coining value $228,462,761.82

ORIGIN OF THE FOREGOING. Alaska: Nome S53,932,833.11 Tanana 45,990,912.63 Iditarod... 6,961,644.97 Balance of Alaska , 13,149,147.36 Total 119,034,638.07 Canada: British Columbia.... ;. 18,859,880.42 Yukon Territory 87,810,161.64 All other sources 2,758,181.85

Total ."^. 228,462,761.88 The foUowing table shows the number, weight before and after melting, loss in melting, and percentage of loss of the various classes of deposits received during the fiscal year 1915:

Number Weight Weight Loss in Items. of before after Per cent deposits. melting. melting. melting. of loss.

Ounces. Ounces. Ounces. Ounces. Bars 680 441,309.52 440,868.04 441.48 0.10 Dust 874 74,098.98 71,525.18 2,673.80 3.47 Retort 217 14,247.90 .13,658.48 589.42 4.13 Nuggets 114 1,091.67 1,000.34 91.33 8.36 Mixed 186 18,961.68 18,160.42 811.16 4.27 Redeposits 28 495.57 496.67 Jewelry scrap 102 4,062.48 4,017.80 44.68 1.09 Dental scrap 39 291.43 258.25 33.18 11.38 United States gold coin 47 94.98 94.85 .13 .13 Foreign gold coin 1 669.62 .07 .01 Total 666,323.80 660,738. 55 4,685.25 1.82

The average fineness of regular deposits being 0.7649 gold and .183 silver. 1 Average. For convenience in shipping to the mint for coinage, 1,629 bars, each under 400 ounces in weight, aggregating 79,103.42 ounces troy, were melted into 79 large bars.

Summary of work done in the melting department during the year.

Number Weight Weight Items. of before after melts. melting. melting.

Ounces. Ounces. Regular deposits 2,223 554,812.61 660,227.39 Mass malts 79 79,108.46 '^9,066.07 Special bullion assays ... 26 1,999.54 1,327.81 Granules, bars 14 407.57 395.63 Chips, bars 14 2,069.67 2,063.40 D. M. R. G. bars 11 62.16 60.25 Consolidation chips, bars 1 1,183.27 1,182.62 Settlement bar 1 6.30 6.30 Assay sweeps, bar 1 4.97 4.97 Remelts for reassays 31 16,672.18 16,560.88 Total 2,401 666,316.63 649,884.12

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DIEECTOB OP THE MINT. 439

Summary of work done in the assaying department during the year.

Quartation silver manufactured ounces. 490 Cupels manufactured do... 20,200 Bullion assays made. > do.., 14,766 Ore assays made for gold and silver do... 68 Ore assays made for base metals do... 42 Cash ore assays made do... 12 Slag assays from melting room do... 98 Special bullion assays made do... 124 Mutilated domesiic coins tested do... 264

ASSAY OFFICES AT NEW ORLEANS, CARSON, BOISE, HELENA, DEAD- WOOD, SEATTLE, AND SALT LAKE CITY. These offices were opeii throughout the fiscal year 1915, as usual, for receipt of deposits of bullion. The foUowing table exhibits the principal work of each office: '

Minor assay offices located at-

Items. New Cr- Dead- Salt I/ake Carson. Boise. Eel ena. wood. Seattle. City.

Deposits received.. .number.. 407 634 870 555 107 2,288 167 Weight before melting, ounces. 35,745. 78 300.50 103,966.64 75,605.52 002.36 555,323.80 4,253.r3 Weight after melting.. .do.... 35,5-^8.98 040.21 100,456.94 66,768.39 687.88 660,738.55 4,076.08 Loss in melting do— 236.83 260.29 3,509.60 8,837.13 314.48 4,58.5.25 177. 45 Loss in melting per cent.. .662 6.633 3.375 11.687 .393 8.025 4.172 Value of deposits, gold, dollars. 495,758.64 445.39 851,155.10 600,581.28 684,,319.0 9 ,699,896.99 47,692.48 Cost value deposits, silver, dollars 3,99L16 3,214.69 23,685.67 17,667.97 19,603.16 62,789.42 703.19 Weight bullion shipped, ounces 38,288.20 17,448.24 94,390.30 6-',324.34 60.5,597.96 3,339.13 Value of gold shipped, dollars.. 593,535.75 227,768.08 798,473.50 675,493.21 478.16 ,292,605.81 46,219.49 Cost value of silver shipped, dollars 4,924.69 ,222.04 22,202.52 16,763.72 503.22 65,603,88 576.15 Average fineness of deposits, gold... 641.0 654.6 410.0 435.1 414.0 764.9 584.8 Average fineness of deposits, silver 185.0 319.5 470.0 626.6 486.0 183.0 345.6 Assays of deposits.. .number.. 2,314 2,919 2,810 3,684 108 14,766 1,2.0 Assays of ore for gold and sil ver, number 212 590 68 Assays of ore for base metal, number.' 18 42 Assays for other offices, num ber - 60 Assays of mutilated coin, num ber.... 264 Assays, special bullion, num ber 4 124 Cupels made number.. 3,000 3,600 3,000 4,000 2,750 20,200 1,600 Cupels used do— 2,630 2,919 2,850 4,000 2,500 16,425 1,360 Crucibles used do— 76 92 63 164 622 183 19 Melts of bullion made.. .do 426 664 623 114 2,401 191 Mass melts of bullion made, numb er 22 29 25 1 79 Quartation silver made, ounces 83 60 100 204 26 490 Quartation silver used, ounces. 65 50 83 61 9 400 33 Proof gold received do— 6.56 4.95 12.60 3.89 20 16 Proof gold u.sed do— .71 4.50 7.60 2.60 25 2.69 Proof silver received—do— 6 Proof silver used do 2

Officers in charge of minor assay offices.

Number Assay office. of em Assayer in charge. Date of oath. Succeeded— ployees.

New Orleans.. Leonard Magruder.. Pec. 1,1914 W. M. Lvnch. Carson Edward Ryan Mar. 1,1915 Andrew Maute. Boise C.F.Pike...... July 1,1915 Joseph Finkham." Helena Herbert Goodall Oct. 1,1914 T. B. Miller. Deadwood James E.Russell Oct. 26,1914 L. P.Jenkins. Seattle John W. Phillips.... Sept. 1.1914 C. E. Vila^. Salt Lake City Charles Gammon.... Jan. 13,1914 J. U. Eidredge, jr.

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440. REPORT ON THE FINANCES. The number and value of deposits, the income (including seignior- 3), and the expenses of the fiscal year 1915, and the number of employees on June 30, 1915, at each institution are given below: Deposits, income, expenses, and employees, by institutions.

Number of— Freight Em Value of gold on ployees, Institution. and silver Income. Expenses.! bullion June De Rede deposits. and 30, posits. posits. coin. 1915.

Philadelphia 6,132 164 $8,975,731.69 $1,978,212.61 $462,452.66 $4,865. 76 323 San Francisco 15,254 130 73,681,378.66 769,416. 75 205,650. 76 118 Denver 6,496 1,271 24,256,142.00 1,317,014.53 175,587.06 95 NewYork 14,449 673 62,531,527.42 176,318.66 190,815.94 89 New Orleans 407 506,833. 29 1,984.12 12,8.37.86 715.85 9 Carson City 634 237,317.68 1,831.11 7,588.94 397.98 5 Boise 870, 916,502.90 6,363.55 8,191. 72 997. 41 6 Helena 665 649,097.56 2,918.90 8,491.09 630.16 5 Deadwood 107 738,037.93 1,927.83 6,796. 32 345.00 6 Seattle 2,260 28" 8,840,215.21 5,956.01 45,134.08 11,685.51 19 Salt Lake City....: 167 49,540.02 979.62 5,210.01 56.02 3

Total 47,331 2,266 181,282,324.36 4,262,922.69 1,128,766.44 19,693.68 676

1 Includes freight on bullion. OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1915. The quantity of metals operated upon in the different departments of the mints and assay office at NewYork during the fiscal year 1915 aggregated 17,261,446 fine ounces of gold and 27,564,311 fine ounces of silver. There were also operated upon at the coinage mints 51,196,344 ounces of minor coinage metal. The figures in the table foUowing are the actual figures as obtained at the settlements of the accounts: GOLD.

Per Legal Wast- centage allow of good Amount Amount ance of Amount Actual coin Institution and delivered by returned to wast .\ctual ounces pro superin superin operated age on wast department. surplus. age. oper duced tendent. tendent. upon. amount ated to deliv upon. amount ered. oper ated.

Philadelphia Mint: Per Meltmg and Fine ounces. Fine ounces. Fine ounces. Fine oz. Fineoz. Fine oz. Fineoz. cent. refining 1,001,792.908 1,002,088.702 1,002,088.702 1,002 296.794 Coining 851,766.660 851,746.623 850,660.786 426 19.127 0.0225 40.95 San Francisco Mint: Melting and refining 6,220,640,700 6,220,946.697 6,220,946.697 6,220 304.997 Coining 2,950,637.983 2,950,622.846 2,816,246.890 1,476 15.137 .0054 50.56 Denver Miiit: Melting and refining 3,392,496.101 3,392,634.774 2,276,832.836 3,392 138.667 Coiaing 865,956.276 866,965.600 673,900.975 433 9.324 • 41.06 New York assay oflice: Melting and refining 3,620,770.810 3,620,822.130 3,520,770.810 3,521 51.320 Total: Melting and refinmg 14,135,700. 619 14,136,491.303 13,020,638.044 14,136 790.778 Coining 4,668,259.909 4,668,234.969 4,240,807.650 2,334 9.324 34.264

Grand total. 18,803,960. 428^18.804.726.272 17,261,446.694 16.469 800.102 34.264 ' '

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DIRECTOR OF THE MINT. 441

SILVER.

Per Le.gal centage allow Wast- of good Amount Amount Amount ance of Actual coin Institution and delivered by returned by operated wast ActUBl wast ounces pro department. superin superin age on surplus. duced tendent. tendent. upon. amount age. oper to deliv ated amount ered. upon. oper ated. Philadelphia Mmt: Per Meltmg and Fine ounces. Fine ounces. Fine ounces. Fine oz. Fine oz. Fine oz Fine oz. cent. refinmg 8,079,703.43 8,082,003.92 8,082,003.92 12,119 2,300.49 Coining 7,677,302.68 7,676,847.89 7,620,289.47 ' 7,677 454.79 . 0.0396 53.67 San Francisco Mmt: Melting and refinmg 3,033,688.18 3,035,591.32 3,035,591.32 4,660 2,003.14 Coining 1,091,308.27 1,091,220.67 979,964.82 1,091 87.60 .0891 59.71 Denver Mint: Melting and refining 3,602,401.26 3,500,960.42 2,076,658.03 5,254 1,460.84 .6988 Coining 1,658,004.44 1,557,671.14 969,140.62 1,568 333.30 .3439 *"'65.'95 New York assay oflice: Meltmg and refining 4,800,663.17 4,799,310.88 4,800,663.17 7,201 1,352.29 . 2817 Total: Melting and refinmg 19,416,356.04 19,417,866.64 17,994,916.44 29,124 4,303.63 2,803.13 Coining 10,326,615.39 10,325,739.70 9,569,394.81 10,326 876.69 Grand total. 29,742,971.43 29,743,596.24 27,564,311.251 S9 450 4,303.63 3,678.82 ", NICKEL.

Philadelphia Mint- Per Meltmg and Troy ounces. Troy ounces. Troy ounces. Troyoz Troyoz. Troyoz. Troyoz. cent. refinmg 11,355,557.24 11,305,957.18 11,355,557.24 29,600.06 2.6067 Coining 11,929,930.00 11,920,318.33 10,854,839.90 9,611.67 .8836 49.28 San Francisco Mint: Melting and refining 1,776,395.96 1,774,542.03 1,776,395.96 1,853.93 1.0438 Coining 860,103.20 859,385.63 846,143.60 717.67 .8493 65.41 Denver Mint: Melting and refinmg 2,985,185.73 2,978,964.97 2,614,158.10 6,220.76 2.4744 Coining 2,620,615.80 2,616,791.95 2,459,553.90 3,823.85 1.5550 70.34 Total: Melting and refining 16,117,138.93 16,059,464.18 15,646,111.30 37,674.76 Coiaing 15,410,649.00 15,396,496.81 14,159,637.40 14,153.19 Grand total. 31,627,787.93 31,465,969.99 29, 805,648. 70 51,827.94

BRONZE.

Philadelphia Mint: Meltmg and refinmg 9,658,257.42 9,648,181.42 9,558,257.42 10,076.00 L0541 Coining 7,704,833.40 7,702,690.20 6,857,308.90 2,243.20 .3829 *48.*35 San Francisco Mint: Melting and refining 1,023,076.33 1,018,467.70 1,023,076.33 4,608.63 4. 5245 Coining 801,107.80 800,649.64 674,254.70 468.16 .6797 68.00 Denver Mint • Melting and refining 2,947,255.36 2,938,026.86 2,326,316.85 9,228.60 3.9676 Coining 2,298,892.00 2,298,002.20 1,951,481.00 889.80 .4660 74.36 Total: Melting and V refining 13,628,689.11 13,504,675.98 12,907,650.60 23,913.13 Coining 10,804,833.20 10,801,242.04 8,483,044. 60 3,591.16 Grand total. 24,333,422.31 24,305,918.02 21,390,695.20 27,504. 29 Legal limits of wastage, on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, is as follows: Melter and refiner—Gold, 0.001; silver, 0.0016. Coiaer—Gold, 0.0005; silver, 0.001.

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442 REPORT ON THE FINANCES.

WASTAGE AND LOSS ON SALE OF SWEEPS, 1915. The value of the precious metals wasted in the metaUurgical and mechanical department was $3,830.72. A loss of $3,955.02 occurred from difference between the assay value of the buUion contained in sweeps sold and the amount received for the same, as described in the foUowing table:

Mint at— Assay Wastage by departments. office at Total. New Philadel San Fran Denver. phia. cisco. York.

Gold wastage: Melting and refiniac: department.. Coining department $395.39 $312.91 ?708.30 Silver wastage: Melting and refining department.. $805.86 $758.64 1,564.50 Coiaing department 252.77 47.67 185.13 485.67 Nickel wastage: . Melting and refining department.. 452. 56 24.80 63.91 541.27 Coining department 146.96 9.60 25.10 181.66 Bronze wastage: Melting and refining department.. 100.97 48.99 133.55 283.61 Coining department 22.48 4.87 38.56 65.91 Gold loss on sale of sweeps: Melting and refiniag department.. 379.66 669.38 799. 55 1,785.47 3,524.06 Coiaing department 40.71 40. 71 Silver loss on sale of sweeps: Melting and refining department.. 113. 79 37.66 45.61 185.19 382.15 Coinuig department 8.10 8.10 Total wastage and loss.. 1,913.39 1,046.78 2,097. 27 2,729.30 7,785. 74 Reimbursement, wastage: From contiagent appropriation 648.16 360. 58 990.99 768.64 2,768.37 From minor-coinage profits 722.97 88.26 261.12 1,072.35 Reimbursement, loss on sale of sweeps* From contingent appropriation 642. 26 696.94 845.16 1,970.66 3,965.02 Total reimbursements. 1,913.39 1,045.78 2,097.27 2,729.30 7,785.74

GAIN FROM OPERATIONS. The net gain from operations on bulhon during the fiscal year 1915 amounted to $57,690.04, as follows:

Mint at— Assay Minor Character of gains. office at New assay Total. Philadel San Fran Denver. offices. phia. cisco. York.

Surplus bullion recovered by operative officers $7,393.18 $7,394.97 $3,069.24 $1,060.88 $18,908.27 Value of deposit, melting-room grains and , sweeps 5,449.74 2,033.66 2,880.09 11,680.30 $8,030.16 30,073.84 Net gain on bullion shipped from assay offices for coinage 165.93 156.93 Gain on light-weight gold coin purchased for coinage 280.35 33.85 314.20 Receipts from sale of by-products 13,972.06 14,951.20

Total 13,123.27 10,184.09 6,162.31 26,747.69 64,403.44 Less wastage and loss on sweeps. 1,190.43 967.52 1,836.15 2,729.30 6,713.40 Net gain from bullion operations. 11,932.84 9,226.57 24,018.39 8,186.08 57,690.04

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DIEECTOE OF THE MINT. 448

Receipts and disposition of gold bullion, fiscal year 1915. RECEIPTS.

Uncurrent Surplus- Redeposited lUnited States bullion receipts from Institution. Deposits. coin trans Total. ferred for recov mints and recoinage. ered. assay offices.

Philadelphia.. $1,712,550.40 $3,349,563.94 $3,924.86 1 $2,876,878.06 941,917.24 San Francisco. 71,098,741.21 ' 9,179.27 7,893.39 244,131.13 359,945.00 Denver 22,557,046.87 6,302.34 11,447,997.30 010,346.51 New York 63,023,411.89 9,117.96 47,052,860.10 085,389.94 New Orleans.. 495,436.38 232.06 2100.00 495,767. 44 Carson City... 228,053.36 392.08 228,445. 44 Helena 600,465.30 116.38 600,581.68 Boise 846,494.43 349.89 846,844.32 Deadwood 684,010. 23 308.86 684,319.09 Seattle 8,709,713. 91 422.39 710,136.30 Salt Lake City 47,495. 24 97.24 47,592.48 Total.... 170,003,418.22 3,358,743.21 28,157.43 61,620,966.68 235,011,285.44

1 Does not include $1,840,250 worth of gold received from the Government of Cuba to be manufactured Into Cuban coin. 2 Proof metal. DISPOSITION. The disposition of gold buUion contained in the above table is as follows:

Bars ex Institution. Bars paid Transfers. Sold in changed Coinage Wast Total. depositors. sweeps. for coin. executed. age.

Philadelphia $274,892.11 $2,630.63 $1,511,973.59 $5,252,817.60 $7,042,213.73 San Francisco 3,773.00 11,663.71 100,814.60 29,490,500.00 $3i2.9i 29,607,064.22 Denver $45,231,652.65 16,630.28 25,610.65 6,790,000.00 8,166.30 51,071,869.88 New York . 4,303,668.03 2,875,878.05 23,.870.28 35,213,343.34 2,962.64 42 419,622.24 New Orleans 593, .535.75 1 497.06 694,032.81 Carson Citv 227,758.08 2 70.19 227,828.27 Helena 675,493.21 675,493.21 Boise 846,844.32 846,844.32 Deadwood ... 684,478.16 684,478.16 Seattle. 9,292,605.81 9,292,605.81 Salt Lake City. .. 45,219.49 46,219.49 Total 4,682,233.14 60,373,465.62 64,594.80 36,851,642.18 40,633,317.50 12,009.00 142,407,262.14

1 Allowed by Comntroller of Treasury from proceeds of assayer's sweeps. 2 Loss in mass melting, etc. BALANCES, RECEIPTS, AND DISBURSEMENTS. Balances of gold buUion on hand June 30, 1914, and receipts, dis bursements, and balances June 30, 1915, at the mints and assay offices are shown in the foUowing table:

Receipts dur Disbursements Institution. Balance on ing fiscal Total. during fiscal Balance on June 30,1914. year 1916. year 1915. June 30,1915.

Philadelphia $10,818,781.18 $7,941,917.24 $18,760,698:42 $7,042,213.73 $11,718,484.69 San Francisco.. 166,270,031.06 71,359,946.00 237,629,976.06 29,607,064 22 208,022,911.84 Denver 77,056,141.03 34,010,346.61 111,066,487.54 61,071,859 88 69 994,627.66 New York 19,481,159.19 110,085,389.94 129,566,549.13 42,419,622 24 87,146,926.89 New Orleans 105,678.54 495,767.44 601,445 98 694,032 81 7,413.17 Carson City .". 1,412.12 228,445.44 229,857 66 227,828 27 2,029.29 Helena 1,293.14 600,581 68 601,874 82 676.493 21 26,381.61 Boise 100.00 846,844.32 846,944.32 846,844.32 100.00 Deadwood 238.29 684,319.09 684,557.38 684,478.16 79.22 Seattle 584,072.03 8,710,136.30 9, 294,208.33 9,292,605.81 1,602.52 Salt Lake City 866.64 47,692.48 48,449.02 45,219.49 3,229.53 Total 274,319,763.12 235,011,285.44 509,331,048.56 142,407,262.14 366,923,786.42

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444 EEPOBT ON THE FINANCES.

LABORATORY OP THE BUREAU OF THE MINT. From the coinage of the calendar year 1914 the assayer of this bureau tested 270 gold and 266 silver coins, all of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation in fineness above standard (the legal limit being 1 above or below) was 0.5, while the greatest deviation below was 0.5. The greatest deviation in fineness of sUver coins above standard (the limit being 3 above or below) was 1.3, while the greatest deviation below was 1.7. The foUowing table and statement summarizes these assays:

Philadelphia. San Francisco. Denver. Total. iFineness. Gold. Silver. Gold. Silver. Gold. Silver. Gold. Silver.

898.3 1 1 .6 1 1 .7 1 1 .9 4 3 7 899.1 9 1 4 14 .3 9 6 25 .5 1 2 10 3 .6.. 2 15 6 6 19 8 40 .7 4 26 3 32 .8 7 26 40 9 4 13 61 48 .9 12 34 18 64 900.0 26 16 31 6 16 4 73 26 .1 9 6 7 21 .2 9 28 3 10 14 12 62 .3 4 4 .4 16 10 3 28 .6 2 2 .7 6 1 6 .9 6 2 2 10 901.1 1 3 1 5 .3 2 2 Total 76 134 146 66 48 76 270 266 Average fineness..... 899.997 - 899.937 899.855 900.091 8S9.942 899.714 899.910 899.906

' Samples representing certificate bars made at the various offices have been forwarded to the bureau for test assaying and in general every fifth melt has been tested. During the year the examination of minor coins was inaugurated and 1,034 nickels and 63 cents were examined. Sixteen Phihppine coins were examined and aU of them found within the legal requirements.

PROCEEDINGS OF THE ASSAY COMMISSION, 1915. The following-named gentlemen were designated by the President as commissioners to examine and test the weight and fineness of the coins reserved at the several mints during the calendar year 1914, pursuant to the provisions of section 3547 of the Revised Statutes . of the United States: 1.^ Maj. Wm. O. Owen, United States Army (retired), 2719 Ontario Road, Washington, D. C. 2. Hon. Wm. A. Ashbrook, ranking member of Committee on Coinage, Weights, and Measures, House of Representatives. (Mem ber of commission in 1908 and 1910.)

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DIRECTOR OF THE MINT. 445

3. James A. Bryan, Newbern, N. C. 4. Wm. L. Saunders, Plainfield, N. J. 5. John L. McNeU, Durango, Colo. 6. Hugh Dougherty, Indianapolis, Ind. 7. Prof. Charles W. Kent, University of Virginia. 8. Hugo C. Rothert, Huntingburg, Ind. 9. A. W. Kopp, PlatteviUe, Wis. (Former Member of Congress.) 10. Prof. 0. M. W. Sprague, Harvard University. 11. L. A. Fischer, physicist. Bureau of Standards, Washington, D. C. (Member commission 1905, 1911, 1913, 1914.) 12. Leonard P. Morgan, Philadelphia, Pa. (Member commission 1914.) 13. R. S. Hawes, St. Louis, Mo. 14. Dr. Owen L. Shinn, University of Pennsylvania. (Member commission 1907, 1910, 1911, 1912, 1913, and 1914.) 15. Hon. H. C. Groff, Victor, Mont. 16. Hon. Kenyon B. Conger, Irvington, N. Y. The commission met at the mint at PhUadelphia, Wednesday, February 10, 1915, and Hon. Wm. A. Ashbrook was elected chairman. The following committees were appointed by the chairman with the approval of the commission: Committee on counting.—Mr. John L. McNeil, chairman, Messrs. Hawes, Kopp, and Rothert. Committee on weighing.—Mr. Kenyon B. Conger, chairman; Messrs. Dougherty, Fischer, and Morgan. ' ^ ' ^ ^^ .. Committee on assaying.—Dr. Owen Louis Shinn, chairman; Messrs. Comings, Groff, Kent, and Owen. Mr. Fischer suggested that a committee on resolutions be appointed by the chair, and Mr. Ashbrook appointed the foUowing: Committee on resolutions.—^Hon. A. W. Kopp, chairman; Messrs. Dougherty and Groff. The committee on counting reported 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. That the ackages delivered were compared with the transcripts kept by the Edirector of the Mint, and the number of each deliverv and the pieces contained in the packages were found to be correct. After verification of the packages the coins were dehvered to the committee on weighing and assaying. The coins reserved by the mints for the purposes of the assay commission were as follows:

Gold. Silver. Mints. Pieces. Value. Pieces. Value.

Philadelphia. . 747 $6,430 n,873 $1,682.50 San Francisco 1,969 33,355 1,678 386.00 Denver 1,494 14,896 7,480 976.60 Total United States 4,210 63,680 21,031 3,045.10 San Francisco, Philippine coinage 989 69.40 Total . .. 4,210 53,680 22,020 3,114.60

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446 REPORT ON THE FINANCES. The committee on weighing reported that they had examined sample coins selected at random from those reserved by the several mints. The weighing was done on a balance made by Henry Troemner, of Philadelphia. The weights employed were furnished by the Director of the Bureau of Standards, and were accompanied by a cetrificate stating their variation in mass from the standards fixed by law. The balance was carefully tested and found to be suflB.- ciently accurate without making corrections. Certain of the working standards of the mint, selected at random, were intercompared, with the foUowing results: 500 ounces = 400 ounces+ 100 ounces+ 0.0014 ounce; 300 ounces = 200 ounces+ 100 ounces-0.0000; 200 ounces = 100 ounces+ 50 ounces+ 30 ounces+ 20 ounces+ 0.0001 ounce; 100 ounces = 50 ounces + 30 ounces+ 20 ounces+ 0.0003 ounce. The 2 ounces+ 10 ounces were found equal to the standard troy pound to within 3 parts in 100,000; and the working standards of the Philadelphia Mint agreed with the standard troy pound to within 4 parts in 100,000; the 20-centavo and 10-centavo weights used in testing Philippine coins were carefuUy checked against a set of metric weights which had been verified by the Bureau of Standards and found to be in satis factory adjustment. The committee on assaying reported: In compliance with section 3547 of the Revised Statutes, receiving and making assays of the coins reserved from the United States mints at Philadelphia, San Francisco, and Denver for assay. The results of the assays made of the individual coins and ofthe same in mass are given in the foUowing schedules. From these it wiU be seen that— The highest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia 900.2 San Francisco .~ 900.4 Denver 900.2 The lowest assay value of the gold coinage at the different mints (the limit of tolerance being one one-thousandth) is at— Philadelphia 899.6 San Francisco 899.6 Denver 899.8 The highest assay value of the sUver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia 901.1 San Francisco 900.4 Denver 900.2 The lowest assay value of the silver coinage at the different mints (the limit of tolerance being three one-thousandths) is at— Philadelphia ^ 898.9 San Francisco 899.1 Denver 898.6 The highest assay value of the Phihppine silver coinage is at— San Francisco (subsidiary) , 750.0 The lowest assay value of the PhUippine sUver coinage is at— San Francisco (subsidiary) 749.0 The conimittee has tested the quartation silver and found it to be, for assay pm'poses, free from gold, and the lead used in the assay of

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DIRECTOR OF THE MINT. 447 old bullion to be free from gold and silver. The acid used in the f umid assay of silver was found to be free from chlorine. The balances used were tested and found to be correct. The committee therefore deem the assays to be entirely trustworthy. The foUowing report submitted by the committee on resolutions was unanimously adopted: Whereas the Annual Assay Commission, appointed by the President of the United States to examine and test the weight and fineness of the gold and silver coins reserved by the different mints of the United States, has held its meeting in the city of Phila delphia on February 10 and 11, 1915; and Whereas the commission has about completed its labors, the committee on resolutions begs leave to offer the following resolutions: First. That the commission renews the recommendation of prior commissions with reference to the maintenance and increase of the national coin collection of the mint at Philadelphia. - Second. That in the opinion of the commission, in order to facilitate this work, an official souvenir mint medal, of typical and characteristic design, should be struck off and a descriptive booklet of the mint published to be sold at a moderate price to visitors at the mint; that the proceeds from such sales be devoted exclusively, under the supervision of the Secretary of the Treasury, to the extension of this national collection of coins and medals at the Philadelphia Mint, as aforesaid. Third. That in the opinion of the commission there should be an annual appropria tion by Congress o^f $2,000 for the purpose of extending this collection, as aforesaid. Fourth. That a letter be written under the hand of the chairman and secretary of this commission to the Secretary of the Treasury recommending to him that the above amount be included in the annual estimates for the purposes aforesaid and further suggesting that he recommend to Congress the desirability of authorizing the mint medal and descriptive booklet referred to herein; and be it further Resolved, That the thanks of the commission be, and they are hereby, heartily tendered to Hon. William P. Malburn^ Assistant Secretary of the Treasury; Hon. F. P. Dewey, Acting Director of the Mmt; Mr. Leonard P. Morgan, secretary of the commission; to Mrs. Virginia Carpenter, and to various other officials and employees of the mint for the uniform courtesy shown the commission during its session. Respectfully submitted. A. W. KOPP, Chairman. HUGH DOUGHERTY. H. C. GROFF.

MOVEMENT OF GOLD FROM THE PORT OF. NEW YORK. The superintendent of the United States assay office at New York has prepared the following table, giving exports of gold through the port of New York: Statement of United States gold coin and gold bullion exported from the port of New York to Europe during thefiscal year ended June 30, 1915.

Rate of Date. Country. Aniount. exchange.

1914. July 7 France $386,000 $4 8776 13 Holland 600 4 876 23 France . . . 2,473,006 4 880 27 do 4,764,333 4.890 27 England 11,004,667 4.890 28 do 4,981,318 4 910 28 France " 2,545,146 4.910 30 England 8,803,815 4 960 31 .... .do 8,307,096 (1) Aug. 4 do 100,000 (1) 4 France 4,826 (1) 7 England 435,000 0) 14 do 119,600 About 5 000 14 France 2,000 About 5.000

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448 REPOKT ON THE FINANCES.

Statement of United States gold coin and gold bullion, exported from port of New York to Europe during thefiscal year ended June 30, 1915—Continued.

Coimtry. Rate of Date. Amount. exchange.

1914. Aug. 14 Italy $100,600 About 6.000 16 England... 60,000 19 ..o..do 15,000 « Sept. 2 ...-do 305,000 6 Spain 100,000 0) 6 England... 50,000 29 do 600 4.995 30 Finland... 16,400 4.985 Oct. 10 England... 162 4.970 Nov. 21 —do 4,000 4.8825 Dec. 5 Italy 400 4.87625 1916. May 8 Spain 60,000 4.800 Total 44,619,148

1 No quotation. Recapitulation of gold exports to Europe. ^

United Foreign Foreign Country. States coin. bullion. coin. Total.

France • S602,000 S9,282,486 $390,825 $10,176,310 England 26,683,500 8,491,866 652 34,176,038 Holland 600 600 Spain 160,000 160,000 Finland 16,400 16,400 Italy 100,900 100 900 Total 26,352,400 17,774,371 492,377 44,619,148

During the same period there were shipped to other points: United states coin $3,715,382 Foreign bullion 119,496 Foreign coin 3,038,429 Total ". $6,873,306 Total gold exports to Europe 44,619,148 Grand total gold exports 51,492,454 The imports during the same period were as foUows:, From Europe: United States coin '. $13,448,332 Foreign coin 2,526,795 Foreign bullion 239,643 Total $16,214,770 From other points: United States coin $3,029,000 Foreign coin 2,084,789 Foreign bullion 8,237,713 Bullion in ore 92,814 Total 13,444,316 Grand total gold exports 29,669,0

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DIRECTOR OF THE MINT. 449

NET EXPORTS, UNITED STATES GOLD COIN. The net exports of United States gold coin since 1870 were as foUows: Imports and exports of United States gold coin since 1870.

Fiscal years. Imports. Exports. Fiscal years. Imports. Exports.

Jan. 1 to June 30— Jan. Ito June 30— 1870 0) $12,768,501 Gontinued. 1871 55,491,719 1896 $10,189,614 $77,789,892 1872 40,391,357 1897 57,728,797 23,646,535 1873 35,661,863 1898 40,593,495 8,402,216 1874 I 28,766,943 1899 7,779,123 27,419,737 1875 0) 59,309,770 1900 8,659,856 30,674,511 1876 0) 27,542,861 1901 3,311,105 8,425,947 1877 0) 21,274,565 ° 1902 - - 3,870,320 9,370,841 1878 $7,325,783 6,427,251 1903 1,519,756 18,041,660 1879 3,654,859 4,120,311 1904 5,780,607 15 682 424 1880 18,207,559 1,687,973 1905 2,236,399 54 409 014 1881 7,577,422 1,741,364 1906 35,251,921 20,573,572 1882 .... 4,796,630 29,805,289 1907 44,445,402 22,632,283 1883 8,112,265 4,802,454 1908 44,929,518 28,246,170 1884 3,824,962 12,242,021 1909- ..'. 4,642,690 66,126,869 1885 3,352,090 2,345,809 1910 2,050,563 86,329,314 1886 1,687,231 5,400,976 1911 6,041,646 20,651,276 1887 5,862,509 3,550,770 1912 6,283,968 25,677,378 1888 5,181,513 3,211,399 1913 13,941,240 34,238,021 1889 1,403,619 4,143,939 1914 .... 26,048,859 66,997,030 1890 1,949,552 3,951,736 1915 101,091,873 124,536 901 1891 - 2,824,146 67,704,900 1892 15,432,443 42,841,963 Total 565,207,799 1,466,301,891 1893 6,074,899 101,844,087 1894 30,790,892 64,303,840 Net exports. 901,094,092 1895 10,752,673 55,096,639 '

1 Imports of United States gold coia not separately given prior to the fiscal year 1878.

STOCK OF MONEY IN THE UNITED STATES. On June 30, 1915, the stock of domestic coin in the United States was $2,360,106,937, as shown by the following table:

Official table of stock of coin in the United States June 30, 1915.

Items. Gold. Silver. Total.

Estimated stock of coin June 30,1914 $1,597,061,185 $750,279,165 $2,347,340,350 Net imports United States coin, fiscal year 1915.. 900,045 900,045 Coinage, fiscal year 1915 40,533,768 3,353,033 43,886,801 Total. 1,637,594,953 754,532,243 2,392,127,196 Less: United States coin melted for recoinage, face value, fiscal year 1915 4,244,893 730,338 4,975,231 United States coin used in the arts, estimated, fis cal year 1915 ' 3,500,000 100,000 3,600,000 United States coin, net exports, fiscal year 1915 23,445,028 23,445,028 Total 31,189,921 830,338 32,020,259 Estimated stock of coin in United States June 30,1915. 1,606,405,032 753,701,905 2,360,105,937

NOTE.—The number of standard silver dollars coined to June 30,1915, was 570,272,610, 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 571,419,469. Smce July 1, 1898, the num ber of standard silver dollars exported in transports has been 2,495,000; and since 1883 the number melted to June 30,1915, has been 197,673, and the number of Hawauan dollars melted to June 30, 1915, has been 455,141, a total disposition of 3,147,814, leaving in the United States on June 30,1915, 668,271,655 standard silver aollars and 185,430,250 dollars in subsidiary silver coins. 7424°—FI 1915- -29

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450 REPORT ON THE FINANCES. Bullion in mints and assay offices June 30,1915.

Bullion. Value.

Gold - $366,925,169 Silver 4,337,516 Total 371,262,685

Metallic stock June 30, 1910, 1911, 1912, 1913, 1914, and 1915.

Coin and buUion. June 30,1910. June 30,1911. June 30,1912. June 30,1913. June 30,1914. June 30,1915.

Gold $1,635,424,513 $1,753,134,114 $1,812,856,241 $1,866,619,157 $1,871,611,723 $1,973,330,201 Silver 727,078,304 732,002,448 741,184,095 745.585,964 753,563,709 758,039,421 Total 2,362,502,817 2,485,136,562 2,554,040,336 2,612,205,121 2,625,175,432 2,731,369, 622

Ownership of gold and diver in the United States June 30, 1915.

Silver coin and bullion. Total gold Gold coin and silver Ownership. and bullion. Subsidi Silver Total coin and SHver bullion. dollars. ary coin. bullion. silver.

United States Treasury (free)... $235,437,399 $21,654,104 $26,164,295 $4,337,516 $52,155,915 $287,593,314 United States Treasury (lor certi ficates outstandmg) 1,135,313,619 481,970,395 481,970,395 1,617,284,014 National banks (June 30,1915).. 121,172,646 12,427,405 21,192,225 33,619,630 154,792,276 National banksCfor clearing-house certificates) 74,058,500 74,058,500 Private banks and individuals.. 407,348,037 52,219, 751 138,073,730 190,293,481 597,641,518

Total 1,973,330,201 568,271,655 185,430,250 4,337,516 758,039,421 2,731,369,622

Location of moneys of United States June 30, 1915.

In national In other banks Money. . In Treasury. banks and in Total. June 30,1915. cii'culation.

METALLIC. Gold bullion $366,925,169 $366,925,169 Silver bullion 4,337,516 4,337,516 Gold coin 1,003,825,849 1 $195,231,146 $407,348,037 1,606,405,032 Silver dollars 503,624,499 12,427,405 52-, 219, 751 568,271,655 Subsidiary silver coin • 26,164,295 . 21,192,225 138,073,730 185,430,250 Total metallic 1,904,877,328 228,850,776 597,641,518 2,731,369,622

PAPER.

Legal-tender notes (old issue) 14,338, 770 111,240,250 221,101,996 346,681,016 Legal-tender notes (act July 14,1910)... 9,313 2,244,687 2,254, ooa National-bank notes 33,880,546 2 70,414,677 •714,978,370 819,273,593. Federal reserve notes 3,885,850 113,029,150 116,915, OOO'

Total notes. 52,114,479 181,654,927 1,051,354,203 1,285,123,609^ Gold certificates 38,495,370 339,161.225 796,152,394 Silver certificates 11,488, 605 110,528; 967 371,441,428 Total certificates 49,983,975 449,690,192 1,167,593,822

Grand total 2,006,975,782 860,195,895 2,816,589,543 4,016,493,231

1 Includes $74,058,500 gold clearing-house certificates. 2 Includes $8,857,179 of their own, held by different national banks.

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DIEECTOR OF THE MINT. 451

Estimated stock of gold and silver in the United States and the amount per capita at the close of each fiscalyear since 1873.

Total stock of coin and bul lion. Per capita. Fiscal year ended June 30— Population. Total Gold. Silver. Gold. Sliver. metallic.

1873. 41,677,000 $135,000,000 $6,149,305 $3.23 $0.15 $3.38 1874. 42,796,000 147,379,493 10,355,478 3.44 .24 3.68 1875. 43,951,000 121,134,906 19,367,995 2.75 .44 3.19 1876, 45,137,000 130,056,907 36,415,992 2.88 .81 3.69 1877. 46,353,000 167,501,472 56,464,427 3.61 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. 52,495,000 506,757,715 203,217,124 9.65 3.87 13.52 1883. 53,693,000 542,732,063 233,007,985 10.10 4.34 14.44 1884. 54,911,000 545,500,797 255,568,142 9.93 4.65 14.58 1885. 56,148,000 588,697,036 283,478,788 10.48 5.05 15. 53 1886. 57,404,000 590,774,461 312,252,844 10.29 5.44 15.73 1887. 58,680,000 654,520,335 352,993,566 11.15 6.00 17.15 1888. 59,974,000 705,818,855 386,611,108 11.76 6.44 18.20 1889. 61,289,000 680,063,505 420,548,929 11.09 6.86 17.95 1890. 62,622,250 695,563,029 463,211,919 11.10 7.39 18.49 1891. 63,975,000 646,582,852 522,277,740 "10.10 8.16 18.26 1892. 65,520,000 664,275,335 570,313,544 10.15 8.70 18.85 1893. 66,946,000 597,697,685 615,861,484 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. 72,937,000 696,270,542 634,509,781 9.55 8.70 18.25 1898. 74,522,000 861,514,780 637,672,743 11.56 8.56 20.12 1899. 76,148,000 962,865,505 639,286,743 12.64 8.40 21.04 1900. 76,891,000 1,034,439.264 647,371,030 13.45 8.42 21.87 1901. 77,754,000 1,124,652; 818 661,205,403 14.47 8.50 22.97 1902. 79,117,000 1,192,395,607 670,540,105 15.07 8.48 23.55 1903. 80,847,000 1,249,552,756 677,448,933 15.45 8.38 23.83 1904. 81,867,000 1,327,672,672 682,383,277 16.22 8.33 24.55 1905, 83,259,000 1,357,881,186 686,401,168 16.31 8.24 24.55 1906, 84,662,000 1,472,995,209 687,958,920 17.40 8.12 25.52 1907. 86,074,000 1,466,056,632 705,330,224 17.03 8.20 25.23 1908, 87,496,000 1,615,140,575 723,594,595 18.46 8.27 26.73 1909. 88,926,000 1,640,567,131 733,250,073 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 1,753,134,114 732,002,448 18.65 7.79 26.44. 1912. 95,656,000 1,812,856,241 741,184,095 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 26.61 1915, 100,725,000 1,973,330,201 758,039,421 19.59 7.53 27.12

Stock of gold in the United States.

Coin in national Year. Coin in Bullion in banks. Coin in cir Total stock Treasmy. Treasury. Comptrol culation. of gold. ler's report.

Fiscal year June 30: 1873 $55,518,567 $15,669,981 $3,818,086 $30,000,000 $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 41,912,168 9,589,324 3,225,707 44,533,218 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 1 95,790,430 61,999,892 . 98,104,792 46,843,424 302,738,538 1880 61,481,245 93,789,622 92,184,943 150,085,854 397,541,664 1881 - - - 84,639,865 88,726,016 101,115,387 210,775,833 485,257,101 1882 119,523,136 51,501,110 75,326,033 234,205,711 480,555,990 1883.. . 152,608,393 65,667,190 73,447,061 228,296,821 520,019,465 1884 171,553,205 63,162,982 76,170,911 215,813^129 526,700,227 1885 75,434,379 72,938,221 96,741,747 313,346,322 558,460,669 1886 187,196,596 81,431,262 97,781,405 223,199,865 589,609,128 1887 : 182,618,963 123,145,136 99,162,377 245,145,579 650,072,055 1888 227,854,212 97,456,289 78,224,188 246,218,193 649,752,882 1 Six months ending Dec. 31,1879.

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452 REPORT ON THE FINANCES.

Stock of gold in the United States—Cbntinued.

Coin in national Coin in Bullion in Coin in cir Total stock Year. banks. culation. of gold. Treasury. Treasury. Comptrol ler's reports.

Calendar year—Continued. 1889 $246,401,951 $67,265,944 $84,416,468 $235,434,571 $633,518,934 1890. 226,220,604 67,645,934 80,361,784 274,055,833 648,284,155 1891.... 196,634,061 83,575,643 91,889,590 253,765,288 625,864,582 1892 156,662,452 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 91,781,176 47,106,966 151,117,047 248,787,867 538,793,056 1895... 83,186,960 29,443,955 147,308,401 242,644,697 502,584,013 1896 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 141,070,022 140,049,456 263,888,745 286,891,578 831,899,801 1899 257,306,366 143,078,146 203,700,570 293,387,672 897,472,754 1900 328,453,044 153,094,872 199,350,080 307,870,474 . 988,768,470 1901 417,343,064 123,735,775 190,172,340 318,388,468 1,049,639,647 1902 458,159,776 159,971,402 178,147,097 324,252,498 1,120,530,773 1903 478,970,232 209,436,811 170,547,258 332,730,989 1,191,685,290 1904 647,261,358 49,187,017 195,111,219 325,261,922 1,216,821,516 1905 662,153,801 101,183,778 196,680,998 327,549,686 1,287,568,263 1906 737,67 7, .337 156,542,687 188,096,624 376,006,767 1,458,323,415 1907 788,467,6S9 162,937,136 203,289,045 457,995,462 1,612,689,332 1908 . . • . 924,316,981 111,041,339 209,185,761 411,605,432 1,656,149,513 1909 : 934,803,233 97,347,289 213,990,955 392,507,842 1,638,649,319 1910 982,586,379 120,726,077 227,977,678 378,745,080 1,710,035,214 1911 1,001,413,292 183,088,870 235,184,404 379,941,280 1,799,627,846 1912 995,209,422 258,857,946 240,452,237 385,717,711 1,880,237,316 1913 ... . 987,678,101 303,585,254 232,798,904 380,631,886 1,904,694,145 1914 880,954,878 304,354,958 168,660,282 451,128,764 1,805,098,882

STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as buUion and melted at the mints and assay offices 823 mutilated silver doUars during the fiscal year 1915, which were used in the manufacture of subsidiary silver coin. The foUowing have been used since 1883

Fiscal years. Amount. Fiscal years. Amount. Fiscal years. Amount. Fiscal years. Amount;

1883 $621 1892 $42,881 1901 $1,786 1910 $961 1884 1893... 10,500 1902 1,893 1911 • 1,320 1885... 1,850 1894.. 15,055 1903.. 1,777 1912 1,024 1886 1895 18,580 1904 1,304 1913 4,757 1887 8,292 1896 2,034 1905 2,298 1914 785 1888 14,055 1897.- 1,898 1906 909 1915 823 1889 31,042 1898 1,365 1907 1,548 1890 .. 11,977 1899... 1,734 1908.. 1,170 Total... 197,673 1891 10,800 1900 1,341 1909 1,293

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DIEECTOR OP THE MINT. 453

RECOINAGE OF UNCURRENT UNITED STATES SILVER COIN. The table following shows the face value of abraded subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891:

Value of new Fiscal years. Face value. coin produced. Loss.

1891 $910,046.69 $861,680.41 $48,366.28 1892...... 7,118,602.78 6,937,886.02 180,716.76 1893 : 7,618,198.25 7,381,289.58 236,908.67 1894 7,184,472.17 6,924,753.05 259,719.12 1895 4,361, 761.36 4,161,820. 73 199,940.63 1896 4,627,141.46 4,377,258.40 249,883.06 1897. 3,197,998.50 3,048,861.64 149,136.86 1898 6,109, 772.32 5,820,159.16 289,613.16 1899 8,584,304.26 8,098,485.18 485,819.08 1900 5,261,070.35 4,95.0,088.96 310,981.39 1901. 3,832,280.69 3,613,02L69 219,259.10 1902 3,333,437.06 3,141,648.04 191,889.02 1903 3,008,747.98 2,829,890.71 178,857. 27 1904 2,828,384.90 2,656,104.21 172,280. 69 1905 1,964,476.11 1,839,219.24 125,256.87 1906 1,414,963.90 1,322,834.27 92,129. 63 1907 . . . . 1,142,184.00 1,064,826.39 77,357.61 1908 1,162,982.06 1,086,691.94 76,290.12 1909 977,321.23 912,300.40 65,020.83 1910. . . 814,36L57 758,695.55 55,666.02 1911 583,538.44 544,539.09 38,999.35 1912. 678,457.94 634.101.94 44,356.00 1913 414,035.30 388,026.37 26,008.93 1914. 875,727.40 815,800.49 59,926.91 1915 730,337.82 678.791.95 51,545.87

Total 78,734,604.54 74,848,675.31 3,885,929.23

The loss on the recoinage of $4,244,893 in worn and uncurrent gold coins was $35,292.43 and the loss on the recomage of $730,337.82 m worn and uncurrent sUver coins was $51,545.87. The Treasury w^as reimbursed from the appropriation for that pur pose the followmg losses on uncurrent coin transferred during the fiscal year 1915 for recoinage: '

Uncurrent gold coin. $12,856.95 Uncurrent silver coins 61,456.09 Uncurrent minor coins 14,914.24 Total 79,227.28

UNITED STATES GOLD IN CANADA.

The holdings of United States gold com by the Receiver General of the Dommion of Canada on December 31, 1914, was $127,813,433.

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Monetary systems and approximate stock of money in the aggregate and per capita in the principal countries of the world Dec. 31, 1913. cn

Stock of gold. Stock of silver. Per capita.

Mone Un tary covered Popula Country. stand Monetary unit. In banks tion. and pub In circu Full Limited paper. Silver. Paper. Total. ard. lic treas lation. Total. tender. tender. Total. Gold. uries.

Thou Thou Thou Thou Thou Thou Thou Thou sands. sands. sands. sands. sands. sands. sands. sands. United States Gold. Dollar $1,524,100 $380,600 $1,904,700 $568,300 $179,500 $747,800 $803,500 98,200 $19.39 $7.61 $8.18 $35.18 Austria-Hungary ...do.. Crown 252,200 44,100 .296,300 to. 124, SOO 124,800 202,300 49,900 5.53 2.50 4.05 12.08 Belgium ...do.. Franc 48,500 20,000 68,500 Nil. 10,800 10,800 147,100 7,500 9.00 1.44 1.96 12.40 British Empire" Australia ..do.. Pound sterling 193,100 23,400 1 216,500 Nil. 10,000 10,000 4,800 45.10 2.08 47.18 Canada... ..do., Dollar M41,300 1,200 142, ,500 Nil. 131,200 131,200 98,300 7,200 19.79 18.22 13.65 51.66 United Kingdom... .-do.. Pound sterling 3 494,300 335,800 830,100 Nil. 126,500 126,500 116,500 45,400 18.28 2.78 2.56 23.62 India ..do.. Pound sterling and 4 124,000 250,000 374,000 4 850,000 45,000 895,000 45,400 244,300 1.53 3.99 .18 5.70 rupee. South Africa .do.. Pound sterling 15,000 15,000 Nil. 2,700 2,700 9,000 6,000 2.50 .45 1.50 4.45 straits Settlement h^ ..do-, Dollar 1,200 1,200 Nil. 7,000 7,000 18,100 2,000 .60 3.50 9.05 13.15 Chosen (Korea) .do.. Yen 1,700 1,700 Nil. 3,400 3,400 11,100 . 13,500 .13 .24 1.19 Denmark ..do.. Cro\vn 40,500 40,500 Nil. 7,500 7,500 2,800 14.46 2.67 17.13 Egypt...: ..do.. Piaster 10,100 181,200 6 191,300 Nil. 18,100 18,100 6,700 11,300 16.92 1.60 .59 18.11 France ..do.. Franc 682,800 517,200 1,200,000 347,400 63,700 411,100 325,800 39,600 30.03 10.38 8.22 48.63 Germany 8 ..do.. Mark:. 284,700 631,000 915,700 Nil. 64,600 64,600 274,700 65,000 14.08 .99 4.22 19.29 Greece ...do-. Drachme 31,800 31,800 Nil. 18,300 3,000 16.00 6.10 22.10 Haiti ..do.. Gourde 400 1,900 Nil. 7,600 2,000 .95 2.80 3.75 Italy ..do., Lira 265,500 265,500 22,400 22,400 211,500 35,000 7.58 .64 .60 .8.82 Netherlands ^ -do.. Florin 60,900 60,900 Nil. 28,200 28,200 61,200 6,000 LOI 4.70 1.02 6.73 Norway ..do.. Crown 19,900 6,100 26,000 Nil. 4,100 4,100 9,000 2,400 10.83 1.29 3.75 15.87 Roumania ,.do.. Lei 40,100 2,100 42,200 Nil. 15,100 15,100 84,400 7,300 5.78 2.06 L15 8.99 Russia .do., Ruble 733,400 278,100 1,011,500 Nil. 78,800 78,800 .163,900 6.17 .48 6.65 Servia .do., Dinar 12,000 12,000 Nil. 800 800 7,100 2,900 4.13 .27 2.44 6.84 Siam .do.. Tical 100 100 44,500 44,500 3,000 8,100 .01 5.49 .37 5.87 South American States: Argentina ..do. Peso 292, 292,600 Nil. 575,900 7,200 4.65 79.98 84.63 Bolivia ..do., Boliviano 8, 8,000 Nil. 12,000 2,300 3.47 5.21 8.68 Brazil ..do.. Milreis 90, 90,100 Nil. 400,000 23,100 3.90 1.73 5.63 Ecuador ..do., Sucre 2, $1,900 4,800 Nil. $1,400 $1,400 1,900 1,500 3.20 $0.93 1.26 5.39 Guiana, British ..do.. Pound sterling 800 900 Nil. 1,000 1,000 300 3.00 3.33 6.33 Guiana, Dutch ..do.. Florin 100 Nil. 200 200 200 100 1.00 2.00 2.00 5.00 Paraguay '... ..do., Peso 1,700 Nil. 350 800 2.12 .48 2.60 Peru ..do., Sol 14,600 20,000 Nil. 2,400 2,400 4,500 4.44 .53 4.97 Uruguay .do.. Peso 14,800 Nil. 7,500 1,200 12.33 6.25 18. 58. Venezuela ..do.. Bolivar 1,800 Nil. "'966' "'966" 600 2,700 6.66 "3."33' .22 10. 21

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Spain ...do... Peseta. 92,500 92,500 138,300 96,500 234,800 113,300 19,600 4.71 11.97 5.67 22.35 Sweden ...do.... Crown. 27,500 27,500 Nil. 1,500 1,500 26,000 5,600 4.91 .26 4.64 9.81. Switzerland ...do... Franc.. 32,800 32,800 Nil. 4,000 .4,000 28,800 3,700 1.08 7.77 17.71 Central American States; Nicaragua Silver. 100 100 600 .16 .16 Salvador.. ...do... .do. 2,000 2,000 2,300 2,300 4,500 1,200 1.66 1.91 3.75 7.32 39 Total. 5,549,900 2,689,600 8,239,500 1,973,300 1,029,700 3,003,000 3,631,650 902,500

1 Includes gold, silver, and other coin. 2 " Specie" includes subsidiary coin in banks. 3 Estimates for the United Kingdom prior to 1910 were for coin only; these figures include $100,000,000 for bullion in banlcs. 4 Based on estimate of active rupee circulation by Accountant General of India in 1908. 5 Includes Straits Settlements, Malay States, and Johore. 6 Based upon a calculation.by Messrs.P. Arminjonand B. Michel in 1908, who then estimated the stock of gold at 33,000,000 to 41,000,000 Egyptian pounds. The mean of these figures was adopted. Since then the net imports of Egypt, by customs records, have been $50,000,000, but the 1908 estimate has been changed only to the extent of the increase tn bank holdings. It does not seem probable that Egypt can have absorbed the amount of gold iadicated by the customs records. ^ Estimate of A. De Foville, 1909. Silver for 1912 repeated for 1913. W 8 The figures for the stock of gold tn Germany are based upon an estimate by Dr. Arnold, a director ofthe Reichsbank, of 3,000,000,000 marks in German coin in the country at the end of 1910. At the close of 1913 the Reichsbank held $114,873,080 in bullion and foreign coia. O NOTE.—The blank spaces in this table signify that no satisfactory information is available. The data shown above has been gathered from various reliable sourc-es, is by the O means complete or satisfactory, but is the best obtaiuable at this time. In some instances the amount of gold in banks and public treasuries is carried out as the total stock in one country, although an unknown amount is in circulation. The case oi Italy is an example of this. The per capita circulation is based upon known amounts only. All estimates for stock of money in circulation must be accepted with reserve. o

H W

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456 REPORT ON THE FINANCES.

VALUES OF FOREIGN COINS. The foUowing values calculated by the Director of the Mint were proclaimed by the Secretary of the Treasury under the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during the quarter beginnirig October 1, 1915. Values of foreign coins.

Value in terms Country. Legal standard. Monetary unit. of U.S. Remarks.i money

Argentine Republic. Gold. Peso. $0.9648 Currency: Depreciated paper, con vertible at 44 per cent of face value. Austria-Hungary.. --.-do Crown. .2026 Belgium Franc .1930 Member of Latin Union; gold is the Gold and silver actual standard. Bolivia.. Gold... Boliviano. 12^ bolivianos equal 1 pound ster ling. Brazil...... do. Milreis .5462 Currency: Government paper. Ex change rate about 25 cents to the milreis. British Colonies in .do. Pound sterling. 4.8665 Australasia and. Africa. Canada .do. Dollar 1.0000 Central American States: CostaRica .do. Colon .4653 British Honduras -do. Dollar.... 1.OOOO Nicaragua .do. Cordoba.. 1.OOOO [Guatemala: Currency, inconverti Guatemala. ble paper, exchange rate about 40 Honduras.. •Silver. Peso. .3537 pesos = $1. Salvador... Honduras; Currency, bank notes. [Salvador: Currency, convertible into silver on demand. Chile., Gold. .do. • .3650 Cm-rency: Inconvertible paper; ex change rate, approximately, $0.14. Amoy .5798 Canton .5780 Cheefoo .5545 Chin Kiang .5664 Fuchau .5363 Haikwan .5899 (Customs). Hankow... .5425 Tael. Kiaochow.. .5618 Nankin .5737 China. Silver. Niuchwang .5437 Ningpo .5574 Peking .5652 Shanghai... .5296 Swatow. .5356 Takau.. .5835 I Tientsin. - - .5618 Dollar .Yuan .... .3799 Hongkong . .3813 British .3813 {Mexican... .3841 Colombia. Gold. DoUar 1.0000 Currency: Inconvertible paper; ex change rate, approximately $1.05 paper to $1 gold. Denmark. .do. Crown .2680 Ecuador.. .do. Sucre... 4867 Egypt.... .do. Pound (100 pias- 4.9431 The actual standard is the British ters). pound sterling^ which is legal tender for 97J piasters. Finland. do Mark.. .1930 France.- Franc. .1930 Member of Latin Union; gold is the Gold and silver actual standard. German Empire. Gold Mark .2382 Great Britain do Pound sterling. 4.8665 Greece Gold and silver Drachma .1930 Do. Haiti.... Gold Gourde .9647 Currency; Inconvertible papor; ex change rate, approximtaely, 6$.10. 1 The exchange rates shown under this heading are recent quotations and given as an indication of the values of currencies which are fluctuating in their relation to the legal standard. They are not to take the place of the consular certificate where it is available.

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DIEECTOE, OP THE MINT. 457 Values of foreign coins—Continued. ^ Value in terms Country. Legal standard. Monetary unit. of U.S. Remarks. money. India [Britishl Gold Rupee $. 3244 (15 rupees equal 1 pound sterling). Italy Gold and silver Lira .1930 Member of Latin Union; gold is the actual .standard. Japan Gold Yen .4985 Liberia do Dollar 1.OOOO Currency: Depreciated silver token coins. Customs duties are col lected in gold. Mexico do Peso .4985 Mexican exchange rate violently fluctuating approximately, $0.15. Netherlands do Florin .4020 Newfoundland do Dollar 1.0139 Norway do Crown .2680 Panama... .• do Balboa 1.OOOO Paraguay Silver Peso .3537 Currency: Depreciated paper, ex change rate 1,550 per cent. Persia Gold and silver KJran. .1700 This is the value of the gold kran. Currency is silver circulating above its metallic value; exchange value of silver kran, approxi mately, $0.0875. Peru Gold -- Libra 4.8665 Philippme Islands... do Peso .5000 Portugal do... Escudo 1.0806 Currency: Inconvertible paper; ex change rate approximately, $0.70i Roumania „...do Leu .1930 Russia do Ruble .5146 Santo Domingo .. do Dollar 1.OOOO Servia do Dinar . 1930 Siam do Tical .3709 Spain Gold and silver Peseta... .1930 Valuation is for the gold peseta; currency is silver circulating above its metallic value; exchange value, approximately, $0.20. Straits Settlements Gold Dollar.... .5678 Sweden do Crown .2680 Switzerland .. . do Franc. - . . - .1930 Member of Latin Union; gold is the actual standard. Turkey .. ..do Piaster- - . .0440 100 piasters equal to the Turkish £. Uruguay '. do Peso 1.0342 Venezuela do Bolivar .1930 Changes in the value of foreign coins during 1915.

Value, 1915. Coimtries. Monetary unit. Jan. 1. Apr. 1. JulyL Oct. 1. Central American States: Guatemala Honduras •Silver peso - $0.365 $0.363 $0.367 $0.3537 Salvador China Silver tael, Amoy .599 .594 .602 .5798 Do.. Silver tael. Canton .597 .593 .600 .5780 Do.-.- Silver tael, Chefoo .570 .568 .576 .5545 Do Silver tael. Chin Kiang .585 .581 .588 .5664 Do Silver tael, Fuchau .554 .550 .557 .5363 Do Silver tael, Haikwan .610 .605 .612 (customs). Do. Silver tael, Hanl?:ow...: .560 .666 .563 .5425 Do. Silver tael, Kiaochow .580 .576 .583 .5618 Do- Silver tael. Nankin .593 .588 .596 .5737 Do. Silver tael, Niuchwang .562 .557 .565 .5437 Do- Silver tael, Ningpo .576 .571 .579 .5574 Do. Silver tael, Pekmg .584 .579 .587 .5652 Do. Silver tael, Shanghai.... .547 .543 .550 .5296 Do. Silver tael, Swatow .553 .549 .556 .5356 Do. Silver tael, Takau .603 .598 .606 .5835 Do. Silver tael, Tientsin .580 .576 .583 .5618 Do. Silver dollar (Yuan) .436 .389 .394 .3799 Do. Silver dollar, Hongkong .394 .391 .396 .3813 Do. Silver dollar, British- .394 .391 .396 .3813 Do. Silver dollar, Mexican .397 .394 .399 .3841 Silver peso .365 .363 .367 .3537 The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1915, is respectfuUy submitted. R. W. WOOLLEY, Hon. W. G. MCADOO, Director ofthe Mint. Secretary ofthe Treasury.

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EEPOET OF THE DIEECTOE OF TEE MIFT.

TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington^ D. C, July 15, 1916. SIR: In compliance with the provisions of section 345, Revised Statutes of the United States, I have the honor to submit herewith a Teport covering the operations of the mints and assay offices of the United States lor the fiscal year ended June 30, 1916, being the forty- fourth annual report of the Director of the Mint. There is also sub- :mitted 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 1915.

OPERATIONS OF THE MINTS AND .ASSAY OFFICES.

By far the most notable achievement of the mint service during the fiscal year 1916 was the selection, with your approval, of new -designs- for the dime, quarter-dollar, and half-dollar pieces. For the first time in the history of our coinage there are separate designs for each of the three denominations, and their beauty and quality, from a numismatic standpoint, have been highly praised by all -having expert knowledge of such matters to whom they have been shown. The striking of these coins for general circulation will •doubtless be well underway by the coming of the Christmas holiday season. The process of selecting the new designs (authority under sec. 3510 of the U. S. Rev. Stats., approved Sept. 26, 1890) began in January last, w^hen, with your permission, I conferred with the members of the Commission of Fine Arts. Noted sculptors were •commissioned to prepare a number of sketch models, and from more than 50 submitted 3 sets were chosen. It is a pleasure to note that the models which you and I selected were also the choice of the mem bers of the Commission of Fine Arts^. The dime and half dollar are the work of Mr. Adolph A. Weinman; the quarter that of Mr. Hermon A, MacNeil. The design of the half dollar bears a full-length figure of Liberty, the folds of the Stars and Stripes flying to the breeze as a background, progressing in full stride toward the dawn of a new day, carrying branches of laurel and oak, symbolical of civil and military glory. The hand of the figure is outstretched in bestowal of the spirit of liberty. The reverse of the ha,M dollar shows an eagle perched high upon a mountain crag, his wings unfolded, fearless in spirit and conscious of his power. Springing from a rift in the rock is a sapling of moun tain pine, sjrmbolicaT of America. The design of the 25-cent piece is intended to typify, in a measure the awakening interest of the country to its own protection. 365

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366 REPORT ON THE FINANCES.

The law specifies that on the obverse of the coin not only the word' ^^Liberty^' but a representation of Liberty shall be shown. In the new design Liberty is shown as a full-length figure, front view, with, head turned toward the left, stepping forward to the gateway of the country, and on the wall are inscribed the words ^În God We Trust,'' which words also appear on the new half dollar, mentioned above. The left arm of the figure of Liberty is upraised, bearing the shield in the attitude of protection, from which the covering is being drawn. The right hand bears the olive branch of peace. On the field above the head is inscribed the v/ord ^^Liberty,'' and on the step under her feet ^^1916.'' The reverse of this coin necessitates by law a repre sentation of the American eagle, and is here shown in full ffight, with wings extended, sweeping across the coin. Inscription: ^Ûnited States of America'' and ^Ê Pluribus Unum" and ^^Quarter Dollar" below. • Connecting the lettering above on outer circle are thirteen stars. . The design of the dime, owing to the smaUness of the coin, has been held quite simple. The obverse shows a head of Liberty mth winged cap. The head is firm and simple in form, the proffle forceful. The reverse shows a design of the bundle of rods, with battle-ax, known as ^^Fasces," and symbohcal of unity, wherein hes the Nation's strength. Surrounding the fasces is a full-foilaged branch of olive, symbolical of peace. I beg to suggest the advisability of recommending to Congress the> passage of an act authorizing the coinage of a copper and nickel. 2^-cent piece. Inquiry, prompted by requests contained in letters from many parts of the country, discloses a real demand for it. When, you consider that we have no coin between the 1-cent piece and the- 5-cent piece and that many an article worth more than a cent and. less than 5 cents sells for the latter price because of the lack of an. intermediate monetary unit of value, the economic importance of it- wiU be readily seen. Articles which now sell for 15 cents each or two- for a quarter would sell for 12^ cents. Popular shops, such as the 5 and 10 cent stores, would undoubtedly place articles now selling- two for 5 cents on sale at 2-| cents each; and it is not at all unlikely that street car companies would carry children of school age for 2^ cents. There is much interesting data available on this subject, and. I respectfully request that you give it careful consideration. I beg further to recommend that you ask Congress to provide a permanent indefinite appropriation for the purchase of copper to alloy the gold and silver coinage. All other metals entering into our- coinage are provided, in accordance with law, from public moneys,, and such metals constitute a part of the Treasury cash. Purchase^ of alloy metal for gold and silver .coinage is not specifically provided. for by law, therefore it must be purchased from the contingent (gen eral) appropriation of the mint which is required to make the coin.. The probable demand for coin, with consequent needs for alloy, can. not be gauged with any degree of accuracy; and indefinite provision for alloy would remove one of the sources of embarrassment incident, to making estimates and keeping within amounts appropriated.. Such an appropriation is provided to cover the difference between, face value and recoinage value of worn and uncurrent silver coin. A third recommendation is that the assay office at Salt Lake City,. Utah, be discontinued.^ The deposits of buffion there are so few and small, and the size of the office force so inadequate for business of

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1. Obverse of Silver HalfvDollar; 2. Reverse of same. 3. Obverse of Silver Quarter Dollar; 4. Reverse of same 5. Obverse of Silver Dime; 6. Reverse of same. 7. Obverse of McKinley Memorial Gold Dollar; 8. Reverse of same.

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DIRECTOR OF THE MINT. . 367

serious proportions should it be offered, that I can see no need of maintaining it. • The following mint service institutions were operated during the fiscal year 1916: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which has a large trade in bars of fine gold and silver; mints at New Orleans and Carson City, con ducted as assay offices, and assay offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood, these being bullion-purchasing agencies for the large institutions. Refineries were operated at the New York, Denver, and San Francisco institutions. The value of the gold acquired b}^ the Government at the mints and assay offices during the fiscal year 1916 was $508,083,262.92, the large increase over last year being due principally to the heavy im portations of foreign bullion and coin. Gold deposited by the Cuban Government to be made into Cuban coin was of value $1,323,291.98; United States gold coin received for recoinage was of value $1,959,695.71; transfers of gold between mint service offices totaled $58,261,256.84, making an aggregate of gold handled by the mint service during the fiscal year 1916 of $569,627,507.45. Silver purchased during the fiscal year 1916 totaled 6,545,161.96 fine ounces, costing $3,348,642.49, at an average price of 51 cents per fine ounce; the silver received and repaid to the depositors J3hereof in bars bearing the Government stamp totaled 3,362,233.24 fine ounces; the silver deposited by foreign governments to be worked into coin totaled 2,233,346.96 fine ounces; the United States silver coin received for recoinage totaled 566,469.45 fine ounces, with recoinage value of $783,092.35; the Philippine silver coins received for recoinage totaled 138,067.48 fine ounces; the transfers of silver between mint service offices totaled 815,800.16 fine ounces, making an aggregate quantity of silver handled by the mint service during the fiscal year 1916 of 13,661,079.25 fine ounces. The large increase over last year of silver purchased was due to open-market purchases for subsidiary coinage early in the fiscal year, when the price of silver was unusually low. The United States coinage for the fiscal year 1916 amounted to $37,209,062.83, of which $31,077,409 was gold, $3,328,882.50 was silver, $1,790,468.15 was nickel, and $1,012,303.17 was bronze. This amount includes $19,534 in $1 gold pieces struck at the San Fran cisco Mint for the Panama-Pacific International Exposition. There were also coined at the Philadelphia Mint 3,092,890 gold ieces, 11,574,450 silver pieces, and 25,912,150 nickel pieces for giiba; 852,663 silver pieces for Colombia; 1,000,000 silver pieces for Ecuador; 1,000,000 nickel pieces for Salvador; 2,000,000 nickel pieces for Venezuela; 100,000 gold planchets and 500,829 silver planchets for Peru. The mint at San Francisco coined for the Philippine Islands 1,435,000 silver pieces and 5,500,000 bronze pieces. The seigniorage on United States coinage executed totaled $4,046,740.26, of which $1,650,774.94 was on subsidiary silver coins and $2,395,965.32 was on minor coins. STOCK OF COIN AND BULLION IN THE UNITED STATES. On June 30, 1916, the estimated stock of domestic coin in the United States was $2,403,210,953, of which $1,646,050,150 was gold, $568,270,515 was in silver dollars, and $188,890,288 was in sub sidiary silver coin.

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368 REPORT ON THE FINANCES.

The stock of gold bullion in the mints and assay offices on the same date was valued at $804,466,177.70, an increase over last year of $437,541,008.45, and the stock of silver bullion was 10,835,173.88 fine ounces, an increase over last year of 3,529,339.72 fine ounces. PRODUCTION OF GOLD AND SILVER. The production of the precious metals in the United States during the calendar year 1915 was as follows: Gold, $101,035,700, and silver, 74,961,075 fine ounces. INDUSTRIAL ARTS. The amount of gold consumed in the industrial arts during the calendar year 1915 was $35,376,739, of which $27,156,219 was new material. Silver consumed amounted to 29,891,271 fine ounces, pf which 22,889,400 fine ounces was new material. IMPORTS OF GOLD COIN. The net imports of United States gold coin for the fiscal year 1916 were $14,609,360. ESTIMATES FOR THE FISCAL YEAR 1918. The total of estimates for the mint service for the fiscal year 1918, including the office of the Director in Washington, is $1,250,990, which compares with estimates of $1,160,480 for the.fiscal year 1917 and appropriations for the latter year of $1,147,980. APPROPRIATIONS, EXPENSES AND INCOME, o The appropriated amounts available for the mint service use dur ing the fiscal year totaled $1,175,786.88, reimbursements to appro priations for services rendered amounted to $248,037.69, maldng an available total of $1,423,824.57. The expenses chargeable to appropriations were $1,217,731.89, those chargeable to income $10,297.17, total $1,228,029.06. The income realized by the Treasury from the mint service totaled $4,985,174.89, of which $4,046,740.26 was seigniorage. Income and expenses are itemized below:

INCOME. Earnings: Credited to appropriations— Charges on foreign coinage executed $233, 676. 33 Charges for manufacture of special . medals • .. 8,089.78 Charges for work done for other in stitutions, etc - 6, 271. 58 Total earnings credited to appro priations $248, 037. 69 Credited to revenues— Mint charges on bullion , 402, 818. 83 Proceeds of medals and proof coins • sold - 4,170.39 Receipts from special assays of bul lion and or^.s.., 3,148. 00

Total earnings credited to reve nues 410,137.22

Total earnings $658,174. 91

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DIRECTOR OF THE MINT. 369

Profits: Gain on bullion shipments to refineries $831. 40 Less contra losses 28.13 $803.27 Surplus bullion recovered . 92,138. 08 , Proceeds of sale of by-products (plati num, etc) 186,277.59 • " Proceeds of sale of old materials:..:...: 918. 99 Miscellaneous items 121. 79 Total profits other than seigniorage $280, 259. 72 Seigniorage on subsidiary silver coinage. 1, 650, 774. 94 . Seigniorage on minor coinage^— Nickel -'.. 1, 544, 467. 94 Bronze 851,497.38 Total seigniorage. 4, 046, 740. 26 Total profits $4,326,999.98

Total income 4,985,174.89

EXPENSES. ;• Chargeable to appropriations: Compensation of employees— Mint Bureau, salaries appropriation. $24, 506. 67 Mints and assay offices, salaries ap- :* propriations , 246,908.38 Mints and assay offices, wages ap- ' propriations .' 663,915.37

Total compensation of employees $935,330.42 Equipment, stores, and other expenses— Mint Bureau, contingent appropria tion :.. 5,438.94 Mints and Assay Offices, contingent appropriation (including $3,560.46 wastage of gold and silver in oper ative departments, and $3,470.05 loss on assay value of operative sweeps sold) 256,027.16 Transportation of bullion and coin between mints and assay offi ces, frei^t appropriation 20,935.37

Total miscellaneous expenses chargeable to ap propriations 282,401.47

Total expenses chargeable to appropriations $1,217,731.89 Chargeable to revenue (seigniorage on minor coinage): Expenses of distributing minor coin to Treasmy • offices 7, 926. 06 Wastage of minor metals in operative departments 2, 371.11

Total chargeable to revenue '., 10, 297.17 Total expenses •.... 1,228,029.06 Net income of the Government from the mint service 3,757,145.83 Total '. ~ 4, 985,174.89 62015°—FI 1916- 24

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370 REPORT ON THE FINANCES.

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year ended June SO, 1916.

^ Annual appropriations. Permanent Items and offices. appropria tion bal Total. Wages of Contingent Freight on Salaries. workmen. bullion and ances. 1 expenses. coin.

Office of Director of the Mint: Appropriated : S25;580>00 S5;606.00 S25,000.00' S56,180.'G0- Expended 2 24,506.67 5,438.94 3 20,935.37 50,880.98 Unexpended balance.. 1,073.33 161.06 4,064.63 5,299.02 Mint at Philadelphia: Appropriated 70,300.00 S295,000.00 65,000.00 S4,873.24 435,173.24 Reimbursed 161,908.76 4 61,220.93 223,129.69 Available for use 70,300.00 456,908.76 I 126,220.93 4,873.24 -658,302.90 Expended 67,514.84 333,040.26 |n00,829.82 (8.96) 501,384.92 Unexpended balance.. 2,785.16 123,868.50 1 25,391.11 4,873.24 156,918.01 Mint at San Francisco: Appropriated 48,000.00 120,000.00 • 40,000.00 208,000.00 Reimbursed 16,240.43 8,199.83 24,440.26

Available for use 48,000.00 136,240.43 48,199.83 232,440.26 Expended 46,875.00 120,543.08 36,949.75 - (44.42) 204,367.83 Unexpended balance.. 1,125.00 15,697.35 11,250.08 . 28.072.43 Mint at Denver: Appropriated 47,200.00 92,000.00 35,000.00 343.01 174,543.01 Reimbursed 70.56 34.38 104 94 Available for use 47,200.00 92,070.56 35,034.38 343.01 174,647.95 Expended 46,237.57 89,605.97 34,968.56 .(7.20) 170,812.10

Unexpended balance.. 962.43 2,464.59 65.82 343.01 3,83'5.85 Assay office at New York: Appropriated 51,100.00 5 93.000.00 5 75,000.00 6,390.63 225,490.63 Expended 50,790.97 91,327.22 72,506.33 (6,322.74) 214,624.52 Unexpended balance.. 309.03 1,672.78 2,493.67 6,390.63 •10,866.11 Mint at New Orleans: Appropriated 5,500.00 5,350.00 1,500.00 12,350.00 Expended 5,500.00 4,898.00 1,557.84 (397.86) 11,955.84

Unexpended balance.. 452.00 6 .57. x^A 394 16 Mint at Carson: > Appropriated 4,200.00 2,000.00 1,000.00 7,200.00 Expended 4,200.00 2,000.00 975.19 (198.29) 7,175.19 Unexpended balance.. 24.81 24 81 Assay office at Helena: Appropriated 4,400.00 2,500.00 1,000.00 7,900.00 Reimbursed 258.54 258 54 Available for use 4,400.00 2,500.00 1,258.54 8,158.54 Expended 4,340.00 2,500.00 1,247.21 (982.36) 8,087. 21

Unexpended balance.. 60.00 11.33 71.33 Assay office at Boise: ApjDropriated 4,200.00 2,000.00 1,000.00 7 200 00 Expended 4,200.00 2,000.00 999.87. (978.22) 7,199.87 Unexpended balance.. 1 .13 .13

1 For new machinery and appliances at Philadelphia and Denver mints; for equipment of assay office building at New York. 2 $383.33 paid employee detailed to another office. 3 Chargeable, as indicated in parentheses, to the various offices. 4 Does not include materials transferred between funds, to value of S29,776.74. 5 Includes S13,000 for wages and $15,000 for contingent expenses, provided in deficiency act of Feb. 28,1916. 6 Deficit.

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DIRECTOR OF THE MINT. 371

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year ended June SO, 1916—Contmued.

Annual appropriations. Permanent appropria Items and offices. Total. Wages of Freight on. tion bal Contingent ances. Salaries. workmen. expenses. buUion and coin.

Assay office at Deadwood: Appropriated $4,000.00 $2,000.00 $500.00 $6,500.00 Reimbursecl...... 65.81 30.70 96.51 Available for use 4,000.00 2,065.81 530.70 6,596.51 Expended. 4,000.00 1,985.41 500.00 (.$276.32) 6,485.41

Unexpended balance.. 80.40 30.70 111.10 Assay office at Seattle: Appropriated 11,450.00 15,000.00 5,000.00 31.450.00 Expended 11,450.00 14,515.43 4,993.96 (11,673.46) 30,959.39

' Unexpended balance.. 484.57 6.04 •" 490.61 Assay office at Salt Lake City: Appropriated . 1,800.00 1,500.00 500.00 3,800.00 Reimbursed 7.25 .50 7 75 Available for use 1,800.00 1,507.2.5 500.50 3,807.75 Expended 1,800.00 1,500.00 498.63 (45.54) 3,798.63

Unexpended balance.. 7.25 1.87 1 • 9.12 Total, entire service: Appropriated 277,730.00 630,35,0.00 231,100.00 25,000.00 $11,606.88 1,175,.786; 88 Reimbursed. 178i 292:81 69,744.88 248,037.69 Available for use 277,730.00 808,642.81 300,844.88 25,000.00 11,606.88 1,423,824.57 Expended 271,415.05 663,915.37 261,466.10 20;935.37 1,217,731.89 Unexpended balance.. 6,314.95 144,727.44 39,378.78 4,064.63 11,606.88 206,092.68

DEPOSITS OF FOREIGN GOLD BULLION AND COIN. ^ Foreign gold buUion containing 4,406;934 fine ounces, of the value of $91,099,419, and foreign gold coin containing 13,135,830 fine ounces, of the value of 1271,541,705, which was deposited, was received from the followino; countries:

Crude bullion. Refined bullion'. Coin.

Country. Fine Coining Fine Coining Fine Coining ounces. value. ounces. value. ounces. value.

Canada 525,076 $10,854,287 808,3P5 .$16,710,388 45 $930 Mexico 46.513 961,510 304 6,284 40,247 831,979 West Indies 21,399 442, 357 33 68'? Central America 81,711 1,6.89.118 918 • 18,977 South America 323,149 0,680;084 *"". 35' 723' 1,718 35,514 Guiana: French. 4.006 82,813 British 4,906 101.417 Dutch 33, 652 695, 650 ^ Great Britain: 111,553 2,306,006 1,998,002 41,302,363 10,556,547 218,223,194 New Zealand 24 496 1.54,827 3,200,558 Australia 105,975 2,190,698 Germany ^ 70.001 1,447,049 Spain 215;639 4,457,654 France 1,544,879 31,935,483 Janan. 696,580 14;399,586 Turkey .... 271 5 602 Sweden 34 '703 China 187,403 3,873,964 391 8,083 Chosen 34 703 Other 8,527 . 176,269 Total -. 1,339,420 27,688,405 3,067,508 63,411,014 13,135,830 271,541,705

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372 REPORT ON THE FINANCES.

DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign silver bulhon containing 1,860,421 fine ounces, of the value of $1,098,504, and foreign silver coin containing 204,470 fine ounces, of the value of $120,732, which was deposited, was received from the following countries:

• ' Crude bullion. Refined bullion. Coin.

Country. Fine Fine Value.i Value.i Fine Value.i ounces. ounces. ounces.

Canada 107,365 $63, .395 23,705 $13,997 Mexico •- l,.310,li34 773,582 129,963 76,738 104,682 $61,811 Westlndies 1,818 1,073 Central America .• 109,882 64,881 3 • .2 South America 167,564 98,939 10,352 6,112 Guiana: French 245 145 British '. 436 257 Dutch 1,493 881 Great Britain .• 3,856 .2,277 New Zealand 2 1 Spain 1,053 622 China. .: 3,949 2,332 Chosen 3 2 Other : 3 2 88,383 52,187 Total 1,706,750 1,007,767 153,671 90,737 204,470 120,732

1 Based on the average London price of silver during the fiscal year 1916, $0.59046.

COINAGE OF THE UNITED STATES, FISCAL YEAR 1916. The domestic coinage amounted to $37,209,062.82, represented by 154,523,524 pieces. There were also struck for foreign countries and the Philippine Islands, 52,367,156 pieces of coined money, while 100,000 gold and 500,829 silver planchets were prepared for Peru for future coinage in that country, ma.king a total of 207,491,509 pieces compared with 148,205,097 pieces made during the fiscal year 1915.

Philadelphia. SanF rancisco. Denomination. Pieces. Value. Pieces. Value.

Gold: Double eagles 152,050 $3,041,000.00 897,750 $17,955,000.00 Eagles - 351,075 3,510,750.00 197,500 1,975,000.00 Half eagles 588,075 2,940,375.00 Quarter eagles 606,100 1,515,250.00 50-dollar pieces (round) 1 1,510 75,500 00 50-dollar pieces (octagonal) i 900 45,000.00 Dollars ...: 1 19,534 19,534.00 Total 1,697,300 11,007,375.00 1,117,194 20,070,034.00 Silver: Half dollars 138,450 69,225.00 1,088,000 544,000.00 Quarter dollars .... 3,480,450 870,112.50 548,000 137,000.00 Dimes 5,620,450 562,045.00

Total 9,239,350 1,501,382.50 1,636,000 681,000.00 Minor :'^ / 5-cent nickels 31,310,363 1,565,518.15 911,000 45,550.00 1-cent bronze 66,821,317 668,213.17 2,603,000 26 030.00 Total .... 98,131,680 2,233,731.32 3,514,000 7i;580.00 ' Total coinage '. 109,068,330 14,742,488.82 6,267,194 20,822,614.00

Coiaed for Panama-Pacific International Exposition Co., Act of Jan. 16,1915.

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DIEECTOR OP THE MINT. 373

Denver. Total.. . Denomination. Pieces. Value. Pieces. Value.

Gold: Double eagles 1,049,800 $20,996,000.00 Eagles 548,575 5,485,750.00 Half eagles 588,075 2,940,375.00 Quarter eagles 606,100 1,515,250.00 50-dollar pieces (round) ^ 1,510 75,500.00 50-donar pieces (octagonal) 1 ... . ., 900 45,000.00 Dollai's -.. .• 19,534 • 19,5.34.00 Total .• 2,814,494 31,077,409.00 Silver: Half dollars 792,000 $396,000.00 2,018,450 1,009,225.00 Quarter dollars '. 3,002,000 750,500.00 7,030,450 1,757,612.50 Dimes 5,620,450 562,045.00 Total 3,794,000 1,146,500.00 14,669,350 3,328,882.50 Minor: 5-cent nickels .''. 3,588,000 179,400.00 35,809,363 1,790,468.15 1-cent bronze 31,806,000 318,060.00 101,230,317 1,0.12,303.17 Total 35,394,000 497,460.00 1.37,039,680 2,802,771.32

Total coinage 39,188,000 1,643,960.00 154,523,524 37,209,062.82;

1 Coined for Panama-Pacific International Exposition Co., act approved Jan. 16,1915. The approximate amount of copper used in the above coinages was 728 tons, of which 8 tons were used in alloying gold, 14 tons in alloying silver, 219 tons for nickel, and 487 tons for bronze coinages. ^ The mints of the United States during the fiscal year 1916 manu factured in addition to the domestic coinage, 52,367,153 pieces of metallic money and 600,829 planchets for other Governments as follows: MINT AT P.EILADELPHIA.

For G overnment of— Denomination. Pieces. Value.

Cuba Gold: Pesos 2(>-pe.so 56,780 1,135,600.00 10-peso 1,263,530 12,635,300.00 5-peso 1,460,010 7,300,050.00 4-peso 1.35,060 540,240.00 2-peso ^ 160,0()0 320,120. 00 1-peso 17,450 17,450. 00

Total 3,092,890 21,948,760.00 Silver: l-neso 1,239,050 1,239,050.00 40-centavo 1,420,100 568 040 00 20-centavo . 7,965,100 1,593,020.00 10-centavo . 950,200 95,020.00

Total 11,574,450 3,495,130. 00 - Nickel: 5-centavo 3,991,100 199 555 00 2-centavo 9,592,950 19M59.00 1-centavo 12,328,100 12.3,281.00 Total 25,912,150 514,695. 00

Colombia Silver, 50-centavo..... 852,663 426, .331. 61 Salvador Nickel, 5-centavo 1,000,000 50,000. 00 Ecuador Silver, 20-sucre 1,000,000 ')()(] nnn oo Bolivars. Venezuela : „.. .. Nickel, 5-centavo...... 2,000,000 20,000.00 Peru (coin planchets prepared for stamping) Gold, Peruvian pound 100,000 $486,641.90 Silver, sol 500,829 500,829.00

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-'0 374 REPORT ON THE FINANCES.

MINT AT SAN FRANCISCO.

For Government of— Denomination. Pieces. - Value.

• Pesos. Philippine Islands Silver, 20-centavo 1,435,000 287 000.00 Bronze, l-centavo 5,500,000 55,000. 00

PURCHASE OF MINOR COINAGE METAL FOR DOMESTIC USE. During the fiscal year 1916 there were purchased 13,050,344.48 troy ounces of minor coinage metals for use in domestic coinage at a cost of $245,995.74, distributed as follows:

Philadelphia. San Francisco. Metal. - Troy ounces. Cost. Troy ounces. Cost.

Copper 6,568,272.18 $111,154.48 .52,641:02 $496.32 Nickel 1,458,333.33 43,000.00 Tin. 66,675.00 2,240.28 Zinc : . - 43,852.08 947.21 Mutilated bronze coins 1,345.45 12.90 KTutilat^sd nickel coins,. . . 1,780.33 18.30 Total 8,140,258.37 157,373.17 52,641.02 496.32

Denver. Total. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper 4,418,793.01 $75,760.44 11,039,706.21 $187,411.24 Nickel 291,666.67 9,374.10 1,750,000.00 52,374.10 Tin : 59,937.50 1,772.78 126,612.50 4,013.06 Zinc 87,047.91 1,218.93 130,899.99 2,166.14 Mutilated bronze coins 1,345.45 12 90 Mutilated nickel cnin.c? 1 1,780.33 18 30 Total • 4,857,445.09 88,126.25 13,050,344.48 245,995.74

There were no prepared blanks purchased for use in domestic or other coinage during the same period.

DISTRIBUTION OF MINOR COINS. The amount of minor coins distributed from the mints during the fiscal year 1916 was $4,279,572.20, and the expenses for distribution were $7,887.96, as foUows:

From Phila From San From Denomination. delphia. Francisco. Denver. Total.

Distribution: 5-cent niclcel $2,258,784.00 $93,071.95 $634,272.00 $2,986,127.95 1-cent bronze 838,469.00 48,175.25 406,800.00 1,293,444.25 Total 3,097,253.00 141,247.20 1,041,072.00 4,279,572.20 Expenses of distribution: Coin sacks 3,966.15 84.80 299.80 4,350.75 Twine 3.68 "3.68 Tra.nspnrtation...... 732. 88 2,742.55 3,475.43

Seals • 52.10 52 10 Drayage 6.00 6.00

Total 4,699. OS 88.48 3,100.45 7,887.96

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DIRECTOR OF THE MINT. 375

MINOR COINS OUTSTANDING. The following statement shows the amount of coinage of minor coins by denominations since 1793, the amount issued, on hand, melted, and outstanding June 30, 1916:

Amount Denomination. Coined. Issued. On hand. issued and Melted. outstanding June 30,1916.

Philadelphia: Cop per cents $1,562,887.44 $1,562,887.44 $381,467.86 $1,181,419.58 Copper hal f cents. 39,926.11 39,926.11 39,926.11 Copper nickel cents 2,007.720.00 2,007,720.00 . 805,632.69 1,202,087.31 Bronze 1-cent pieces 23,252,929.84 23,105,788.34 $147,141.50 569.059.48 22,536,728.86 Bronze 2-cent pieces 912,020.00 912,020.00 341,161.48 570,858. 52 Nickel 3-cent pieces 941,349. 48 941,349.48 284,940.28 656,409.20 Nickel 5-cent pieces 42,438,722.50 42,141,340.65 297,381.85 4,464,695.50 37,676,646.15

Total 71,155,555.37 70,711,032.02 444,523.35 6,846,956.29 63,864,075.73 San Francisco: Copper cents 5.05 Bronze 1-cent pieces 350,260.00 336,368.53 13,891.47 12,183.00 324 185.53 Bronze 2-cent pieces 11.52 Nickel 3-cent pieces 13.80 Nickel 5-cent pieces 450,350.00 418,369.30 31,980.70 7,487.63 410 88-1 67 Total 800,610.00 754,737.83 45,872.17 19,701.00 735,067.20 Denver: Bronze 1-cent. 863,930.00 •842,545..66 .•.21j384.,34 1,917.68 840,627.98 Bronze 2-cent... . 12.32 Nickel 5-cent 1,651,825.00 i, 651,825.65 43,800.00 1,608,025.00 Total ' 2,515,755.00 2,494,370.66 •21j384:34- - 45,730.00 2,448,'652.98 Grand total 74,471,920.37 73,960,140. 51 511,779.86 e;912,387.29 67,047,795.91

Deduct $42.69, value of old coins melted at San Francisco and Denver mints, for the net araount issued and outstanding, $67,047,753.22. The uncurrent minor coins melted at each mint are not necessarily those of former coinage of any particular mint.

WORK OF THE GOVERNMENT REFINERIES. ' Bullion was operated upon by the refineries connected with the mints at San Francisco and Denver and the assay ofiice at New York during the fiscal year 1916, as follows:

Sent to refinery. Returned from refinery. Institution. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 1,190,261.481 320,328.32 1,190,431.433 319,638.65 Denver 1,669,214.480 1,729,420.01 1,669,166.853 1,728,083.31 New York 4,115,831.516 3,122,974.04 4,11?,'466.475 3,127,216.70 Total 6,975,307.477 5,172,722.37 6,977,064.761 5,174,938.66

<5, Apparent gain. Apparent loss. Institution. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 169.952 689.67 Denver . .' 47.627 1,336.70 New York 1,634.959 4,242.66

Total 1,804.911 4,242.66 47.627 2,026.37

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376 REPORT ON THE FINANCES.

Bullion upon ivhich charges were collected and bullion owned by the Government.

Bullion o^^Tied by the Bullion upon which Government and bullion retained by the refinerj'^ charges for parting were Total. collected. for parting purposes Institution. upon which no charges were imposed.

Gold. Silver. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 973,106.476 206,989.93 217,155.005 113,338.39 1,190,261.481 320,328.32 Denver. J 1,612,676.418 1,192,540.99 • 56,538.062 536,879.02 1,669,214.480 1,729,420.01 New York 1,627,092.151 2,756,060.14 2,488,739.365 366,913.90 4,115,831.516 3,122,974.04

Total 4,212,875.045 4,155,591.06 2,762,432. 432 1,017,131.31 6,975,307.477 5,172,722.37

By-products of refineries.

Electro Institutions. Plati Palladi Osmi um. lytic Iridium. num. ridium. copper.

Ounces. Ounces. Ounces. Pounds. Ounces. vSan Francisco 74.23 4.76 3,609 Denver : 112.24 2.87 920 New York : 2,428.00 237.55 214.70

Total 2,614.47 240.42 4.76 4,529 214.70

EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION. The value of the fine gold bars exchanged for gold coin and bullion monthly by the United States mints at Philadelphia, San Francisco, and Denver, and the assay office at New York for the fiscal year 1916 was as follows:

Exchanged for gold coin.

Months. Philadel New York. San phia. Francisco. Total.

1915. July..: $50,269.21 $1,696,694.63 .$5,012.65 $1,751,976.49 August 55,441.31 3,278,080.82 10,508.55 3,344,030.68 September 70,816.85 2,821,762.19 5,160.41 2,897,739.45 October 70,583.10 3,188,866.47 10,252.11 3,269,701.68 November 80,842. 71 3,369,549.83 15,653.04 3,466,045.58 December 75,704.57 2,931,931.74 300,049.57 3,307,685.88 1916, January.... 70,511.56 3,110,361.85 610,556.99 3,791,430.40 February..' 90,554.12 5,705,686.63 685,446.49 6,481,687.24 March 70,406.49 3,862,708.42 1,585,652.02 5,518,826.93 April 80,345.46 3,674,281.08 1,723,329.39 5,477,955.93 May 75,339.65 3,500,763.66 2,152,165.72 5,728,269.03 June 85,605.95 4,157,076.54 665,918.66 4,908,601.15

Total 876,480.98 41,297,763.86 7,769, 705.60 49,943,950.44

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DIRECTOR OF THE MINT. 377

Exchanged for gold bullion.

Months. Philadel San phia. New York. Francisco. Denver. Total.

1915, July $17,993.15 $290,305.9^8 $414.60 $3,318.48 $312,032.21 August 18,872. 78 I 241,135.99 265.90 1,118.07 261,392.74 September 17,604.00 198,957.50 317:36 2,707.82 219,586.68 October 25,545.02 263,897.96 278.12 2,759.35 292,480.45 November 27,378.80 309,900.90 662.61 2,663.14 340,605.45 December 27,481.10 298,580.33 551.69 2,359.18 328,972.36 1916, January 32,499.38 292,129.66 103.50 1,357.28 326,039.82 February 24,107.94 274,414.02 514.06 2,791.01 301,827.03 March 31,383.07 249,297.63 481.79 3,167.37 284,329.86 April 25,311.51 293,619.32 611.86 3,317.53 322,860.22 May, ., •- 25,650.28 315,290.29 535.79 1,809.59 343,285.95 June 25,530.23 247,350.04 2,686.78 275,573.05 Total 299,363.32 3,274,879.62 4,737.28 I 30,055.60 ,609,035.82 (

MINT OF THE UNITED STATES AT PHILADELPHIA. The mint was operated throughout the fiscal year. There were received 6,173 deposits of gold and 4,900 deposits of silver, as shown by the following: . ,

Gold. Silver. Items. Fine ounces. Value. Fine ounces. Value. •

Denosits 2,348,698.552 $48,551,908.02 6,050,125.46 $3,531,109.53 Redeposits 2,094,802.371 43,303,408.21 490,026.32 265,622.19 Total...,. 4,443,500.923 91,855,316.23 6,540,151.78 3,796,731. 72

ASSAYING DEPARTMENT. The operations of this department during the fiscal year 1916 were as foUows:

Samples operated on. Items. Gold and Gold. Silver. silver.

Deposits.. . 5,794 Ingots 1,139 2,382 Purchases . . 4,618 Bullion samples and ores 168 Assayer's bars... ' ... 37 Coiner's bars '. : 50 Melter's bars 86 Superintendent's bars 100 Sweep samples.. 9 Mint Bureau samples 430 Miscellaneous 145 Total. 1,139 7,000 . .6,819

The number of assays made was as follows: Deposits 44,719 Assay commission 107 Ingots 9,660 Quartermaster's Department. 30 Silver pm'chases 5,220 New York bars 576 Miscellaneous 714 Superintendent's bars 400 Coiner's bars 202 Bullion samples and ores 672 Melter's bars 374 Nickel and bronze assays 22 Mint Bui'eau 1,061 Sweep assays 54 63,811

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378 REPORT ON THE FINANCES. In addition to the above, 518 ounces of proof gold and 820 ounces of proof silver were made. Of the 1,139 melts of gold ingots made in the m^elting department, 115 were returned for remelting, although within the standard fine ness required by law, to be thoroughly mixed; 3 were condemned, being outside of the standard. Of the 2,382 melts of silver ingots, 3 were returned for remelting and 3 were condemned. Fineness of gold ingots passed: Fineness of silver ingots passsd: 19 melts at : 900.3 29 melts at 898 97 m.elts at.. 900.2 . 40 melts at 898^ 138 melts at 900.1 285 melts at 898^ 402 m.clts at 900 418 melts at 898| 160 molts at 899.9 939 melts at '. 899 155 melts at 899.8 409 melts at 899^ 40 melts at...; 899.7 195 melts at 899i 10 meltsat 899.6 47 melts at 899| 11 melts at 900 1,021 3 melts at s 900^ 2,376 In addition to the above 18 melts of gold ingots 916| fine were made for a coinage for Peru.

MELTING AND REFINING DEPARTMENT. During' the fiscal year this department received from the super intendent-bullion containing 4,628,211.940 fine ounces in gold, the coinage value of which being $95,673,631.83. The amount of silver received was 10,828,915.37 fine ounces, the subsidiary value being $14)969,988.41. Upon settlement of the accounts of this department there was found a surplus of both gold and silver. In the gold account the surplus amounted to 49.657 fine ounces, the coinage value being $1,026.50. The silver surplus amounted to 1,708.99 fine ounces, the subsidiary coinage value being $2,362.52. The number of ingot melts made and amount of metal sent to the melting rooms is shown by table given below: Jngot melts made.

Number Ounces Con Metal. made. melted. demned.

Gold 1,157 4,474,353.698 3 Silver 2,382 8,775,596.36 3 Bronze 2,776 10,307,643.50 Nickel ...... -.--.-- 4,223 14,524,583.66 , Total 10,538 38,082,177.218 0

Sweep cellar operations.

Number Net Department. barrels. weight. Gold. Silver.

Pou.nds. Fine ozs. Fine ozs. Melting and refining. 44,792 333.710 738.07 Superintendent's 8,740 152.046 121.27 Coining 3,410 39. 782 149.18 Total. 108 56,942 525.538 1,008.52

Troy ounces. Bronze grains recovered 12,828.00 Cupro nickel grains recovered 27,640.00 Total 40,468.00

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DIRECTOR OF THE MINT. 379

This past fiscal year has been one of unusual activity for the melting department. Overtime has been the rule rather than the exception, and this, beginning in March, clearly shows how unusual the demands for coin must have been. The actual weight of the gold going into the melting pot for ingots amounted to 4,474,353.698 ounces. The apparent loss on this amount of metal was 3,173.461 fine ounces, which by reason of recoveries in grains, sweeps bars, sweeps, etc., amounting to 2,467.451 ounces, showed an actual loss ia operation of 706.010 fine ounces, which figures a loss of 1.5 ounces per 1,000 operated upon, a usual and conservative figure. In silver with an operation of 8,775,596.36 ounces sent to the melting room, the actual loss amounted to 1,772.33 ounces; this is 2 ounces per 1,000 operated upon. The crucible situation, with abnormally high prices and poorer quality, is acute,du? to the scarcity of German clay; but it does seeni that now is the time to forever get away from crucibles for minor coin metal melting. During this coming year we hope to be able to make soHd homogeneous and malleable bars in an open-hearth type of furnace. COINING DEPARTMENT.

During the fiscal year the coining department received from the superintendent 3,783,947.421 fine ounces of gold for coinage, of which 3,738,479.151 was operated upon and from which there was produced 1,697,300 pieces in double eagles, eagles, half eagles, and quarter eagles of the value $11,007,375, amounting to 532,481.766 fine ounces of gold. For the Governments of Cuba and Peru there was operated upon 1,085,312.569 fine ounces of gold from which was produced 3,192,890 pieces of coin and blanks of the value of $22,435,401.90. This and 2,082,290.617 fine ounces in chppings, condemned coin, and blanks, sweeps, and bars were dehvered prior to settlement, and there was dehvered in settlement 83,804.233 fine ounces in ingots, unfinished coin, and blanks. The entire operation showed a wastage of 59.357 fine ounces of the value of $1,227.02, being 3.175 per cent of the legal allowance. The percentage of coin to the amount operated upon was 43.33. There was also received during the same period for coinage 8,472,880.80 fine ounces of silver of which 8,158,467.06 fine ounces were operated upon and from which there was produced 9,239,350 pieces of half dollars, quarter dollars, and dimes of the value of $1,501,382.50. which contained 1,086,125.30 ounces of fme silver. For the Governments of Cuba, Colombia, Ecuador, and Peru 13,927,942 pieces of coin and blanks of the value of $4,622,290.61 in United States subsidiary coin containing 3,405,625.16 fine ounces of silver, together with 3,777,458.02 fine ounces in clippings, condemned coin, blanks, sweeps and bars were dehvered prior to settlement, and 203,140.81 fine ounces in ingots, coin, unfinished coin, and bars were dehvered at settlement, upon this operation there was a wasta,ge of 529.08 fine ounces of the value of $256.08, being 6.484 per cent of the legal aUowance. The percentage of coin to the amount operated upon was 55. This department received during the year 15,191,607.30 troy ounces of nickel and operated upon 15,140,877.10 ounces, from which

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380 REPORT ON THE FINANCES.

there was produced 31,310,363 pieces of domestic coin of the value of $1,565,518.15 in United States 5-cent pieces containing 5,028,352.31 troy ounces. For the Governments of Cuba, Salvador, and Venezuela 28,912,150 pieces of 5, 2, and 1 centavos, and 5 centimes of the face value of $584,695, containing 3,033,387.06 troy ounces, all of which and 7,010,606.40 troy ounces of clippings, condemned coin, and blanks, were delivered prior to settlement. There was also delivered at set tlement 108,302.30 troy ounces in ingots, coin, and unfinished coin. On the entire operation there was a wastage of 10,959.23 ounces of the value of $221.55. The percentage of wastage based on that of silver, was 72.38. The percentage of good coin produced to amount operated upon was ,68.93. The amount of bronze received by this department during the year was 12,928,802.40 troy ounces. The amount operated on was 11,882,405.40, from which was produced 66,821,317 1-cent pieces of the value of $668,213.17. To produce this amount required 6,674,993.12 troy ounces. This, together with 4,991,304.70 in chp pings and condemned coin and blanks, was returned prior to settle ment. The amount returned at settlement was 1,254,309.10 troy ounces in ingots, coin, and unfinished coin. The wastage on this operation amounted to 8,195.48 ounces of the value of $123.89. The percentage of wastage on a silver basis was 68.97. The percentage of good coin produced to the amount operated upon was 56.35. fn addition to the buUion received for coinage, 2,974.404 ounces of fine gold was received for use in the manufacture of medals, of which 1,277.885 fine ounces were used, which, together with 1,695.418 fine ounces in clippings and filings, were returned prior to settlement. The wastage was 1.121 fine ounces. The amount of silver received was 2,638.68 ounces, of which 1,069.21 fine ounces were used in the manufacture of medals, and that amount, with 1,571.90 ounces in clippings and fihngs, were returned prior to settlement. There was a gain of 2.43 ounces. The slight, gain and loss in gold and silver is included in the loss in the coinage of gold and silver coin.

PROOF COINS AND MEDALS. The following table shows the number of proof coins and medals and their nominal value sold during the fiscal year:

Nominal Articles. value.

Gold medals $27, 655. 55 Silver medals 1,536.81 Bronze medals... 7,278.97 Gold proof coins.. ' 1,506.25 Silver proof coins. 2,066.59 Minor proof coins 143.14 Total 40,187.31

ENGRAVING DEPARTMENT. All the dies used in coining operations in all the mints are made in the engraving department at Philadelphia. The embossed- envelope dies used by contractors supplying stamped envelopes for

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DIRECTOR OF THE MINT. 381

the Post Office Department and postal savings bank are also made here; also dies for Army and Navy and other authorized public medals. The mint is reimbursed for the actual expenditures for labor and materials on these medal accounts. The number of dies prepared for United States coinage last year, including 7 for the McKinley Memorial gold dollar, was 2,515. In addition 225 were made for Philippine coinage, 33 for the Govern ment of Colombia, 1,435 for the Government of Cuba, 75 for the Government of Ecuador, 84 for the Government of Venezuela, 202 for the Post Office Department, 35 for medals, and 85 master dies and hubs; in all, 4,689, as follows:

Phila San Fran Denomination. delphia. cisco. Denver. Total.

Gold: • • Double eagle 37 50 1 87 Eagle 36 10 46 Half eagle ... 60 10 70 Quarter eagle .' 55 55 Dollar (McKinley Memorial) 2 2 Total -• 190 70 . 260 Silver: Half dollar : 10 10 40 60 Quarter dollar...: 125 123 248 Dime 100 100 Total 235 10 163 408 Minor: 5 cents . . 750 60 140 950 1 cent 505 60 164 729 Total - 1, 255 120 304 1,679 Philippine: 20 centavos 60 60 1centavo 160 160 Total 220 220 Colombia: 50 centavos 33 33 Cuba: Gold— 20 pesos 22 22 10 pesos 137 137 5 pesos 104 104 4 pesos 41 41 2 pesos 31 31 1 peso 31 31 Silver— 1 peso.' : 47 47 ,, 40 centavos 57 57 20 centavos 330 330 10 centavos...... 30 30 Nickel— 5 centavos 77 77 2 centavos 207 207 1 centavo., 217 217 Total :.-. 1,331 1,331 Ecuador: 20 centimos .... 75 - 75 Venezuela: 5 centimos 84 84

y Grand total coinage dies 4,090 Unused coinage dies destroyed Jan. 3,1916. 231 Proof dies 46 ' Master dies and hubs for coinage 85 United States embossed-envelope dies 202 Medal dies 35 Total..

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382 REPORT ON THE FINANCES.

THE STATE OF THE NUMISMATIC COLLECTION. The accessions to the numismatic coUection for the fiscal year which ended June 30, 1916, amounted to 209 specimens, of which 178 were coins and 31 were medals. These acquisitions in respect to metals and period of origin are distributed as foUows:

to metals: As to periods: Coins- Coins- Gold 42 Antique 89 Silver 104 Modern 75 Bronze 17 Oriental , 14 . Billon:... 2 Medals- Nickel 7 All specimens acquired were modern. Aluminum 2 Medals- Silver 2 Bronze 29 For the last two years an unusuaUy large proportion of the small purchase fund has been expended for antique coins, with a view of securing for exhibition a more representative collection of those important monuments. For whUe the coins of Greece and Kome form the most valuable group in the collection, considered from an educational point of yiew as weU as of a general interest in the unusual, yet from lack of funds and for other reasons the collection of ancient coins was not developed so well as the modern in the early history of the. cabinet. It is therefore a smaU and fragmentary collection of the commoner issues. To buUd up that group to what the proper interest of the average visitor requires wiU make it neces sary to expend for ancient coins a rather disproportionate amount of the purchase fund for some years to come; for antique coins in good state of preservation are generaUy costly. This statement wiU explain certain facts in the above analysis of the year's acquisi tions. There has been added to our equipment during the past year a commodius cabinet of 280 drawers of various depths, made in the carpenter shop of the mint. Gifts to the coUection were made during the year by the foUowing persons and firms: Mr. F. A. Canfield, Dover, N. J.: Bronze and nickel coins of Bolivia. Joseph K. Davison's Sons, Philadelphia: Various medals. Dr. G. F. Kunz, New York: Medals of Joseph Murphy. George T. Morgan, Philadelphia Mint: Medals of SchiUer and of Archbishop Prendergast. Dr. A. A. Norris, Philadelphia Mint: Coins of the Denver Mint and medals. Mr. Ambrose Swasey, Cleveland, Ohio: Portrait plaque of himself. Whitehead & Ploag Co., Newark, N. J.: Various medals. President Arthur WiUiams, American Museum of Safety and Sanita tion, New'York: Award medals of the museum.

MACHINE SHOP. In addition to the regular repairs and upkeep of machinery and appliances, new work, consisting of two upsetting machines with automatic hopper feeds for bronze and nickel blanks, bottle shaker boxes for the assay department, weights, balances, automatic hopper feeds for coining presses, 10 sets of sectional coin coUars for gold

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DIRECTOR OF THE MINT. 383

coins, 226 coin coUars ° for subsidiary sUver and minor coin, was completed, and there is now under construction, about 30 per cent completed, an automatic weighing machine, 2 roUing miUs for finishing strips for minor coinage, 3 cutting presses and 2 coin-review ing machines for this institution. Work has also been performed for other institutions and other countries, consisting of coin collars for the United States and Philippine coinage; 1 automatic weighing machine, about 60 per cent completed, for the mint at San Francisco; punches, beds, coUars, and drifts for the Governments of Cuba, Venezuela, Peru, and Colombia. A four-beam automatic weighing machine, now about 30 per cent completed, is also in process of manufacture for the Cuban Government.

EMPLOYEES. The total number of employees in this institution at the close of the fiscal year was 353, distributed in the several departments as foUows: General :.... 197 Coining 91 Melting and refining 47 Assayer's : 11 Engraver's 7 Total '..'. 353

VISITORS. A large number of visitors from all States of the Union "^and from foreigri countries visited the mint during the year, 77,278 having been shown through the building by the guides.

MINT OF THE UNITED STATES AT SAN FRANCISCO.

Attention was called in last year's* report to the substitution of oil fuel for city gas in the melting department of the mint. The 11 oil-burning melting furnaces now instaUed have proved very satis factory. During the year 888 fires were operated on a consumption of 532.65 barrels of oil, at a cost of $354.21. To have operated the same number of fires with city gas would have'required 3,764,753 cubic feet, costing $2,238.18. This shows a saving for the year of $1,883.97. The cost of repairs to the oil furnaces is no greater than it was when gas was used. A cylindrical lining with a modified bur ner has been tried out with pleasing results as to the life of fining and melting speed. It is the intention to adopt this form of fining and burner as soon as practicable. An important item to this mint is the reduced cost of electric cur rent. For the past six.years the mint has purchased current on a shding scale based on the maximum current demand, the average cost per kilowatt hour being about $0.0223. Last year competition was obtained, and a fiat rate of $0.02 per kilowatt hour was obtained. This year competition was more keen, resulting in a rate for the com ing year of $0,014 per kilowatt hour. The heavy receipts of buUion during the past year resulted in an overcrowding of the storage vaults of the institution. The building of a new vault has remedied this difficulty, and storage capacity has now been provided.

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384 REPORT ON THE FINANCES. .

OPERATIONS FOR THE FISCAL YEAR 1916. During the year the mint received 16,543 gold and silver deposits and 41 redeposits from the Carson Mint, containing 5,283,196.997 fine ounces of goM of the value of $109,213,374.71, and 2,346,857.25 fine ounces of silver at a subsidiary coinage value of $3,244,316.20. The receipts this year show an increase over last year of 1,200 deposits at an increased value of $38,545,540.42. The details covering clas sification of buUion and source of origin are set out in the tables appearing in another part of this report. The receipts of gold buUion were as foUows:

Deposits • •. $108,891,409. 62 Surplus bullion recovered : .• :.....'.: .. . 12,007.29 Redeposits, proof, etc , 309,957.80

Total • 109,213,374. 71 The disposition of the gold buQion was as foUows:

Coinage $20,070,034.00 Fine barssold 7,769,705.60 Fine bars paid depositors .°. 4,737.28 Sold in sweeps 7,013. 77

Total 27,851,490.65 Balance, receipts and disbursements.

Balance on June 30,1915, as per report • $208,022,911.84 Receipts, fiscal year 1916, per above 109,213,374. 71 Total... .0 317,236,286.55 Disbursements, fiscal year 1916, as above 27,851,490.65 Ledger balance, June 30,1916 289,384,795.90

• BARS MANUFACTURED DURING THE YEAR. During the fiscal year a brisk demand was met for small gold bars for export, and in addition to making.2,633 certificate bars, this mint made 8,665 merchant bars, making a totalof 11,298 gold bars manufactured. The greater part of the merchant bars were com posed of 10-ounce and 40-ounce bars. In addition to the foregoing, 538 silver bars were made for payment to depositors of silver buUion. The fine weight and value of the bars manufactured during the year is as follows: •

Item. Fine ounces. Value.

Gold: Certificates 2,935,838.888 $60,689,175.96 Merchant 375,859.507 7,769,705.60 For payment to depositors 229.167 4,737.28

Total gold bars 3,311,927.562 ;, 463,618.84 Silver: For payment to depositors, 563,335.86 321,830. 76

The gold-certificate bars on hand June 30, 1916, amounted to $215,859,972.42. The purchase of minor-coinage metals duririg the year for the manufacture of United States coin was, copper, 52,641.02 troy ounces, at a cost of $496.32.. During the fiscal vear minor coin was distributed to the amount of $141,247.20, at a'^cost of $88.48.

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DIRECTOR OF THE MINT. 385

ASSAY DEPARTMENT. The operations of this department for the fiscal year 1916 were as follows:

Number of samples Number of samples operated on. operated on. Item. Item. Gold. Silver. Total. Gold. Silver. Total. Deposits 30,632 3,260 33,892 Superintendent's grain Redeposits ...... 182 182 bars 15 15 Exchange bars 24 "'"'538' 562 Coiner's settlement bars.. 32 32 Purchase bars. 8,601 8,601 Assayer's bars 60 60 Return bars 21 21 Sweeps 22 22* 44 Anode melts 199 ""iio' 309 G eneral Land Office sam Mint fine melts 314 130 444 ples 118 118 236 Ingot melts 605 319 924 Forest Service samples... 174 174 348 Crude mass melts 403 •s. 403 Secret Service samples... 48 48 Fine mass-certificate bars. 2,633 2,633 Mint Bureau samples..'.. 544 40" 684 Experimetal bars 152 152 Bullion assay samples.... 52 52 Total 44,831 4/711 49,542

NUMBER OP ASSAYS MADE AND SEGREGATED. Gold 119,924 Deposits : 109,914 Silver 7,621 Redeposits 182 Sweeps 44 P urchases 8,601 Bureau of the Mint 584 Ingots 1,694 General Land Office 236 Refinery. 7,086 Forest Service 348 Miscellaneous , 1,280 Total....^. 128,757 Total 128,757 Mint fine-gold determinations: Mint fine-silver determinations: Fineness— Melts. Fineness— Melts. 999.3 ..: 1 999.5 .... 65 999.4 ... 28 999.5 ... 91 999.6 ... 34 999.7 ... 3 Total. ... 157 Ingot melts.

Passed Re- Con Melts. on first Total. melting. melted. demned.

Gold ingots 603 605 Silver ingots 309 319 Philippine 20-centavos 104 105 Panama-Pacific International Exposition half dollars 1 1 Total 1,017 13 1,030

Fineness of ingot melts.

Domestic coinage. Philippine coinage, . Gold ingots. Silver ingots. 20-centavos.

54 899.8 57 898.8 2 748.0 230 899.9 64 899.1 3 748.2 286 900.0 62 899.3 14 748.5 32 900.1 64 899.5 18 748.9 2 900.2 25 899.8 22 749.2 1 900.3 20 900.0 4 749.4 9 900.2 32 749.6 4 900.4 2 749.8 3 750.0 3 760.3 2 75a5 605 305 105

62015°—FI 1916 25

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386 REPORT ON THE FINANCES. There was returned from the refinery by-products consisting of 3,609.67 pounds of copper, 74.23 troy ounces of platinum, and 4.76 troy ounces of osmiridium. The earnings of the refinery were $44,387.90, of which $3.7;275.46 was charges collected, and $7,112.44 was the estimated value of the by-products recovered. During the year 75,763 visitors were shown through the mint by the guides. On June 30, 1916, there were 119 officers and employees in the mint^ as follows: General department , , 61 Coining department , 20 Melting and "refining department 27 Assaying department 11 Total 119

MINT OF THE UNITED STATES AT DENVER. The coinage department of this institution operated throughout the year to its full capacity on subsidiary silver and minor coin, most of which was shipped to eastern points. The coinage capacity of gold and silver has been limited to the amount that could be weighed. By the addition of two new weighing machines, built in the shops of this institution, the output can now be doubled. ASSAY DEPARTMENT. During the fiscal year 1916 the operations of the assay department were as loUows:

Items. Samples. Assays. Reports.

Deposits :.-. 10,806 30,663 5,123 Redeposits 2,950 6,357 1,324 R^nery 5,066 10,931 1,954 Sweeps, cellar 76 290 54 Injg'ot making 1,055 2,204 359 Bureau of the mint. 332 1,058 332 Bullion assays...... 31 52 17 Special 406 860 257 Coining department 344 358 344 Forest Service 19 65 19 Panama Canal Zone 60 193 60 Total 21,145 53,031 9,843

The deposits represent 5,123 me.tts of gold and silver; redeposits, 1,324 melts; refinery samples, 246 melts of fine gold and 333 melts of fine silver, 88 melts of gold anodes, and 587 melts of silver anodes; 631 experimental anode melts; and 46 settlement melts, the remainder being misceUaneous samples for special assays. Reported assays made 53,031 Cupels made v.- 60,915 Pieces of lead cut and rolled. , 47,730

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DIBECTOE OF THE MINT. 3"87

Reported finenesses ofthe refined and ingot gold and silver melts during thefiscal year 1916.

Fine gold: Silver ingots: Fineness— Melts. Fineness— Melts. 999.2 7 898.6...... 15 999.3 18 898.7...... 21 999.4 42 .... 42 999.5 113 .... 64 999.6 56= 899.0 .... 76 999.7 10 899.1 .... 57 899.2 .... 30 Total., 246 899.3 .... 18 899.4 .... 8 Fine silver: 899.5 .... 5 Fineness— 899.6 .... 1 999.00 34 899.7 .... 2 999.25 10 Remelt...... 1 999.50 219 999.75 70 Total ; 340 Total. 333 All lead used was cast into ingots from pig lead; alloy silver and copper made into disks were cast into ingots, rolled and cut to. the required weight. Computations for checking the gold and silver values were made in the department. During the year 65,124 visitors witnessed the coining operations from the balconies. On June 30 there were 93 officers and employees of this mint, divided as follows among the departments: General, 42; assay, §; coining, 19; melting and refining, 23.

UNITED STATES ASSAY OFFICE AT NEW YORK.

The New York assay office handled an unprecedented volume of business during the year under high pressure and adverse physical conditions. - The total value of deposits that have passed through the office during the year was $323,372,395.50. This is an increase of $256,813,943.05 over the total deposits for the previous year. The total number of deposits received, running in value from $100 to $40,000,000 per deposit, was 17,370, an increase of 2,233 over the previous year. .> The total number of assays made for the year amounted to 153,004, on 53,939 samples, an increase of 25,358 over the previous year. Notwithstanding the fact that there were very few exportations of gold there was an increase of $6,084,420.52 in the value of gold-bars exchanged for gold coin. Gold bars exchanged for domestic use showed an increase over last year of $9,889,303.67. There was transferred to the mint of the United States at Phila delphia 1,924,744.924 fine ounces of gold bullion and 464,126.81 fine ounces of silver bullion. In addition to this extraordinary increase in the regular business of the office we have, on' account oi lack of space in our own vaults, moved and stacked with our own force over $209,000,000 to vaults courteously placed at our disposal by the officials of the subtreasury. The total revenues of the office for the year have amounted to $608,824.28, an increase of $357,447.28 over the previous year, o The total appropriations made for the support of the institution for the year amounted to $219,100, leaving a surplus of $389,724.28, plus any unexpended balances, to be turned into the Treasury of the United States.

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388 REPORT ON THE FINANCES.

The working force was increased by 1 temporary appointment in the assayer's department at $3.50 per diem and by 13 helpers in.the deposit melting room and melting and refining department at $3.50 each per day. These were aU appointed during the last half of the year, their services being available for an average period of about three months in the fiscal year. While $273,125,077.98 of foreign gold has been received I wish to emphasize that the increase of 2,233 in the number of deposits, and the increase of $9,889,303.67 in domestic gold bars exchanged, repre sents the normal domestic growth of the business of the office. I wish also to emphasize that the receipt of these large foreign deposits has in no wise affected the manner or the time in which the smaUer regular deposits have been handled. These depositors have been taken care bf in their regular order and with no delay. The larger deposits, have been handled as rapidly as the physical hmitations of the office would permit and in a manner satisfactory to the depositors.

MELTING AND REFINING DEPARTMENT. Notwithstanding the demands made upon this department, by reason of the great volume of deposits, in melting original deposits that ordinarily would be melted in the deposit melting room, the refinery during the year operated on crude bulUon containing 4,115,831.516 fine ounces of gold and 3,122,974.04 fine ounces of silver. The refinery melting room, in addition to the melting necessary to handle this amount of crude buUion, melted 3,933,323.87 ounces of foreign coin and 1,531,293.66 ounces of foreign fine gold .original deposits which, under ordinary circumstances, would have been melted in the deposit melting room. In addition to this work this department furnished the necessary help for the stamping and transfer of 31,729 coin and fine gold bars valued at $209,000,281.65 to the'borrowed vaults inthe subtreasury. The total number of bars of all kinds made was 121,117.. At the same time experiments of great value to the service have been carried on in the recovery and refining of platinum. A new method of refining this metal has been devised by the superintendent of the department which practically removes all impurities from the metal and puts it in form for manufacture into crucibles and other ware used in various Government departments. A considerable number of such articles have been manufactured by this ofl&ce and furnished to the other departments of the Government during the year. ASSAJ" DEPARTMENT. The operations of this department have again increased to such an extent that during the fiscal year it has been almost impossible to keep up with the great volume of current locaV deposits and at the same time expeditiously complete the assays upon the enormous amount of coin and bulhon imported. It has been possible to do this only by the assistance of men occa sionally detailed from the refinery and by the wiUing service given by the force which has worked to the utmost early and late. In the latter part of the year the help of one temporary appointee was

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DIRECTOR OF THE MINT. 389 obtained. There were made 153,004 assays upon 53,939 samples, divided as follows:

Item. Samples. Assays. Reports.

Deposits 45,920 130,061 17,380 Redeposits-: '. 784 2,606 446 Refinery. ... 6,220 16,304 2 496 Specials "? 985 3,964 464 Mint Bureau and sundry - 30 69 65 Total 53,939 153,004 20,841

The deposits and redeposits represent 17,097 melts of gold and silver, the refinery samples 380 melts of fine gold, 528 melts of fine silver, 343 melts of gold anodes, and 972 melts of silver anodes, the remainder being miscellaneous refinery samples and settlement melts. The special assays represent the customary articles of jewelry, manufacturers' samples, etc., for which the United States assay is desired, and, as usual, some were for testimony in legal proceedings for the enforcement of statutes relating to the representation of karat fineness. The average cost per assay, from the beginning of the'new cost system, was less than 20 cents, not including general overhead charges. All cupels used, about 125,000, were made and the silver disks used in parting were cut and rolled to the required weights. All the fine gold and silver bars manufactured were stamped with the assay fineness. The calculations required for checking the values and charges of all deposits were made in the department and the equipment maintained!^ in the condition necessary ior accurate work. Changes have been made in the pyrometers used in the assay cupel furnaces, which have much improved them. The cold junctions of the thermocouples have been transferred by the use of compensating leads, so that the temperature can be maintained fairly uniform, and they are giving more accurate and satisfactory service. The increasQ over last year in the work performed amounts to very nearly 20 per cent in number of assays, while the values determined show a much greater increase, due to the number of large melts.

DEPOSIT MELTING ROOM. There was melted in this room during the year gold bullion con taining 1,213,842.522 fine ounces, 3,431,928.571 fine ounces of foreign gold coin and silver bullion containing 3,155,669.04 fine ounces.

CASHIER'S OFFICE. Gold bars were issued to depositors for domestic use in payment for bullion for $3,274,879.62, and gold bars were exchanged for gold coin for domestic use for $34,082,880.24, an increase of $9,889,303.67 over last year. Gold bars were exchanged for gold coin for export for $7,214,883.62. The charges collected on gold bars exchanged for gold coin amounted to $21,536.70, an increase of $5,029.28.

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390 ; REPORT ON THE FINANCIiS. /

GAIN FROM OPERATIONS AND COLLECTION OF CHARGES. The net gain from operations, including receipts from the sale of by-products, value of by-products on hand, and surplus buUion recov ered by operative officers, amounted to $388,967.70. The total rev enue from charges collected was $219,856.58, making the total above cited of $608,824128. OFFICERS AND EMPLOYEES. The number of officers and employees at this office at the close of the fiscal year wis as follows: General department i 53 Assay department 17 Melting and refining department 33 Total 103 an increase of 14 men over last year. ^ It may be noted that while the value of deposits received during this year was five times that received during the previous year, and the revenues paidi into the Treasury almost three times that received during the previous year, and ahnost three times the total appropri ations made for the ofl3.ce, the only addition to the working force was these 14 men, for an average of three months of the year. This was accomplished only by making demands upon the men which can not be indefinitely continued. Safety of operation will require that sufficient new men be appointed from time to time, as the necessities of the work require, and sufficient appropriation should be made at the next session df Congress to provide for this.

\' NECESSITY FOR NEW BUILDING. The work of the ofl&ce has been hampered by the lack of space, especially by lack of vault space. We are unable to promptly open and weigh the large deposits now constantly received because of lack of working vault space in which to store it prior to melting. This results in delay in payment of advances and consequent loss to the depositor. We have been able to handle these deposits at -all only by the courtesy of the assistant treasurer in charge of the subtreasury next door. At present we have in that building three borrowed vaults entirely fillted and am now rapidly filling the only remaining space available there. It is only a question of time until.this refuge, is exhausted. The plans already drawn for the new building, for which appropriation has already been made and for the construction of which funds are now available, provide adequate and convenient vault space for all future needs of the office.

UNITED STATES ASSAY OFFICE, SEATTLE, WASH. Gold dust and hullion received during thefiscal year, 1916.—Number of deposits received, 2,435; weight in troy ounces, 603,158.54; weight in avoirdupois tons, 20.7; coining value, $10,436,515.65. Origin of the foregoing is shown below:

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DIEECTOR OF THE MINT. 391

Total coining Source. Gold. Silver. value.

Alaska: Fine ounces. Fine ounces. Circle 2,849.631 694.58 $59,867.29 Cooks Inlet 17,155.513 2,047.56 357,466.49 Copper River 29,593.667 5,429.95 619,261.81 Eagle 2,594.935 432.65 54,240.17 Iditarod 65,968.851 10,397.76 1,378,071.06 Koyukuk 8,814.230 363.97 182,709.46 Kuskokwim 1,113.632 144.67 23,220.81 Nome 135,910.797 15,375.05 2,830,779.98 Southeast Alaska .... 5,200.255 1,254.81 109,233.47 Tanana 55,928.454 9,018.03 1,168,610.35 Total for Alaska 325, 129.965 45,159.03 6,783,460.89 Arizona 21.909 1.90 455.53 California 106.225 14.16 2,215.45 Colorado 3.710 .21 76.98 Idaho 383.248 90.37 8,047.36 Montana : 34.996 2.31 726.63 Nevada 79.662 11.08 1,662.07 Oregon 316.561 58.30 6,624.49 Washington 960.590 • 579.77 62,002.29 Mutilated domestic gold coin, 53.581 , 1,107.60 British Columbia 427.739 16,402.50 1,085,780.76 British Columbia, refined 651.332 220,182.58 Mexico 15.775 2.34 329.32 Yukon Territory^ 295.403 18,657.16 1,706,317.07 Foreign gold com 502.960 527,191.94 Jewelers' bars, etc 368.763 478.88 28,956.85 Deposit meltmg room grains. 36.926 5.62 771.12 Assayers proof gold 29.350 606.72 Total 499,418.695 81,463.63 10,436,515.65

Statement of gold deposits from the opening of the institution on July 15, 1898, to the close of business June SO, 1916.

Number of deposits 57,846 Troy ounces .' • 13,959,063.83 Avoirdupois tons 478.3 Coiningvalue $238,899,936.68 Origin of the foregoing: Alaska: Circle $724,758.23 Cookslnlet 1,648, 111. 15 Copper River .^ 4,170,464.97 Eagle 738,255.15 Iditarod 7,402,273.28 Koyukuk 1,826,048.15 Kuskokwim 43,338.25 Nome 56,964,267.28 Southeast Alaska 1,323,661.71 Tanana 48,207,640.93 Unclassified 2,767,506.28 Total 1 '- .- 125,816,325.38 Canada: British Columbia i 20,165,419.12 Yukon Territory 89,510,553.66 Allother sources - 3,407,638.47 Total 238,899,936.63 The foUowing table shows the number, weight before and after melting, loss in melting, percentage of loss, and the various classes of regular deposits.

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392 REPORT ON THE FINANCES.

Number Weight Weight Loss in Percen Items. of de before after tage of posits. naelting. melting. melting. loss.

Ounces. Ounces. Ounces. Bars 728 461,897.92 461,603.43 294.49 0.06 Dust 929 73,498.24 70,910.54 2,587.70 3.52 Retort - 223 14,362.28 13,811.83 550.45 3.83 Nuggets 116 1,400.79 1,308. 41 92.38 6.59 Mixed 179 19,567.84 18,539. 67 1,028.17 5.25 Jewelry 125 3,660.96 3,603.14 57.82 1.57 Dental scrap 44 395.88 364. 53 31.35 7.91 United States gold coin. 59 59.53 59.42 .11 .18 Foreign gold coin 32 28,315.10 28,310.84 4.26 .01 Total 2,435 603,158.54 598,511.81 4,646.73 1.77

1 Average. The average fineness of the regular deposits being 834.3 gold and 136.1 silver. For convenience in shipping to the mint for coinage, 1,731 bars, each under 400 ounces in weight, aggregating 87,827.69 ounces Troy, were melted into 109 large bars.

Summary of work done in the melting department during the year.

Number Weight .Weight Items. before after' of melts. melting. melting.

Ounces. Ounces. Regular deposits 2,387 603,135.34 598,488. 68 Mass melts 109 87,827.69 87,783.70 Chips bars 13 2,008.81 2,003.99 Granules bars 12 305. 72 299.98 Office bars 15 74.91 72.95 Special bullion assays. 20 2,036.46 1,796.89 Remelts for reassays.. 17 7,728.19 7,722.75 Total 2,573 703,117.12 698,168.94

Summary of work done in the assaying department during dhe year.

Quartation silver manufactured ounces.. 450 Cupels manufactured 24,000 Bullion assays made : 15,450 Ore assays made for gold.and silver 88 Ore assays made for base metals 59 Slag assays made for melting room 100 Special bullion assays made : 124 Mutilated domestic gold coins tested 183

ASSAY OFFICES AT NEW ORLEANS, CARSON, BOISE, HELENA, DEAD- WOOD, SEATTLE, AND SALT LAKE CITY. These offices were open throughout the fiscal year 1916, as usual, for receipt of deposits of bullion. The following table exhibits the principal work of each office, and further details will be found in tables in the appendix:

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DmEGTOR OP THE MINT. 393

New Car Dead- Salt Items. Or Boise. Helena. Seattle. Lake leans. son. wood. City.

Deposits received number. 519 612 912 598 98 2,436 147 Fineness, average of gold do... 654.9 610.8 413 366.5 44i6.3 834.3 474.2 Fineness, average of silver do... 221.3| 297.3 220 582.6 449.6 136.1 410.3 - Weight before meltmg ounces. 50,201 26; G06 120,814 148,128 67,604 603,159 5,210 Weight after melting do... 49,8881 24,877 »117,9731 140,404 67,153| • 598,512 4,896 Loss in meltiag do... 313 1,729 2,8411 7,724 4511 4,647 314 dol percent. .622 6.50 .024 5.214 .667 .771 6.027 Melts of bullion made number. 538 622 965 670 112| 2,4641 175 Melts, mass of bullion made do... 37 29 34 34 1 109 Melts of D. M. R. grains do... % 4 Value of deposits, gold dollars. 675,688 1314,548 065,757 1,063, 619,642 10,323,293 45,931 Value of deposits, silver, at cost do... 6,228 4,139 28,039 45, 16,431 41,621 1,099 Bullion shipped .gross ounces. 35,586 24,216 113,026 142, 67,300 598,483 5,061 Value of gold shipped dollars. 1505,329 305,837 007,831 1,078, |619,624 10,323,222 48,921 Value, cost of silver shipped do... 3,782 3,995 26,956 46, .16,437 41,610 1,123 Quartation silver made ounces. 35 .18 60 15 450 Quartation silver used do... 29 4 50 78 12 240 29 Proof gold received do... 41 29 Proof gold used do... 1 2 2 27 "2 Proof silver received do... 50 5| 25| Proof silver used do... 24 24 1 1 Cupels made nuraber. 4,5001 3,000 5,0001 2,500 24,000 1,670 Cupels used do... 4,160 2,9331 3,750 2,300 21,743 1,469 Crucibles used do.. . 72 91 54 234 9 Assays: Deposits do... 3,753 2,933 3,650 3,600 97 15,450 1,097 Ore for gold and silver do... 230 41 60 1 692 70 136 Ore for base metal do... 18 52 11 41 238 Ore for Forest Service do... 10 Ore for other offices do... 141 36 Mutilated coin do... 183 Special bullion do... 124 Special silver plate do... S lag do... 100

The number and value of deposits, the income (including seign iorage), and the expenses of the fiscal year 1916, and the number of employees on June 30, 1916, at each institution are given below.

Coining value Trans Em De Rede of gold and portation ployees Institution. posits. posits. silver deposits Income. E xpenses. 1 of bullion June 30, and purchases. and coin. 1916.

Philadelphia 10,544 529 $56,915,654.99 $2,689,414.90 $508,024.36 $8.96 353 San Francisco 16,097 487 112,136,518.93 608,631.97 201,223.43 44.42 119 Denver 3,194 477 21,244,407.69 1,252,462.46 174,374.81 7.20 93 New York . . 17,239 131 305,160,954.07 409,926.04 220,947.26 6,322.74 104 New Orleans 518 1 690,960.46 2.266.31 12,353.70 397.86 10 Carson 612 324,787.70 5,858.89 7,373.48 198.29 5 •oBoise 911 1,137,420.43 3,525.36 8,178.09 978.22 Q Helena 598 1,176,933.93 5,102.55 9,069.57 982.36 5 Deadwood 97 661,392.18 2,033.63 6,789. 44 276.32 5 Seattle 2,435 i' 10,435,908.93 5,072.22 42,632.85 11,673.46 18 Salt Lake City 147 48,722.28 908. 69 3,844.59 45.54 2 Total 52,392 1,626 509,933,661.59 4,985,203.02 1,194,811.58 20,935.37 720

1 Includes transportation of bullion and coin between mints and assay offices.

OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL YEAR 1916. The quantity of metals operated upon in the different departments of the mints and assay office at New i ork during the fiscal year ended June 30, 1916, aggregated 23,432,296.958 fine ounces of gold and 27,434,524.84 fine ounces of silver. There were also operated updn at the coinage mints 65,699,644.27 ounces of minor coinage m^tal. The figures in the table following are based on the actual figures obtained at the settlements of the accounts.

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394 REPORT ON THE FINANCES. Legal limits of wastage on the whole amount delivered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, is as follows: Melter and refiner—-gold, 0.001; silver, 0.0015. Coiner—Gold, 0.0005; silver, 0.001. GOLD BULLION.

Per cent Legal age of allow Wast- good Amount Amount Actual ance of coin Institution and delivered returned amount wast Actual Actual pro department. by superin to superin operated age on surplus. wastage. ounces duced tendent. tendent. upon. amomit oper to deliv ated amount ered. upon. oper ated upon.

Philadelphia Mint: Fine ounces. Fine ounces. Fine ounces. Fine oz. Fine oz. Fine oz. Fine oz. Per ct. Melting and refining 4,628,211.940 4,628,261.597 4,474,353.698 4,628 49.657 CoiniQg ^ 3,786,921.825 3,786,862.468 3,738,479.151 1,893 59.357 0.0158 43.59 San Francisco Mint: Melting and refining 8,589,609.041 8,590,183.935 7,626,228.695 8,589 574.894 Coining . 2,213,789.413 2,213,795.372 1,808,189.415 1,106 5.959 53 32 Denver Mint: Melting and refining 2,860,855.005 2,860,811.130 1,669,214.480 2,860 43.875 .0263 Coining 292,701.917 292,714.245 146 ""i2."328 New York Assay Office: Melting and refining 16,296,213.087 16,297,885.165 4,115,831.516 16,296 1,672.078 Total: Melting and re fining 32,374,889.073 32,377,141.827 17,885,628.389 32,374 2,296.629 43.875 . Coining 6,293,413.155 6,293,372.085 5,546,668.566 3,145 18.287 59.357 Grand total.. 38,668,302.225 38,670,513.912 23,432,296.955 35,518 2,314.916 103.232

SILVER BULLION.

Philadelphia Mint: Melting and refining 10,828,915.37 10,830,624.36 8,775,596.36 16,242 1,708.99 Coining 1 8,475,519.48 8,474,990.40 8,158,467.06 8,475 529.08 0.0648 55 00 San Francisco Mint: Melting and reflning 4,105,147.61 4,104,525.19 2,201,125.72 6,157 622.42 .2827 Coining .. 1,290,737.81 1,290,549.60 1,010,955.74 1,290 188.21 .1863 62.06 Denver Mint: Melting and refining 4,223,191.04 4,222,112.96 2,944,586.19 6,334 1,078.08 .3661 Coining 1,756,962.96 1,756,705.90 1,220,818.73 1,756 257.06 .2107 "67.93 New York Assay Office: Melting and refining 4,160,694.70 4,164,937.36 3,122,974.04 6,240 4,242.66 Total: o Melting and re fining 23,317,948.72 23,322,199.87 17,044,282.31 34,973 5,951.65 1,700.50 Coining 11,523,220.25 11,522,245.90 10,390,241.53 11,521 974.35 Grand total.. 34,841,168.97 34,844,445.77 27,434,524.84 46,494 5,951.65 2,674.85

NICKEL COINAGE METAL.

Philadelphia Mint; Troy ounces. Troy ounces. Troy ounces. Troy oz. Troy oz. Troy oz. Troy oz. Per ct. Melting and refining 16,573,266.94 16,523,146.36 14,524,583.66 50,120.58 3.4508 Coining 15,191,607.30 15,180,648.07 15,140,877.10 10,959.23 .7238 53.30 San Francisco Mint: Melting and refining 1,149,118.26 1,151,012.20 0 248,624.20 1,893.94 Cotnine 227,984.50 227,680.97 224,124.70 303.53 1.3550 65 37 Denver Mint: Melting and refining 2,266,846.43 2,256,442.33 793,133.90 10,404.10 13.1199 Coining 929,383.30 928,220.10 836,066.90 1,163.20 1.3913 68.88 Total: Melting and re fining 19,989,231.63 18,930,600.89 15,566,341.76 1,893.94 60,524.68 Coining. .. 16,348,975.10 16,336,549.14 16,201,068.70 12,425.96 Grand total.. 36,338,206.73 36,267,150.03 31,767,410.46 1,893.94 72,950.64

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DIRECTOR OF THE MINT. 395

BRONZE COINAGE METAL.

Per cent- Legal age of allow Wast- good Amount Amount Actual ance of coin Institution and delivered returned amount wast Actual Actual ounces pro department. by superin to superin operated age on surplus. wastage. duced tendent. tendent. upon. amount oper . to deliv ated amount ered. upon. oper ated upon.

Philadelphia Mint: FineouTUies. Fine ounces. Fine ounces. Fineoz. Fineoz. Fineoz. Fineoz. Per ct. Melting and refining 11,698,019.18 11,660,129.16 10,307,643.50 37,890.02 3.6761 Coining 12,928,802.40 12,920,606.92 11,524,405.40 8,195.48 , .6^97 56.35 San Francisco Mint: Melting and refining 2,189,634.87 2,180,726.96 1,691,090.91 8,907.91 5.2678 Coining 1,780,876.60 1,779,475.57 1,732,916.50 1,401.03 .8089 67.36 Denver Mint: Melting and refining 5,108,513.72 5,100,449.02 4,082,964.90 8,064.70 1.9756 Coining 4,393,720.30 4,392,347.10 4,235,212.60 1,373.20 .3243 75.20 Total: Melting and re fining 18,996,167.77 18,941,305.14 16,081,699.31 54,862.63 Coining 19,103,399.30 19,092,429.59 17,850,534.50 10,969.71 Grand total.. 38,099,567.07 38,033,734.73 33,932,233.81 65,832.34

WASTAGE AND LOSS ON SALE OF SWEEPS. The valiie of metals wasted in the operative departments during the fiscal year ended June 30,1916, was $5,931.57. A loss of $3,470.05 occurred irom the difference between the assay value of the buUion contained in sweeps sold and the amount received for the same; detaUs are given below:

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

Gold wastage: Melting and refining department $906.98 Coining department $1,227.02 1,227.02 Silver wastage: Melting and refining department.. $326.73 601.44 928.17 Coining department 256.08 143.41 498.29 Nickel wastage: Melting and refining department.. 1,013.23 226.60 1,239.83 Coining department 221.55 4.06 23.99 249.60 Bronze wastage: Melting and refining department.. 572.78 16.06 142.16 731.00 Coining department 123.89 2.58 24.21 150.68 Gold loss on sale of sweeps 656.08 101.14 791.39 $1,582.01 3,130.62 Silver loss on sale of sweeps 143.48 8.79 74.19 112.97 339.43 Total wastage and loss., 558.16 2,934.37 1,694.98 9,401.62 Reimbursement: Wastage, from contingent appropriation... 1,483.10 425.53 1,651.83 3,560.46 . Wastage, from minor coinage profits 1,931.45 22.70 416.96 2,371.11 Loss on sweeps, from contingent appro priation , 799.56 109.93 865.58 1,694.98 3,470.05

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396 REPORT ON THE FINANCES.

BULLION GAINS AND LOSSES. The net gains from operations on buUion during the fiscal year 1916 amounted to $272,163.09, as follows:

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

Recovered from refining and coin ing operations $1,853.67 $12,007.29 $254.85 $37,018.08 $51,133.89 Recovered incident to receipt of deposits 6,599.57 3,249.26 2,373.81 18,526.55 $10,029.07 40,778.26 Net gain on shipments to Govern ment refineries . 523.07 280.20 803.27 Gain on light weight and mutil ated coin purchased for recoinage 148.92 51.67 200.59 Receipts from sale of by-products.. 703.71 20,520.35 164,557.21 186,277.59 Total gains 23,149.01 10,309.27 279,193.60 Wasted in refining and coining operations 1,483.10 425.53^ 1,651.83 3,560.46 Loss on assay value of operative sweeps sold 799.56 109.93 865.58 1,694.98 3,470.05 Total losses •.. 2,282.66 535.46 2,517.41 1,694.98 7,030.51 Net gains 7,546.28 20,631.60 218>458.53 10,309.27 272,163. (

Receipts and disposition of gold bullion, fiscal year 1916. RECEIPTS.

Uncurrent United States Surplus Transfers from Institution. Deposits. coin trans buUion mints and assay Total. ferred for recovered. offices. recoinage. Philadelphia $48,773,793.07 $1,965,309.09 $11,154.19 $39,788,008.79 $90,538,265.14 San Francisco 109,539,877.66 14,922.04 309,875.59 109,864,675.29 Denver 19,700,030.04 7,107.07^ 13,132,439.03 32,839,576.14 New York 348,703,921.41 11,459.53 5,030,226.71 353,745,607.65 New Orleans 675,383.91 303. 87 1100.00 675,787.78 Carson City 314,153.56 394.57 314,548.13 Helena 1,063,727.39 122.89 1,063,850.28 Boise 1,069,728.46 421.42 . 1,070,149.88 Deadwood 619,462.94 178.98 1 80.40 619,722.32 Seattle 10,808,061.49 763.34 1 606. 72 10,809,431.55 Salt Lake City 45,907.01 24.19 45,931.20 Total 541,314,046.94 1,965,309.09 46,852.09 58,261,337.24 601,587,545.36

1 Proof metal. DISPOSITION. [Disposition of gold bullion contained in the above table.]

Transfers to Manufactured Bars paid mints and Sold in Bars ex into coin Institution. depositors. assay sweeps. changed for blanks and Wastage. Total. offices. coin. medals. Philadelphia $299,363.32 $4,532,109.83 $2,579.93 $876,480.98 1 $32,144,533.39$1,622.4 1 $37,856,689.86 San Francisco.... 4,737.28 7,013.77 7,769,705.60 2 20,070,034.00 27,851,490.65 Denver 32,944.90 11,259.32 44,204.22 NewYork 3,274,879.62 39,788,008.79 39,441.65 41,297,763.86 84,400,093.92 New Orleans 505,329.26 505,329.26 Carson City 305,837.20 305 837 20 Helena 1,078,601.11 • 1 078 601 11 Boise 1,012,126.53 1,012,126.53 Deadwood .. .(i 619,623.78 619, 623.78 Seattle 10,323,222.01 10,323,222.01 Salt Lake City... 47,921.01 47,921.01 Total 3,611,925.12 58,212,779.52 60,294.67 49,943,950.44 52,214,567.39 1,622.41 164,045,139.55

1 Represents $11,007,375 United States coin, $20,624,080 Cuban coin, $486,641.90 Peruvian coin blanks, and $26 436.49 medals. 2 United States coin.

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DIRECTOR OF THE MINT. 397

BALANCES, RECEIPTS, AND DISBURSEMENTS. Balances of gold bullion on hand June 30, 1915, and receipts, dis bursements and balances, June 30, 1916, at the mints and assay offices, are shown in the following table:

Receipts dur Disbursements Institution. Balance on ing fiscal year during fiscal Balance on June 30,1915. 1916. Total. year 1916. June 30,1916.

Philadelphia $11,718,484.69 $90,538,265.14 $102,256,749.83 $37,856,689.86 $64,400,059.97 San Francisco 208,022,911.84 10^,864,675.29 317,887,587.13 27,851,490.65 290,036,096.48 Denver .' 59,994,627.66 32,839,576.14 92,'834,203. 80 44,204.22 92,789,999.58 New York 87,146,926.89 353,745,607. 65 440,892,534.54 84,400,093.92 356,492,440.62 New Orleans 7,413.17 675,787.78 683,200.95 505,329.26 177,871: 69 Carson City 2,029. 29 314,548.13 316,577.42 305,837.20 10,740; 22 Helena .. 26,381.61 1,063,850.28 1,090,231.89 1,078,601.11 11,630.78 Boise 85.47 1,070,149.88 1,070,235.35 1,012,126.53 58,108.82 Deadwood 79.22 619,722.32 619,801.54 619,623. 78 177. 76 Seattle 1,602.52 10,809,431.55 10,811,034.07 10,323,222.01 487,812. 06 Salt Lake City 3,229.53 45,931. 20 49,160. 73 . 47,921.01 1,239.72 Total 366,923,771.89 601,587,545.36 968,511,317.25 164,045,139.55 804,466,177.70

LABORATORY OF THE BUREAU OF THE MINT. From the coinage of the calendar year 1915 the assayer of this bureau tested 178 gold and 212 silver coins, all of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation above standard in fineness (the legal hmit being 1 above or below) was 0.4, while the greatest deviation below was 0.5. The greatest deviation in fineness of silver coins above standard (the limit being three above or below) was 2.2, while the greatest deviation below was 1.5. The following table and statement summarizes these assays:

Philadelphia. San Francisco. Denver. Total. Fineness. Gold. Silver. Gold. Silver. Gold. Silver. Gold. Silver.

898.5 1 1 1 .9 1 1 2 899.1 3 2 1 6 .3 5 5 5 15 .5 1 4 3 5 3 .6 3 7 4 2 7 7 16 .7 3 17 20 .8 10 13 12 9 11 22 33 .9 15 6 21 900.0 , 24 8 13 19 9 37 36 .1 34 5 39 .2 16 11 3 10 , 3 19 24 .3 3 3 4 5 7 12 4 5 23 .7 9 9 2 20 .9 4 6 2 12 901.1 ... 1 6 7 ,2 1 1 .3 . 1 2 2 5 .5 2 2 4 .8 1 . . 1 902.0 -:. 1 , 1 902.2 2 2 Total 114 72 64 92 48- 178 212 Average 900. 029 -900.105 899. 834 900.333 899.917 899.959 900 162

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398 REPORT ON THE FINANCES.

EigKteen San Francisco Exposition. coins were examined at the PhUadelphia Mint during the absence of the bureau assayer at set tlement. Six PhUippine coins were examined, all of which were within the legal requirements. The examination of minor coins was continued and 4,219 were examined. The assaying of certifi cate bar samples was continued throughout the year. The investi gation of cupels, during which about 10,000 used cupels were assayed, was completed during the year.

PROCEEDINGS OF THE ASSAY COMMISSION, 1916. ^^ The following-named gentlemen were designated by the President as commissioners to examine and test the weight and fineness of the coins reserved at the several mints during the calendar year 1915, pursuant to the provisions of section 3547 of the Revised Statutes of the United States: Hon. James H. Moyle, Salt Lake City, Utah; Hon. George E. Roberts, New York City; Mr. Thomas Arthur, BiUings, Mont.; Mr. Kenyon B. Conger, Irvington, N. Y.; Mr. Benjamin J. Rosenthal, Chicago, IU.; Dr. J. M. Henderson, Columbus, Ohio; Mr. H. O. Granberg, Oshkosh, Wis.; Mr. Charles Hasler, Olney, IU.; Prof. James L. Howe, Washington and Lee.University, Lexington, Va.; Dr. Franklin E. Tuttle, State University, Lexington, Ky.; Hon. Harry L. Day, WaUace, Idaho; Mr. L. A. Fischer, Bureau of Stand- eirds, Washington, D. C; Dr. F. W. Clark, United States Geological Survey, Washington, D. C.; Hon. C. C. DiU, member of Committee on Coinage, Weights, and Measures, House of Representatives, Washing ton, D. C.; Hon. James A. Bryan, Newbern, N. C.; Prof. Andrew C. Lawson, University of California, Berkeley, Cal.; Hon. John Skelton WiUiams, Comptroller of^ the Currency^ (ex-oflS.cio); Mr. George R. Comings, United States Assay Office, New York (ex officio). The commission met at the mint at Philadelphia Wednesday, February 9, 1916, and Hon. John Skelton WiUiams was elected chairman. The following committees were appointed by the chairman, with the approval of the commission: Committee on counting.—Hon. James H. Moyle, chairman; Messrs. Hasler, Granberg, and Rosenthal. Committee on weighing.—Mr. L. A. Fischer, chairman; Messrs. Dill, Howe, and Henderson. Committee on assaying.-—Mr. George E. Roberts, chairman; Messrs. Comings, Clark, Lawson, and Tuttle. Committee on resolutions.—Hon. C. C. Dill, chairman; Messrs. Clark and Moyle. The committee on counting reported that the packages containing the pieces reserved by the mints at Philadelphia, San Francisco, and Denver for the annual trial of coins, in accordance with section 3539 of the Revised Statutes, were delivered to the committee by the super intendent of the mint at PhUadelphia and compared with the records kept by the Director of the Mint, packages from each mint for each month's coinage and containing aU denominations coined having been selected, accurately counted, and found to be correct. The verification of the packages being comj)leted, they were delivered to the committees on weigmng and assaying. In the reports of those committees wUl be found an account of the disposition of these coins.

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DIRECTOR OF THE MINT. 399 The table following gives the packages verified by the committee on counting, being the total numoer of coins reserved by the several mints:

Gold. Silver. Mints. ^ Pieces. Value. Pieces. Value.

Philadelphia 1,709 $11,162.50 4,628 $753.05 San Francisco 791 12,770. 00 1,634 537.00 San Francisco Panama-Pacific Exposition coins 44 403.50 30 15.00 Denver 2,434 755.00 Total United States 2,544 24,336.00 8,726 2,060.05 San Francisco Philippine coinage 553 88.10

The committee on weighing reported that they had examined certain .sample coins selected at random from those reserved for the annual trial by the Assay Commission. The weighings, as usual, were made on the Troemner balance provided for the purpose by the mint. It was carefully examined as to the equality of the arms and as to its sensibility, both of which were found to be satisfactory. The weights employed for testing the United States coins, from the dime to the double eagle, were a set of coin weights furnished by the Director of the Bureau of Standards, with a certificate giving the variation in mass from the standard's fixed by law. The weights used for testing the $50 Panaina-Pacific Interna tional Exposition coins and the PhUippine coins were a set of grain weights belonging to the Philadelphia Mint, which were checked by the committee by comparison with the coin weights referred to above. AU weighings of coins were made to the nearest one-hun dredth grain. Solely for the purpose of checking the adjustment of the working standards of the mint, the foUowing intercomparisons were made: 500 ounces = 400 ounces + 100 ounces + 0.0012 ounce; 500 ounces = 300 ounces+ 200 ounces+ 0.0010 ounce; 400 ounces = 300 ounces + 100 ounces —0.0012 ounce; 300 ounces = 200 ounces + 100 ounces + 0.0010 ounce; 200 ounces = 100 ounces+ 50 ounces+ 40 ounces+ 10 ounces —0.0001 ounce; 200 ounces = 100 ounces+ 50 ounces + 30 ounces+ 20 ounces+ 0.0003 ounce; 100 ounces = 50 ounces+ 40 ounces+ 10 ounces —0.0002 ounce; 50 ounces = 30 ounces+ 20 ounces + 0.0000 ounce; 30 ounces = 20 ounces+ 10 ounces —0.0001 ounce; 20 ounces = 10 ounces+ 5 ounces+ 3 ounces+ 2 ounces —0.0001 ounce; 10 ounces = 5 ounces+ 3 ounces+ 2 ounces +0.0000 ounce. The committee on assaying reported that they had taken samples from the coins reserved from the united States mints at Philadelphia, San Francisco, and Denver for assay. The results of the assays made of the individual coins and of the same in mass are given in the following schedules. From these it will be seen that^- The highest assays upon the gold coinage of the different mints (the limit of tolerance being one one-thousandth) are at— Philadelphia..-. - 900.1 San Francisco (. 900.2

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400 REPORT ON THE FINANCES.

The lowest assays upon the gold coinage of the different mints (the limit of tolerance being one one-thousandth) are at— Philadelphia : 899.7 San Francisco 899.5 The highest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at— Philadelphia 900.2 San Francisco 901.0 Denver :' 900.9 , The lowest assays upon the sUver coinage of the different mints (the limit of tolerance being three one-thousandths) are at— Philadelphia ..! ". '. 898.6 San Francisco 898.4 Denver 898.9 The highest assay upon the Philippine silver coinage is at— San Francisco (subsidiary) 751.5 The lowest assay upon the Philippine silver coinage is at— San Francisco (subsidiary).' 750.7 The committee has tested the quartation silver and found it to be, for assay purposes, free from gold. The acid used in the humid assay of silver was found to be free from chlorine. The balances used were tested and found to be correct. The committee therefore deem the assays exhibited in the above schedules to be entirely trustworthy: The following report, submitted by the Committee on Resolutions, was unanimously adopted: Whereas the Annual Assay Commission appointed by the President of the United States to examine and test the weight and fineness of the gold and silver coins reserved by the different mints of the United States has held its meeting in the city of Phila delphia on February 9 and 10, 1916; and Whereas the commission has about completed its labors, the cominittee on resolu tions begs leave to offer the following resolutions: First, liat the commission renews the recommendation of prior commissions with reference to the maintenance and increase of the national coin collection of the mint at Philadelphia. Second. That in the opinion of the commission, in order to facilitate this work, an official souvenir mint medal, of typical and characteristic design, should be struck off, and a descriptive booklet of the mint published, to be sold at a moderate price to visitors at the mint; that the proceeds from such sales be devoted exclusively, under the super vision of the Secretary of the Treasury, to the extension of this national collection of coins and medals at the Philadelphia Mint, as aforesaid. Third. That in the opinion of the commission there should be an annual appropria tion by Congress of $2,000 for the purpose of extending this collection, as aforesaid. Fourth. That a letter be written under the hand of the chairman of this commission to the Secretary of the Treasury recommending to him that the above amount be included in the annual estimates for purposes aforesaid and further suggesting that he recommend to Congress the desirability of authorizing the mint medal and descriptive booklet referred to herein; and be it further Resolved, That the Assay Commission of 1916 recommends that the Director of the Mint consider the advisability of using the metric system of weights and measures in operation of the several mints; - Resolved, That the thanks of the commission be and are hereby heartily tendered to Hon. Robert W. Woolley, Director of the Mint; Hon. John Skelton Williams, Comp troller of the Currency; Hon. A. M. Joyce, superintendent of the mint; and to Mrs. Virginia H. Carpenter, and to the various other officials and employees of the mint for the uniform courtesy shown the commission during its sessions. Respectfully submitted. G. C. DILL, Chairman. F.W. CLARKE. JAMES H. MOYLE.

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DIRECTOR OF THE MINT. 401

MOVEMENT OF GOLD FROM THE PORT OF NEW YORK. The superintendent of the United States assay office at New York City has prepared the following table giving exports of gold through the port of New York:

Statement of United States gold coin and gold bullion exported from the port of New York to Europe during the fiscalyear ended June SO, 1916.

Prevail Date. Destination. ing rate of exchange.

1915. Nov. 17 Holland $1,097,330 $4,670 Dec. 11 Norway 499,292 ' 4.715 31 Sweden 100,000 4.73625 1916. Jan. 8 Norway 509,052 4.760 Feb. 5 England.. - 486,000 4:7575 10 do 515,690 ' 4.75875 • 19 ,....do ,438,138 '4.765 21 do 002,190 •4:765 25 do ,000,000 •4.765 25 do...-. 340,550 4.765 29 Holland ,419,240 '4:765 Mar. 11 Norway 125,000 ' 4.76375 11 England... 743,000 '4:76375 Apr. 4 Norway..., 537,262 4:765 , 18 Italy 1,012 4:765 May 1 Norway 531,542 '4.764375 June 3 do 519,655 "4.7575 Total 10,864,953

RECAPITULATION OF GOLD EXPORTS TO EUROPE.

United Foreign Foreign Country. States coin. bullion. coin. Total.

Holland.. $1,097,330 $1,419,240 $2,516,570 Norway.. 125,000 2,596,803 2,721,803 Sweden.. 100,000 100,000 England. 1,000,000 2,181,138 $2,344,430 5,525,568 Italy..... 1,012 1,012 Total. 2,32;2,330 .6,198,193 2,344,430 10,864,953

During the same period there were shipped to other points: - United States coin ^. , $25,132,173 Foreign bullion . 346,445 Foreign coin 1 '. 17,047,199 : $42,525,817 Total gold exported to Europe 1 10,864,953 Grand total gold exports 53,390,770 The imports during the same period were as follows: From Europe: United States coin . $75,851 Foreign coin $115,357,563 ., Foreign bullion 2,909,672 Bullioninore .' , 60,925 $118,404,011 From other points: United States coin 5,262,303 Foreign coin. 20,910,065 Foreign bullion 12,730,542 Bullion in ore - 1,190,488 • 40,093,398 Total gold imports 158,497,409 62015°—FI 1916- -26

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402 REPORT ON THE FINANCES.

NET EXPORTS, UNITED STATES GOLD COIN.

The net exports of United States gold coin since 1870 were as follows: Imports and exports of United States gold coin since 1870.

Fiscal years ended Fiscal years ended June 30— Imports. Exports. June 30— Imports. Exports.

1870 ..... i $12,768,501 1896 $10,189,614 $77,789,892 1871 C) 55,491,719 1897 57,728,797 23,646,535 1872 40,391,357 1898 40,593,495 8 402 216 1873 V 35,661 863 1899 7,779,123 27^419,737 1874 28,766 943 1900 .. . . 8,659,856 30,674,511 1875 59,309,770 1901 3,311,105 8,425,947 1876 .... 27,542 861 1902 .. . . 3,870,320 9,370,841 1877 \ 21,274,565 1903 * 1,519,756 18,041,660 1878 $7,325,783 6,427,251 1 1904 :.. 5,780,607 15,682,424 1879 3,654,859 4,120,311 1905 2,236,399 54,409,014 1880 18,207,559 1,687,973 1906 . . . 35,251,921 20,573,572 1881.. 7,577,422 1,741 364 1907 44,445,402 22,632,283 1882 : 4,796,630 29,805 289 1908 44,929,518 28,246,170 1883 ... - 8,112,265 4,802 454 1909 4,642,690 66,126,869 1884 . 3,824,962 12,242 021 1910 2,050,563 86,329,314 1885 3,352,090 2,345,809 1911 6,041,646 20,651,276 1886.... 1,687,231 5,400 976 1912 6,283,968 25,677,378 1887 5,862,509 3,550,770 1913 13,941,240 34,238,021 1888.... 5,181,513 3,211 399 1914.. " 26,048,859 66,997,030 1889 1,403,619 4,143 939 1915 101,091,873 124,536,901 1890" 1,949,552 3,951 736 1916 .. . 59,722,083 45,112,723 1891 2,824,146 67,704 900 1892 ' 15,432 443 42,841 963 Total 624,929,882 1,511,414,614 1893 6,074 899 101,844 087 1894.!!!!!]!!! !!!! .30,790 892 64,303 840 Net exports.. 886,484,732 1895 10,752 673 55,096 639

1 Imports of United States gold coin not separately given prior to the fiscal year 1878.

STOCK OF MONEY IN THE UNITED STATES.

On June 30, 1916, the stock of domestic coin in the United States was $2,403,210,757, as shown by the foUowing table:

Official table of stock of coin in the United States June 30, 1916.

Items. Gold. Silver Total.

Estirnated stock of coin June 30,1915 $1,606,405,032 $753,701,905 $2,360,106,937 Net imports United States coin, fiscal year 1916 14,609,360 1,078,519 15,687,879 Coinage, fiscal year 1916 31,077,409 3,328,883 34,406,292 Total 1,652,091,801 758,109,307 2,410,201,108 Less: United States coin melted for recoinage, face value, fiscal year 1916 2,541,651 848,504 3,390,155 United States coin used in the arts, estimated, fis cal year 1916 '. 3,500,000 100,000 3,600,000 Total 6,041,651 948,504 6,990,155 Estimated stock of coin in United States June 30,1916.. 1,646,050,150 757,160,803 2,403,210,953

NOTE.—The number of standard silver dollars coined to June 30,1916, was 570,272,610, 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 571,419,469. Smce July 1,1898, the num ber of standard silver dollars exported in transports has been 2,495,000, and since 1883 the number melted to June 30, 1916, has been 198,765, and the number of Hawaiian dollars melted to June 30,1916, has been 455,189, a total disposition of 3,148,954, leaving in the United States on June 30,1916, 568,270,515 standard silver dollars and 188,890,288 dollars in subsidiary silver coins.

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DIRECTOR OF THE MINT. 403

Bullion in mints and assay offices June SO, 1916.

Bullion. Value.

Gold $804,466,178 Silver -. " 6,057,862 Total 810,524,040

Metallic stock June 30, 1911, 1912, 1913, 1914, 1915, and 1916.

Coin and bullion. Jime 30,1911. June 30,1912. June 30,1913. June 30,1914. June 30,1915. Jime 30,1916.

Gold $1,753,134,114 $1,812,856,241 $1,866,619,157 $1,871,611,723 $1,973,330,201 $2,450,516,328 Silver 732,002,448 741,184,095 745,585,964 753,563,709 758,039,421 763,218,469 Total: 2,485,136,562 2,554,040,336 2,612,205,121 2,625,175,432 2,731,369,622 3,213,734,797

Ownership of gold and silver in the United States June SO, 1916.

Silver coin and bullion. Total-gold Ownership. Gold coin and silver and bullion. Silver Subsidi Silver Total coin and dollars. ary coin. bullipn. silver. bullion.

UnitedStatesTreasury (free) $390,479,767 $11,944,450 $17,440,456 $6,057,862 $35,442,768 $425,922, 535 United States Treasury (for certificates outstanding)... 1,413,823,289 489,910,937 489,910,937 1,903, 734,226 National banks (June 30, 1916) 117,199,000 11,812,000 21,168,000 32,980,000 150,179,000 National banks (for clearing house certificates) 66,971,000 66,971,000 Private banks and individ uals 462,043,272 54,603,128 150,281,636 204,884,764 666,928,036 Total \. 2,450,516,328 568,270,515 188,890,092 6,057,862 763,218,469 3,213,734,797

Location of moneys of United States June SO, 1916.

in national In other banks Money. In Treasury. banks and in Total. June 30,1916. circulation.

METALLIC. Gold bullion $804,466,178 $804,466,178 Silver bullion 6,057,862 6,057,862 Gold coin 999,836,878 1 $187,170,000 ' $459,043,272 1,646,050,150 Silver dollars 501,855,387 11,812,000 54,603,128 568,270,515 Subsidiary silver coin .'. 17,440,456 21,168,000 150,281,636 188,890,092 Total metallic 2,329,656,761 220,150,000 663,928,036 3,213,734,797

PAPER. Legal-tender notes (old issue) 4,961,469 117,524,000 224,195,547 346,681,016 Legal-tender notes (act July 14,1890) 4,835 2,098,165 2,103,000 National-bank notes 24,773,866 ""'V 66," 380,'666" 653,020,794 744,174,660 Federal reserve notes 3 3,105,670 3 7,480,000 174,582,780 185,168,450 Total notes 32,845,840 191,384,000 1,053,897,286 1,278,127,126 Gold certificates . . 164,165,380 284,089,000 1,129,734,289 Silver certificates 9,540,063 98,505,000 391,405,937 Total certificates . ... 173,705,443 382,594,000 1,521,140,226 Grand total 4,491,861,923

1 Includes $69,971,000 gold clearing-house certificates. 2 Includes $12,260,000 of their own, held by difi:erent national banks. 3 Includes Federal Reserve Bank notes.

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404 REPORT ON THE FINANCES.

Estimated stock of gold and silver in the United States and the amount per capital at the . close of each ficsal year since 1873.

Total stock of coiu and Per capita. bullion. Fiscal year ended June 30— Population. Silver. Total Gold. Silver. Gold. metaUic.

1873. 41,677,000 $135,000,000 $6,149,305 $3.23 $0.15 $3.38 1874. 42,796,000 147,379,493 10,355,478 3.44 .24 . 3.68 1875. 43,951,000 121,134,906 19,367,995 2.75 .44 3.19 1876. 45,137,000 130,056,907 36,415,992 2.88 .81 3.69 1877. 46,353,000 167,501,472 56,464,427 3.61 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. 52,495,000 506,757,715 203,217,124 9.65 3.87- 13.52 1883'. 53,693,000 542,732,063 233,007,985 10.10 4.34 14.44 1884. 54,911,000 ,545,500,797 255,568,142 9.93 4.65 14.58 1885. 56,148,000 588,697,036 283,478,788 10.48 5.05 15.53 1886. 57,404,000 590,774,461 312,252,844 10.29 5.44 15.73 1887. 58,680,000 654,520,335 352,993,566 11.15 6.00 17.15 1888. 59,974,000 705,818,855 386,611,108 11.76 ' 6.44 18.20 1889. 61,289,000 680,063,505 420,548,929 11.09 6.86 17.95 1890. 62,622,250 695,563,029 463,211,919 11.10 7.39 18.49 1891. 63,975,000 646,582,852 522,277,740 10.10 8.16 18.26 1892. 65,520,000 664,275,335 570,313,544 10.15 8.70 18.85 1893. 66,946,000 597,697,685 615,861,484 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. 72,937,000 696,270,542 634,509,781 9.55 8.70 18.25 1898. 74,522,000 861,514,780 637,672,743' 11.56 8.56 20.12 1899. 76,148,000 962,865,505 639,286,743 12.64 8.40 21.04 1900. 76,891,000 1,034,439,264 647,371,030 13.45 8.42 21.87 1901. ' 77,754,000 1,124,652,818 661,205,403 14:47 8.50 22.97 1902. 79,117,000 1,192,395,607- 670,540,105 15.07 8.48 23.55 1903. 80,^847,000 1,249,552,756 677,448,933 15.45 8.38 23.83 1904. 81,867,000 1,327,672,672 682,383,277 16.22 8.33 24.55 1905 83,259,000 1,357,881,186 686,401,168 16.31 8.24 24.55 1906. 84,662,000 1,472,995,209 687,958,920 17.40 » 8.12 25.52 1907. 86,074,000 1,466,056,632 705,330,224 17.03 8.20 25.23 1908. 87,496,000 1,615,140,575 723,594,595 18.46 8.27 26.73 1909. 88,926,000 1,640,567,131 733,250,073 18.45, 8.25 26.70 1910. 90,363,000 1,635,424,513 727,078,304 18.10 8.05 26.15 I911. 93,983,000 1,753,134,114 732,002,448 18.65 7.79 26.44 1912. 95,656,000 1,812,856,241 741,184,095 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 31.37

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DIRECTOR OF THE MINT. 405

Stock of gold iri the UnitedStates.

Coin in Coin in Bullion in national Coin in cir Total stock Year. banks. Treasury. Treasury. Comptrol culation. of gold.- ler's report.

Fiscal year June 30: 1873.... $55,518,567: $15,669,981 $3,818,086 $30,000,000 $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 41,912,168 9,589,324 3,225,707 44,533,218 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: 18791 95,790,430 61,999,892 98,104,792 46,843,424 302,738,538 1880 61,481,245 93,789,622 92,184,943 150,085,854 397,541,664 1881 84,639,865 88,726,016 101,115,387 210,775,833 485,257,101 1882 119,523,136 51,501,110 75,326,033 234,205,711 480,555,990 1883 152,608,393 65,667,190 73,447,061 228,296,821 520,019,465 1884 171,553,205 63,162,982 76,170,911 215,813,129 526,700,227 1885 75,434,379 72,938,221 96,741,747 313,346,322 558,460,669 187,196,596 81,431,262 97,781,405 223,199,865 589,609,128 1887. 182,618,963 123,145,136 99,162,377 245,145,579 650,072,055 1888. 227,854,212 97,456,289 78,224,188 246,218,193 649,752,882 1889. 246,401,951 67,265,944 84,416,468 235,434,571 633,518,934 1890. 226,220,604 67,645,934 80,361,784 274,055,833 648>284,155 1891. 196,634,061 83,575,643 91,889,590 253,765,288 625,864,582 1892. 156,662,452 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. 91,781,176 47,106,966 151,117,047 248,787,867 538,793,056 1895. 83,186,960 29,443,955 147,308,401 242,644,697 502,584,013 1896. 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. 141,070,022 140,049,456 263,888,745 286,891,578 831,899,801 1899. 257,306,366 143,078,146 203,700,570 293,387,672 -897,472,754 1900. , 328,453,044 153,094,872 199,350,080 307,870,474 988,768,470 1901. 417,343,064 123,735,775 190,172,340 318,388,468 1,049,639; 647 1902. 458,159,776 159,971,402 178,147,097 324,252,498 1,120,530,773 •1903: 478,970,232 209,436,811 170,547,258 332,730,989 i,i9i,685,'290 1904. 647,261,358 49,187,017 195,111,219 325,261,922 1,216,821,516 1905. 662,153,801 101,183,778 196,680,998 327,549,686 1,287,568,263 1906. 737,677,337 156,542,687 188,096,624 376,006,767 1,458,323,415 1907. 788,467,689 162,937,136 203,289,045 457,995,462 1,612,689,332 1908. 924,316,981 111,041,339 209,185,761 411,605,432 ,1,656,149,513 1909. 934,803,233 97,347,289 213,990,955 392,607,842 1,638,649,319 1910. 982,586,379 120,726,077 227,977,678 378,745,080 1,710,035,214 1911. [,,001,413,292 183,088,870 235,184,404 379,941,280 1,799,627,846 1912. '995,209,422 258,857,946 240,452:237 385,717,711 1,880,237,316 1913; 987,678,101 303,585,254 232,798,904 380,631,886 1,904,694,145 1914. 880,954,878 304,354,958 .168,660,282 451,128,764 1,805,098,882 1915. L„ 042,818,106 643,424,187 184,034,281 429,177,608 2,299,454,182

- •• ,. 1 Six months ending Dec. 31,1879. - : . . .'

STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as buUion and melted at the mints and assay offices 1,092 mutUated sUver dollars during the fisca,! year ended June 30, 1916, whicli were used in the manufacture of subsidiary sUver coin. The. foUowing have been used since 1883;

Fiscal years. Amount. Fiscal years. Ampunt. Fiscal years. Amount. Fiscalyears. Amount.

1883 $621 1892 $42,881 1901..... $1,786 1910 $961 1884 : 1893 10,500 1902 1,893 1911 1,320 1885 1,850 1894 15,055 1903 1,777 1912 .... 1,024 1886 1895 18,580 1904 1,304 1913 4,757 1887 8,292 1896 2,034 1905.. 2,298 1914 785 1888 14,055 1897 1,898 1906 909 1915 823 1889 31,042 1898 1,365 1907 1,548 1916.... 1,092 1890...T . 11,977 1899 1,734 1908 1,170 1891 10,800 1900 1,341 1909 1,293 Total... 198,765

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406 REPORT ON THE FINANCES.

RECOINAGE OF UNCURRENT SILVER COIN. The table foUowing shows the face value of abraded United States subsidiary coin transferred and purchased for recoinage, the amount of new coin made therefrom, and the loss since 1891:

Value of new Fiscal years. Face value. coin produced. Loss.

1891. $910,046.6 9 $861 1.41 148,366. 28 1892. 7,118,602 . 78 6,937; 886.02 180,716, 76 i893. 7,618,198.2 5 7,381, 289.58 236,908. 67 1894. 7,184,472.1 7 6,924 753.05 259,719. 12 1895. 4,361,761.3 6 4,16I: 820.73. 199,940. 63 1896. 4,627,141.4 6 4,377; 258.40 249,883. 06 1897. 3,197,998.5 0 3,048, 861.64 149,136. 86 1898. 6,109,772.3 2 5,— 159.16 289,613. 16 8,584,304.2 6 '8, 485.18 485,819. 08 1900- 5,261,070.3 5 4,950; 088.96 310,981. 39 1901. 3,832,280 . 69 3,613, 021.59 219,259. 10 .1902. 3,333, 437.06 3,141, 548.04 191,889. 02 1903. 3,008,747.9 8 2,829, 890.71 178,857. 27 1904. 2,828,384.9 0 2,656, 104.21 172,280. 69 .1905. 1,964,476.1 1 1,839, 219.24 125,256. 87 1906. 1,414,963.9 0 1,322, 834.27 92,129. 63 1907. 1,142,184.0 0 1,064, 826.39 77,357. 61 1908. 1,162,982.0 6 1,086, 691.94 76,290. 12 1909. 977,321.2 3 912, 300.40 65,020. 83 i 1910. 814,361 . 57 758, 695.55 55,666. 02 1911. 583,538.4 4 544, 539.09 38,999. 35 1912. 678,457.9 4 634, 101.94 44,356. 00 1913. 414,035.3 0 388, 026.37 26,008. 93 1914. 875,727 . 40 815, 800.49 59,926. 91 1915. 730,337.8 2 678, 791.95 51,545. 87 1916. 565.65 787 295.44 61,270. 21 Total 79,583,170.19 75,635,970.75 3,947,199.44

The loss on the recoinage of $2,541,651 in worn and uncurrent gold coins was $19,360.85 and the net loss on the recoinage of $848,565.65 in worn and uncurrent silver coins was $61,270.21. The Treasury was reimbursed from the appropriation for that pur pose the following losses on uncurrent coin transferred during the fiscal year 1916 for recoinage: - Uncurrent gold coin $3,459.11 Uncurrent silver coins : 61,181.94 Uncurrent minor coins 9,999.37 Total 74,640.42

UNITED STATES GOLD IN CANADA.

The holdings of United States gold coin in the treasury of the Dominion of Canada on December 31, 1915, amounted to $85,516,595. The holdings of United States gold coin of the charter banks (19 in number) on the same date aggregated $42,296,553.

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DIRECTOR OF THE MINT. 407

The total amount of United States gold coin in Canadian reserves on the foregoing date was therefore $127,813,148. The foregoing report, covering the operatiqns of the mints and assay offices of the United States for the fiscal year ended June 30, 1916, is respectfully submitted. R. W; WoOLLEY, Director of the Mint. Hon. W. G. MCADOO, Secretary ofthe Treasury.

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APPENDIX TO THE REPORT ON THE Domestic production, deposits, and purchases of

Locality and description qf San Fran ' New deposits. Philadelphia. cisco. Denver. New York. Orleans.

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs: 1 Alabama'. 225.704 3.863 ?, Alaska. 576.799 173,965.001 8.316 5,836.564 199.381 3 Arizona. 1...' - '. 594.298 77,661.329 1,745.130 355.818 4 California 194,756.401 202.234 56.730 f> Colorado 105.692 836.120 145,376.087 4.856 6 Georgia. 1,107.368 7 Idaho 42.764 632.787 1,578.888 8 Montana 24.343 109.979 43,042.097 q Nevada 469.830 50,550.196 157,407.971 10 New Mexico...... 3.425 3,520.247 16,034.029 16,713.946 North Carolina 3,223.412 184.826 1n? Oregon... 5.494 6,718.965 104.344 13 South Carolina 7.222 14 South Dakota ;i6,274.77i 321,243.989 15 Texas 208.587 153.826 16 Utah 54.764 17 Virginia 24.614 18 Washington 872.632 58.874 19 Wyoming.. _ 2.942 893.770 1,299.591 132.180 ?0 Other States.. ' 42.153 1.056 ?1 Philippine Islands 40,712.710 ?? Porto Rico 4.015 ?3 Total unrefined 6,456.060 551,230.137 383,187.096 344,741.511 358.126 ?4 Domestic bullion, refinery 471,659.729 10,257.074 bars. ?5 Domestic bullion, refined over 1,835,036.175 1,758,113.168 992. ?6 Total 6,456.060 2,386,266.312 854,846.825 2,113,111.753 358.126 27 Domestic coin purchased 4,293.448 1^108.637 23.335 20,167.524 1,296.946 ?S Domestic coin transferred..... 94,800.536 29 Foreign bullion unrefined 201.904 326,598.520 90,898.559 765,869.298 23,119.389 30 Foreign bullion refined 135,234.219 260,802.392 2,660,480.338 339.501 31 Foreign coin 2,039,903.287 2,277,290.377 : 1,157.875 8,786,501.395 5,474.096 3? Jewelers* bars, etc 67,300.475 15,414.696 6,062.353 211,511.814 2,083.617 33 Deposit melting rooin grains 163.787 141.001 95,699 551.998 14.698 and sweeps. S4 Gain on shipments 23.631 35 Assay coins 271.548 36 Surplus bullion. 49.657 580.853 147.991 37 Gain on light-weight domestic 1.028 coin. ?8 Sweeps from Helena. 96.023 39 Sweeps from Salt Lake City... 4.191 40 Total deposits 2,348,698.552 5,268,202.788 953,332.751 14,558,195.148 32,686.373 Redeposits: 41 Fine bars 707,088.761 3.977 975,077.150 4? Mint bars... 1,387,713.610 43 Unparted bars 14,795.107 635,158.371 24,449.091 44 Assayers' proof bullion... 195.125 123.375 145.125 4.838 45 Total redeposits 2,094,802.371 14,994.209 635,281.746 999,671.366 4.838 46 Total 4,443,500.923 5,283,196.997 1,588,614.497 15,557,866.514 32,691.211 47 Value of deposits $48,551,908.02 $108,903,416.92 $19,707,137.11 $300,944,602.53 $675,687.78 48 Value of reoeposits.... 43,303,408.21 309,957.79 13,132,439.03 20,665,041.21 100.00 49 Total value 91,855,316.23 109,213,374.71 32,839,576.14 321,609,643.74 675,787.78 50 Number of deposits 5,734 14,695 2,423 14,621 514 51 Number of redeposits 403 41 477 . 573 1 52 Number of coin transfers...... 36 53 Total 6,173 14,736 2,900 15,194 515

408

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OPERATIONS OF THE MINT SERVICE. gold during thefiscal year ended June SO, 1916.

Carson City. Boise. Deadwood. Salt Lake Total. Helena. Seattle. ; City.

Fine ozs. 'Fine ozs. . Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. . 229.567 I 12.867 325,129.965 13.862 505,742.755 2 21.909 80,378.484 3 4,883.389 106.225 1 76.138 200,081.117 4 3.710 146,326.465 5 1,107.368 6 37,395.652 39.575 383.248 396.273 40,469.187 7 27.652 51,239.286 34.996 94,478.353 8 10,299.877 198.906 26.381 79.662 571.910 219,604.733 9 36,271.647 10 3,408.238 11 • 2.647 13,891.450 316.561 21,039.461 12 7.222 13 • 29,935.580 ' 367,454.340 14 362.413 15 .733 • 767.020 822.517 16 24.614 17 8.384 70.899 2,960.590 3,971.379 18 ' 2,328.483 19 43.209 20 40,712.710 21 4.015 22 ! 1 15,185.913 51,535.644 51,349.760 29,961.961 329,036.866 ' 1,825.203 1,764,868.277 23 481,916.803 24

3^593,149.343 25

• 15,185.913 51,535.644. 51,349.760 29,961.961 329,036.866 : 1,825.203 5,839,934.423 26 .234 53.581 26,943.705 27 94,800.536 28 132,738.917 ; 1,339,426.587 29 10,651.332 , 3,067,507.782 30 25,502.960 ' 13,135,829.990 31 11.030 108.063 4.559 1,368.763 ' 395.558 304,260.928 3?, 19.087 20.386 .5.945 8.658 36.926^ : 1.170 1,059.255 33 23.631 34 '• 271.548 35 778.501 86 1.028 37 ...... - 96.023 38 4.191 39 •'15; 216.264 51,556.030 51,463.768 : 29,975.178 499,389.345 • 2,221.931 23,810,938.128 40

• 1,682,169.888 41 1,387,713.610 42 1 674,402.569 '43 i - . : 4.837 .3,890 29.350 506,540 44 • ^ •• • 4.837 3.890 29.350 3,744,792.607 45 .15,216.264 51,560.867 : 51,463.768 29,979.068 499,418.695 ; 2,221.931 27,555,730.735 ,46 ; $314,548.13 $1,065,757.34 $1,063,850.28 $619,641.92 $10,323,292.87 '$45,931.20 $492,215,774.10 47 100.00 80.40 606.72 ,^77,411,733.35 48

: 314,548.13 1,065,857.34 1,063,850.28 619,722.32 10,323,899.59 45,931.20 569,627,507.45 49

' 612 911 . 598 97 2,435 147 42,787 50 1,. 1 1 10,899" 51 36 5?! . ' .,613 912 598 98 2,436 147 53,722 53

409

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410 REPORT ON. THE FINANCES. Domestic production, deposits, and purchase of

Locality and description of Philadel San Fran Denver. New York. ^ New deposits. phia. cisco. Orleans.

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. 1 Alabama ...... 19.11 0.20 ?, Alaska 128.00 19,605.38 ~ 1.52 1,372.16 41.55 s Arizona 76,746.27 3,500.17 2,583.86 4 California 90.25 50,651.73 4.32 9.44 5 Colorado ' 33. 24 297.32 508,144.59 .63 6 Georgia . .. 78.93 7 Idaho 15.35 . 140.16 4,479.19 8 Michicah 12,569.55 1,904.35 q Montana 33.26 10,171.20 to Nevada 200.22 126,588.70 68,682.11 n New Mexico '.46 41,885.10 58,372.84 917,837.97 1? North Carolina 805.04 31.00 13 Oregon .64 • 1,108.43 2,445.02 14 South Carolina .60 15 South Dakota 68,055.02 96,024.64 16 Texas 453.94 65.86 17 Utah 172.44 18 Virginia 2.81 19 Washington 311.94 8.63 ?0 Wvoming .35 540.36 2.56 ?1 Other States 7.72' .11 29, Philippine Islands 9,258.97 ?3 Porto Rico 459.28 24 Total unrefined 13,952.27 326,627.26 724,577.41 1,020,679.83 107.72 ?5 Domestic bullion,refinery bars 42,721.07 223,682.97 '>6 Domestic bullion refined over 5,382,394.02 1,175,733.53 217,112.72 992.

?7 Total 5,396,346.29 1,502,360.79 767,298.48 1,461,475.52 107.72 ?« Domestic coin pm'chased 2,499.84 359.89 157.00 23.71 ?9 Domestic coin transferred 476,310.88 25,654.64 64,312.75 30 Hawaiian coin pm'chased 36.38 31 Hawaiian coin transferred.... 62.43 32 Foreign bullion unrefined 96.37 613,908.83 264,688.67 783,036.01 9,957.71 33 Foreign bullion refined 23,705.08 129,963.00 2.78 34 Foreign coin 1,445.74 '25,640.91 8,311.33 169,067.83 3.90 35 Jewelers' bars, etc... 147,447.66 32,628.69 7,022.12 505,460.19 945.12 36 Deposit melting room grains 269.02 104.12 114.79 1,000.76 6.94 and sweeps. 37 Assay coins 191.18 38 Philippine coins for recoinage. 138,024.04 39 Philippine assay coins 42.47 .97 40 Gain on shipments 61.94 41 Surplus bullion 1,708.99 42 Sweeps from Helena 78.08 43 Sweeps from Salt Lake City 3.54 44 Total deposits 6,050,125.46 2,338,745.31 1,112,023.14 3,050,003.31 11,047.88

Redeposits: 45 Fine bars 334,757.54 88,419.59 46 Mint bars 155,268.78 158.02 47 Unparted bars 7,247.64 250, i58.56 7,292.78 48 Assayers' proof bullion 768.71 50.00 200..00

49 Total redeposits 490,026.32 8,174.37 250,208.56 95,912.37 50 Total 6,540,151.78 .2,346,919.68 1,362,231.70 3,145,915.68 11,047.88

51 Subsidiary value of deposits.. $8,363,746.97 $3,233,102.01 $1,537,270.58 $4,216,351.54 $15,272.68 5? Subsidiary value of redeposits. 677,416.71 11,300.31 345,890.51 132,590.11

53 ' Total value 9,041,163.68 3,244,402.32 1,883,161.09 4,348,941.65 15,272.68 54 Cost value of deposits $3,531;109.53 $1,258,513.78 $682,956.87 $1,733,210.73 $6,227.68 55 Cost value of redeposits 2«5.. 622.19 4,561.58 133,829.52 52,314.99 56 Totalcost. . 3,796,731.72 1,263,075.36 816,786.39 1,785,525.72 6,227.68

57 Number of deposits. 4,774 1,402 771 2,163 4 58 Number of redeposits 126 446 1 13 59 Total 4,900 1,848 772 2,176 4

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DIRECTOR OF THE MINT. 411

silver during thefiscal year ended June 30, 1916.

•Boise. Deadwood. Seattle. Salt Lake Total. Carson. Helena. City.

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. 19.31 1 3.35 45,159.03 21.01 66,332.00 2 1.90 82,832.20 3 1,281.64 14.16 52,051.54 4 .21 508,475.99 5 78.93 6 18,841.22 7.00 90.37 106. 55 •23,679.84 7 14,473.90 8 2.83 81,676.33 2.31 91,885.93 9 6,110.13 154.02 5.73 11.08 455.39 202,207.38 TO 1,018,096.37 11 836.04 1? 1.96 32,742.59 58.30 8.85 36,365.79 13 .60 14 30,176.15 194,255.81 15 519.80 16 902.78 .19 • •-% 1,135.41 17 2.81 18 .95 20.19 579.77 921.48 19 543.27 90 7.83 ''I 9,258.97 09 . 459.28 9^

7,393.73 51,745.15 81,703,52 30,181.88 45,917.13 1,554.58 2,304,440.48 •24 266,404.04 '?5 6,775,240.27 ?6

7,393.73 51,745.15 81,703.52 30,181.8S 45,917.13 , 1,554.58 9,346,084.79 27 3,040.44 566,278.27 9q 36.38 30 62.43 31 35,062.00 1,706,749.59 V 153,670.86 33 204,469.71 34 3.61 94.69 9.95 478.88 463.13 694.554.04 35 9.71 a 94.14 3.82 9.27 5.62 1.31 1,619.50 36 191.18 37 138,024.04 38 43.44 39 61.94 40 1,708.99 41 78.08 4? 3.54 43

7,407.05 51,839.29 81,802.03 30,201.10 81,463.63 2,019.02 12,816,677.22 44

423,177.13 45 155,426.80 46 264,698.98 47 50.00 5.41 25.00 .1,099.12 48

50.00 5.41 25.00 844,402.03 49

7,457.05 51,844.70 - 81,802.03 30,226.10 81,463.63 2,019.02 13,661,079.25 50 $10,239.57 $71,663.09 $113,083.65 ,$41,750.26 $112,616.06 $2,791.08 $17,717,887.49 51 69.12 7.48 34.56 1,167,308.80 59 ' 10,308.69 71,670.57 113,083.65 11,784.82 112,616.06 2,791.08 18,885,196. 29 53 $4,138. 81 $28,039.92 $45,456.53 $16,431.11 $41,620.70 $1,099.21 $7,348,804.87 54 27.77 • 3.03 13.88 ^4-56,372.96 55 4,166.58 28,042.95 45,456.53 16,444.99 41,620.70 ' 1,099.21 7,805,177.83 56 9,114 57 586 58

9,700 59 "• 1 o Includes 80 ounces silver quartation.

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412 REPORT ON THE FINANCES.

Mutilated and uncurrent domestic coins, including cissay pieces.

- Philadelphia. San Francisco.

Denomiaation. . Received Received from Purchased. from Purchased. Treasury. Treasury.

GOLD. Face value. Face value. Face value. Face value. Double easles $324,740.00 $21,500.00 $10,960.00 Eagles - - - 667,070.00 32,870.00 5,480.00 Half eaeles . . 851,705.00 39,745.00 6,550.00 3-dollar pieces . - 27.00 36.00 Quarter eades ...... 14,530.00 1,102.50 260.00 Quarter eagles (St. Louis Exposition) i.. 215,000.00 Dollars ... 112.00 116.00 50-dollar pieces (Panama-Pacific) 50.00 Quarter eagles (Panama-Pacific) 2.50 Dollars fPanama-Pacflc") . 2.00 Total gold 1,973,184.00 98,424.00 . - . 23,250.00 ! SILVER. - Trade dollars 196.00 Dollars 1,005.00 Half dollars 208,644.00 1,023.00 $18,900; 00 ' 297:50 Quarter dollars - 282,258.00 948.50 12,700.00 156.50 20-cent pieces 31.00 9.40 9.00 Dimes 216,846.30 610.80 6,400.00 67.00 Half dimes 771.55 4.75 237.60 3-cent nieces ' . 159.15 3.00 Total silver. .• 708,710.00 3,788.05 38,250.00 530.00 NICKEL., . 5-cent pieces 166,089.55 584.05 4,820.00 3-cent pieces 2.91.15 1-cent nieces . ... 432.45 Total nickel.;...... 166,813.15 584.05 ,. 4;820,00 ,, - - , . ; . BRONZE. 2-cent pieces •. '. 227:42 i-cent pieces i ..' 34,840.87 139.27 1,440.00 Total bronze. 35,068.29 - 130.27 • 1,440.00 COPPER. . , 1-cent pieces...... •...•....'. ii.l.l. 164.56 • HAWAHAN SILVER COINS. Dollars 41.00 Half dollars .: 24.00 Quarter dollars -•* 16.25 Dimes '. '2.90 Total Hawaiian 84.15

' SUMMARY. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Gold coins '...' 94,800,536 • 4,564.996 1,108.637 Silver coins . ; 1, 476,310.88 2,691.02 25,65i64 359.89 Hawaiian silver coins 62.43 Troy ozs. Troy ozs. Troy ozs. Troy ozs. Nickel coins '. •. 511,433.00 1,780.33 14,382.63 Bronze nnin.t? ,.. .• 338,266.00 1,345.45 14,271.20 Copper coins..... , 6,379.00 Gold, coining value . $1,959,700.98 $94,366.83 $22,917.53 Silver, subsidiary value 658,456,36 3,720.09 $35,465.20 497.50 Hawaiian silver, subsidiary value 86.30 Nifikel, coining value 157,668.84 558.76 4,473.60 Bronze, coining value.: 33,826.60 134.54 1,427.12 Copper, coiaing value.... -. 153.68 Loss, gold J.:...::...... :.:.:...... 13,483.02 1,057.17 . 332.47 Loss, silver .•.:..:.:..::..!.....;.::...... :". Gain;siiviBi::.;: rr:':: :r:..:...;.: .'c::.::.;: j.;::... .7.. :; 50,'253.64 . 67.96 .'.*." "2,"784." 80 32.50 Gain, silver, Hawaiian '. 2.15 Loss, nickel 9,144.31 30.29 346.40 Loss, bronze i 1,241.69 4.73 12.88 Loss, copper 10.88

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DIRECTOR OF THE MINT. 413

eceived for recoinage duririg thefiscal year June SO, 1916.

Denver. Total. '' New New • York Orleans Carson Seattle Grand - Received (pur (pur ' pur (pin- Received total. • frorn Purchased. chased). chased). chased). chased). from Purchased. • Treasury. Treasury. , Face val. Face value. Face val. Face val. Face val. Face val. Fa4:e value. Face value. Face value. $80.00 $51,840.00 $3,960.00 $240.00 $324,740.00 $88,580.00 $413,320.00 140.00 104,990.00 6,200.00 170.00 567,070.00 149,850.00 716,920.00 210.00 257,495.00 16,725.00 $5.00 725.00 851,705.00 321,455.00 1,173,160.00 15.00 27.00 51.00 78.00 70.00 6,610.00 230.00 10.00 14,530.00 8,282.50 22,812.50 215,000.00 215,000.00 . 6.00 • 67.00 5.00 112.00 194.00 306.00 50.00 50.00 2.50 2.50 2.00 2.00 , 506.00 421,017.00 27,120.00 5.00 1,145.00 1,973,184.00 568,467.00 2,541,651.00

196.00 196; 00 80.00 7.00 1,092.00 1,092.00 $22,500.66 51.50 6.50 250,044.00 1,378.50 251,422.50 26,500.00 40.50 7.00 321,458.00 1,152.50 • 322,610.50 ^ 40.40 9.00 49.40 48,056.66 27.50 17.60 271,296.30 722.90 272,019.20 ..1,009.15 ., 4.75 1,013.90 162.15 162.15 97,050.00 199.50 38.10 844,010.00 4,555.65 848,565.65

12,100.00 183,009.55 584.05 183,593.60 291.15 291.15- . . 432.45 432.45 12,100.00 183,733.15 584.05 184,317.20

, 12.32 • 239.74 239.74 . . 517.68 , 36,798.55 139.27 36,937.82 , 530.00 37,038.29 139.27 37,177.56

164.56 164.56

7.00 41.00 7.00 48.00 10.00 24.00 10.00 34.00 33.00 16.25 33.00 49.25 2.90 2.90 50.00 o 84.15 50.00 134.15

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. 23.335 20,167.524 1,296.946 0.234 53.581 94,800.536 27,215.253 122,015.789 64,3i2.75 157.00 23.71 566,278.27 3,231.62 569,509.89 36.38 62.43 36.38 98.81 Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. 36,267.93 562,083.56 1,780.33 563,863.89 5,189.20 357,726.40 1,345.45 359,071.85 5,379.00 5,379.00

• , > $482.38 $416,899.72 $26,810.25 $4.84 $1,107.62 $1,959,700.98 $562,589.17 $2,522,290.15 $88,906.51 217.00 32.78 782,828.07 4,467.37 7.87,295.44 50.29 86.30 50.29 136.30 11,280.85 173,423.29 553.76 173,977.05 . 518.92 35,772.64 134.54 35,907.18 153.68 153.68 23.62 4,117.28 309.75 .16 37.38 13,483.02 5,877.83 19,360.85 8,143.49 5.32 61,181.93 105.78 61,287.75 17.54 17.54 17.54 .29 .29 .29 819.15 10,309.86 30.29 10,340.15 11.08 1,265.65 4.73 1,270.38 W;88 10.88

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414 REPORT ON THE FINANCES.

Bullion value ofthe silver dollar [371^ grains of pure silver] at the annual average price of silver each year from 1837.

Calendar year. Value. Calendar year. Value. Calendar year. Value. Calendar year. Value.

1837 $1,009 1857 $1,046 1877 $0.92958 1897 $0.46745 1838 1.008 1858 1.039 1878 .89222 1898 .45640 1839 1.023 1859 1.052 1879 .86928 1899 . .46525 1840 1.023 1860 '.... 1.045 1880 .88564 1900 .47958 1841 1.018 1861 1.031 1881 .87575 1901 .46093 1842. 1.007 1862 1.041 1882 .87833 1902 •. .40835 1843 1.003 1863 1.040 1883 .85754 1903 .41960 1844 1.008 1864 1.040 1884 .85904 1904 .44763 1845 1.004 1865 1.035 1885 .82379 1905 .47200 1846 1.005 1866 1.036 1886 .76931 1906 .52353 1847 1.011 1867 1.027 1887 .75755 1907 .51164 1848 1.008 1868 1.025 1888 .72683 1908 .41371 1849 1.013 1869 1.024 1889 .72325 1909 .40231 1850 1.018 1870 1.027 1890 .80927 1910 .41825 1851 1.034 1871 1.025 1891 .76416 1911 .41709 1852 1.025 1872 1.022 1892.. .67401 1912 .47543 1853 . .. 1.042 1873 1.00368 1893 .60351 1913 .46760 1854 1.042 1874 .98909 1894 .49097 1914 ... .42780 1855 1.039 1875 .96086 1895 .50587 1915 .40135 1856 1.039 1876 .90039 1896 .52257

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

Character of gold deposited. Fiscal year Surplus bul Total. ended Foreign lion, graias, June 30— Domestic Domestic Foreign coia. jewelers' bullion. coia. bullion. bars, old plate, etc.

1873, $28, 868,569.78 $27,116, 948.27 107.44 $518, 542,14 $774, 218.25 $57,704, 385.88 1874, 29, 736,387.82 6,275, 367.29 3,162, 519.92 9,313, 882.47 654 353.56 49,142, 511.,06 1875 34, 266,124.52 1,714, 311.50 739, 439.66 1,111, 792.26 724 625.96 38,556, 293.90 1876. 37, 590,529.39 417, 947.15 1; 141,905.7 6 2,111, 083.80 681' 819.32 41,943 285.42 1877 43, 478,103.93 447, 339.68 1,931, 163.12 2,093,260.7 3 837, 911.25 48,787; 778.71 1878, 48, 075.123.76 301, 021.79 2.068, 679.05 1,316,461.0 9 907, 932.20 52,669, 217.89 1879, 38, 549, 705.89 198, 083.17 1.069, 796.89 1,498,819.7 1 937, 751.14 42,254, 156.80 1880. 35, 821,705.40 209, 328.82 21,200, 997.23 40,426, 559.63 1,176; 505.77 98.835, 096.85 1881. 35, 815,036.55 440, 776.97 37, 771,472.2 6 55; 462,385.7 4 1,343, 430.93 130; 833,102.4 5 1882. 31, 298,511.97 599, 356.80 12, 783,807.0 4 20,304, 810.78 1,770, 166.36 66,756, 652.95 1883. 32, 481,642.38 374, 129.23 4.727, 143.22 6,906,083.8 0 1,858, 107.42 46,347, 106.05 1884. 29, 079,596.33 263, 117.17 6,023, 734.45 9,095; 461.45 1,864, 769.26 46,326, 678.66 1885. 31, 584,436.64 325, 210.97 11,221, 846.45 7,893,217.7 7 1,869, 363.26 52, 894,075.0 9 1886. 32, 456,493.64 393, 545.28 4,317, 068.27 5,673, 565.04 2,069, 077.00 44,909, 749.23 1887. 32, 973,027.41 516, 984.63 22,571, 328.70 9,896, 512.28 2.265, 219.85 68,223, 072.87 1888. 32, 406,306.59 492, 512.60 21,741, 042.44 14,596,885.0 3 2, 98S; 750.90 72,225. 497.56 1889. 31, 440,778.93 . 585066.8, 7 2,136. 516.66 4,447;475.9 9 3,526, 797.31 42,136; 435.76 1890. 30, 474,900.25 655, 474.96 2,69i; 932.29 5,298, 773.93 3,542, 013.83 42,663, 095.26 .1891. 31, 555,116.85 583, 847.16 4,054, 822.86 8,256,303.8 0 4,035, 710.15 48,485; 800.82 1892. 31, 961.546.11 557, 967.86 10,935, 154.69 14,040, 187.70 3.636, 603.68 61,131, 460.04 1893. 33, 286,167.94 792, 470.43 2,247, 730.78 6,293,'296.3 3 3; 830,176.0 2 46,449, 841.50 1894. 38, 696,951.40 2,093, 615.. 46 15,614, 118.19 12,386, 406.81 3,118;421.4 5 71,909, 513.31 1895. •44, 371,949.83 A, 188, 258.21 14,108, 435.74 2,278,614.0 7 3,213,809.4 3 65,16I; 067.28 1896.. 53, 910,957.02 1,670, 005.53 6,572,390.1 4 3,227, 409.06 3.388,622.0 6 68,769, 383.81 1897. 60, 618;239.77 1,015, 314.39 9,371, 521.03 13,188, 013.86 2,810, 248.66 87,003; 337.71 1898. 69, 881,120.57 1,187, 682.99 26,477, 370.06 47,210, 077.84 2,936, 943.37 147,693, 194.83 1899. 76, 252,487.23 1.158, 307.57 30,336, 559.47 32, 785,152.4 8 2,964, 683.90 143,497, 190.65 1900. •87, 458,836.23 1,389, 096.68 22, 720,150.2 2 18,834, 495.53 3,517, 540.93 133,920, 119.59 1901 92, 929,695.86 1,116, 179.86 27,189, 659.12 27,906, 4iB9.13 3,959, 656.64 153,101, 680.61 1902. 94, 622,078.39 1,488, 448.16 18; 189,416.9 0 13,996, 162.21 4,284, 724.22 132,580, 829.88 1903. 96, 514.298.12 960, 907.95 16,331, 058.92 8,950,595.2 8 4,247, 582.64 127,004, 442.91 1904. 87, 745,626.63 2.159, 818.57 36,802, 224.39 46,152, 783.87 4,892, 930.88 177,753, 384.34 1905, 101, 618,315.38 3,404, 966.63 17,645, 526.82 15,141, 678.08 5,568, 482.95 143,378, 969.86 1906, 103, 838,268.01 1,514, 291.19 36,317, 864.38 6,648, 511.63 4,790, 558.31 153,109, 493.52 1907, 114, 217,462.44 2, 754,283.2 9 36,656, 545.85 17,221, 251.40 5, 731,111.5 5 176,580, 654.53 1908, 111, 735,877.77 3,989, 772.90 71,774, 350.81 13,684, 426:46 6,231, 547.01 207,415, 974.95 1909, 119, 727.439.13 3,432, 288.62 16,021, 521.02 1,034,377.6 2 5,341, 603.82 145,557, 230.21 1910. 104, 974,558.73 3,603, 139.90 15,761, 852.42 405, 225.55 5,626, 330.84 130,371, 107.44 1911. 120, 910.246.77 2,949, 198.68 35,673, 116.23 10,066, 643.02 5,783, 885.74 175,383, 090.44 1912. 119, 338,150.33 3,496, 769.41 20,914, 227.09 2,155, 232.53 6,025, 501.79 151,929, 881.15 1913. 118, 504,952.82 1,846, 879.92 31,985, 879.01 2,732, 439.41 6,061, 727.14 161,131, 878.30 1914. 113, 278,956.53 4,719, 875.69 18,978, 572.32 3,261,967.0 8 6,057, 183.68 146,296, 555.30 1915. 119, 217,238.79 * 4,209,611.5 7 22,881, 854.51 15,420, 256.35 5,748, 959.12 167,477, 920.34 1916. 120, 722,158.59 2,522, 290.18 91,099,418.4 9 271,541, 705.21 6.330, 201.63 492,215, 774.10

Total. 2,884,285,678.42 97,131,811.95 814,387,842.31 812,785,275.95 149,927,361.18 4,758,517,969.81

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

Deposits of silver at United States mints and assay offices since 1885.

Character of silver deposited.

Domestic coin. Foreign coin. SmT)luS bul Fiscal year ended June 30— lion, grains, Total. s Domestic Foreign jewelers' bullion. bullion. Philippines. bars, old United States. Hawaiian. Other. plates, etc. For recoinage. Assay coin.

Fine ounces. Fine ounces. Fin£ ouTwes. Fine ounces. Fine ounces. ' Fine ounces. Fine ounces. Fine ounces. Fine ounces. 1885 24,943,394 678,741 1,627,619 867,856 336,981 281,454,591 1886 25,101,639 216,015 1,145,017 628,545 361,316 27,452,532 1887 29,293,372 5,848,585 1,127,213 271,166 396,656 36,936,992 1888 28,921,649 1,202,177 1,290,390 67,549 485,190 31,966,955 1889 29,606,387 394,346 1,063,900 328,276 502,223 31,895,132 1890 29,187,135 466,302 1,852,155 951,162 526,270 32,983,024 Q 1891 50,667,116 637,652 1,767,908 1,970,912 633,073 55 676 661 1892 : 56,817,548 5,036,246 1,556,618 349,652 572,661 64!332;725 1893 56,976,082 ' 5,346,912 1,738,711 ... 505,171 582,728 65,149,604 1894 15,296,815 5,012,060 994,901 ' 422,725 467,958 22 194 459 O 1895 6,809,626 3,015,905 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 2,208,953 626,085 101,157 473,755 7,324,935 1898 : 2,116,690 1,243,050 209,987 6,808 249,468 3,826,003 1899 5,584,912 6,060,986 716,077 °. 19,382 484,751 12,866,108 1900 4,977,978 3,587,992 1,088,019 44,704 557,831 10,256,524 1901 2,466,749 2,613,570 1,306,149 4,250,196 567,647 11 204 311 1902 1,425,060 2,275,090 1,152,023 29,265 575,430 5 456,868 1903 . 12,523,630 2,050,225 461,686 1,110,463 21,869 627,108 16 794 981 1904 9,991,187 1,923,609 148,788 1,361,701 12,560,236 6,901 1,471,963 652,015 18,116,400 1905 4,923,655 1,333,595 3,647 1,906,410 1 7,700,310 3,456 92,995 739,311 16,703,378 1906 2,398,871 959,568 3,895 3,162,507 158,670 2,663 1,287,658 632,544 8,506,377 1907 '.. 20,388,163 770,269 2,552,003 4,680,692 99 282,612 636,722 29 310 560 1908 16,114,553 786,085 2,963,399" 8,866,622 3,411 134,974 648,007 29,' 517,051 1909 5,375,389 659,935 2,326,847 7,314,573 5,739 21,917 520,715 16,225,115 1910 . . 1,547,145 548,821 1,162,240 1,389,545 2,042 13,295 460,935 5,124,023 1911 393,906 799,105 620,964 836 6,040 495,013 5,536,100 3,220,236 540,117 1912 5,635,513 458,694 447 957,233 227,127 168 7,934 7,827,233 280,688 624,215 342,053 236 17,010 577,423 4,945,972 1913... . 3,104,347 572,687 1914 9,752,614 589,972 527,233 143,793 80 85,041 11,671,420 136,179 68 383,439 536,887 1915. . . 7,250, 205 491,028 2,130,138 698,026 10,927,944 1916 9,346,085 569,510 99 1,860,420 138,024 43 204,470 12,816,677 Total 490,099,500 60,831,255 618,562 44,749,584 34,178,788 25,742 15,011,976 17,-295,959 662,811,366

L Spanish-Filipino coins. Cl

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416 REPORT ON THE • FINANCES.

. Coinage of gold and silver ofthe United States since 1873, by fiscal years.

Gold. Silver. Fiscal year ended June 30— Fiae ounces Subsidiary Fine ounces. Value. Dollars coined, consumed. coined.

1873...- 1,705,187 $35,249,337.00 2,179,833 $977,150 $1,968,645.50- 1874 2,440,165 50,442,690.00 4,558,526 3,588,900 '2,394,701.39 1875 1,623,173 33,553,965.00 7,650,005 5,697,500 4,372,868.00 1876 1,846,907 38,178,963.00 14,228,851 6,132,050 12,994,452.50 1877 2,132,283 44,078,199.00 21,239,880 9,162,900 19,387,035.00 1878 2,554,151 52,798,980.00 21,623,702 19,951.510 8,339,315.50 1879 1,982,742 40,986,912.00 21,059,0^6 27,227,500 382.50 1880 2,716,630 56,157,735.00 21,611,294 27,933,750 8,687.50 1881 3,808,751 78,733,864.00 21,383,920 27,637,955 12,011.75 1882 4,325,375 89,413,447.00 21,488,148 27,772,075 •• 11,313.75 1883 1,738,449 35,936,928.00 22,266,171 28,111,119 724,351.15 1884 1,351,250 27„932,824.00 22,220,702 28,099,930 . 673,457.80 1885 1,202,657 24,861,123.00 22,296,827 28,528,552 320,407.65 1886 1,648,493 34,077,380.00 23,211,226 29,838,905 183,442.95 1887 1,083,275 22,393,279.00 26,525,276 33,266,831 1,099,652.75 1888 1,372,117 28,364,171.00 26,331,176 32,718,673 1,417,422.25 1889...... 1,235,687 25,543,910.00 26,659,493 33,793,860 721,686.40 1890 1,065,302 22,021,748.00 28,430,092 35,923,816 892,020.70 1891 1,169,330 24,172,203.00 29,498,927 36,232,802 2,039,218.35 1892 1,717,650 35,506,987.00 11,259,863 8,329,467 6,659,811.60 1893 1,453,095 30,038,140.00 9,353,787 5,343,715 7,216,162.65 1894 4,812,099 99,474,913.00 4,358.299 758 6,024,140.30 1895 2,125,282 43,933,475.00 6,810,196 3,956,011 5,113,469.60 1896 2,848,247 58,878,490.00 8,651,384 :7,500,822 3,939,819:20 1897 3,465,909 71,646,705.00 18,659,623 21,203,701 3,124,085.65 1898 3,126,712 64,634,865.00 12,426,024 10,002,780 6,482,804.00 1899 ... 5,233,071 108,177,180.00 20,966,979 18,254,709 9,466,877.65 1900 5,221,458 107,937,110.00 23,464,817 18,294,984 12,876,849.15 1901 4,792,304 99,065,715.00 26,726,641 24,298,850 10,966,648.50 1902 2,998,313 61,980,572.00 22,756,781 19,402,800 10,713,569.45 1903 2,211,791 45,721,773.00 19,705,162 17,972,785 8,023,751.25 1904 10,091,929 208,618,642.00 13,396,894 10,101,650 7,719,231.00 1905 3.869.211 79,983,692.00 6,600,068 310 9,123,660.60 1906 2,563,976 53,002,097.50 2,905,340 4,016,368.10 1907 3,851,730 79,622,337.50 9,385,454 12,974,534.25 1908 9,541,406 197,238,377.50 11,957,734 16,530,477.25 1909 5.233.212 108,180,092.50 8,024,984 11,093,810:00 1910 2,301,628 47,578,875.00 3,108,753 4,297,567.25 1911 5,753,022 118,925,512.50 2,311,709 3,195,726.40 1912 616,737 12,749,090.00 6,984,479 9,655,405.25 1913 1,454,067 30,058,227.50 2,494,341 3,448,199.75 1914 1,288,024 26,625,810.00 4,514,018 6,240,219.45 1915 1,960,823 40,533,810.00 2,425,500 3,353,032.50 1916 1,503,369 31,077,409.00 2,408,030 3,328,882.50 Total 127,036,989 2,626,087,556.00 646,119,955 607,259,120 243,146,176.69

Coinage of the mints of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin, since organization, 1792, to June 30, 1916.

Act authorizing coinage or Weight Total amount -Denomination. change in weight or fine Fineness. Pieces. coined to June ness. (grains). 30,1916.

GOLD COINS. Fifty-dollar piece, Pa nama-Pacific Inter national Exposition: Octagonal Jan. 16,1915.. 1,290 900 1,509 $75,450i00 Round... —do 1,290 900 1,510 75,500.00 Double eagle ($20) Mar. 3,1849... 516 900 121,807,106 12,436,142,120.00 Eagle ($10) Apr.2,1792... 270 916-1 June 28,1834.. 258 899.225 Jan. 18,1837.. 900 51,671,485 516,714,850.00 Half eagle ($5) Apr.2,1792... 135 916§ June 28,1834. 129 899.225 Jan. 18,1837..

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DIRECTOE OF THE MINT. 417

Coinage ofthe mints of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin, since organization, 1792, to June SO, 1916—Continued.

Act authorizing coinage or Weight Total amount Denomination. change in weight or fine Fineness. Pieces. coined to June ness. (grains). 30,1916.

GOLD COINS—contd.

Quarter eagle ($2.50), Jan. 16, 1915. 900 10,000 $25,000.00 Panama-.Pacific In ternational Exposi tion. Three-dollar piece Feb.. 21, 1853 (act discon 77.4 900 539,792 1,619,376.00 tinuing coinage Sept. 26, 1890). One dollar. Mar. 3,1849 (act discontinu 25.8 900 19,499,337 19,499,337.00 ing coiaage Sept. 26,1890). One dollar, Louisiana June 28, 1902 25.8 900 250,000 250,000.00 PurchaseExposition. One dollar, Lewis and Apr. 13, 1904.. 25. § 900'- 60,000 60,000.00 Clark Exposition. One dollar, Panama- Jan. 16, 1915.. 25.8 900 25,034 25,034.00 Pacific International Exposition. Total gold.. 289,732,232 3,409,177,487.00 SILVER COINS. Dollar Apr.2,1792 416 892.4 Jan. 18,1837 (act discontin 412^ 900 uing coiaage Feb.l2,1873) 1578,303,848 1578,303,848.00 Feb. 28,1878 July 14,1890 Trade dollars Feb.12,1873 (act disconttau- 420 900 35,965,924 35,965,924.00 ing coinage Feb. 19,1887). Lafayette dollar.. Mar.3,1899 412^ 900 50,000 50,000.00 Half dollar Apr.2,1792 208 892.^ Jan. 18,1837 206i 900 Feb. 21, 1853 192 381,786,472 190,893,236.00 Feb. 12, 1873 3 192.9 Columbian half dollar.. Aug. 5, 1892 192.9 900 5,000,000 4 2,500,000.00 Half dollar, Panama- Jan. 16,1915 192.9 900 60,000 30,000.00 Pacific International Exposition. Quarter dollar Apr.2,1792... 104 Jan. 18, 1837.. 103i 900 Feb. 21,1853. 96 417,981,758 104,495,439.50 Feb. 12, 1873., 5 96.45 Columbian quarter dol Mar. 3, 1893.. 96.45 900 40,000 10,000.00 lar. Twenty-cent piece Mar. 3,1875 (act discontinu 6 77.16 900 1,355,000 271,000.00 ing coinage May 2,1878). Dime. Apr.2,1792.... 41.6 892.4 Jan. 18, 1837 41i 900 Feb. 21, 1853 739,457,997 73,945,799.70 Feb. 12, 1873 38.4 Half dime.. Apr.2,1792 7 38.58 Jan. 18, 1837 20.8 900 97,604,388 4,880,219.40 Feb.21,1953 (act discontinu 201 ing coinage Feb. 12,1873). 19.2 Three-cent piece. Mar. 3,1851 12| 750 'Mar. 3,1853 (act discontinu 11.52 900 I 42,736,240 1,282,087.20 ing coiaage Feb. 12,1873). Total silver. 2,300,341,627 992,627,553.80

1 Amount coined to Feb. 12,1873, $8,031,238. Silver-dollar coinage under acts of— Apr.2,1792 $8,031,238 Feb. 28,1878 • $378,166,793 July 14, 1890 187,027,345 Mar. 3,1891 5,078,472 • 570,272,610 Total 578,303,848. 2 Coinage limited to export demand, joint resolution July 22,1876. 312^ grams, or 192.9 grains. 4 Total amount coined. 5 6J grams, or 96.45 grains. 6 5 grams, or 77.16 gi'ains. 7 2^ grams, or 38.58 grains. 62015°—FI 1916- -27

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418 REPORT ON THE FINANCES.

Coinage of the mints ofthe United.States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin, since organization, 1792, to June SO, 1916—Continued.

Act authorizing coinage or Total amount Denomination. change in weight or fine Weicht Fineness. Pieces. coined to June ness. (grains). 30,1916.

MINOR COINS. Five-cent (nickel) May 16, 1866 77.16 890,817,950 $44,540,897.50 Mar. 3,1865 (act discontinu 30 31,378,316 941,349.48 Three-cent (nickel) ing coinage Sept. 26,1890). Apr.22,1864 (act discontiou- 96 (2) 45,601,000 912,020.00 Two-cent (bronze) ing coinage Feb. 12,1873). Apr.2, 1792 264 Cent (copper) Jan. 14,1793 208 • 156,288,744 1,562,887.44 Jan. 26,1796 3 (act discontin 168 uing coinage Feb.21,1857). Cent (nickel).. Feb. 21,1857 (act discontin 72 200,772,000 2,007,720.00 uing coinage Apr. 22, 1864). Cent (bronze) Apr. 22, 1864 48 (2) 2,446,711,984 .24,467,119.84 Half cent (copper) Apr.2,1792.. 132 Jan. 14, 1793 104 I 7,985, 222 39,926.11 Jan. 26,1796 3(act discontin 84 uing coinage Feb.21,1857). Total minor 3,779,555,216 74,471,920.37 Total coinage 6,369,629,075 4,476,276,961.17

1 Composed of 75 per cent copper and 25 per cent nickel. 2 Composed of 95 per cent copper and 5 per cent tin and zinc. 3 By proclamation of the President, in conformity with act of Mar. 3,1795. 4 Composed of 88 per cent copper and 12 per cent nickel.

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420 REPORT ON THE FINANCES.

Coinage ofthe mints ofthe United

[Coinage of the mint at Charlotte, N. C, from its organization, 1838, to its suspension, 1861. Abolished June 30,1913.]

Gold. Calendar years. Total value. Half eagles! Quarter eagles. Dollars.

1838 to 1861 $4,405,135 $544,915 $109,138 $5,059,188

[Coinage of the mint at Carson City from its

Gold. Silver.

Calendar years. Double eagles. Eagles. Half eagles. Dollars. Trade dollars.

1870 to 1893 $17,283,560 $2,997,780 $3,548,085 $13,881,329 $4,211,400

[Coinage of the mint at New Orleans from its organization, 1838, to

Gold. Silver.

Calendar years. Double Half Three Quarter eagles. Eagles. eagles. dollars. eagles. Dollars Dollars.

1838 to 1900 $16,375,500 $19,804,320 $4,447,625 $72,000 $3,023,157.50 $1,004,000 $144,395,529 1900 12,590,000 1901 729,410 13,320,000 1902 8,636,000 1903 1,127,710 4,450;000 1904 1,089,500 3,720,000 1905 1900 868,950 1907 1908 1909 171,000

Total 16,375,500 23,610,890 4,618,625 72,000 3,023,157.50 1,004,000 187,111,529

[Coinage of the mint at San Francisco from

Gold.

"Calendar years. Fifty Double Eagles. Half Three Quarter , Dol dollai-s. eagles. eagles. dollars. eagles. lars.

1854-1900 $929,075,020 $74,122,060 $78,244,540 $186,300 $1,861,255 $90,232 1900 - 49,190,000 810,000 1,645,000 1901 31,920,000 28,127,500 18,240,000 1902 ... 35,072,500 4,695,000 4,695,000 1903 19,080,000 5,380,000 9,275,000 1904 102,683,500 485,000 1905 36,260,000 3,692,500 4,403,500 1906 41,315,000 4,570,000 2,990,000 1907 43,316,000 2,105,000 1908 440,000 598,500 410,000 1909 55,498,500 2,923,500 1,486,000 1910 .. 42,505,000 8,110,000 3,851,000 1911 15,515,000 510,000 7,080,000 1912 3,000,000 1,960,000 1913 680,000 660,000 2,040,000 1914 29,960,000 2,080,000 1,315,000 1915 :... 1 $150,950 11,350,000 590,000 i 820,000 125,042.50 1 25,034

Total • 150,950 1,443,920,520 141,974,060 138,940,040 186,300 1,886,297.50 115,266

1 Panama-Pacific International Exposition coins. 2 Includes $30,000 in Panama-Pacific International Exposition coins.

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DIRECTOR OF THE MINT. 421

States from their organization, by calendar years.

[Coiaage of the mint at Dahlonega, Ga., from its organization, 1838, to its suspension, 1861.]

Gpld. Calendar years. Total value. Half eagles. Three dollars. Quarter eagles. Dollars.

1838 to 1861. $5,536,055 $3,360 $494,625 $72,529 $6,106,569

organization, 1870, to its suspension, June 30,1893.]

Silver. Total coiaage.

Total value. Hair dollars. Quarter dol- Twenty Dimes. Gold. . lars. cents. Silver.

$2,654,313.50 $2,579,198.00 $28,658.00 $2,090,110.80 $23,829,425.00 $25,415,009.30 $49,274,434.30

its suspension, 1861, and from its reopening, 1879, to April, 1909.]

Silver. Total,coinage.

Total value. Quarter Half Three Half Dimes. Gold. Silver. dollars. dollars. dimes. • cents.

$28,720,038 $7,452,250 $3,262,590.60 $812,327.50 $21,600 $44,726,602.50 $184,664,335.10 $229,390,937.60 1,372,000 854.000 201,000.00 15,017,000.00 15,017,000.00 1 562,000 403,000 562,000.00 720,410.00 14,847,000.00 15,567, 410. 00 1,263,000 1,187,000 450,000.00 11,536,000 00 11,536,000.00 1,050,000 875,000 818,000.00 1,127,710.00 7,193,000.00 8,320,710. 00 558,800 614,000 1,089,500.00 4,892,800.00 5,982,300.00 252,500 307,500 340,000.00 • 900,000.00 900,000.00 1,223,000 514,000 261,000.00 868,950.00 1,998,000. 00 2,866,950. 00 1,973,300 1,140,000 , 505,800.00 3,619,100.00 3,619,100.00 2,680,000 1,561,000 178,900.00 4,419,900.00 4;419,900.00 1 462,700 178,000 228,700.00 171,000.00 869,400.00 1,040,400.00 1 40,117,338 15,085,750 6,807,990.60 812,327.50 21,600 48,704,172.50 249,956,535.10 298,660,707.60

itj organization, 1854, to Dec. 31, 1915.]

Silver.

Twenty Trade Half Quarter Dimes. Half Dollars. dollars. Dollars. dollars. cents. dimes.

$98,624,073 $26,647,000 $20,575,031.50 $8,322,569.00 $231,000 $4,798,728.80 $119,100 3,540,000 1,280,161.00 464,646. 25 516,827.00 2,284,000 423,522.00 18,166.00 59,302.20 1,530,000 730,335.00 381,153.00 207,000.00 1,241,000 960,386.00 259,000.00 61,330.00 2,304,000 276,519.00 80,000.00 1,247,000.00 471,666.66 685,519.90 870,077.00 313,664.00 625,000.00 340,000.00 317,847.00 822,414.00 196,000. 00 322,000.00 882,000.00 337,000.00 100,000. 00 974,000.00 124,000. 00 636,000.00 247,000.00 352,000.00 685,000.00 177,000.00 342,000. 00 302,000.00 10,000.00 51,000.00 496,000.00 66,000.00 210,000.00 2 832,000.00 176,000.00 96,000.00

• 109,523,073 26,647,000 32,617,445.5- 0 11,465,534.25 231,000 8,637,218.90 119,100

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422 REPORT ON THE FINANCES.

Coinage ofthe mints ofthe United States from

[Coinage of the miat at San Francisco from

Miaor coiaage. Calendar years. Five cents. . Cents. , Total.

1854-1900 1900 1901 1902 .- 1903 1904 1905 1906 . 1907 1908 $11,150.00 $11,150.00 1909 26,ISO. 00 26,180.00 1910 60,450.00 60,450.00 1911 ... 40,260.00 .40,260.00 1912 $11,900.00 44,310.00 56,210.00 1913 165,700. 00 .61,010.00 226,710.00 1914 173,500.00 41,370.00 214,870.00 1915 75,250.'00 48,330. 00 123,580.00 Total 426,350.00 333,060.00 759,410.00

[Coinage of the mint at Philadelphia from

Gold coinage.

Calendar years. Double Quarter Half eagles. Three dollars. Dollars.

1793 to 1900, $522,641,300 $218,387,890 $157, $1,357,716 $23,023, 902. 50 $18,223,438 1900 37,491,680 2,939,600 7, 168, 012.50 1901...... 2,230,520 17,188,250 3, 228, 307.50 1902 • 625,080 825,130 334, 332.50 175,000 1903 5,748,560 1,259,260 1, ,503, 142.50 1 175,000 1904 125,135,940 1,620,380 1. 402, 400.00 2 25,000 1905 1,180,220 2,010,780 1, 544, 860.00 235,000 1906 1,393; SOO 1,654,970 1. 441 225.00 1907... 36,495,620 14,433,790 3, 841, 120.00 1908 , 88,558,200 3,749,860 4, 1,412, 642.50 1909 , 3,225,640 1,848,630 3, 1,104, 747.50 1910 9,643,340 3,187,040 3, 1,231, 705.00 1911 3,947,000 5,055,950 4, 1,760, 477. 50 1912 2,996,480 4,050,830 3, 1,540, 492.50 1913 , 3,376,760 4,420,710 4, 1,805, 412. 50 1914 1,906,400 1,510,500 1, 600, 292.50 1915 3,041,000 3,510,750 2, 1,515, 250.00

Total, 849,637,540 287,654,320 206,538,105 1,357,716 37,458,322.50 18,533,438

I Louisiana Pm'Chase Exposition. a Lewis and Clarke Exposition.

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DIRECTOR OF THE MINT. 423

their organization, by calendar years—Continued,

its organization, 1854, to Dec. 31,1915]—Continued.

Total coinage. Total value. Gold. Silver. Minor.

$1,083,579,407.00 $159,317,502.30 • . $1,242,896,909.30 51,645,000.00 •5,801,634.25 57,446,634.25 78,287,500.00 2,784,990.20 81,072,490.20 44,462,500.00. 2,848,488.00 47,310,988.00 33,735,000.00 2,521, 716.00 36,256,716.00 103,168,500.00 2,660,519.00 105,829,019.00 44,356,000.00 2,403,519.90 * 46,759,519.90 48,875,000.00 1,183, 741.00 60,058,741.00 45,421,000.00 1,282,847.00 46,703,847.00 1,448,500.00 1,340,414.00 $11,150.00 2,800,064.00 59,908,000.00 1,319,000.00 26,180.00 61,253,180.00 54,526,000.00 1,098,000.00 60,450.00 55,684,450. OO 23,105,000.00 1,235,000.00 40,260.00 24,380,260.00 4,960,000.00 1,204,000.00 56,210.00 6,220,210.00 3,380,000.00 363,000.00 226,710.00 3,969,710.00 33,355,000.00 772,000.00 214,870.00 34,341,870.00 12,961,026.50 1,104,000.00 123,580.00 14,188,606.50

1,727,173,433.50 189,240,371.65 759,410.00 1,917,173,215.15 1 its organization, 1793, to Dec. 31,1915.]

Silver coinage.

Quarter Twenty Trade Dollars. Half do lars. Dimes. Half dimes. dollars. dollars. cents. Three cents.

$5,107,524 $236,558,010 $93, 763, 709.00 $43,487,230.25 $11,342 $24,715,379.80 $3,948,791.90 $1,260,487.20 3 8,880,912 2,381,456.00 2,504,228.00 1,760,091.20 6,962,813 2,134,406.-50 2,223,203.25 1,886,047. 80 7,994,777 2,461,388.50 3,049,436.00 2,138,077.70 4,652, 755 1.139,377.50 2,417,516.00 1,950,075.50 . 2,788,650 1,496.335.00 2,397.203.25 1,460,102. 70 331,363.50 1,242,062.50 1,455,235.00 1,319,337.50 914,108. 75 1,995,840.60 . 1,299,287.50 1,-798,143.75 2,222,057.50 677,272.50 1,058,136.25 1,060,054.50 1,184,325.00 2,317,162.50 1,024,065.00 209,275.50 561,137.75 1,152,055.10 703,271. 50 930,135. 75 1,887,054.30 775,350.00 1,100,175.00 1,935,070.00 94,313. 50 121,153.25 1,976,062.20 62,305. 00 1,561,152.50 1,736,065.50 69,225.00 870,112.50 562,045.00

5,107,524 267, 837=, 917 110,101,999.00 68,552,297.25 11,342 50,915,379.40 3,948, 791.90 1,260,487. 20

8 Includes 50,000 Lafayette souvenir dollars.

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424 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

[Coinage of the miat at Philadelphia from

Minor coinage. ••• • Calendar years. Five cents. Three cents. Two cents.

1793 to 1900 ; $17,444,363.35 $941,349.48 $912,020.00 1900 . . 1,362,799.75 1901 • 1,324,010.65 1902 . - 1,574,028.95 1903.. • 1,400,336.25 1904 1,070,249.20 1905 : 1,491,363.80 1906 1,930,686.25 1907.. : 1,960,740.00 1908 1,134,308.85 1909 579,526.30 1910 .. 1,508,467.65 1911 1,977,968.60 1912 1,311,835.70 1913 3,042,611.95 1914 1,033,286.90 1915.. 1,049,363.50

Total 41,195,947.65 941,349.48 912,020^00

[Coinage at the mint at Denver from

- Gold coinage. Calendar years. Double eagles. Eagles. Half eagles. Quarter eagles.

1906 $12,405,000 $9,810,000 $1,600,000 1907 16,845,000 10,300,000 4,440,000 1908 20,265,000 10,465,000 740,000 1909 1,050,000 1,215,400 17,117,800 1910 8,580,000 23,566,400 968,000 1911 16,930,000 301,000 362,500 $139,200 1912 1913 7,870,000 1914 9,060,000 3,435,000 1,235,000 1,120,000 1915

Total 93,005,000 59,092,800 26,463,300 1,259,200

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DIRECTOR OP THE MINT. 425 their organization, by calendar years—Continuea.

its organization, 1793, to Dec. 31, 1915]—Continued.

Minor coinage. Total coiaage. Total value- Cents. Half cents. Gold. Silver. Minor.

$13,347,409.39 $39,926.11 $941,279,011.50 $408, 852,474.15 $32,685,068.33 $1,382,816,553.98 668,337. 64 47,627,942. 50 15,526, 687.20 2,031,137.39 65,185, 767. 09 796,111.43 22, 727,277. 50 13,206,470.55 2,120,122.08 38,053,870.13 873, 767. 22 2. 722,352. 50 15,643, 679.20 2,447. 796.17 20,813, 827. 87 850,944.93 8. 821,082. 50 10,159, 724.00 2,251,281.18 21,232,087.68 613,280.15 129,144,400.00 8,142,290.95 1,683,529.35 138,970,220.30 807,191. 63 5,282,400. 00 3,028,661.00 2,298,555.43 10,609,616. 43 960,222.55 5,234,095.00 4,229,286. 85 2, 890,908. 80 12,354,290. 65 1,081,386.18 54.901,490.00 5.319,488. 75 3,042,126.18 63,263,104.93 323.279. 87 98, 720,132. 50 2. 795,463.25 1,457, 588. 72 102,973,184.47 1,150, 682. 63 9.314.707.50 4,525.552. 50 1, 730,208.93 15,570, 468.93 1,468.012.18 17; 083; 335. 00 1,922; 468. 35 2,976,479. 83 21,982,283.18 1, on; 777. 87 15,339,122. 50 3,-520,461.55 2,989,746.47 21,849,330. 52 681.530.60 12,538, 522. 50 3, 810, 595.00 1,993,366. 30 18,342,483. 80 765,323. 52 14,183,377.50 2,191, 528.95 3,807,935.47 20,182, 841.92 752,384.32 5,252,817.50 3,359, 523.00 1, 785. 671.22 10,398,011.72 290.921.20 11,007.375.00 1,501,382. 50 ' 1,340,284.70 13 849 042.20

26,442,563.31 39,926.11 1, 401,179,441.50 507, 735, 737. 75 69,531, 806.55 1,978,446,985.80

February, 1906, to Dec. 31, 1915.]

Silver coinage. Minor coiaage; Total coiaage.

Total value. Half dollars. Quarter Five dollars. Dimes. cents. Cents. Gold. Silver. Miaor.

$2,014,000 $820,000 $406,000 $23,815,000 $3,240,000 $27,055,000 1,928,000 621,000 408,000 31,585,000 2,957,000 34,542,000 1,640,000 1,447,000 749,000 31,470,000 3,836,000 35,306,000 1,278,500 95,400 19,383,200 1,373,900 20 757 100 375,000 349,000 33,114,400 724,000 33,&38,400 347,546 233,400 1,120,900 $126,720 17,732,700 1,701,840 $126,720 19,561,260 1,150,400 1,176,000 $423,700 104,110 2^326,400 527,810 2,854,210 267,000 362,700 474,650 158,040 7,870,000 629,700 632,690 9,132,390 761,500 1,190,800 195,600 11,9.30 14,850,000 1,952,300 207,530 17,009,830 585,200 923,500 378,475 220,500 1,508,700 598,975 2,107,675 7,932,140 6,822,600 5,495,100 1,472,425 621,300 179,820,300 20,249,840 2,093,725 202,163,865

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

426 REPORT ON THE FINANCES.

Coinage of the mints ofthe United States from RECAPITULATION.

Gold coinage. Calendar years. Double Half Three Quarter Fiftv .Eagles. . Dollars. dollars eagles. -eagles. dollars. • eagles.

1793-95 $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 6,530.00 1803 89,790 167, .530 .1,057.50 1804 97,950 152,375 8,317.50 1805 165,915 4,452.50 1806 .. 320,465 4,040.00 1807 420,405 17,030.00 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 1,900.00 1827 124,565 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 3,660,845 293,425.00 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, .57 2.50 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 1,863,560 98,612.50 1849 6,775,180 1,184,645 111,147.50 $936,789 1850 $26,225,220 ' 3,489,510 860,160 . 895,547.50 511,301 1851 48,043,100 4,393,280 2,6.51,955 3,867,337.50 3,658,820 1852 44,860,520 2,811,060 3,689,635 3,283,827.50 2,201,145 18.53 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 ""$49i,'2i4" 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 . . 30,437,560 1,429,900 1,806,665 181,530 1,213,117.50 1,788,996 1857 28,797,500 481,060 1,232,970 104,673 796,23.5.00 801,602 1858 - .. 21,873,480 343,210 4.39,770 6,399 144,082.50 131,472 1859 13,782,840 2.53,930 361,235 46,914 142,220.00 193,431 1860 22,584,400 278,830 3.52,365 42,465 164,360.00 51,234 1861 74,989,060 1,287,330 3,332,130 18,216 3,241,29.5.00 527,499 1862 18,926,120 234,950 69,825 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 27,874,000 207,0.50 144,535 3,495 62,302.50 3,725 18G6 30,820,500 237,800 253,200 12,090 105,175.00 7,180 1867 23,4.36,300 121,400 179,600 7,950 78,125.00 5,250 1868 18,722,000 241,550 288,625 14,625 94,062.50 ' 10,525 1869 17,238,100 82,850 163,925 7,575 84,612.50 5,925 1 Carried for ward 560,502,480 54,819,680 67,470,880 1,149,123 26,065', 402.50 19,040,007

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DIRECTOR OF THE IMINT. 427 their organization, by calendar years—Continued. • " • RECAPITULATION.

Silver coinage.

Quarter Trade .Dollars. Half dollars. Twenty Dimes. dollars. dollars. cents. Half dimes. Three cents.

$204,791 $161,572.00 $4,320.80 72,920 ""$i,'473."56' "**$2,'2i3.'56' 511.50 7,776 ""'"""i,'959.'66' 63.00 2,526.10 2,226.35 327,536 2,755.00 423,515 220,920 2,'i76.'66" *""i,'266.'66' 54,454 i5,'i44.'.56' 3,464.00 1,695.50 41,650 14,945.00 1,097.50 650.50 66,064 15,857. 50 3,304.00 1,892.50 19,570 78,259.50 i,* 684." 56" 826:50 321 105,861.00 30,348.50 12,078.00 786.'66' 419,788.00 51,531.00 ...... 525, 788.00 55,160. 75 """i6,'566.'66' 684,300.00 702,905.00 ""*4,'47i.'66' " 638,138.00 635.50 601,822.00 6,518.00 814,029.50 620,951.50 519,537.50 """"42,'i56.'66' ""iY,'m.l)Q ...... '. 23,'575.'66' 5,000.75 ...... '^'... 607, 783.50 980,161.00 """96,'293." 56' 1,104,000.00 36,000.00 375,561.00 31,861.00 '"'94,'258.'76' 6.52,898:50 54,212.75 118,651.20 779,786:50 16,020.00 10,000.00 847, ioo: 00 4,450.00 44,000.00 1,752,477.00 1,471,583.00 """42* 666.'66' ""5!,'666.'66" 2,002,090.00 2,746, 700.00 i,'666.'66" "•"i2i'.566;u6' 12,500.00 1,537,600.00 25,500.00 1,856,078.00 77,000.00 '"'6i;'566."66" 2,382,400.00 51,000.00 62,000.00 • •' 2,936,830.00 '""99,'566.'66' 77,135.00 62,135.00 2,39S.p00.OO 80,000.00 52,250.00 48,250.00 2,603,000.00 39,000.00 48,500.00 68,500.00 3,208,002.00 71,500.00 63,500.00 74,000.00 2,676,003.00 488,000. 00 141,000.00 138,000:00 i,*666' 3,273,100.00 118,000.00 119,000.00 95,000.00 1,814,910.00 63,100.00 104,200.00 113,800.00 1,773,000.00 208,000.00 239,493.40 112,750.00 366" 1, 748, 768.00 122,786. .50 229,638.70 108,285.00 61,005 1,145,054.00 153,331.75 253,358.00 113,954.25 173,000 355,500.00 • 143,000.00 363,000.00 98,250.00 184,618 1,484.882.00 214,250.00 390,750.00 58,250:00 165,100 3,056,000.00 403,400.00 152,000.00 58,250.00 20,000 1,885,500.00 290,300.00 7,250.00 32,500.00 24,500 1,341,500.00 230,500.00 198,500.00 78,200.00 169,600 2,257,000. QO 127,500.00 3,130.00 1,350.00 140,750 1,870,000.00 275,500.00 24,500.00 63,700.00 15,000 1,880,000.00 36,500.00 45,150.00 63,400.00 ^ 62,600 1,781,000.00 85,000.00 113,900.00 72,450.00 47,500 1,341,500.00 150,700.00 244,150.00 82,250.00 1,300 301,375.00 62,000.00 142,650.00 82,0.50.00 "'$i85,'622.'66 1,100 110,565.00 68,265.00 196,550.00 63,025.00 559,905.00 46,110 2,430,3.54.00 4,146,555.00 1,327,301.00 785,251.00 342,000.00 33,140 4, 111, 000.00 3,466,000.00 624.000.00 365,000.00 20,130.00 26,000 2,288, 725.00 857,350.00 207,500.00 117,500.00 4,170.00 63,500 1,903,500.00 2,129,500.00 703,000.00 299,000.00 43,740.00 94,000 1,482,000.00 2, 726,500.00 712,000.00 4.33,000.00 31,260.00 5,998,000.00 2,002,250.00 189,000.00 258,000.00 48,120.00 """636," 566' 2,074,000.00 421,000.00 ...... 97,000.00 45,000.00 10,950.00 733,930 1,032,850.00 312,350.00 78,700.00 92,950.00 8,610.00 78,500 2,078,950.00 1,237,650.00 209,650.00 164,050.00 14,940.00 12,090 802,175.00 249,887. 50 102,830.00 74,627.50 10,906.50 27,660 709,830.00 48,015.00 ...... 17,196.00 .5,923.00 643.80 31,170 518, 785. 00 28,517. 50 26,907^.00 4,523.50 14.10 47,000 593,450.00 25,075.00 18,550.00 6,675.00 255.00 49,625 899,812.50 11,381.25 14,372.50 6,536.25 681.75 • 60,325 810,162.50 17,156.25 14,662.50 6,431.25 138.75 182,700 769,100.00 . 31,500.00 72,625.00 18,295.00 123.00 424,300 725,950.00 23,150.00 70,660.00 21,930.00 153.00

5 053 440 95. .509. 284. .50 21,727,878.00 8,376,184.10 4,529,818.90 • 1,281,762,90 *JJ V/VV^ 1I^\J . - - J J ,

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428 REPORT ON THE FINANCES. Coinage of the mints ofthe United States from

RECAPITULATION—Continued.

Gold comage. Calendar years. Fifty Double Half Three Qnarter dollars. eagles. dollars. eagles. Dollars.

Brought forward. $560,502,480 $54,819,680 $67,470,880 $1,149,123 $26,065, 402.50 $19,040,007 1870 22,819,480 164,430 143,5.50 10,605 51, 387.50 9,335 1871 20,456,740 254,650 245,ODO 3,990 68, 375.00 3,930 1872 21,230,600 244,500 275,350 6,090 52, 575.00 3,530 1873 55,456,700 173,680 754,605 75 512, 562.50 125,125 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 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 9,090 225.00 3,030 1880 17,749,120 21,715,160 22,831,765 3,108 490.00 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 5,040 1883 24,980,040 2,595,400 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 13,875,560 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 , ,5,662,420 8,706,800 9,560,435 18,480 15; 705.00 8,543 21,717,320 8,030,310 1,560,980 15,873 4o; 245.00 16,080 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 25,891,340 600.00 1891., 1,956,000 1,347,065 27; 1892., 19,238,760 9,817,400 5,724,700 • o;362.5 0 1893. 27,178,320 20,132,450 9,610,985 265.00 48,350,800 75; 305.00 1894. 26,032,780 5,152,275 10: 1895., 45,163,120 7,148,260 297. 50 43,931,760 7,289,680 15; 005.00 1896., 2,000,980 1,072,315 48: 1897. 57,070,220 760.00 54,912,900 12,774,090 6,109,415 74: 412.50 1898. 12,857,970 10,154,475 60: 1899- 73,593,680 375.00 86,681,680 21,403,520 16,278,645 68: 012. 50 1900. 3,749,600 8,673,650 1901. 34,150,520 168: 307. 50 35,697,580 46,036,160 21,320,200 228: 332.50 1902. 5,520,130 5,557,810 575,000 1903. 24,828,560 334: 142. 50 227,819,440 7,766,970 10,410,120 503: 400. 00 5175,000 1904. 2,709,880 2,445,680 6 25,000 1905., 37,440,220 402: 860.00 55,113,800 5,703,280 5,915,040 544: 225.00 635,000 1906., 16,903,920 6,334,100 1907., 96,656,620 441: 120.00 109,263,200 26,838,790 7,570,960 642. 50 1908., 14,813,360 6,149,430 84i: 1909., 59,774,140 1,412: 747.50 60, 788,340 5,987,530 21,910,490 705.00 1910., 34,863,440 7,840,250 1,104: 1911. 1,231: 677.50 • 36,392,000 5,866,950 12,018,195 492. 50 1912. 2,996,480 7,050,830 1,899: 5,910,720 1,540: 412.50 1913. 11,926,760 5,080,710 6,620,495 1914. 1,805: 292. 50 40,926,400 7,025,500 3,785,625 292. 50 1915. 14,391,000 1,720: 7$150,950 4,100,750 3,760,375 3 1,540: 7 25,034 Total 150,950 2,420,222,120 515,329,850 390,049,345 1,619,376 44,666,517.50 19,834,371

1 Includes $475,000 in Columbian coins. 2 Includes $2,025,000 in Columbian coins. 8 Includes $10,000 in Columbian coins. * Includes 50,000 Lafayette souvenir dollars. . <^ Louisiana Purchase Exposition.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

DIRECTOE. OF THB MINT. 429

their organization, by calendar years—Continued.

RECAPITULATION—Continued.

Silver coinage.

Quarter Twenty Trade DoUars. Half dollars. Dimes. Half dimes. dollars. dollars. cents. Three cents.

$5,053,440 1$95,509, 284.50 $21,727,,878.0 0 $8,376. 184, [$4,529,818.90 $1,281,762.90^ 445,462 829, 758.50 23, 935.00 52, 150, 26,830.00 120.00 1,117,136 1,741, 655.00 53, 255.50 109, 371. 82,493.00 127.80, 1,118,600 866, 775.00 68, 762.50 261, 045, 189,247.50 58.50 $1,225,000 296,600 1,593, 780.00 414 190.50 443, 329. 51,830.00 18.00.: 4,910,000 1,406, 650.00 215 975.00 319, 151. 6,279,600 5,117; 750.00 1,278 375.00 $265,598 2,406, 570, 6,192,150 7,451 575.00 7,839; 287.50 5,180 3,015, 115. 13,092,710 7,540; 255.00 6,024, 927.50 102 1,735, 051. 4,259,900 22,495,550 726, 200.00 849, 200.00 120 187, 880. 1,541 27,560,100 2, 950.00 3 675.00 1, 510. 1,987 27,397,355 4, 877.50 3 738.75 3, 735. 960 27,927,975 5, 487.50 3; 243.75 2, 497. 1,097 27,574,100 2 750.00 4, 075.00 391, 110. 979 28,470,039 4, 519.50 3, 859.75 767, 571. 28,136,875 o 2, 637.50 2 218.75 393, 134. 28,697,767 3, 065.00 3, 632.50 257, 711. 31,423,886 2, 943.00 1, 471.50 658, 409. 33,611,710 2; 855.00 2, 677.50 1,573, 838. 31,990,833 416.50 306, 708.25 721, 648. 34,651,811 355.50 3; 177.75 835, 338. 38.043,004 295.00 20, 147.50 1,133, 461 23,562,735 100, 300.00 1,551, 150.00 2,304, 671. 6,333,245 11,652, 136.50 2,960, 331.00 1,695, 365. 1,455,792 2 4,002, 896.00 3 2,583,831.7 5 759, 219. 3,093,972 3,667, 831.00 2,233, 448.25 205, 099. 862,880 2,354, 652.00 2.255, 390.25 225 088, 19,876,762 1,507, 855.00 1,386 760.25 318, 581, 12,651,731 2,023, 315.50 2,524 440.00 1,287, 810, 14,426,735 3,094, 642.50 3,497, 331.75 2,015, 324. 15,182,846 4,474, 628.50 3,994, 211.50 2,409, 833. 4 25,010,912 5,033, 617.00 3,822, 874.25 2,477 918. 22,566,813 3,119, 928.50 2,644, 369.25 2,507; 3.50. 18,160,777 4,454, 723.50 4,617, 589.00 2,795, 077. 10.343,755 3,149, 763. 50 3,551, 516.00 2,829, 405. 8,812,650 2,-331 654.00 3,011, 203.25 1,540, 102. 1,830: 863.50 2,020, 562.50 2,480, 754. 5,426: 414.50 2,248, 108. 75 2,976, 504. 5,825;,587.5 .,„„ ^Q0 3,899, 143.75 3,453, 704. 5,819, 4,262, 136.25 2,309, 954. 2,529,,025.0 0 4,110, 662.50 1,448, 165. 1,183,,275.5 0 936, 137.75 1,625, 055. 1,686i:, 811. 50 1,410, 535.75 3,359, 954. 2,6101,750.0; 0 1,277, 175.00 3,453, 070. 663,,313.5 0 493. 853.25 2,027, 062. 558 ,305.00 2,388; 652.50 3,136, 865, 9 1,486: 425.00 1,969, 612.50 658, 045, 35,965,924 578,353,848 193,423,236.00 104,505,439.50 271,000 73,945,799.70 4,880,219.40 1,282,087.20,

6 Lewis and Clark Exposition. ' Panama-Pacific International Exposition coins. • 8 Includes $25,042.50 in Panama-Pacific International Exposition coias. 9 lacludes $30,000 in Panama-Pacific International Exposition coins.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

430 REPORT ON THE FINANCES. Coinage ofthe mints ofthe United States from RECAPITULATIQN^ontinued.

Minor coiaage. Calendar years. Five cents. Three cents. Two cents.

1793-1795 J796 J797 2798 • 17QQ 1/yy 180IgO0i 1802 - 2803 1^4 ". 2g05 '. 1806 ion? XoVi 1802g098 18i0. - 1811 ...... 9...... 1812. k 1813 1814 181=^ XolO 18110176 - - -• lol 1 181-18189 -. 1820 1821 •-. 1823 •- ] 824 1825 1827 : 1828 1829 1831 1832 1833 18,35 1836 ;... 1837-

1840 1841 1843 1844 1845

1847 , 1848 1849 1851 1852 1853 1855 1856 1857 1859 I860 1861 1863 1864 $396,956.66 1865 $m',m. 00 272,800. 00 $737,125.66' 144,030.00 63,540.00 1867 1,545,475. 00 117,450.00 58,775.00 1868 1,440,850.00 97,560.00 56,075.00 1869 819, 750.00 48,120.00 30,930.00 Carried forward 4,543,200.00 748,620.00 879,070.00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

DIRECTOR OF THE IMINT. 431

their organization, by calendar years—Continued.

RECAPITULATION-Continued.

Minor coiaagei. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$10,660.33 $712.67 $71,485.00 $370,683.80 $11,373.00 $453,541.80 9,747.00 577.40 77,960.00 77,118.50 10,324.40 165,402.90 8,975.10 535.24 128,190.00 14.550.45 9,510.34 152,250. 79 9,797.00 205,610.00 330,291.00 9,797.00 645,698.00 9,045.85 60.83 213,285.00 423,515.00 9,106.68 645,906.68 28,221.75 1,057.65 317,760.00 224,296.00 29,279 40 671,335.40 13,628.37 422,570.00 74,758.00 13,628.37 510,956.37 34,351.00 71.83 423,310.00 58,343.00 34,422.83 616,075.83 24,713.53 489.50 258,377.50 87,118.00 25,203.03 370,698.53 7,568.38 5,276.56 258,642.50 100,340.50 12,844.94 371,827.94 9,411.16 4,072.32 170,367.50 149,388.50 .13,483.48 333,239.48 3,480.00 1,780.00 324,505.00 471,319.00 6,260.00 801,084.00 7,272.21 2,380.00 437, 495.00 697.448.75 9,652.21 1,044,595.96 11,090.00 2,000.00 284,665.00 684,300.00 13,090.00 982,055.00 2,228.67 5,772.86 169,375.00 707,376.00 8,001.53 884,752.53 14,585.00 1,075.00 501,435.00 638,773.50 15,660.00 1,155,868.50 2,180.25 315.70 497,905.00 608,340.00 2,495.95 1,108,740.95 10,755.00 290,435.00 814,029.50 10,755.00 1,115,219.50 4,180.00 477,140.00 620,951.50 . 4,180.00 1,102,271.50 3,578.30 77,270.00 561,687.50 3,578.30 642,535.80 3,175.00 17,308.00 20,483.00 28,209.82 28,575.75 28,209.82 56,785.57 39,484.00 607,783.50 39,484.00 647,267.50 31,670.00 242,940.00 1,070,545.50 31,670.00 1,345,064.50 26,710.00 258,615.00 1,140,000.00 26,710.00 1,425,325.00 44,075.50 1,319,030.00 501,680.70 44,075.50 1,864,786.20 3,890.00 189,325.00 825,762. 45 3,890.00 1,018,977.45 20,723.39 88,980.00 805,806.50 20,723.39 915, .509.89 72,425.00 895,550.00 967,975.00 12,620.00 93,200.00 1,752,477.00 12,620.00 1,858,297.00 14,611.00 315.00 156,385.00 1,564,583'00 14,926.00 1,735,894.00 15,174.25 1.170.00 92,245.00 2,002.090.00 16,344.25 2,110,679. 25 23,577.32 131,565.00 2,869, 200.00 23,577.32 3,024,342.32 22,606.24 3,030;00 140,145.00 1,575,600.00 25,636.24 1,741,381.24 14,145.00 2,435.00 295,717.50 1,994,578.00 16,580.00 2,306,875.50 17,115.00 643,105.00 2,495, 400.00 17,115.00 3,155,620.00 33,592.60 11.00 714,270.00 3,175,600.00 33,603.00 3,923,473.60 23,620.00 798.435.00 2;579,000.00 23,620.00 3,401.055.00 27,390.00 770.00 978.550.00 2,759,000.00 28.160.00 3,765,710.00 18,551.00 600.00 3,954; 270.00 3,415,002.00 19,151.00 7,-388,423.00 38,784.00 •705.00 2,186,175.00 3,443,003.00 39,489.00 5,668,667.00 21,110.00 1,990.00 4,135,700.00 3,606,100.00 23,100.00 7,764,900.00 55,583.00 1,148,305.00 2,096,010.00 65,583.00 3,299,898.00 63,702.00 1,809,765.00 2,333,243.40 63,702.00 4,206,710.40 31,286.61 1,376,847.50 2,209,778.20 31,286.61 3,617,912.31 24,627:00 1,675,482.50 1,726,703.00 24,627.00 3,426,812.50 15,973.67 1,091,857.50 1,132,750.00 15,973.67 2,240.581.17 23,833.90 1,829,407.50 2,332,750.00 23.833.90 4,185,991.40 24,283.20 8,108,797.50 3,834,750.00 24,283. 20 11,967,830.70 23,987.52 5,427.670.00 2,235,550.00 23,987.52 7,687,207.52 38,948.04 3,756,447.50 1,873,200.00 38,^948.04 5,668,595.50 41,208.00 4,034,177.50 2,558,580.00 41,208.00 6,633,965.54 61,836.69 20,202,325.00 2,374,450.00 61,836.69 22,638,611.69 64,157.99 3,775,512.50 2,040,050.00 64,157.99 5,879,720.49 41,785.00 199.32 9,007,761.50 2,114,950.00 41,984.32 11,164,695.82 44,268.44 199.06 31,981,738.50 1,866,100.00 44,467.50 33,892,306.00 98,897.07 738.36 62,614,492.50 774,397.00 99,635.43 63,488,524.93 50,630.94 56,846,187.50 999,410.00 50,630.94 57,896,228.44 66,411,31 648.47 39,377,909.00 9,077,571.00 67,059.78 48,522,539.78 42,361.56 276.79 25,915,962.50 8,619,270.00 42,638.35 34,577,870.85 15,748.29 282.50 29.387.968.00 3,501,245.00 16,030.79 32.905.243.79 26,904.63 202.15 36,857,768.50 5,142,240.00 27,106.78 42,027,115.28 177,834.56 175.90 32,214,040.00 5,478,760.00 178,010.46 37,870,810.46 246,000.00 • 22,938,413.50 8,495,370.00 246,000.00 31,679,783.50 364,000.00 14,780,570.00 3,284,450.00 364,000.00 18,429,020.00 205,660.00 2.3,473,654.00 2,259,390.00 205,660.00 25.938,704.00 101,000.00 83,395,530.00 3,783,740.00 101,000.00 87,280, 270.00 280,750.00 20,875,997.50 1,252,516.50. 280,750.00 22,409,264.00 498.400.00 22,445,482.00 809,267.80 498,400.00 23.753.149.80 529,737.14 20,081,415.00 609,917.10 926,687.14 21,618,019.24 354,292.86 28,295,107.50 691,005.00 968,552.86 29,954,665.36 98,265.00 31,435,945.00 982,409.25 1,042,960.00 33,461,314.25 98,210.00 23,828,625.00 908.876.25 1,819,910.00 26,557,411.25 102,665.00 19,371,387.50 1,074; 343.00 1.697,150.00 22,142,880.50 64,200.00 17,582,987.50 1,266,143.00 963.000.00 19,812,1.30.50

1,577.44 39,926.11 729,047,572.50 136,478,368.40 10,891,393.55 876,417,334.45

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

432 REPORT ON THE FINANCES.

Coinage ofthe rnints ofthe United States from 1 RECAPITULATION-Continued.

Miaor coinage. Calendar years. Five cents. Three cents. Two cents.

Brought forward $4,543,200.00 $748,620.00 '$879,070.00 1870 ...... 240,300.00 40,050.00 17,225.00 1 1871 28,050. 00 18,120.00 14,425.00 1 1872 301,800. 00 25,860.00 1,300.00 1873 227,500.00 35,190. 00 1874 176,900.00 23,700. 00 1875 104,850.00 6,840.00 1876 126,500.00 4,860.00 1877 .... 1878 117.50 70.50 1879 1,4.55. 00 1,236.00 1880 997.75 748. 65 1881 3,618.75 32,417. 25 1882 .... 573,830.00 759.00 1883 1,148,471.05 318.27 ».. 1 1884 563,697.10 169.26 1885 73,824. 50 143. 70 1886 166,514.50 128.70 1887' 763,182.60 238.83 1888 : 536,024.15 1,232.49 1889 794,068.05 646.83 1890 812,963.60 1891 841,717. 50 1892 .584,982.10 1893 668,509. 75 1894 270,656.60 1895 498,994.20 1896 442,146.00 1897 1,021,4.36.75 1898 626,604.35 1899 } 1,301,451.55 1,362,799 75 1901 1,324,010.65 1902 1,574,028.95 1903 •- 1,400,336.25 1,070,249.20 1905 1,491,363.80 1906 1,930,686.25 1907 1,960,740.00 1908 1,1.34,308.85 1909.: 579,526. .30 1910 , 1,508,467.65 1911 1,977,968.60 1,747,435. 70 1913. 3,682,961.95 1914 1,402,386.90 1915 1,503,088.50

Total 43,094,722.65 941,349.48 912,020.00 1

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

DIRECTOR OF THE MINT. 433

their organization, by calendar years—Continued.

REC A PITUL ATIO N—Continued.

Minor coinage. Total coinage. Total value. Cents Half cents. Gold. Silver. Minor.

$4,680,577. $39,926.11 $729,047, 572. 50 $136,478,.368.4 0 $10,891, 393.55 $876,417,334.4 5 52,750. 23,198, 787.50 1,378,255 . 50 350, 325.00 24,927,368.0 0 39,295. 21,032, 685.00 3,104,038.3 0 99,890.0 0 24,236,613.3 0 40,420. 21,812, 645.00 • 2,504 488. 50 369,380 . 00 24,686,513 . 50 116,765. 57,022, 747.50 4,024; 747.60 379,455.0 0 61,426,950.1 0 141,875. 35,254, 630.00 6,851, 776. 70 342,475.0 0 42,448,881 . 70 135,280. 32,951, 940.00 15,347, 893.00 246,970.0 0 48,546,803.0 0 79,440. 46,579, 452. 50 24,503;307 . 50 210,800.0 0 71,293, 560.00 8,525. 43,999; 864.00 28,393,045.5 0 525. 00 72,401,434 . 50 57,998. 49,786, 052.00 28,518,850.0 0 58, 186. 50 78,363,088 . 50 162,312. 39,080, 080.00 27,569, 776.00 165,003.0 0 66,814,859.0 0 389,649. 62,308, 279.00 27,411,693.7 5 391,395.9 5 90, 111,368 . 70 •392,115. 96,850, 890.00 27,940, 163. 75 428, 151. 75 125,219,205 . 50 385,811. 65,887, 685.00 27,973,132.0 0 960,400.0 0 94,821,217.0 0 455,98i: 29,241, 990.00 29,246,968.4 5 1,604,770.4 1 60,093,728.8 6 232,617. 23,991- 756.50 28,534,866.1 5 796,483 . 78 53,323, 106.43 117,653. 27,773 012.50 28,962,176.2 0 191,622.0 4 56,926,810 . 74 176,542. . 28,945: 542.00 32,086,709.9 0 343,186.1 0 61,375,438.0 0 452,264. 23,972: 383.00 35,191, 081.40 1,215,686.2 6 60,379,150.6 6 374,944. 31,380; 808.00 33,025: 606.45 912,200.7 8 65,318,615.2 3 488,693. 21,413, 931.00 35,496;683.1 5 1,283,408.4 9 58,194,022.6 4 571,828. 20,467, 182.50 39,202,908.2 0 1,384,792.1 4 61,054,882.8 4 470,723. 29,222, 005.00 27,518,856.6 0 1,312,441.0 0 58,053,302.6 0 376,498. 34, 787, 222.50 12,641,078.0 0 961,480.4 2 48,389 780.92 466,421. 56,997, 020.00 8,801,739.0 5 1,134,931.7 0 66,933,690.7 5 167,521. 79,546, 160.00 9,200,350.8 5 438, 177.92 89,184,688.7 7 383,436. 59,616, 357. 50 5,698,010.2 5 882,430.5 6 66,196,798.3 1 390,572. 47,053, 060.00 23,089,899.0 5 832, 718.93 70,975,677.9 8 504,663. 76,028, 485.00 18,487,297.3 0 1,526,100.0 5 96,041 882.35 498,230. 77,985, 757.50 23,034,033.4 5 1,124,835.1 4 102,144 626.09 536,000. 111,344, 220.00 26,061,519.9 0 1,837,451.8 6 139,243, 191. 76 668,337. 99,272, 942. 50' 36,345,321,4 5 2,031,137.3 9 137,649,401.3 4 796,111. 101,735, 187.50 30,838,460 . 75 2,120,122.0 8 134,693, 770.33 873,767. 47,184, 852. 50 30,028,167.2 0 2,447,796.1 7 79,660,815.8 7 850,944. 43,683, 792.50 19,874 440.00 2,251,281.1 8 65,809, 513.68 613,280. 233,402, 400.00 15,695;609.9 5 1,683,529.3 5 250, 781 539.30 807,191. 49,638, 400. 00 6,332,180.0 0 2,298,555:4 3 58,269; 136.33 960,222. 78,793, 045.00 10,651,087.8 5 2,890,908.8 0 92,335,041.6 5 1,081,386. 131,907, 490.00 13,178,435 . 75 3,042,126.1 8 148,128,051.9 3 334, 429. 131,638, 632.50 12,391, 777.25 1,468,738.7 2 145,499,148.4 7 1,176,-862. 88,776, 907. 50 8,087,852.5 0 1, 756,388.9 3 98,621,148.9 3 1,528,462. 104,723, 735.00 3,744,468.3 5 3,036,929.8 3 111,505,133.1 8 1,178,757. 56,176, 822.50 6,457 301.55 3,156,726.4 7 65,790,850.5 2 829,950. 17,498, 522. 50 7,340;995.0 0 2,577,386.3 0 ' 27,416 903.80 984,373. 25,433, 377.50 3,184,228.9 5 4,667,335.4 7 33,284;941.9 2 805,684. 53,457, 817.50 6,083,823.0 0 2,208,071.2 2 61,749,711 . 72 559,751. 23,968, 401.50 4,114,082.5 0 2,062,839 . 70 30,145,323.7 0

27,396,923.31 39,926.11 3,391,872,529.50 992,627,553.80 72,384,941.55 4,456,885,024.85

62015°—FI 1916- -28

Digitized for FRASER http://fraser.stlouisfed.org/ y' Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

World production of gold and silver. CO

Calendar year 1914. Calendar year 1915.

Country. Gold. Silver. Gold. Silver.

Kilos, KUos, Value Ounces, Value. Ounces, Value Kilos, Ounces, Value. Kilos, Ounces, fine. fine. fine. fine. ($0.5531.2). fine. fine. fine. fine. ($0.51892).

North America: Uiiited States : 142,239 4,572,976 $94,531,782 2,253,657 72,455,100 $40,076,365 152,025 4,887,604 $101,035,700 2,331,604 74,961,075 $38,898,801 Canada 24,049 773,178 15,983,004 883,568 28,406,711 15,712,320 28,494 916,076 18,936,971 883,406 28,401,503 14,738,108 Mexico . .. 7,205 231,628 4, 788,175 856,820 27,546, 752 15,236,659 9,870 317,305 6,559,275 1,230,798 39,570,151 20,533,743 o Total 173,493 5,577, 782 • 115,302,961 3,994,045 128,408,563 71,025,344 190,389 6,120,985 126,531,946 4,445,808 142,932,729 74,170,652 Central American States 3,601 115,771 2,393,190 85,688 2,754,868 1,523.773 4,469 143,687 2,970,271 90,838 2,920,496 1,515,5X)4 o South America: Bolivia and Chile...... 305 9,809 202,770 24,563 789,685 436,791 1,225 39,397 814,418 120,375 3,870,065 2,008,254 Brazil 3,220 103,513 2,139,803 2,385 76,685 42, 416 3,648 117,286 2,424,515 669 21,523 11,169 Colombia 7,040 226,327 4,678,587 10,926 351,271 194,295 8,205 263,796 5,453,148 2 10,926 351,271 182,281 fl Ecuador 622 16,779 346,853 520 16,726 9,251 821 26,397 545,674 767 24,655 12,794 Peru 1,538 49,445 1,022,125 286,600 9,214,190 5,096,553 1,670 53,691 1,109,891 293,000 9,419,950 4 888,200 Uruguay 23 739 15,276 18 573 11,836 Guiana- British.... 1,695 54,495 1,126,500 1,3901 ' 44,693 . 923,892 Dutch 757 24,351 503,400 676 21,723 449,054 French 2,949 94,805 1,959,793 2 2,949 94,805 1,959,793 o Venezuela 922 29,644 612,796 2 922 29,644 612,796

Total .. 18,971 609,907 12,607,903 324,994 10,448,557 5,779,306 21,524 692,005 14,305,017 425,737 13,687,464 7,102,698 Europe: Austria-Hungary 302 9,711 200,744 48,919 1,572,746 869,917 2 302 9,711 200,744 48,919 1,572,746 816,12^ France .. 2,107 67,725 1,400,000 2,107 67,725 1,400,000 Great Britain.., 30 979 20,238 4,213 135,458 74,925 29 932 19,2aa 3,000 96,450 50,050 Greece 18,397 591,464 327,150 2 18,397 591,464 30S,922 Italy 48 1,555 32,145 15,875 510,365 282,293 3 111 • 14,760 474,525 248,241 Norway 1.3,714 440,917 243,880 %m 2 13,7.14 440,917 128,801 Portugal 4 113 2,336 6,402 205,824 113,845 32 661 64 2,058 1 068 Russia 43,013 1,382,867 28,586,392 i' 1,382,867 2 43,013 m,m392 • •" Servia 175 5,611 116,00.0 •374 i2,6l4 6,Q45 "" Spain .,.,,, 131,527 1 4,228,693 1 ?, 338,919 -.^.^ i42,663 4,565,896: '2,369,075^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916 Sweden 82 2,627 54,304 1,042 33,511 18,536 37 1,090 22,532 754 24,241 12,579 1 23 475 46,940 1,509,133 834,732 21 23 475 46,940 1,509,133 783,119 Turkey 45,762 1,471,211 30,412,634 287, 403 9,240,025 5,110, 842 45, 493 1,462,491 30,232,365 288,551 9,276,930 4,813,984 Total

Australia: 1568 18,274 377,757 1568 18,274 377, 757 British New Guinea 3,873 124,507 2,573, 788 84,087 2,703,398 1,495,304 4,121 132,498 2,738,976 95,862 3,081,952 1,599,287 New South Wales 79 2,532 52,341 21 670 13,850 Northern Territory 7,726 248,395 5,134, 779 7,899 253,964 146,473 7,767 249,711 5,161,983 7,457 239,748 124,410 Queensland 219 7,052 145, 778 • 93 3,003 1,661 246, 7,916 163,638 South Australia 12,853 413,218 8,541,972 421 13,550 7,495 10,235 329,068 6,802,438 514 16,514 8,569 Victoria 38,351 1,232,977 25,487,891 37,640 1,210,110 25,015,188 Western Australia 7,090 227,954 4,712,226 18,636 599,162 33i,468 13,151 422,825 8, 740,567 29,783 957,541 496,887 New Zealand 816 26,243 542, 491 577 18,547 383,400 Tasmania Total 71,575 2,301,152 47,569,023 111,136 3,573,077 1,976,341 74,326 2,389,619 49,397,797 133,616 4,295,755 2,229,153 Asia: ^ British India 17,120 550,432 11,378,400 7,354 236,440 130,779 17,337 557,399 11,522,457 8,861 284,875 147,827 China 1 5,505 176,999 3,658,900 4,220 135,677 2.804,692 567 18,230 9,460 I Chosen 4,980 160,115 3,309,870 525 16,864 9,328 5,627 180,897 3; 739,477 680 21,876 11,352 East Indies: o British } 6,742 216,761 4,480,853 6,618 212,776 4,398,476 H Dutch C Federated Malay States 405 13,020 269,147 529 17,005 351,524 •' Formosa 1,434 46,092 952,806 1,589 51,080 28,253 1,720 55,293 1,14.3,017 1,461 46,976 24,377 o Indo-China 100 3,213 66,419 55 1,767 977 66 2,112 43,659 33 1,056 548 Japan 7,041 226,364 4,679,358 150, 427 4,836,228 2,675,014 8,104 260,544 5,385,917 157,995 5,079,552 2,635,881 Total . 43,327 1,392,996 28,795, 753 159,950 5,142,379 2,844,351 44,221 1,421,703 29,389,219 169,597 5,452,566 2,829,445 Africa: g Belgian Congo 1,549 49,787 1,029,189 148 4, 770 2,639 2 1,549 49,787 1,029,189 148 4,770 2,475 h-i Egypt 191 6,136 126,842 38 1,223 676 218 7,010 144,910 52 1,657 860 French East Africa..... 65 . 2,100 43,414 2 65 2,100 43, 414 Madagascar • 1, 759 56,553 1,169,055 21, 759 56,553 1,169,055 Rhodesia 26,578 854,481 17,663,686 4,690 150, 794 83,407 28,461 915,029 18,915,324 5,762 185,233 96,121 Transvaal, Cape Colony, and Natal 261,150 8,395,964 173,559,940 28,049 901,763 498,783 282,927 9,096,106 188,033,156 30,992 996,379 517,041 Sierra Leone. 12,646 406,576 8,404,670 12,496 401,733 8,304,551 Total-: 303,938 9,771,597 201,996,796 32,925 1,058,550 585,505 327,475, 10,528,318 217,639,599 36,954 1,188,039 616,497 Total for world 660,667 21,240,416 439,078,260 4,996,141 160,626,019 88,845,462 707,897 22,758,808 470,466,214 5,591,101 179,753,978 93,277,933

11913 figures. 21914 figures.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

Coinage of nations.

Calendar year 1914. Calendar year 1915.

Monetary Gold. Silver. Gold. Silver. Country. unit. Unit value Value in , Unit value Valueof Fine ounces Unit value Value in Unit value Valueof Fiae ounces of country's United States of country's fine ounces of country's United States![o f country's fine ounces consumed. money. money. money. consumed. 1 consumed. money. money. money, consumed.2

United States...: Dollar.. 53,457,818 $53,457,818 6,083,823 $2,434,218 4,400,885 23,968,402 $23,968,402 4,114,082 $1,544,319 2,976,024 Philippine Islands Peso... 277,000 73,887 133,583 - 176,000 44,044 84,876 i Austria-Hungary Crown.. 24,145,908 4,891,961 49,199,406 3,652,731 6,603,868 (3) (3) (3) (3) (3) Belgium Franc. 10,563,162 784,243 1,417,854 • (3) (3) (3) (3) («) hi Milreis. O Brazil : '.. 49,'296 26,922 16,395,000 3,417,444 6,178,486 43,140 23,563 W British Empire: H Australia.. Pound. 8,763,025 42,645,261 510,000 . 948,851 1,715,453 1,700,671 8,276,315 333,906 British East Africa.. Rupee.. 110,000 8,297 15,000 O British West Africa.. Pound. 854,400 1,589,607 2,873,891 16,275 28,407 54,743 Canada Dollar.. 1,572,042 1,572,042 843,244 323,575 585,000 184,549 66,438 128,031 Ceylon Rupee -. 400,000 66,362 119,978 Great Britain Pound. 'i5,'i26,'679 '73,'613,'983 6,239,784 11,609,081 20,988,358 21,316,653 7,715,437 13,466,965 25,951,910 India Rupee -. 54,281,037 10,320,725 18,659,107- 17,225,422 3,072,649 5,921,239 Straits Settlements.. Dollar.. 38,360 11,114 20,094 Bulgaria Leva 6,000,000 417,916 805,358 Chile Peso — 448,580 163,732 179,305 20,272 36,650 1,305,720 476,588 6,306,048 836,239 1,611,499 t2l China Dollar... 102,560,641 42,866,294 77,499.086 141,931,233 56,502,742 108,885,266 > Colombia , do.. 84,523 84,523 1,280,309 408,218 738; 028 (3) (3) (3) (3) (3) Costa Rica t Colon.. 141,467 45,282 81,867 10,000 4,654 O Cuba Peso 5,618,000 5,618,000 5,181,205 1,996,225 3,846,883 Denmark : Kroner.. 'i8,'46i,'866' '4'93i,'682 391,029 40,343 72,937 10,649,040 2,853,943 2,930,819 290,412 559,647 Ul Dutch East Indies Florin.., 3,460,000 559,830 1,012,132 3,465,000 521,391 1,004,762 Ecuador Sucre... 500,000 200,057 361,688 31,468 11,812 22,762 Egypt Pound. 695,400 1,353,509 2,608,320 Ethiopia ,.-. Talari... 35,000 13,689 ^6,379 France Franc, 160,769,990 31,028,608 31,593,290 2,345,588 4,240,649 86,328,362 •6,013,002 11,587,532 French colonies: Indo China Piaster. 766,739 307,396 555,749 Tunis Franc. 1,290 249 501,811 37,256 67,356 1,290 • 249 2,230,124 155,334 299,341 Germany... Mark..., 77,547,000 18,471,695 67,271,568 5,981,387 10,813,905 25,361,100 6,041,014 42,749,377 3,565,999 6,871,962 German East Africa Rupee.. 600,000 114,077 206,243 •(3) . (3) (3) (3) Italy Lira 20,780,084 1,542,781 2,789,233 18,240,456 1,270,497 2,448,348 Italian Somaliland - Rupee.. 300,000 .57,039 103,123 275,000 49,054 94,530 lapan Yen 20,900,000 10,418,650 1,969,926 567,499 1,025,996 30,260,000 15,084,610 2,690,884 727,262 1,401,492 Montenegro Perper., 1,000,022 96,918 175,220 (3) (3) (3) (3) (3) Digitized forMorocc FRASERo Rials..., 2,855,457 1,134,378 2,050,872 1,154,351 433,313 835,029 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916 Netherlands... Florin 8,802,480 3,538,597 18,085,000 3,023,878 5,466,947 15,715,000 2,576,628 4,965,367 Nicaragua Cordova.. 47,000 16,715 30,219 (3) (3) (3) (3) (3) Norway Crown... 2,255,158 240,188 434,243 (3) (3) (3) (3) (3) Persia Kjran 591,279 46,238 27,969,149 2,037,383 3,683,437. 1,394,212 109,027 12,308,443 850,024 1,638,064 Peru Libra.... 124,342 605,110 70,668 282,753 511,196 91,984 447,640 202,308 759,410 1,463,443 Portugal Escudo... 2,955,895 1,126,173 2,036,037 2,540,000 933,864 1,799,630 Roumania Leu 7,303,467 542,233 980,317 (3) (3) (3) (3) (3) Russia A- Ruble.... 23,526,029 3,946,163 7,134,370 (3) (8) (3) (3) (3) Salvador Peso 2,700,028 1,062,976 1,921,782 Servia — Dinar — 15,000,000 1,113,649 2,013,394 16,684,710 1,162,135 2,239,526 Siam Tical 488,128 117,184 211,860 6,761,000 1,478,672 2,849,519 Sweden Crown... 2,282,192 239,769 433,484 1,882,581 187,929 362,155 Switzerland... Franc— 16,000,000 3,088,000 7,200,000 534,551 966,429 19,000,000 3,667,000 200,000 13,930 26,846 Tibet Dollar.... 1,460,860 627,920 1,135,232 (3) (3) (3) (3) . Turkey Piaster... 300,229,650 13,210,105 100,233 1,669 3,217 Total. 248,585,071 106,476,285 192,501,238 183,518,602 100,679,385 194,017„162 Recoinage.. 11,657,529 7,139,682 12,908,014 33,849,812 22,438,370 43,240,520 New coiaage.. 236,927,542 99.336,603 179,593,224 149,668,790 78,241,015 150,776,642 0 o 1 Based on the average London price of silver per fine ounce, $0.55312. 2 Based on the average London price of silver per fine ounce, $0.51892. 3 No return.

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Recoinage of nations. oo 00 Calendar year 1914. Calendar year 1915.

Gold. Silver. Gold. Silver. Monetary Country. unit. Value in Value in Unit value Value of Unit value Unit value Value of Unit value United Fiae ounces United Fine ounces of country's of country's fine ounces of country's of country's fine ounces States consumed. 1 consumed. States consumed.2 consumed. money. money. money. money. money. money.

United States... .': Dollar.... 1,763,397 $1,763,397 695,241 $278,201 502,966 4,661,047 $4,651,047 738,446 $277,016 533,832 is Philippine Islands., , . Peso 327,875 93,289 168,659 95,542 25,503 49,147 Austria-Hungary. Crown 700 142 6,947,887 515,834 932,589 (3) (?) (3) o Australia . . Pound 833 4,054 155,120 754,891 28,695 145,251 279,910 raTia,da. , . .... Dollar 3,816 3,816 31,716 11,418 22,003 n Great Britain ...... Poimd 1,475,000 7,178,088 452,125 1,118,810 2,022,725 1,200,000 5,839,800 • 386,123 673,961 1,298,777 r.hina Dollar 38,882,151 15,679,304 30,215,263 o Cuba... Peso 18,485,780 18,485,780 Denmark Kroner 10,649,040 2,853,943 Dutch East Indies Florin... 715,267 1,117,951 2,154,-381 France ; Franc 279,747 53,991 20,260,202 1,504,183 2,719,451 154,020 29,726 30,893,887 2,319,351 4,469,573 3 Germany. . . Mark. 10,692,234 2,546,890 4,533,522 1,079,885 Italy Lira 75,134 5,872 10,616 2,884,324 200,901 387,152 Japan Yen 151,063 75,305 11,393,456 3,062,434 5,536,654 91,702 45,713 2,388,404 645,511 1,243,950 i-H Morocco Rials 272,326 108,961 196,994 Netherlands.. . Floria... . 799,438 134,343 242,883 820,849 i29,4i2 249,388 Persia . Kran 407,239 31,846 .2,639,338 194,437 351,527 1,394,212 109,027 • 494,490 . 34,176 65,860 Peru ...... :. Libra... 18,008 67,596 130,263 Q Siam Tical 488,128 117,184 211,860 4,932,945 1,111,019 2,141,021 fej Sweden... . Crowm 57,491 6,134 11,090 (3) (?) (?) (3) (?) Total 11,657,529 7,139,682 12,908,014 33,849,812 22,438,370 43,240,520 • 1 Based on the average London price of silver per fine ounce, $0.55312. 2 Based on the average London price of silver per fine ounce, $0.51892. 3 No returns.

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DmECTOR OF THE MINT. 439

INDUSTRIAL CONSUMPTION OF GOLD AND SILVER BY REPORTING COUN TRIES DURING THE CALENDAR YEAR 1915.

Consumption of gold and silver in the industrial arts during the calendar year 1915.

Country. Gold. Silver. Country. Gold. Silver.

United States $35,376,739 $29,891,271 Chinas-continued. Argentiaa 506,687 9,565 Nanking. $6,220,650 $1,901,894 Australia (Victoria) 905,740 13,190 Mukden 192,744 84 651 Austria i 52,444 16,569 Great Britain, 16,708,006 4,151',360 Hungary i 1,388,620 222,732 Portugal 1,639,653 222 168 Brazil 23,394 Sweden i . 498,450 133,371 Canada 2,140,000 252,000 Netherlands 719, 783 162,766 China* Foochow -. 278,950 147,781 Total 66,651,860 37,209,318

11914 figures. '. o Gold and silver returned from use in the industrial arts deposited at the mints for coinage during the calendar year 1915.

Country. Gold, Silver. Country. Gold. Silver.

United States $5,971,656 $291,373 Chile $73,783 Australia 70,680 Persia . 21,798 $2,511 Austria i 38,087 3,132 Peru... 23,275 Hunparv i 202,415 15,287 Brazil.. 19,000 Total 6,492,039 312,766 71,345 453

11914 figures.

United States gold coin imported and melted by various countries during the-calendar years 19U and 1915.

1914 1915

Country. United United Imports of States Imports of States United States gold coin Uhited States gold coin gold coia. melted. goldcoin. melted.

Australia $2,433 Austria $64,540 0) (0 Canada . . $117,697,107 15,453,272 $150 China 392 Denmark 15,000 Dutch Guiana 500 5,000 Great Britain 25,178,500 (2) 744,186 Haiti - India 81,608 1,204 Italy: 19,938 Japan : ., , _, 29,782 2,875 Salvador : > 37,280 1,415 Straits Settlements 80,000 Turkey 150,000 150,000 Paraguay 1,000 Spain 50,203 Peru 120,000 6,472 Total 143,300,325 244,322 15,603,874 744,336

1 No returns. 2 The returns do not distinguish the nationalities of foreign coia imported.

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440 REPORT ON THE FINANCES. /

Foreign coins melted by various countries during the calendar years 1914 and 1915.

1914 1 1915 Country. Gold. silver. Gold. Silver.

i • United States $4,940,269 $^21,170 $214,491,800 $375,477 India 7,543,264 Japan. 41,339 398,800 24,354 298 331 Denmark..* .. 1 2,853,943 Pern ....1 87,634 Persia 31,846 109,027 Great Britain (0 (1) 744,186 907,254 Total 1 5,013,454 8,263,234 218,223,310 1,668,696

1 No returns.

VALUES OF FOREIGN COINS. The following values calculated by the Director of the Mint were -proclaimed by the Secretary of the Treasury uiider the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value^of foreign merchandise exported to thd United States during the quarter begiiming October 1, 1916. !

Value in terms of Coimtry. Legal standard. Monetary unit. United Remarks.i IStates money.

Argentine Republic Gold Peso $0.9648 Currency: Depreciated paper, convertible at 44 per cent of face value; exchange rate about $0.42 J. Austria-Hungary do Crown. ' \ .2026 Belgium Gold and silver Franc T .19.30 Member of Latin Union; gold is the actual standard. Bolivia Gold. . ' . Boliviano .3893 12J boUviaaos equal 1 pound sterling. Brazil : do . Milreis .5462 Currency: Govern ment paper; ex change rate about 25 cents to the milreis. British Colonies in Austral Pound sterling 4. S6fi5 asia and Africa.. Canada do.. Dollar... [1.0000 Central American States: Costa Rica do .. .. Colon 1 .4653 British Honduras .....do Dollar ,1.0000 Nicaragua do Cordoba !1.OOOO Cun-ency: Inconverti ble paper; exchange rate about 40 pesos equal $1. Guatemala . Currency: Banknotes; Honduras [•Silver Peso : .4969 { exchange rate about Salvador $0 35 Currency: Convertible into silver on de mand; exchange rate about $0.42. Chile..... Gold .do .3650 Currency: Inconverti ble paper; exchange rate, approximately, $0.14. 1 The exchange rates shown under this heading are not to take the place of the consular certificate where it is available. I

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DIBECTOB, OF THE MINT. 441

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

Amoy $0.8146 Canton . 8122 Cheefoo . 7792 CMn Kiang.. . 7958 Fuchau .7536* The tael is a imit of Haikwan .8289 weight; not a coin. (customs). The customs miit is Hankow .7622 the haikwan tael. Tael.. .. lOaochow— . 7894 [ The value of other Nankin .8061 taels are based on China Silver Niuchwang.. .7640 their relation to the Ningpo .7832 value of the haikwan Pektag. .7942 j tael. Shanghai .7441 Swatow .7525 Takau 1 .8198 Tientsia .7894 Yuan .5338 Hongkong... .5358 Dollar...- British .5358 Mexican .5397 Colombia Gold J .....do... 1.0000 Currency: Inconverti ble paper; exchange rate, approximately, $105 paper to $1 gold. Cuba .do Peso . .. 1.0000 ....Jdo Crown : .2680 Ecuador . . do Sucre .4867 Eevnt do Pound (100 piasters) 4.9431 The actual standard is the British pound sterling, which is legal tender for 97^ piasters. Finland . .. do Mark..^ .1930 France Gold and silver Franc .1930 Member of Latin Uniont gold is the actual standard. German Empire Gold Mark , .2382 Great Britain . .. do .... Pound ste rling 4.8665 Greece Gold and silver Drachma. .1930 Member of Latin Union; gold is the actual standard. Haiti Gold ...... Gourde.. .9647 Currency: Inconverti ble paper; exchange rate, approxLamtely, $0.16. India (British) do Rupee . 3244 15 rupees equal 1 pound sterling. Italy. Gold and silver Lira .1930 Member of Latin Union; gold is the actual standard. Japan Gold - Yen .4985 Liberia . .do Dollar 1.0000 Currency: Depreciated silver token coins. Customs duties are collected in gold. Mexico do Peso .4985 Mexican exchange rate violently fluctuating. Netherlands do Florin : .4020 N e wfou n ci 1 an d ...do..: ... Dollar 1.0139 '' Norway / 1 do Crown . 2680 Panama -.-.do.. Balboa 1.0000 Paraguay Silver Peso .4969 Currency: Depreciated paper; exchange rate 1,550 per cent. fGold Achrefi .0959 Silver circulatiag Persia Kran .0915 1 abnvp its metallic value; exchange value of silver kran, approxi ra a,t e 1 y, Peru Gold Libra 4.8665 Phihppine Islands do Peso .5000 Portugal ...do Escudo - 1.0805 Currency: Inconverti ble paper; exchange rate, approximately, 1 $0.76i^.

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442 BEPOET ON THE FINANCES.! 1

vklue in terms of Country. Legal standard. Monetary unit. IJnited Remarks. States money.

Roumania Gold Leu . . . $0.1930 Russia .....do Ruble i .5146 Santo Domingo ... do. Dollar .. . 11.0000 Serbia K do Dinar i .1930 Siam. do Tical .3709 Spain Gold and silver Peseta :.. 1 .1930 Valuation is for the i gold peseta; currency 1 is silver circulating above its metalKc value; exchange value, approxi i mately, $0.20. Straits Settlements Gold Dollar.. .5678 Sweden ... .do. Cro\\Ti I .2680 Switzerland. do Franc j .1930 Member of Latin Union; gold is the actual standard. Turkey ... .do Piaster. . .0440 100 piasters equal to the Turkish £. Uruguay .. do Peso -. . 1.0342 Venezuela do Bolivar .1930

Changes in the value of foreign coins during 1916.

Value, 1916. Country. Monetary unit. Jan. 1. i Apr. 1. July 1. Oct. 1.

Central American States: Guatemala.. Honduras Silver peso $0.3841 $0.4211 $0.5029 Salvador China Silver tael, Amoy .62961 .6904 .8244 .8146 Do Silver tael. Canton .62771 .6883 .8219 .8122 Do Silver tael, Chefoo .6022 .6603 .7885 .7792 Do Silver tael. Chin Kiang -.6151i .6744 .8053 .7958 Do Silver tael, Fuchau .5824! .6386 .7626 .7536 Do... Silver tael,Haikwan(customs) .6406] .7024 .8388 .8289 Do Silver tael, Hankow .58911 .64i59 .7713 .7622 Do Silver tael, ICiaochow .61011 .6690 .7989 .7894 Do Silver tael. Nankin •. .62301 .6831 .8158 .8061 Do Silver tael, Niuchwang .5905j .6474 .7731 7640 Do ^ Silver tael, Ningpo. .6054i .6637 .7926 .7832 Do Silver tael, Peking .61381 .6730 .8037 .7942 Do Silver tael, Shanghai .57511 .6306 .7530 .7441 Do Silver tael, Swatow .58161 .6377 .7615 .7525 Do.;... Silver tael, Takau,. .6336! .6947 .8296 .8198 Do Silver tael, Tientsin ... .6101! .6690 .7989 .7894 Do Silver dollar (Yuan) .41261 .4524 .5402 .5338 Do Silver dollar, Hongkong... .4141' .4541 .5422 .5358 Do Silver dollar, British .4141' .4541 .5422 .5358 Do Silver dollar, Mexican . 4172 .4574 .5462 .5397 Paraguay Silver peso : .38411 .4211 .5029 .4969

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Monetary systems and approximate stoclc of money in the aggregate and per capita in the principal countries of the world Dec. 31, 1914.

Stock of gold. Stock of silver. Per capita. Mone tary Uncovered Popula Country. stand Monetary unit. In bank paper. tion. ard. and public In cir Total. Full Limited Total. Gold. Silver. Paper. Total. treasuries. culation. tender tender.

Thou Thou Thou Thou Thou Thousands. sands. Thousands. sands. sands. sands. Thousands. sands. United States . Gold.... Dollar...... $1,453,292 $351,807 $1,805,099 $568,272 $183,301 $751,573 $1,234,403 $99,875 $18.07 $7.53 $12.36 $37.96 British Empire: Australia . . .do Pound sterling.. 234,792 7,533 242,325 0 10,000 10,000 6,026 40.21 L66 '41.87 Canada ...do Dollar 137,871 137,871 0 221 221 174,060 8,075 17.07 .03 "2L56" 38.66 United Kingdom ...do..,., Pound sterling. 626,885 626,885 167,894 167,894 210,932 46,407 .13.51 3.62 4.55 21.68 India . do Pound sterling 50,310 50,310 115,981 115,981 45,416 315,156 .16 .37 .14 .67 and rupee. South Africa ...do.... Pound sterling.. 26,216 12,166 38,382 0 11,147 11,147 11,453 6,323 6.07 1.76 L81 9.64 Straits Settlement .c..do.... Dollar 2,097 ' 2,097 14,598 14,598 12,869 2,000 1.00 7.30 6.43 14.73 Chosen (Korea) . . .do Yen...' 1,367 3 1,370 0 3,249 3,249 9,671 15,509 .09 .21 .62 .92 Denmark ...do.. . Crown 24,506 2,680 27,186 0 11,712 11,712 36,401 2,775 9.80 4.22 13.12 27.14 Egypt ...do.. . Piaster . . 22,398 22,398 0 18,068 18,068 19,367 11,300 1.98 1.60 L71 6.29 France .do.. Franc 1809,494 574,63i 1,384,125 341,811 69,279 411,090 1,068,062 39,700 34.86 10.35 26.90 72.11 Germany ...do.. . Mark 2 505,440 208,633 714,073 0 12,765 12,765 523,582 67,810 10.53 .19 7.72 18.44 Greece.... .do... Drachma: 7,559 7,559 0 260 260 11,764 5,165 1.46 .01 2.28 3.75 Italy ...do.... Lira 269,584 269,584 25,207 25,207 327,765 37,048 7.28 .68 8.85 16.81 Japan .do Yen..." 109,433 18,984 128,417 73,842 73,842 83,425 53,697 2.39 L38 L55 5.32 Netherlands. ...do Florin...... 86,892 86,892 0 35,628 35,628 115,429 6,340. 13.71 5.62 18.21 37.54 Norway ...do Crown : 18,654 6,056 24,710 0 4,395 4,395 ^ 17,307 2,462 10.04 1.78 7.03 18.85 Portugal 3 . do . Escudo... Russia ...do Ruble 803,000 237,000 1,040,000 78,945 78,106 157,051 803,594 177,297 5.87 .89 4.53 1L29 Servia .do.. . Dinar.i 707 707 0 36,206 36,206 4,622 .15 7.83 7.98 Siam ...do.. . Pical.... 8,667 8,667 4,436 8,542 LOI """."52" L53 Spain ...do.. . Peseta 111,560 111, 560 187,580 46,895 234,475 102,974 20,356 '""5.'48* 11.52 5.06 22.06 Sweden. . .do .. Crown . 31,250 ' 7,956 39,206 0 10,492 10,492 52,399 5,639 6.95 L86 9.29 18.10 Switzerland ...do Franc 45,922 45,922 4,808 4,808 37,257 3,831 11.99 L26 9.73 22.98 Turkey 3. . ...do Piaster South American States: Argentina ...do Peso 216,506 216,506 544,876 7,883 27.46 69.12 96.58 Brazil . .do... Milreis . 44,921 44,921 490,705 24,308 L85 20.19 22.04 Ecuador 3 .do .. Sucre Guiana, British ...do.... Pound sterling.. 61 0 61 0 1,208 •1,208 684 300 .20 4.03 2.28 6.51 Guiana Dntch. .do... Florin 364 364 0 171 171 127 100 3.64 L71 L27 6.62 Paraguay ...do Peso 700 48 748 14,472 800 .94 18.09 19.03 Peru ...do.... Libra 25,383 25,383 0 2,966 2,966 9,733 5,800 4.38 ""'.hi' L68 6.57 1 Based on an estimate by A. De Foville, 1909. 2 The figures lor the stock of gold in Germany represents the amount held by the Reichsbank and the estimated amount of coined gold in circulation only. SNoietum. 60

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Monetary systems and approximate stock of money in the aggregate and per capita in the principal countries of the world Dec. 31, 1914—Contiuued.

South American States- Thou Thou Thou Thou Thou Continued. Thousands. sands. Thousands. sands. sands. sands. Thousands. sands. Uruguay Gold. .. Peso $16,527 $16,527 $1,226 $13.48 $13.48 Venezuela i ...do Bolivar Central American States: Guatemala Silver... Peso.^ 22 22 0 $94 $94 $3,432 2,119 .01 $0.04 $L62 1.67 Nicaragua .do . do 0 314 314 3,720 600 .52 6.20 6.72 i Panama Gold.... Balboa """'si' si" 0 26 26 400 "".is .06 .19 o Salvador Silver... Peso 47 47 $1,688 1,688 738 1,226 .04 L38 "'"'.'eo' 2.02 Total 5,683,811 $1,427,497 7,111,308 1,208,311 917,485 2,125,796 5,971,053 990,717 0- o

1 No return. NOTE.—The blank spaces in this table signify that no satisfactory information is available. In some instances the amount of gold in banks and public treasuries is carried out as the total stock in the country, although an unknown amount is in circulation. The per capita circulation is based upon known amounts only. All estimates of stock of money in cu'culation must be accepted with reserve.

Monetary systems and approximate stock of money in the aggregate and per capita in the principal countries of the loorld Dec. 31, 1915. > Stock of gold. Stock of silver. Per capita. a Mone U2 tary Uncovered Popula Countryr- Monetary unit. paper. stand In bank In cir Full Limited tion. ard. and public Total. Total. Gold. Silver. Paper. Total. treasuries. culation. tender. tender.

Thou Thou Thou Thou Thou Thousands. sands. Thousands. sands. sands. sands. Thousands. sands. UnitedStates. Gold..., Dollar $1,992,267 $307,187 $2,299,454 $568,272 $187,739 $756,011 $965,039 $101,577 $22.64 $7.44 $9.50 $39.58 British Empire: Australia ..do Pound sterling.. 241,995 7,532 249,527 0 10,000 10,000 6,026 4L41 43.07 Canada ..do...., Dollar 169,128 1,432 170,560 0 2,835 2,835 134,233 8,075 21.12 16.62 38.00 Ceylon ..do...., Rupee — 1,140 1,140 2,784 1,996 4,780 3,793 250 4.56 15.17 38.85 United Kiagdom., ..do Pound sterling. 661,944 661,944 0 204,393 204,393 451,013 46,407 14.26 9.72 28.38 India ..do Pound sterliag and rupee 42,412 42,412 112,194 112,194 45,416 315,156 .13 .63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1916

South Africa ...do Pound sterling.. 32,572 32,572 0 2,601 2,601 13,434 6,416 5.08 .41 2.09 7.58 Strait"? Settleinent ...do Dollar 1,665 1,665 10,792 10,792 13,827 750 2. 22 14.39 18.44 35.05 Bulgaria ...do Lev 11,849 . 7,7-20 19,569 0 11,580 11,580 • 59,368 4,700 4.16 2.46 12.63 19.25 Chosen (Korea) ...do Yen 1,253 3 1,256 0 3,326 3,326 16,027 15,509 .08 .21 L03 L32 Denmark ...do Cro\\Ti .-.. 29,828 1,340 31,168 0 12,864 12,854 28,435 2,920 10. 67 4.41 .974 24.82 Egvnt ...do Piaster 22,832 22,832 0 21,634 21,634 21,827 12,733 L79 L70 L71 5.20 Erance ...do Franc 1 976,273 407,852 1,384,125 342,550 68,540 411,090 1,502,511 39,700 34.86 10.35 37.85 83.06 Germany ..'. ...do Mark 2594,973 119,100 714,073 0 7,806 7,806 758,952 67,810 10.53 .12 n.i9 2L84 Greece ...do...... Drachms. 11,518 11,518 0 65 65 14,034 5,165 2.23 .00 2.72 4.95 Italy ...do.;... Lira 335,689 335,689 46,568 46,568 616,813 37,048 9.06 L26 16.65 26.97 Japan ...do Yen 124,628 is, 500 143,128 0 71,507 71,507 40,738 55,500 2.58 1.29 .73 4.60 Morocco Silver... Rial. . 1,114 1,114 5,000 .22 .22 Netherlands •Gold.... Floria 172,536 172,536 6 195,968 195,968 57,709 6,340 "27.'2i' 30.91 ""9.'42' 67.54 Norway ...do Crown 24,887 24,887 0 4,395 4,395 17,307 2,462 10.11 L79 7.03 18.93 Portugal ...do Escudo 9,185 8,609 .17,794 0 41,646 41,646 111,316 5,958 2.99 6.99 18.68 28.66 Russia.. ...do Ruble . 830,564 227,916 1,058,480 88,203 83,^62 171,465 2,046,461 178,379 5.93 .96 4.50 1L39 Siam ...do..... Pical 7,549 7,549 5,393 8,542 .88 .63 L51 Spaia . :. . ...do- .. Peseta 157,375 167,375 193,449 48,362 241,811 92,648 20,356 '"a 22* U.88 4.55 24.65 Sweden ...do Crown 43,542 43,542 0 10,492 10,492 62,399 5,639 • 7.72 L86 9.29 18.87 Switzerland .do Franc 48,276 48,276 9,889 9,889 34,033 3,831 12. 60 2.58 8.88 24.06 Turkey ...do Piaster 291,197 291,197 0 56,805 56,805 • 129,888 21,274 13.69 2.67 6.11 22.47 South American States: Argentina do Peso 228,939 228,939 741,166 7,883 29.04 94.02 123. 06 Brazil ...do Milreis 24,408 24,408 663,658 24,308 LOO 23.19 24.19 Guiana, British ...do Pound sterliag.. 36 0 36 0 975 975 849 , 300 .12 '"'3.'25' 2.83 6.20 O 3.81 Guiana Dutch ...do Florin 95 95 0 188 188 134 100 .59 L88 L34 ^=3 Paraguay ...do Peso 1,737 193 1,930 27,738 800 2.41 34.67 37.08 Peru ...do Libra 25,622 25,622 3,425 0 3,425 9,463 5,800 4.42 '.'59' L63 6.64 Uruguay ...do Peso 28,356 28,356 0 1,898 1,898 1,226 23.13 ' L55 24.68 Venezuela ...do Bolivar 2,057 2,057 0* 1,464 1,464 2,818 .73 .52 1.25 fei Central American States: Guatemala Silver... Peso 4,011 2,119 L89 L89 Nicaragua ...do do 0 315 315 1,747 600 .53 2.91 3.44 Panama Gold.... Balboa 51 51 0 13 13 400 "".'i.3' .03 .16 Salvador Silver... Peso 1,554 1,554 1,412 1,268 1.22 "i.'ii' 2.33 Total 7,150,829 .1,107,384 8,258,213 1,253,269 1,187,743 2,441,012 8,582,792 1,084,842

1 Based on an estimate by A. De Foville, 1909. 2 The figures for the stock of gold in Germany represent the amount held by the Reichsbank and the estimated amount of coiaed gold in circulation only. NOTE.—The blank spaces in this table signify that no satisfactory information is available. In some instances the amount of gold in banks and public treasuries is carried out as the total stock in the country, although an unknown amount is in circulation. The per capita circulation is b^sed upon known amounts only. All estimates of stock of money in circulation must be accepted with reserve.

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446 REPORT ON THE FINANCES.

WORLD'S PRODUCTION. The following table shows/by calendar years, the production and value of gold and silver in the world since 1860: Production of gold and silver in the world since 1860.

[The annual production of 1860 to 1872 is obtaiaed from 5-year period estimates compiled by Dr. Adolph Soetbeer. Since 1872 the estiraates are those of the Bureau of the Miat.l

Gold. Silver.

Calendar years. Commercial Fine ounces. Value. Fine ounces. value.

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 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 6,270,086 129,614,000 43,051,583 57,646,000 1867.... 6,270,086 129,614,000 43,051,583 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 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 1,628,252,000 547,997,231 729,563,000

1873 4,653,675 96,200,000 63,267,187 82,120,800 1874 4,390,023 90,750,000 55,300,781 70,674,400 1875 4,716,563 97,500,000 62,261,719 77,578,100 1876 5,016,488 103,700,000 67,753,125 78,322,600 1877 5,512,196 113,947,200 62,679,916 75,278,600 1878 5,761,114 119,092,800 73,385,451 84,540,000 1879 5,262,174 108,778,800 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 89,925,700 1882 4,934,086 101,996,600 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 81,567,801 90,785,000 1885 5,245,572 108,435,600 91,609,959 97,518,800 1886.-.--- 5,135,679 106,163,900 93,297,290 92,793,500 1887 5,116,861 105,774,900 96>123,586 94,031,000 1888...-^ 5,330,775 110,196,900 108,827,606 102,185,900 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 7,094,266 146,651,500 153,151,762 133,404,400 1893 7,6.18,811 157,494,800 165,472,621 129,119,900 1894 8,764,362 181,175,600 164,610,394 104,493,000 1895 9,615,190 198,763,600 167,500,960 109,545,600 1896 9,783,914 202,251,600 157,061,370 105,859,300 1897. 11,420,068 236,073,700 160,421,082 96,252,700 1898 13,877,806 286,879,700 169,055,253 99,742,600 1899 14,837,775 306,724,100 168,337,452 101,002,600 1900 12,315,135 254,576,300 173,591,364 107,626,400 1901 12,625,527 260,992,900 173,011,283 103,806,700 1902 14,354,680 296,737,600 162,763,483 86,264,700 1903 15,852,620 327,702,700 167,689,322 90,552,200 1904 16,804,372 347,377,200 164,195,266 95,233,300 1905 18,396,451 380,288,300 172,317,688 106,113,700 1906 19,471,080 402,503,000 165,054,497 111,721,100 1907 19,977,260 412,966,600 184,206,984 121,577,100 1908 21,422,244 442,837,000 203,131.404 108,655,100 1909 21,965,111 454,059,100 212,149,023 110,364,400 1910 22,022,180 455,239,100 221,715,763 119,727,000. 1911 22,348,313 461,980,500 226,192,923 122,143,800 1912 22,549,335 466,136,100 224,310,654 137,883,800 1913 22,249,596 459,939,900 223,907,845 135,246,400 1914 21,240,416 439,078,260 160,626,019 88,845,464 1915 22,758,808 470,466,214 179,753,978 93,277,934 Total 488,152,195 10,091,001,474 5,963,628,238 4,399,454,798

Grand total 566,918,825 11,719,253,474 6,511,625,469 5,129,017,798

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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 siace, the production is the annual estimate of the Bureau of the Mint.] Gold. Silver. Percentage of production. Aimual average for period. Total for period. Annual average for period. Total for period. By w eight. By value. Coining value Fine ounces. •Value. Fine ounces. Value. Fine ounces. Coining value. Fine ounces. in standard Gold. Silver. Gold. Silver. silver dollars. 1493-1520 186,470 $3,855,000 5,221,160 $107,931,000 1,511,050 $1,954,000 42,309,400 $54,703,000 11 •89 66.4 33.6 1521-1544 230,194 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 1545-1560 273,596 5,656,000 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 1661-1580 219,906 4,546,000 4,398,120 90,917,000 9,628,925 12,450,000 192,578,500 X 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 L7 98.3 22 78 1601-1620 273,918 5,662,000 5,478,360 113,248,000 13,596,235 17,579,000 271,924,700 351,679,000 2 98 24.4 75.6 1621-1640 266,845 5,516,000 5,336,900 110,324,000 12,654,240 16,361,000 ^253,084,800 327,221,000 2.1 97.9 25.2 74.8 1641-1660 281,955 5,828,000 5,639,110 116,571,000 11,776,545 15,226,000 235,530,900 304,525,000 2.3 97.7 27.7 72.3 1661-1680 297,709 6,154,000 5,954,180 123,084,000 10,834,550 14,008,000 216,691,000 280,166,000 2.7 97.3 30.5 69.5 1681-1700 346,095 7,154,000 6,921,895 143,088,000 .10,992,085 14,212,000 219,841,700 284,240,000 3.1 96.9 33.5 66.6 1701-1720 412,163 8,520,000 8,243,260 170,403,000 11,432,540 14,781,000 228,650,800 295,629,000 3.5 96.5 36.6 73.4 o 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 95.8 4L4 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 4.4 95.6 42.5 57.6 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 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 76.6 1801-1810 571,663 11,815,000 5,715,627 118,152,000 28,746,922 37,168,000 287,469,225 371,677,000 L9 98.1 24.1 75.9 o 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 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 1831-1840 652,291 13,484,000 6,522,913 134,841,000 19,175,867 24,793,000 191,758,675 247,930,000 3.3 96.7 35.2 64.8 1841-1850 1,760,502 36,393,000 17,60'5,018 363,928,000 25,090,342 32,440,000 250,903,422 324,400,000 6.6 93.4 52.9 47.1 W 1851-1855 6,410,324 132,513,000 32,051,621 .662,566,000 28,488,597 36,824,000 142,442,986 184,169,000 18.4 81.6 78.3 21.7 1866-1860 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 2L9 1861-1866 5,949,582 122,989,000 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 31,350,430 648,071,000 43,051,583 55,633,000 215,257,914 278,313,000 12.7 87.3 70 30 1871-1875 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 9L9 68.5 41.5 1^ 1876-1880.---- 5,543,110 114,586,000 27,715,560 572,931,000 78,775,602 101,851,000 393,878,009 509,256,000 6.6 93.4 63 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 5 95 45.5 64.5 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 4.8 95.2 44.5 55.5 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 55.6 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 64.6" 45.4 1901-1905 15,606,730 322,619,800 78,033,650 1,613,099,100 167,995,408 217,206,200 839,977,042 1,086,030,900 8.5 , 9L5 69.8 40.2 1906 19,471,080 402,503,000 165,054,497 213,403,800 10.5 89.5 65.3 34.7 1907 19,977,260 412,966,600 184,206,984 23.8,166,600 9.8 90.2 63 4 36.6 1908 - 21,422,244 442,837,000 203,131,404 262,634,500 9.6 90.5 62.8 37.2 1909 21,965,111 454,059,100 212,149,023 274,293,700 9.4 90.6 62.3 37.7 1910...- 22,022,180 455,239,100 221,715,673 286,662,700 9 91 61.4 38.6 1911 22,348,313 461,980,500 226,192,923 292,451,500 9 91 63.3 36.7 1912. 22,549,335 466,136,100 224,310,654 290,017,800 10 90 60 2 39.8 1913 22,249,596 ^ 459,939,900 223,907,843 289,497,000 9.9 • 90.1 62.9 37.1 1914 21,240,416 439,078,260 160,626 019 207,678,038 13.7 88.3 67.9 32.1 1916 22,758,808 470,466,214 179,753,978 232,409,131 n.2 88.8 66.9 33.1 hP^ ^•1^ ^ Total-. 780,996,642 16,144,635,274 11,669,557,089 15,087,912,069 6.3 93.7 51.7 48.3 *;5

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REPORT OF THE DIRECTOR OF THE MINT.

TREASURY DEPARTMENT, BUREAU OF THE MINT, Washington, D. C, September 15, 1917. SIR: In compliance with the provisions of section 345, Revised Statutes of the United States, I have the honor to submit herewith a report coyering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1917, being the forty- fifth annual report of the Director of the Mint. There is also sub mitted 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 1916.

OPERATIONS OF THE MINTS AND ASSAY OFFICES. A feature of the year was the unprecedented demand for coins of the smaller denominations. The coinage executed approached the half-billion mark in number of pieces, against approximately 155 million pieces in the previous year. This was the largest yearns coin age in the history of the mint service. A large number of pieces, over 17 millions, were coined for foreign Governments. The value of gold acquired by the mint service during the fiscal year was nearly a billion dollars—almost double that of the prior yearj and more than six times the amount received in 1915. I beg to suggest the advisability of recommending to Congress that a permanent indefinite appropriation be made for the purpose of providing alloy metals for gold and silver coinage. Under present conditions payment is made from the appropriation for contingent (general) expenses of the respective coinage mints, and in submitting requests for appropriations it is impracticable to estimate with any degree of accuracy the amount that will be drawn from the contin gent funds for the purchase of metal for alloy. It is further recommended that the necessary steps be taken to bring about legislation to increase the ininor coinage metal fund from $200,000 to $400,000. We are now considerably embarrassed by lack of funds to pay for sufiicient copper and nickel to operate the mints to full capacity on minor coins. The regulation in force for many years _as to the gold content of acceptable deposits has recently been so modified as to permit the minor ofiices to receiv«e bullion containing not less than one part of gold in one thousand. This amendment nas the effect of attracting to the smaller offices large amounts of buUion previously deflected to outside institutions. In this connection I would urge the desirability of appropriations sufficiently large to permit the utilization of the minor offices in han- • 457

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458' REPORT ON THE FINANCES. -

dling a much larger volume of business. The activities of all of the as say offices should be increased. They can be made to serve a larger number of small producers of the precious metals and to be of much greater accommodation to the mining industry, and this at small expense to the Public Treasury. It is possible for the earnings of the smaller offices to be increased to the extent of making them largely self-supporting. The most notable mechanical improvement in the service consisted of the installation of an electric furnace in the mint at Philadelphia to be used for the melting of minor-coinage metal. It is expected that an important saving of time and materials wiU result from this method of operating upon nickel and bronze. The following mint service institutions were operated during the fiscal year 1917: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which has a large trade in bars of fine gold and silver; mints at New Orleans and Carson City conducted as assay offices and.assay offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood, these being bullion-purchasing agencies for the large institutions. Refineries were operated at the New York, Den ver, and San Francisco institutions. . The value of the gold acquired by the Government at the mints and assay ofiices during the fiscal year 1917 was $907,962,397.15, the large increase over last year being due principally to the heavy importations of foreign coin; United States gold coin received for recoinage was of the value of $1,906,125.44; transfers of gold between mint service offices totaled $13,832,622.21, making an aggregate of gold handled by the mint service during the fiscal year 1917 of $923,701,144.80. Silver purchased during the fiscal year 1917 totaled 6,161,680.34 fine ounces, costing $4,513,215.19, at an average price of 73^ cents per fine ounce; the silver received and repaid to the depositors thereof in bars bearing the Government stamp totaled 4,610,396.06 fine ounces; the silver deposited bv foreign Governments to be worked into coin totaled 811,754.81 nne ounces; the United States silver coin received for recoinage totaled 6,241,055.78 fine ounces, with re coinage value of $8,627,946.34; the Philippine silver coins received for recoinage totaled 149,129.07 fine ounces; the transfers of silver between mint service offices totaled 1,231,661.15 fine ounces, making an aggregate quantity of silver handled by the mint service during the fiscalyear 1917 of 19,205,677.21 fine ounces. The large increase over last year of silver handled was due principally to the extraordi nary demand for subsidiary silver coin and to the placing in circulation of the new design subsidiary silver coins. The United States coinage for the fiscal year 1917 amounted to $25,445,148.68, of which $1,230,040 was gold, $18,263,600 was silver, $3,816,496.70 was nickel, and $2,135,011.98 was bronze. This amount includes $30,040 in $1 gold pieces struck at the Philadelphia Mint for the McKinley Memorial Association, and represents a total of 406,500,972 pieces. There were also coined at the Philadelphia Mint 5,000 gold pieces for Costa Rica; 589,661 silver pieces for Colombia; 2,000,000 silver and 2,800,000 nickel pieces for Ecuador; 2,500,000 nickel pieces for Salvador; 100,000 silver and 800,000 nickel pieces "for Panama;

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DIRECTOR OF THE MINT. 459

1,170,000 bronze pieces for Nicaragua; 510,000 gold planchets and 600,449 silver planchets for Peru. The mint at San Francisco coined for the Philippine Islands 1,594,203 silver, 1,600,000 nickel, and 4,500,000 bronze pieces, atotal of 18,769,313 pieces. The seigniorage on United States coinage executed totaled $10,478,- 643.24, of which $5,406,158.51 was on subsidiary silver coins and $5,072,484.73 was on minor coins.

STOCK OF COIN AND BULLION IN THE UNITED STATES. On June 30,19i7, the estimated stock of domestic coin in the United States was $2,308,584,535, of which $1,541,481,585 was gold, $568,- 270,061 was silver doUars, and $198,832,889 was subsidiary silver coin. The stock of gold buUion in the mints and assay offices on the same date was valued at $1,550,357,982.76, an increase over last year of $745,891,805.06, and the stock of silver buUion was 10,054,416.81 fine ounces, a decrease over last year of 780,757.07 fine ounces.

PRODUCTION OF GOLD AND SILVER. The production of the precious metals in the United States during the calendar year 1916 was as foUows: Gold, $92,590,300, and silver, 74,414,802 fine ounces. INDUSTRIAL ARTS. ' The amount of gold consumed in the industrial arts during the cal endar year 1916 was $51,061,187, of which $41,120,149 was new material. Silver consumed amounted to 32,103,507 fine ounces, of which 22,204,261 fine ounces was new material.

EXPORT OF GOLD COIN. The net export of United States gold coin for the fiscal year ended June 30, 1917, was $124,413,527.

ESTIMATES FOR THE FISCAL YEAR 1919. The total of estimates for the mint service for the fiscal year 1919, including the office of the Director in Washington, is $1,663,340, which compares with estimates of $1,261,240 for the fiscal year 1918 and appropriations for the latter year of $1,215,080.

APPROPRIATIONS, EXPENSES, AND INCOME. The appropriated amounts available for the mint service use during the fiscal year 1917 totaled $1,514,586.88, reimbursements to appro priations for services rendered amounted to $82,054.39, making an available total of $1,596,641.27. The expenses chargeable to appropriations were $1,547,344.85; those chargeable to income $29,802.65; total, $1,577,147.50. The income realized by the Treasury from the mint service totaled $11,439,873.37, of which $10,478,643.24 was seigniorage.

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460 REPORT ON THE FINANCES.

Income and expenses are itemized as foUows:

•17, . INCOME. Earnings: Credited to appropriations— Charges on foreign coinage exe cuted - $69,897.96 Charges for manufacture of spe cial medals 2,722.28 Charges for work done for other institutions, etc 9,447. 65 Total earnings credited to appropriations- $82,067.89 Credited to revenues— Mint charges on bullion. .... 504,417-98 Proceeds of medals and proof coinssold ^ 2,854.81 ; . Receipts from special assays of . bullion and ores 3,332.75 Total earnings credited to revenues 510, 605. 54 Total earnings $592,673.43 Profits: Gain on bullion shipments to refineries $458:15 Less contra losses 174.79 283.36 Surplus bullion recovered 112,814.21 Proceeds of sale of by products (plati num, etc.) - 251, 721.08 Proceeds of sale of old materials 3,736.78 Commission on telephone calls 1.27 Total profits other than seign iorage 368,556.70 Seigniorage on subsidiary silver coin age. . .^ 5,406,158. 51 Seignoriage oh minor coinage— Nickel. 3,414,426.30 Bronze 1,658,058.43 Total seigniorage : 10,478, 643. 24 Total profits .' , 10, 847,199. 94 Total income 11,439,873.37 Chargeable to,.appropriations: EXPENSES. Compensation of employees. Mint Bureau, salaries appropriation,..:. $22,841.64 Mints and assay offices, salaries ap propriation 241,008. 27 Mints and assay offices, wages appro priations 847,611.84 ^ Total compensation of em ployees. ,--.-.- $1, 111, 461. 75 Equipment, stores, and other ex penses— Mint Bureau, contingent appro priation :-. 5,055.48 Mints and assay offices, contin gent and permanent appropria tions (including $3,533.10 wast age of gold and silver in opera tive departments, and $6,036.64 loss on assay value of operative sweeps sold) 419,169.50

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DIRECTOR OF THE MINT. 461

Chargeable to appropriations—Contd. Equipment, stores, and other ex penses—Continued. Transportation of^ bullion and coin between mints and assay offices, freight appropriation.. $11,658.12 Total miscellaneous ex penses chargeable to ap propriations $435,883.10 Total expenses chargeable to appropriations. $1,547,344.85 Chargeable to revenue: . ^ Seigniorage on minor coinage— Expenses of distributing minor coin to Treasury offices 23,381.14 Wastage of minor metals in op erative departments 6,421.51 Total chargeable to revenue. - 29,802.65 Total expenses 1, 577,147.50 Net income of the Government from the mint service. 9,862,725.87 TotaL 11,439,873.37

DEPOSITS, INCOME, EXPENSES, AND EMPLOYEES BY INSTITUTIONS.

The number and value of deposits, the income (including seignior age), and the expenses, of the fiscal year 1917, and the number of employees on June 30, 1917, at each institution, are given below:

Number of— United States Transpor Em- coining value of tation ployees; Institution. gold and silver Income. Expenses.! Depos Rede received at each of bullion June 3C, its. posits. institution. and coin. 1917.

Philadelphia.... 10,061 962 $224,327,184.31 S6,643,049.53 $684,171.60 $1,763.75 342 San Francisco 13,701 33 108,786,936.96 1,669,310.72 254,564.20 4,320.86 138 Denver 3,990 1,269 34,273,718.61 2,564,247.09 209,146.38 ' 419.30 90 New York . .. 19,278 621 568,830,100.11 546,756.37 288,950.31 2.20 137 New Orleans 481 1 477,251.60 1,799.29 13,387.03 268.48 12 Carson 419 204,242.11 1,387.26 7,221.16 34.88 5 Boise 661 762, 594.24 2,636.59 7,402.10 292.84 6 Helena '.. 518 6 1,050,495.41 2,499.04 8,395.90 495.39 5 Deadwood 62 248,035.57 2,473.34 7,222.64 161.64 5 Seattle 2,476 72 11,249,066.45 5,114.51 35,309.30 3,888.61 17 Salt Lake City 110 41,824.42 774.42 3,677.10 10.17 2 Total 51,757 2,964 950,251,449.79 11,440,048.16 1,519,447.72 11,658.12 759

1 Includes transportation of bullion and coin between mints and assay offices.

COINAGE DURING THE FISCAL YEAR.

The amount of domestic coin produced during the fiscalyear 1917 was 406,500,972 pieces of the face value of $25,445,148.68. • The ffold coinage was $1,230,040, which includes $30,040 in McKin ley gold dollars authorized under the act of Congress of February 23, 1916. The silver coinage consisted of 116,399,800 pieces of the face value of $18,263,600, which includes $13,750,400 in value of silver coins of the new design. The minor coinage executed totaled 289,831,132 pieces of nickel and bronze of the face value of $5;951,508.68, .

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462 , REPORT ON THE FINANCES. The following statement shows the domestic coinage in detail:

Philadelphia. San Francisco. Denominations. Pieces. Value. Pieces. Value.

Gold: Double eagles . . Eagles Half eagles . 240,000 $1,200,000.00 Quarter eagles McTCinley memorial dollars 30,040 $30,040.00 Total gold 30,040 30,040.00 240,000 1,200,000.00 Silver: Half dollars, old design . Half dollars, new design .4,312,000 2,156,000.00 2,434,666 1,217,000.00 Total half dollars 4,312, 000 2,156,000.00 2,434,000 1,217,000.00 Quarter dollars, old design 1,788,000 447,000. 00 Quarter dollars, new design.. . 7,888,000 1,972,000.00 1,952,000 488,000.00 Total quarter dollars 9,676,000 2,419,000.00 1,952,000 488,000.00 . Dimes, old design 18,490,000 1,849,000. 00 5,820,000 682,000.00 Dimes, new design 41,710,000 4,171,000.00 16,160,000 1,616,000.00 Total dimes 60,200,000 6,020,000.00 • 21,980,000 2,198,000.00 Total silver..'. 74,188,000 10,595,000.00 26,366,000 3,903,000.00 Minor: 5-cent nickel 48,519,934 2,425,996.70 13,307,000 665,350.00 • . 1-cent bronze 162,908,198 1,629,081.98 25,960,000 259,600.00 Total minor 211,428,132 4,055,078.68 39,267,000 924,950.00 Total coinage 285,646,172 14,680,118.68 65,873,000 6,027,950.00

Denver. Total. Denominations. Pieces. . Value. Pieces. Value.

Gold: Double eagles Eagles Half eagles 240,000 $1,200,000.00 Quarter eagles McTCinley mp.Tnorial dollars - . . ^... 30,040 30,040.00 Total gold 270,040 1,230,040.00 Silver: Half dollars, old design Half dollars, new design . 2,433,800 1,216,900.00 .9,179,800 4,589,900.00 Total half dollars 2,433,800 1,216,900.00 9,179,800 4,589,900.00 Quarter dollars, old design 6,540,800 1,635,200.00 8,328,800 2,082,200.00 Quarter dollars, new design ... 1,509,200 377,300.00 11,349,200 2,837,300.00 Total quarter dollars. •. 8,050,000 2,012,500.00 19,678,000 4,919,500.00 Dimes, old design.. . 24,310,000 2,431,000.00 Dimes, new design 5,362,000 536,200.00 63,232,000 6,323,200.00 Total dimes 5,362,000 536,200.00 87,542,000 8,754,200.00 Total silver 15,845,800 3,765,600.00 116,399,800 18,263,600.00 Minor: 5-cent nickel ; 14,503,000 725,150.00 76,329,934 3,816,496.70 1-cent bronze 24,633,000 246,330.00 213,501,198 2,135,011.98 Total minor . 39,136,000 971,480.00 289,831,132 5,951,508.68 Total coinage 54,981,800 4,737,080.00 406,500,972 25,445,148.68

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Finance Report, 1917.

1. Obverse of Silver Quarter Dollar. 2. Reveise of same.

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DIRECTOR OF THE MINT. 463

The mints at Philadelphia and San Francisco, as usual, manufac tured coin for other than home use; such coin produced during the fiscal year ended June 30, 1917, is shown in the lollowtag tabulation:

COINED AT PHILADELPHIA.

Country and denomination. Gold. Silver. Nickel. Bronze.

Pieces. Pieces. Pieces. Pieces. Costa Rica: 2-colone '. 5,000 Colombia: 50-centavo.. 589,661 Ecuador: 10-centavo 2,000,000 5-centavo 1,200,000 2^'-centavo 1,600,000 Panama: 5-centesinio 100,000 2^centesimo 800,000 Salvador: S-centavo ; 2,500,000 Nicaragua: 1-centavo 450,000 ^-centavo '. 720,000 Peru, coin planchets: 1-pound.. 500,000 -J-pound 10,000 Sol. 600,449 Total 515,000 3,290,110 6,100,000 1,170,000

COINED AT SAN FRANCISCO.

Philippines: 50-centavo .' 374,203 10-ccntavo. ^ 1,220,000 5-centavo 1,600,000 1-centavo 4,500,000 Total 1,594,203 1,600,000 4,500,000

MODIFICATION OF THE NEW-DESIGN SILVER QUARTER DOLLAR.

Under act of Congress approved July 9, 1917, the recently adopted design for the quarter dollar has been modified slightly for the pur- )Ose of increasing its artistic merit; the law referred to may be found in this document.under ''Monetary legislation.'' Coins conforming to. the modified design are now being issued; illustration faces this page.

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464 REPORT ON THE FINANCES.

DEPOSITS OF FOREIGN GOLD BULLION AND COIN. Foreign gold buUion containing 27,643,796 fine ounces, of the value of $571,447,979, and foreign gold coin, containing 6,003,900 fine ounces, ofthe value of $124,111,627, was deposited and received from the following countries during the fiscal year ending June 30, 1917:

. Crude bullion. Refined bullion. Coin.

Country. Fine Coining Fine Coining Fine Coining oimces value. ounces. value. ounces value.

Canada '. 594,447 S12,288,310 5,930,013 $122,584,248 209 $4,320 Nova Scotia . ... 119 2,460 Mexico • 41,755 863,153 28 579 1,274 26,335 West Indies. 21,686 448,289 478 9,881 Central America ^ 327,051 6,760,744 11 227 South America 96,586 1,996,610 368 7,607 Guiana: British. 15,625 322,998 Dutch 25,246 621,881 French : 1,690 34,935 Great Britain.. 28,275 684,496 26,457,i06 422,885,912 2,830,560 68,512,868 New Zealand. 34,159 706,129 Austria-Hungary 5,485 113,385 Finland 14 289 France 5,309 109,747 2,776,088 57,386,832 Germany,!... 8,416 173,974 43,071 890,356 342,673 7,083,680 Holland 13 269 Italy 1 21 Portugal 1 21 Russia 158 3,266 Spain 549 11,349 Sweden 18 372 Turkey : ^19 393 China 6,416 132,631 Japan 6,798 140,627 45,356 937,592 Egypt... 1 21 South Africa 21 434 Other... 603 • 12,465 Total.... 1,174,110 24,271,008 26,469,686 547,176,971 6,003,900 124,111,627

DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign silver bullion containing 2,323,925 fine ounces of the value 01 $1,790,793 and foreign silver coin containing 816,725 fine ounces of the value of $629,360 was deposited and received from the foUowing countries during the fiscal year ending June 30, 1917.

Crude bullion. Refined bullion. Coin.

Country, Fine Fine Fine ounces. ValuiB.i ounces. Value.i ounces. Value.i

Canada 116,041 $89,420 Nova Scotia 11 8 Mexico ' . 1,835,011 1,414,041 59,510 $46,858 564,160 $427,030 West Indies 1,135 875 7,026 5,414 Central America 278,898 214,916 12,892 9,935 South America 28,188 21,721 Guiana: British 1,512 1,165 Dutch. 2,346 1,808 French 94 72 Great Britain . . 228 176 101,320 78,076 Germany 69 63 China 824 635 Japan 58 45 Other i4i,327 108,905 Total... 2,264,415 1,744,935 59,510 45,858 816,725 629,360

1 Based on the average London price of silver during the fiscal year 1917, $0.77.77059( .

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DIRECTOR OF THE MINT. 465

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 for the fiscal year 1917 was as foUows

EXCHANGED FOR GOLD COIN.

Philadel San Fran Months. phia. New York. cisco. Denver. Total.

1916: July $60,301.89 $3,052,656.07 $818,619.37 $3,931,577.33 August 70.551.47 3,779,104. 29 4,191,916.21 8,041,571.97 September.. 75,563. 86 3,634,714.84 1,140,105. 78 4,850,384.48 October 84.070.48 4,458,738. 72 1,044,050.97 5,586,860.17 November. 80,593.50 4,472,379.66 2,565,831.99 7,118,805.15 December.. 85,565.21 3,100,576.53 1,593,850.87 4,779,992.61

-January... 75,467.70 3,983,526.66 547,487.75 4,606,482.11 February. 85,616.45 3,217,258.03 860,274. 83 4,163,149.31 March 90,611.45 3,619,683.79 2,939,224.25 6,649,519.49 April 90,685. 03 3,725,557.36 4,455,499.33 8,271,741. 72 May 90,785. 36 3,302,323.61 7,289,449. 74 10,682,558. 71 June 70,679.44 3,098,646.80 22,210,932.27 25,380,258.51 Total 960,491.84 43,445,166.36 49,657,243.36 94,062,901.56

EXCHANGED FOR GOLD BULLION.

1916. July $18,370.26 $362,531.01 $103.50 $1,494.84 $382,499.61 August 24,667.39 284,567.03 490.68 2,845.05 312,570.15 September 21,907.06 276,911.43 634.70 3,581.64 302,934.83 October 35,457.04 334,312.19 465.49 2,885.03 373,119.75 November 30,298.65 314,095.27 638.61 2,344.21 347,376.74 December '•'. 24,168.98 435,975.80 959.51 2,703.81 463,808.10 1917. January., 36.564.34 406,293.80 1,101.57 4,948.94 448,908.65 February 29.737.35 263,416.75 672.70 2,509.82 296,336.62 March 35,236.72 331,782. 67 1,060.36 4,257.57 372,337.32 April 35,156. 41 336,076.58 612.16 2,587.50 374,332. 65 May 28,151. 56 31,779,163.53 5C8.35 3,542.87 31,811,366.31 June 35,339.36 7,359,199.02 205. 89 2,364.74 7,397,109.01 Total... 355,055.12 42,484,325. C 7,253.52 36,066.02 42,882,699.74

13034°—FI 1917- -30

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466 REPORT ON THE FINANCES.

PURCHASE OF MINOR COINAGE METAL FOR USE IN DOMESTIC COINAGE.

During the fiscal year 1917 there were purchased 34,452,619.48 troy ounces of minor coinage metals at a cost of $762,919.10, as follows:

Philadelphia. San Francisco. Metal. Troy oimces. Cost. Troy ounces. Cost.

Copper, ingot 22,276,821. 86 $476,277.19 4,127,141.65 $87,378.57 Copper, boron 8, 750. 00 337. 50 Copper, silicon 1,523. 96 37.10 Nickel 2,404,500.00, 73,506. 72 874,999.99 28,495.00 Tin 117,410.42 3,838.83 89,512.50 2,661. 57 Zinc 583,333.33 6,056.50 88,243.76 588 74 Mutilated bronze coins 278.97 2.67 Mutilated nickel coins. 64.31 .66 Total 25,392,682.85 560,057.17 6,179,897.89 119,123.88

Denver. Total. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper, ingot 3,222,024.16 $68,368.11 29,625,987.67 $632,023.87 Copper, boron •. 8,750.00 337.50 Copper, silicon 1,523.96 37.10 Nickel 291,666.67 9,466.66 3,571,166.66 111,401.72 Tin : 147, 714. 58 4,380. 78 354,637.50 10,881.18 Zinc 218,633.33 1,589.16 890,210.41 8,234.40 Mutilated bronze coins 278.97 2.67 Mutilfl.t,p.d ninknlr.oins.. _ _ . 64.31 .66 Total - 3,880,038.74 83,738.05 34,452,619.48 762,919.10

DISTRIBUTION OF MINOR COINS. The amount of minor coins distributed from the mints during the fiscal year 1917 was $5,667,309.84, and the expenses for distribu tion were $31,298.94, as follows:

San Fran Items. Philadelphia. cisco. Denver Total.

Distributed: 5-cent nickel $2,542,422.30 $628,215.70 $585,000.00 $3,755,638.00 1-cent bronze 1,465,025.00 236,646.84 210,000.00 1,911,671.84 Total 4,007,447.30 864,862. 54 795,000.00 5,667,309.84 Expenses of distribution: Transportation 10,926.53 8,264.10 4,924.16 24,114. 79 Coin sacks 5,117.27 1,289.30 ,675. 60 7,082.17 Twine 50.48 50.48 Seals 51.50 51.50 Total 16,043.80 9,603. 88 5,651.26 31,298.94 C3

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DIRECTOR OF THE MINT. 467

MINOR COINS OUTSTANDING. The foUowing statement shows the coinage of minor coins by denominations since 1793, the amount on hand, issued, melted, and outstanding June 30, 1917.

Amount Denomination. Coined. On hand. Issued. Melted. issued and outstanding June 30,1917.

Philadelphia: Copper cents $1,562,887.44 $1,562,887.44 $381,650.06 $1,181,237.38 Copper half cents 39,926.11 39,926.11 39,926.11 Copper nickel cents 2,007,720. 00 2,007, 720.00 805,903.39 1,201,816.61 Bronze 1-cent pieces. 24,882,011.82 $280,960.00 24,601,051.82 606,669.41 23,994,382.41 •Bronze 2-cent pieces 912,020. 00 912,020.00 341,377. 28 570,642.72 Nickel 3-cent pieces 941,349.48 941,349.48 285,247.63 656,101.85 Nickel 5-cent pieces 44,864,719.20 116,300.00 44,748,419.20 4,599,197.00 40,149,222.20 Total 75,210,634.05 397,260.00 74,813,374.05 7,020,044.77 67,793,329.28 San Francisco: Copper cents 15.05 Bronze 1-cent pieces 609,860.00 36,844.63 573,015.37 12,183.00 560,832.37 Bronze 2-cent pieces 111.52 Nickel 3-cent pieces 1 13. 80 Nickel 5-cent pieces 1,115,700.00 69,115. 00 1,046,585.00 7,487.63 1,039,097.37 Total 1,725,560.00 105,959.63 1,619,600.37 19,701.00 1,599,929.74 Denver: Bronze 1-cent pieces 1,110,260.00 22,938.02 1,087,321.98 1,917.68 1,085,404.30 Bronze 2-cent pieces 1 12.32 Nickel 5-cent pieces 2,376,975.00 18,145.00 2,358,830.00 43,800.00 2,315,030.00 Total 3,487,235.00 41,083.02 3,446,151.98 45,730.00 3,400,434.30

Grand total 80,423,429.05 544,302.65 79,879,126.40 7,085,475.77 72,793,693.32

1 Deduct $42.69 value of old coins melted at San Francisco and Denver Mints, for the net amount issued and outstanding, $72,793,650.63. The uncurrent minor coins melted at each mint are not necessarily those of former coinage of the same mint.

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1917.

The aggregate quantity of metals operated upon in the above-men tioned departments of the coinage mints, and assay office at New York during the fiscal year ended June 30, 1917, was 39,975,678.352 fine ounces of gold and 61,212,698.96 fine ounces of silver. There were also operated upon at the coinage mints 121,554,841.33 ounces of minor coinage metal. The figures in the table following are based on the actual figures obtained at the settlements of the accounts. Legal limits of wastage on the whole amount dehvered by the superintendent to operative officers, as prescribed in section 3542, Revised Statutes, is as follows: Melter and refiner—gold, 0.001; silver, 0.0015. Coiner—Gold, 0.0005; sU^er,. 0.001.

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468 REPORT ON THE FINANCES.

GOLD BULLION.

Per cent Legal age of allow Wast- good ance of coin Institution and Amount Amount Amount wast Actual Actual pro department received. returned. operated age on surplus. wastage. ounces duced upon. amount oper to re ated amount ceived. upon. oper ated upon.

Philadelphia Mint: Melting and Fine ounces. Fine ounces. Fine ounces. Fineoz. Fin£ oz. Fine oz. refining 1,496,136.987 1,497,172.257 1,497,172.257 1,496 1,035.270 Coining.". 719,234.448 719,279.598 332,902.453 360 45.150 55.77 San Francisco Mint: Melting and refining 8,128,405.766 8,128,763.748 8,128,763.748 8,128 357.982 Coining 655,791.586 655,813.853 257,702.940 317 22.267 23.40 Denver Mint: . •Melting and refinmg 2,759,483.458 2,759,539.582 1,311,892.257 2,759 56.124 Coining 292,055.301 292,055.256 . 146 0.045 New York assay office: Melting and refining 28,446,987.019 28,447,244.597 28,447,244.597 28,447 257.578 Total: ^ M e11 i ng and re fining ... 40,831,013.230 40,832,720.184 39,385,072.859 40,830 1,706.954 Coining... 1,677,081.335 1,667,148.707 590,605.393 838 67.417 .045 Total gold... 42,508,094.565 42,499,868. 891 39,975,678.352 41,668 1,774.371 .045

SILVER BULLION.

Philadelphia Mint: Melting and refinmg 16,936,175.39 16,937,212.20 16,937,212.20 25,404 1,036.81 Coining 15,785,946.69 15,784,343.24 15,399,118.95 15,786 1,603.45 0.104 54.95 San Francisco Mint: Melting and refining 8,980,658.97 8,978,878.70 8,980,658.97 13,470 1,780.27 .198 Coining 5,115,846.49 5,115,037.74 4,866,982.73 5,116 80S. 75 .166 61.12 Denver Mint: Melting and refining 5,978,990.43 5,978,478.81 5,616,813.25 511.62 .091 Coining 4,651,886.63 4,650,971.34 4,039,457.40 4,652 915.29 67.46 New York assay .226 office: Melting and refining.., 5,370,657.92 5,372,455.46 5,372,455.46 8,058 1,797.54 Total: Melting and re fining ... 37,266,482.71 37,267,025.17 36,907,139.88 55,900 2,834.35 2,291.89 .062 Coining... 25,553,679.81 25,550,352.32 24,305,559.08 25,554 3,327.49 .137 Total silver . 62,820,162.52 62,817,377.49 61,212,698.96 81,454 2,834.35 6,619.38 .091

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DIRECTOR OF THE MINT. 469

NICKEL COINAGE METAL.

Per cent age of Legal Wast- allow good ance of coin Institution and Amount Amount Amount wast Actual Actual pro-. operated ounces department. received. returned. age on surplus. wastage. duced upon. amount oper ated to re upon. amount ceived. oper ated upon.

• P h i 1 a d e Iphia Mint: Melting and Troy ounces. Troy ounces. Troy ounces. Troy oz. Troy oz. Troy oz. refining.... 19,234,128.53 19,177,918.53 19,234,128. 53 56,210.00 • 2.922 Coining 16,635,633.20 16,615,929.98 15,937,371.80 19,703.22 1.236 53.75 San Francisco Mint: Melting and refining... . 4,463,559.05 4,446,501.22 4,463,559.05 17,057.83 3.822 Coining 3,710,600.80 3,706,809.51 3,710,262.70 3,791.39 1.021 64.66 Denver Mint: Melting and refining... . 3,837,113.78 3,806,596.30 3,478,617.23 30,517.48 8.780 Coining 3,360,907.20 3,356,479.90 3,319,948.40 4,427.30 1.032 70.10 Total: M e 11 i ng and re fining. . 27,534,801.36 27,431,016.05 27,176,304.81 103,785.31 3.818 Coining... 23,707,141.20 23,679,219.39 22,967,582.90 27,921.91 1.215 Total nickel. 51,241,942.56 51,110,235.44 50,143,887.71 131,707.22 2.427

BRONZE COINAGE METAL.

P h i 1 a d e Iphia Mint: Melting and refining 27,321,465.09 27,240,158.18 27,321,465.09 81,306.91 2.975 Cohving 27,154,000.60 27,138,969.54 26,879,158.50 15,031.06 5.592 61 02 San Francisco Mint: Melting and refining 4,728,003.90 4,701,158.83 4,728,003.90 26,845.07 5.677 Coimng •- 5,395,658.10 5,392,283.96 5,155,979.80 3,374.14 .654 65.08 Denver Mint: Melting and refining 4,598,472.98 4,582,551.85 3,872,522.73 15,921.13 4.370 Coining 3,716,620.30 3,715,446.40 3,453,823.60 1,173.90 .339 71.45

Total: M e11 i ng and re fining ... 36,647,941.97 36,523,868.86 35,921,991.72 124,073.11 3.453 Coining 36,266,279.00 36,246,699.90 35,488,961.90 19,579.10 .551

Total bronze. 72,914,220.97 72,770,568.76 71,410,953.62 143,652.21 2.011

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470 REPORT ON THE FINANCES.

REFINERY OPERATIONS. The refineries maintained by the mint service handled the foUowing:

Bulhon owned by the Gov ernment and bullion BulUon upon which charges retained by the refinery were collected. for parting purposes Total. Institution. upon which no charges were imposed.

Gold. Silver. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco 395,902.147 511,980.47 280,086.576 136,866.38 675,988.723 648,846. 85 Denver *... 1,259,591. 789 1,119,871.90 49,847.385 378,275.16 1,309,439.174 1,498,147. 06 Newt-ork 1,522,152.389 3,415,307.60 2,431,699.303 418,080.04 3,953,851.692 3,833,387.64 Total 3,177,646.325 5,047,159.97 2,761,633.264 933,221.58 5,939,279.589 5,980,381.55

Sent to the refinery. Returned from the refinery. Institution. Gold. Silver. Gold. Silver.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco . . 675,988.723 648,846.85 676,098.473 648,414. 83 Denver 1,309,439.174 1,498,147.06 1,309,481.287 1,496,840.33 New York 3,953,851.692 3,833,387.64 3,953,924.324 3,835,149.19 Total 5,939,279.589 5,980,381.55 5,939,504.084 5,980,404.35

Apparent gain. Apparent loss. Institution. Gold. Silver. Gold. Silver.

FiTie ounces. Fine ounces. Fine ounces. Fine ounces. San Francisco.. . •• 109.750 432.02 Denver 42.113 1,306.73 NewYork 72.632 1,761.55 Total _ 224.495 1,761.55 1,738.75

BY-PRODUCTS OF GOVERNMENT REFINERIES.

Refined. Crude. Institution. Plati Palla Osmi Plati Palla num. dium. ridium. Copper. num. dium. Iridium.

Ounces. Ounces. Ounces. Pounds. Ounces. Ounces. Ounces. San Francisco 58.31 20.38 n.36 3,022 Denver 36.30 8.95 New York 1,478.55 383.50 814.80 481.40 234.50 Total 1,573.16 412.83 , n.36 3,022 814. 80 481.40 234.50

NOTE.—The San Francisco refinery operated for a period of five months.

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DIRECTOR OF THE MINT. 471

WASTAGE AND LOSS ON SALE OF SWEEPS. The value of metals wasted in the operative departments during the fiscal year ended June 30, 1917, was $9,954.61. A loss of $6,036.64 occurred from the difference between the assay value of the buUion contained in sweeps sold and the amount received for the same; detaUs are given below:

Mint at— Assay Items. office at New Total. Phila San Fran Denver. York. delphia. cisco.

Gold wastage, coining department SO. 93 SO. 93 Silver wastage: Melting and refining department. §1,114.88 312.32 1,427.20 Coining department SI, 039.75 506.47 558. 75 2,104. 97 Nickel wastage: Melting and refining department. 1,315.78 464. 41 243.14 2,023.33 Coining department 461.22 91.59 35.27' 588.08 Bronze wastage: Melting and refining department. 1,899.71 614.31 796.07 3,310.09 Coining department 351. 20 56.62 92.19 ' 500.01 Loss on sale of sweeps 601. 87 176. 51 1,006.12 S4,252.14 6,036.64 Total wastage and loss. 5,669.53 3,024. 79 3,044.79 4,252.14 15,991.25 Reimbursement: Nickel and bronze wastage from minor coinage profits 4,027.91 1,226.93 1,166.67 6,421.51 Other wastage and loss on sweeps from contin gent appropriation 1,641.62 1,797.86 1,878.12 4,252.14 9,569. 74

BULLION GAINS AND LOSSES. The net gains from operations on bullion during the fiscal year 1917 amounted to $355,248.91, as follows:

Mint at— Assay Minor Items. San office at assay Total. Philadel Fran- - Denver. New York. offices. phia. Cisco.

Recovered from refining and coining operations S23,006.58 $7,860.44 $254.85 S37,018.05 $68,139.92 Recovered incident to receipt of de posits . ... 4,941.47 2,558.67 1,728.71 30,759.88 S4,508.81 44,497. 54 Net gain on shipments to Govern ment refiners 2&3.36 283. 36 Gain on light weight and mutilated coin purchased for recoinage 84.94 22.53 69.28 176. 75 Receipts from sale of by-products 34,947.98 488. 41 216,284.69 251,721. 08 Total gains 28,032. 99 45,389.62 2,471.97 284,131. 90 4,792.17 364,818.65 Wasted in refining and coining opera tions 1,039.75 1,621.35 872.00 3,633.10 Loss on assay value of operative sweeps sold L. 601.87 176. 61 1,006.12 4,252.14 6,036.64 Total losses 1,641. 62 1,797. 86 1,878.12 4,252.14 9,569. 74 Net gain Tt 26,391.37 43,591. 76 593.85 279,879.76 4,792.17 355,248.91

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472 REPORT ON THE FINANCES.

BALANCES, RECEIPTS, AND DISBURSEMENTS OF GOLD BULLION. Balances of gold buUion on hand June 30, 1916, and receipts, disbursements, and balances June 30, 1917, at the mints and assay offices, are shown in the foUowing table:

Receipts Disbursements Balance on Institution. Balance on during fiscal Total. during fiscal hand June 30,1916. year 1917. year 1917. June 30,1917.

Philadelphia $64,400,059.97 $213,343,639.71 $277,743,699.68 $3,819,193.69 $273,924,505.99 San Francisco 290,036,096. 48 101,157,330.89 391,193,427.37 50,872,964.83 340,320,462.54 Denver 92,789,999.58 31,898,081.04 124,688,080.62 54,894. 25 124,633,186.37 New York 356,492,440.62 546,723,538.60 903,215,979.22 92,459,727.95 810,756,251.27 New Orleans 177,871.69 461,252. 76 639,124.45 543,254. 75 95,869.70 Carson City 10,740.22 197,068.82 207,809.04 195,493.26 12,315.78 Helena 11,630.78 942,077.81 953,708.59 914,838.00 38,870.59 Boise 58,108. 82 720,248.82 778,357.64 763,235.33 15,122.31 Deadwood 177.76 231,731.45 231,909.21 230,669.96 1,239. 25 Seattle 487,812.06 11,206,085.39 11,693,897.45 11,139,260.17 554,637. 28 Salt Lake City 1,239.72 38,775.07 40,014.79 34,493.11 5,521.68 Total 804,466,177.70 .906,919,830.36 1,711,386,008.06 161,028,025.30 1,550,357,982.76

DETAILED RECEIPTS (AS ABOVE).

Surplus Uncurrent bullion Transfers United recovered from mints Institutions. Deposits. States coin (including and assay Total. received for shij)ment offices. recoinage. gains).

Philadelphia.... $212,136,006.86 $1,179,877.71 1 $765.31 $213,343,639.71 San Francisco.. 100,839,808.62 109,055.30 9,960. 198,506.46 101,157,330.89 Denver 18,779,506.30 29,838.83 3,763. 13,084,972.20 31,898,081.04 New York 545,866,098.14 258,563.84 50,559. 548,316.67 546,723,538.60 New Orleans..., 460,702. 87 343. 206. 72 461,252. 76 Carson City 196,792. 93 275. 197,068.82 Helena 941,650.80 220. 206.72 942,077.81 Boise 719,674.02 574. 720,248. 82 Deadwood 231,594. 95 136. 231,731.45 Seattle 11,205,181. 53 490. 11,206,085.39 Salt Lake City.. 38,708.44 66. 38,775.07 Total 891,415,725.46 1,577,335.68 93,381.70 13,833,387.52 906,919,830.36

DETAILED DISBURSEMENTS (AS ABOVE).

• Transfers to Sold in Bars Bars paid mints and sweeps, issued in Manufactured Ship Institution. depositors. assay manufac exchange into coin ment Total. offices. tures, etc. for coin. and blanks. losses.

Philadelphia $355,855.12 2$11,545.22 $13,663.19 $960,491.84 3S2,477,638.32 $3,819,193.69 SanFrancisco... 7,253.52 8,467.95 49,657,243.36 U, 200,000.00 50,872,964.83 Denver 36,212.98 18,681.27 54,894.25 New York 48,951,007.92 63,553.67 43,445,166.36 92,459,727.95 New Orleans 543,215.90 $38.85 543,254.75 Carson City 195,4.39.28 53.98 195,493.26 Helena 914,788.72 49.28 914,838.00 Boise 763,213.99 21.34 763,235.33 Deadwood 230,669.53 .43 230,669.96 Seattle 11,139,256.46 3.71 11,139,260.17 Salt Lake City... 34,493.11 34,493.11 Total 49,350,329.54 13,832,622.21 104,366.08 94,062,901.56 3,677,638.32 167.59 161,028,025.30

1 Assay coin scrap. 2 Proof gold. 3 Represents $30,040 in McKinley memorial U. S. dollars; $4,653.54 Costa Rican coin; $2,442,944.78 Peruvian coinage blanks. 4 U. S. coin.

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DIRECTOR OF THE MINT. 473

STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE. There were purchased as bullion and melted at the mints and assay offices 961 mutUated silver dollars during the fiscal year ended June 30,1917, which were used inthe manufacture of subsidiary sUver coin. The foUowing have been used since 1883:

Fiscal years. Amount. Fiscalyears. Amount. Fiscalyears. Amount. Fiscalyears. Amount.

1883 $621 1892 $42,881 1901 $1,786 1910 $961 1884 1893 10,500 1902 1,893 1911 1,320 1885 1,850 1894 15,055 1903 1,777 1912 1,024 1886 1895 18,580 1904 1,304 1913 4,757 1887 8,292 1896 • 2,034 1905 2,298 1914 785 1888 14,055 1897 1,898 1906 909 1915 823 1889 31,042 1898 1,365 1907 1,548 1916 . . 1,092 1890 11,977 1899 1,734 1908 1,170 1917 961 1891 10,800 1900 1,341 1909 1,293 Total... 199,726

) RECOINAGE OF UNCURRENT SILVER COIN. The table foUowing shows the face value of abraded United States subsidiary coin received for recoinage, the amount of new coin made therefrom, and |;he loss, since 1891:

Face value. Value of new Fiscal years. coin produced. Loss.

1891 "... $910,046.69 $861,680.41 $48,366,28 1892 7,118,602.78 6,937,886.02 180,716.76 1893 . ... 7,618,198.25 7,381,289.58 236,908.67 1894 7,184,472.17 6,924,7.53.05 259,719.12 1895.. 4,361,761.36 4,161,820.73 199,940.63 1896 4,627,141.46 4,377,258.40 249,883.0& 1897 3,197,998. 50 3,048,861.64 149,136. 8Q 1898 6,109,772.32 5,820,159.16 289,613.16 1899 8, 584, 304.26 8,098,485.18 485,819. 08. 1900 5,261,070.35 4,950, 088.96 310,981.3^. 1901 3,832, 280.69 3,613,021.59 219 259 10 1902 3,333,437.06 3,141,548.04 191 889.02 1903 3,008, 747.98 2,829,890.71 178, 857. 27 1904 2,828, 384.90 2,656,104.21 172 280 69 1905 1,964,476.11 1,839,219.24 125, 256. 87 1906 1,414,963.90 1,322,834.27 •92,129.63 1907 1,142,184.00 1,064,826.39 77,357.61 1908 1,162,982.06 1,086,691.94 76,290.12 1909 977,321.23 912,300.40 65,020.83 1910 814,361.57 758,695. 55 55,666.02 1911 583,538.44 544,539.09 38,999.35 1912 678,457.94 634,101.94 44,356.00 1913 414,035.30 388,026.37 26,008.93 1914." 875,727.40 815, 800.49 59,926.91 1915 730,337. 82 678,791.95" 51,545. 87 1916 848,565.65 787,295.44 61,270.21 1917 8,849,678. 05 8,627,860.04 221 818.01 Total • 88,432,848.24 84, 263,830. 79 4,169,017.46 The loss on the recoinage of $1,922,032 in worn and uncurrent gold coins was $15,143.16, and the loss on the recoinage of $8,849,- 678.05 in worn and uncurrent silver coins was $221,818.01. The Treasury was reimbursed from the appropriation for that pur- ose the foUowing losses on uncurrent coin transferred during the Eseal year 1917 for recoinage: Uncurrent ^old coins 112,704. 84 Uncurrent silver coins. 221, 708. 9S Uncurrent minor coins '. 9, 999. 85

Total ,. 234, 413. 62

1 Of this amount $116.95 belonging to 1916 was paid in May, 1917.

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474 REPORT ON THE FINANCES.

LABORATORY OF THE BUREAU OF THE MINT. From the domestic coinage of the calendar year 1916 the assayer of this bureau tested 78 gold and 302 sUver coins, aU of which were found within the legal requirements as to weight and fineness. In the gold coins the greatest deviation above standard in fineness (the legal limit being 1 above or below) was 0.3, whUe the greatest deviation below was 0.5. The greatest deviation in fineness of sUver coins above standard (the limit being three above or below) was 1.3, while the greatest deviation below was 0.9. The following table and statement summarizes these assays:

Number of coins.

Fineness. Philadelphia. San Francisco. Denver. Total.

Gold. SUver. Gold. Silver. Gold. Silver. Gold. Silver.

899.1 3 1 1 5 .3 13 3 7 23 .5. 1 .6 17 i 12 6 2 35 .7 2 10 .8 2 22 10 13 9 24 44 .9 2 22 16 900.0.. • 37 14 19 12 20 68 .1 20 2 .2 31 2 16 7 2 54 .3 2 1 .4.. . . 20 1 19 6 45 .7 7 7 2 16 .9 5 3 1 9' 901.1.. 1 1 2 .3 1 1 Total . . 4 156 74 94 52 78 302 Average. 899.500 900.009 899.875 900. 098 899. 946 899.874 900 026

Twelve PhUippine coins were examined, all of which were within the legal requirements. The examination of certificate bars was continued throughout the year, a varying number of samples from 421 melts having been assayed. In the extended examination into our assaying methods, now going on, it was shown that whUe standard gold does not often segregate when cast into coin ingots, yet, when cast into the larger certificate bars, it does show appreciable segraga- tion, and chip samples from a melt may average 0.1 in fineness below the granulations.

PROCEEDINGS OF THE ASSAY COMMISSION, 1917.

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DIRECTOR OF THE MINT. 475

Benjamin, Washington, D. C; Hon. WUliam A. Ashbrook, M. C; Mr. H. O. Granberg, Oshkosh, Wis.; Mr. Thomas Arthur, BUlings, Mont.; Mr. Richard Lloyd Jones, Madison, Wis.; Mr. L. A. Fischer, Bureau of Standards; Mr. WiUiam Shafroth, Denver, Colo.; Hon. John Skelton Williams, Comptroller of the Currency (ex officio); Mr. George R. Coinings, United States Assay Office, New York (ex officio). The commission met at the mint at Philadelphia Wednesday, February 14, 1917, and Mr. L. A. Fischer was elected chairman. • The following committees were appointed by the chairman, with the approval oi the commission: Committee on counting.—Mr. Bell, chairman; Mr. Granberg. Committee on weighing.—Dr. Benjamin, chairman; Mr. Gibson. Committee on assaying.—Mr. Comings, chairman; Messrs. Mo room and Shafroth. Committee on resolutions.—Mr. Mo room, chairman; Messrs. BeU and Granberg.' The committee on counting reported that the packages containing the pieces reserved by the mints at Philadelphia, San Francisco, and Denver for the annual trial of coins, in accordance with section 3539 of the Revised Statutes, were delivered to the committee by the super intendent of the mint at PhUadelphia and compared with the records kept by the Director of the Mint, packages from each mint for each month's coinage and containing all denominations coined having been selected, accurately counted, and found to be correct. The verification of the packages being completed, they were delivered to the committees on weighing and assaying. Iri the reports of those committees wiU be found an account of the disposition of these coins. The table following gives the packages verified by the committee on counting, being the total nuniber oi coins reserved by the several mints:

Gold. Silver. Mints. Pieces. Value. Pieces. Value.

Philadelphia . 22 $22.00 21,179 $2,398.00 San Francisco 1,185 18,510,00 8,389 940. 50 Denver 3,912 1,085.20 Total, United States . 1,207 18,532.00 33,480 4,423.70 San Francisco, Philippine coinage 718 143.60

The committee on weighing reported that they had examined certain sample coins selected at random from those reserved for the annual trial by the Assay Commission. The weighings, as usual, vv^ere made on the Troemner balance provided for the purpose by the mint. It was carefully examined as to the equality oi the arms and as to its sensibUity, both of which were found to be satisfactory. The weights employed for testing the United States coins, from the dime to the double eagle, were a set of coin weights furnished by the Director of the Bureau of Standards, with a certificate giving the variation in mass from the standards fixed by law. The weights used for testing the Philippine coins were a set of grain weights belonging to the Philadelphia Mint, which were checked by the committee by comparison with the coin weights referred to

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476 REPORT ON THE FINANCES.

above. All weighings of coins were made to the nearest one-hun dredth grain. Solely for the purpose of checking the adjustment of the working standards of the mint, the foUowing intercomparisons were made: 500 ounces = 400 ounces + 100 ounces + 0.0015 ounce; 500 ounces = 300 ounces + 200 ounces + 0.0012 ounce; 400 ounces = 300 ounces + 100 ounces + 0.0002 ounce; 300 ounces = 200 ounces + 100 ounces — 0.0000 ounce; 200 ounces = 100 ounces + 50 ounces + 40 ounces -H 10 ounces + 0.0001 ounce; 200 ounces = 100 ounces + 50 ounces -f 30 ounces + 20 ounces — 0.0001 ounce; 100 ounces = 50 ounces + 30 ounces + 20 ounces — 0.0000 ounce; 50 ounces = 30 ounces + 20 ounces — 0.0000 ounce; 30 ounces = 20 ounces + 10 ounces — 0.0000 ounce; 20 ounces = 10 ourices + 5 ounces + 3 ounces + 2 ounces — 0.0001 ounce; 20 ounces = 10 ounces + 5 ounces + 4 ounces + 1 ounce — 0.0000 ounce; 10 ounces = 5 ounces + 4 ounces + 1 ounce — 0.0001 ounce; 5 ounces = 4 ounces + 1 ounce — 0.0000 ounce. The committee on assaying reported that they had taken samples from the coins reserved from the United States mints at PhUadelphia, San Francisco, and Denver for assay. The results of the assays made of the individual coins and of the same in mass are given in the foUowing schedules. From these it wUl be seen that— The highest assays upon the gold coinage of the different mints (the limit of tolerance being one one-thousandth) are at— Philadelphia ' 900. 0 San Francisco 900. 0 The lowest assays upon the gold coinage (the limit of tolerance being one one-thousandth) are at— Philadelphia 899. 9 , San Francisco 899. 7 The highest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at— Philadelphia ., 900. 2 San Francisco : 900. 4 Denver 900. 4 The lowest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at— Philadelphia. - 899.1 San Francisco 899.1 Denver 898. 9 The highest and lowest assays upon the PhUippine sUver coinage at San Francisco are 750 and 748.8. The committee has tested the quartation silver and found it to be free from gold. The acid used in the humid assay of sUver was tested and found to contain only a trace of chlorine. The lead foU contained only a trace of sUver. The balances used were also tested and found to be correct and the committee deem the assays exhibited in the above schedules to be entirely correct, the mass melt of the Denver coins having been checked by additional assays.

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DIRECTOR OF THE MINT. 477 The foUowing report, submitted by the committee on resolutions, was unanimously adopted: Whereas the Annual Assay Commission appointed by the President of the United States to examine and test the weight and fineness of the gold and silver coins reserved by the different mints of the United States has held its meeting in the city of Philadelphia on February 14 and 15, 1917; and Whereas the commission has about completed its labors, the committee on resolutions begs leave to offer the following resolutions: Fii'st. That the commission renews the recommendations of prior commissions with reference to the maintenance and increase of the national coin collection of the mint at Philadelphia. Second. That in the opinion of the commission, in order to facilitate this work, an official souvenir mint medal of typical and characteristic design should be struck off and a descriptive booklet of the mint published to be sold at a moderate price to visitors at the mint; that the proceeds from such sales be devoted exclusively, under the supervision of the Secretary of the Treasury, to the extension of this national collection of coins and medals at the Philadelphia mint, as aforesaid. Third. That in the opinion of the commission there should be an annual appropria tion by Congress of $10,000 for the pui'pose of acquiring rare coins of great historical value not now in the possession of the mint collection, with the ultimate object of completing the specimens to include the types and patterns, denominations and varieties struck by each of the United States mints, as well as the gold and silver coins and ingots struck by private mints before the United States mints were estab lished, to more fully foster and preserve the history and art of the ideal and heroic acts portrayed in the coins, medals, and currency of the United States, past and present. Fourth. That a letter be written under the hand of the chairman of this commission to the Secretary of the Treasury, recommending to him that the above amount be included in the annual estimates for purposes aforesaid, and further suggesting that he recommend to Congress the desirability of authorizing the mint medal and descrip tive booklet referred to herein; and be it further Resolved, That the Assay Commission of 1917 recommends that the Director of the Mint consider the advisability of using the metric system of weights and measures in operation of the several mints. The commission desires to express its regret at the absence, on the second day of the meeting, of Mr. J. B. Eckfeldt, the assayer, owing to illness, as it is the first time in 52 years that this worthy mint official has been absent. Resolved, That the thanks of the commission be and are hereby heartily tendered to Hon. F. J. H. von Engelken, Director of the Mint; Hon. A. M. Joyce, Superin tendent of the Mint; Mr. L. A. Fischei', of the Bureau of Standards; and to Mrs. Virginia H. Carpenter and to various other officials and employees of the mint for the uniform courtesy shown the commission during its sessions. Respectfully submitted. E. D. MoRCOM, Chairman. H. 0. GRANBERG. MILLER S. BELL. In presenting their respective reports. Dr. Benjamin,, chairman of the committee on weighing, and Mr. Comings, chairman of the cominittee on assaying, each expressed his pleasure in stating that the tests made of the 1916 coinage had shown unusually good work of the several mints during the year.

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478 REPORT ON THE FINANCES.

MINT OF THE UNITED STATES AT PHILADELPHIA.

The mint was operatea throughout the fiscal year. There were received 7,016 original deposits purchased, 269 redeposits purchased, and 289 silver deposits (payable in fine bars); redeposits (transfers) 693, and 1,940 refinery bars (Treasur}^ purchases), and 816 deposits in trust. Total, 11,023.

Gold. Silver. Items. Fine ounces. Value. Fine ounces. Cost value.

Original deposits purchased. 8,773,951.007 $181,373,664.24 2,485,329.04 $1,846,587.39 Redeposits purchased .. 1,489,553.247 30,791,798.38 2,982.00 2,058. 79 Total purchases 10,263,504.254 212,165,462.62 2,488,311.04 1,848,646.18 Redeposits transfers.. 56,994.317 1,178,177.09 4,645,155.93 5,588,209.05 Total 10,320,498.571 213,343,639.71 7,133,466.97 7,436,855.23 Deposited in trust by other Govern ments 799,531.27 Total bullion received 10,320,498.571 7,932,998.24

ASSAYING DEPARTMENT. The operations of this department during the fiscal year 1917 were as foUows:

Samples operated on. Number of Items. Gold and Gold. Silver. silver. made.

Deposits 5,954 Deposits, foreign gold, certificate bars. 1,917 52,296 Ingots '... 151 4,243 9,403 Purchases 1,940 2,904 Assayer's bars , 17 50 Coiner's bars 36 91 Melter's bars 92 301 Mint Bureau samples 520 1,313 Mass melts 399 1,161 Bulhon samples 94 525 Light weight coin 30 60 Proof samples 69 309 Sweepsamples 11 39 Assay Commission 58 75 Engraving and printing 4 6 Quartermaster's Department 17 85 Total.. 2,068 6,183 7,301 68,618

In addition to the above, 760 ounces of proof gold and 1,094 ounces of proof silver were made. Of the 151 melts of gold ingots made in the melting department, 11 were returned for remelting and 1 was condemned. Of the 4,243 melts of silver ingots, 9 were returned for remelting and 4 were condemned.

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DIEECTOB OF THE MINT. 479

Fineness of gold ingots passed: Fineness of silver ingots passed: Peruvian coin planchets: 7 melts at 899. 7 26 melts at 898 . 1 melt at 916 18 melts at 899. 8 56 melts at 898i 1 melt at 916.2 . 16 melts at 899.9 884 melts at 898^ 4 melts at 916.3 22 melts at 900 613 melts at 898^ 4 melts at 916. 4 11 melts at 900.1 1,751 melts at 899 9 melts at 916.5 2 melts at 900.2 439 melts at 899^ 23 melts at 916.6 406 melts at 899^ 15 melts at 916.7 76 37 melts at 899f 5 melts at 916.8 18 melts at 900 1 melt at 916.9

4,230 63

MELTING AND REFINING DEPARTMENT. During the fiscal year this department received gold bullion con taining by assay 1,496,136.987 fine ounces having a coinage value of $30,927,896.37. The amount of silver bulhon received contained 16,936,175.39 fine ounces, having a coinage value of $23,412,718.70. Upon settlement of the accounts of this department there was found a gain in both the gold and silver bullion. In the gold account the surplus amounted to 1,035.270 fine ounces, having a coinage value of $21,400.93. In the silver account the surplus amounted to 1,036.81 fine ourices, having a coinage value of $1,433.30. The ingots returned during the fiscal year were as follows:

Gold fine ounces.. 781,044.96 Silver •. do.;.. 14,981,018.31 Nickel troy ounces.. 17,605,246.70 Bronze do 25,908,132.50 The number of ingot melts made and amount of metal sent to the melting room are shown by table given below:

Ingot melts made.

Metal. Number Ounces Con made. melted. demned.

Gold.. 151 890,898.61 1 Silver.. 4,255 15,608,685.58 3 Nickel 4,531 18,997,933.80 Bronze 7,518 26,355,284.33

Total 16,455 61,852,802.32 4

Sweep cellar operations.

Number Net Department. of barrels, weight. Gold. Silver.

Fine Fine Pounds. ounces. ounces. Melting and refining 164 79,912 257.491 1,592.88 Superintendent's 21 10,648 170.392 155.51 Coining 4,880 37.006 321.67 New Orleans 2,159 7.555 17.00 Total 198 97,599 472.444 2,087.0&

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480 REPORT ON THE FINANCES.

Nickel and bronze material treated.

Troy Metal. Pounds, ounces re treated. covered.

Nickel 76,544 102,648.31 Bronze 29,348 29,208.74 Total 105,892 131 857.05

The heavy demand for silver and minor coins that began early in the calendar year 1916 made it necessary to employ extra men and this larger force started upon overtime in March, 1916, from two to four hours per diem. A gas combustion furnace of the open fiame and tilting type has been tried for melting our ininor coinage metal ingots, but abso lutely without success on cupro nickel. The showing on bronze was promising, and further tests are to be made under lower pressures in an effort to melt successfuUy both cupro nickel and bronze. In the meantime an electric tilting furnace of the arc type is being tested on cupro nickel melting; the tests, while not complete, give .every evidence of entire success in this method of melting.

COINING DEPARTMENT. The coinage for the fiscal year ended June 30, 1917, was the largest in the history of the institution; 285,646,172 pieces of domestic coin, consisting of McEonley memorial gold doUars,. half and quarter doUars, dimes, 5 and 1 cent pieces, of the value of $14,680,118.68 were coined. In addition to the United States coinage, there were manufactured for Costa Rica, Colombia, Ecuador, Panama, Salva dor, Nicaragua, and Peru 11,075,110 pieces of coin and blanks, making a grand total of 296,721,282 pieces, an excess of-nearly 100,000,000 pieces over any previous year. The metal operated upon totaled 2,007 tons. The net wastage on this vast coinage amounted to only $918.84. In order to meet the unprecedented demand for subsidiary silver and minor coin, and to execute the foreign coinage, the working force was largely increased and two shifts of 12 hours each were worked during a portion of the time. During this year the sUver couiage was all of the new designs -except $447,000 in quarter doUars and $1,849,000 in dimes. Further coinage detaUs wiU be found in tabulations elsewhere in this document. PROOF COINS AND MEDALS. The foUowing table shows the number of proof coins and medals, .and their nominal value, sold during the fiscal year 1917:

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DIEECTOK. OF THE MINT. 481

Nominal Articles. Pieces. value.

Gold medals . . 265 $6,185. 77 Silver medals 428 968. 51 Bronze medals .' 20,604 4,177. 72 Minor proof coins ------939 27.99

Total 22,236 11,359.99

ENGRAVING DEPARTMENT. AU the dies used in coining operations in all the mints are made in the. engravmg department at the Philadelphia Mint. The embossed-envelope dies used by contractors supplying stamped envelopes for the Post Ofiice Department and postal-savings bank are also made here; also dies for the Army and Navy and other author ized medals. The mint is reimbursed for the actual expenditures for. labor and materials on these medal accounts. The number of dies prepared for United States coinage during the year was 7,037. In addition 145 were made for Philippine coin age, 18 for the Government of Colombia, 4 for the Government of CostaRica, 109 for the Government of Cuba, 175 for the Government of Ecuador, 26 for the Government of Nicaragua, 30 for the Govern ment of Panama, 89 for the Government of Salvador, 341 for the Post Ofiice Department, 9 for medals, and 117 master dies and hubs; in aU 8,100, as follows:

Dies manufactured.

Issued.

Denomination. Unissued. Total. Phila San Fran Denver. delphia. cisco.

Gold: Double eagle 15 15 Eagle • ' 10 10 20 Half eagle 5 , 5 • Quarter eagle. 10 10 McKinley memorial dollar. 25 40 65

Total . . 65 40 10 115 Silver: Half dollar 33 228 136 162 559 Quarter dollar .. . ' •22 478 110 220 830 Dime 64 1,821 350 194 2,429 Total . 119 • 2,527 596 576 3 818 Minor: 5 cents . ... J 24 . 1,225 250 280 1 779 1 cent...'. 860 320 145 1,325 Total 24 2,085 570 425 3,104 13034°—FI 1917- -31.

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482 REPORT ON THE FINANCES.

Dies manufactured—Continued.

Issued.

Denomination. Unissued. Total. Phila San Fran delphia. cisco. Denver.

Philippine: 50 centavos. 20 20 10 centavos 40 50 5 centavos io 35 35 1 centavo ' 40 40 Total 10 135 145 Colombia, 50 centavos . 18 18 Costa Rica, 5 centavos 4 4 Cuba: Gold— 20 pesos 4 4 10 pesos 10 10 5 pesos 3 3 4 pesos 4 4 2 pesos 4 4 1 peso 5 5 Silver— 1 peso 4 4 40 centavos * 4 4 20 centavos 14 14 10 centavos 4 4 Minor— 5 centavos 15 15 2 centavos 29 29 1 centavo 9 9 Total 109 109

Phila San Fran Denomination.. delphia. cisco. Denver. Total.

Ecuador: yV sucre 50 50 5 centavos 60 60 2^ centavos 65 65 Total... 175 175 Nicaragua: 1 centavo 10 10 ^ centavo '. 16 16 Total 26 26 Panama: 5 centavos 10 10 2^ centavos .20 20 Total 30 30 Salvador, 5 centavos : • 89 89

Grand total coinage dies 7,306 Unused coinage dies destroyed 327 Master dies and hubs for coinage 117 United States embossed-envelope dies. 341 Medal dies — 9 Total.. 8,100

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DIRECTOR OF TECE MINT. 483

MACHINE SHOP.

In addition to the regular repairs and upkeep of the machinery and appliances, the foUowing new work was done for this mint: 3-foot fine bullion balance, 6 complete sets of .bronze and nickel molds, 2 turntables, 60 gold certificate bar molds, 6 automatic hopper coin feeders, 421 coin coUars of various denominations, 3 sets double- eagle sectional gold collars, 3 sets eagle sectional gold coUars, and 4 punches and beds for nickel coinage; 2 ten-beam automatic weigh ing machines are about 70 per cent completed. The blower system has been rearranged in one central plant in the basement. A 750- pound Rennerfelt electric furnace for melting bronze and nickel has been instaUed; 3 cutting presses and 2 roUing mills are also under construction for the minor coinage plant. There were manufactured for the mint of the United States at San Francisco, 12 haU-doUar collars, 18 quarter-dollar collars, 20 dime collars, 20 nickel coUars, 6 one-cent coUars, and 20 Phihppine coin collars, ten-beam automatic weighing machine, 3 sets of weights for aU dominations of coins, 2 sets of dressirig tools and 2 sets of steel gauges for all dehominations of coins for upsettuig machine, 3 dime, 2 nickel, and 3 one-cent feeders, disks and tubes for auto matic hopper coui feed, and repair parts automatic weighing machme. For the miat of the United States at Denver there were manu factured 18 dime collars, 24 nickel collars, and 18 one-cent coUars. For foreign Governments the foUowing work was done: Cuba: Four-beam automatic weighing machine, 3 sets of weights for all denominations of coin, 3 brass weights for $1,000 in gold and silver, set of maximum and minimum weights for gold and silver, hand balance. Ecuador: Collars, punches, and beds for coinage. Nicaragua: Collars, punches, and beds for coinage. Peru: Punches, collars, weights, and 6 nurls. Salvador: Collars, punches, and beds for coinage.

EMPLOYEES.

The total number of employees in this institution at the close of the fiscal year was 342, distributed in the several departments as follows: - General ^ 150 Coining , 118 Melting and refining ' 57 Assayer's .^ 11 Engraver's 6 342 VISITORS.

There were 47,143 visitors shown through the mint prior to Febru ary 3, 1917, when visituig was prohibited by order of the department.

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484 REPORT ON THE FINANCES.

THE PROGRESS OP THE NUMISMATIC COLLECTION.

For the fiscal year ended June 30, 1917, the accessions to the numis matic coUection amounted to 359 specimens, consisting of 85 coins, 175 tokens, and 99 medals. The distribution of these specimens according to metals arid period of origin is as foUows:

As to metals: Coins- Gold : 14 Silver 42 Bronze ' 21 Nickel 8 Tokens- Various base metals 175 Medals- Silver : 15 Bronze : 45 Zinc ...° : 2 Brass '. L 1 Iron : 36 As to i)eriods: Coins— Antique , .' 16 Modern 95 Medals— All specimens acquired are..modern.

MINT OF THE UNITED STATES AT SAN FRANCISCO.

The San Francisco Mint was operated throughout the fiscal year ended June 30, 1917, with augmented force and on overtime for sev eral months on account of the heavy demand for smaU coin. The refinery operated but five months of the year. During the fiscal year the mint received 13,701 gold and sUver deposits, also 33 redeposits from the CarsoD Mint, contaiaing 4,924,992.552 fine ounces of gold of the value,of $101,808,631.47, and and 5,047,931.69 fine ounces of silver at a subsidiary coinage value of $6,978,305.39. The detaUs cohering classification of buUion and sources of origin are set out ir table appearing in another part of this report.

BARS MANUFACTURED AND ISSUED DURING THE FISCAL YEAR.

During the fiscal year gold and silver bars were manufactured as follows:

Character of bars. Number. Fine ounces. Value.

Gold: Certificate 5,795 3^649,911.893 $75,450,375.05 Merchant 6,671 1,515,845.627 31,335,310.02 Issued to depositors. 41 350.889 7,253.52 Total gold bars .12,507 5,166,108.409 106,792,938.59 Silver issued to depositors 767 760,073.26 527,636.10 Total bars .... '13,274 5,926,181.669 107,320,574. 7!\

The gold certificate bars on hand June 30, 1917, amounted to $272,988,414.15. •

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DIEECTOB OF THE MINT. 485

ASSAY DEPARTMENT. The operations of this department for the fiscal year were as foUows:

Number of samples Number of samples operated on. operated on. Item. Item. Gold. Silver. Gold. Silver.

Deposits.. . . 21,083 6,706 Bullion assay samples 28 Redeposits 156 Superintendent's grain bars.. 15 Exchange bars . 82 1,534 Coiners' settlement bars 20 Purchase bars 13,342 Assayer's bars 53 12 .Return bars 33 Sweeps 60 Anode melts 152 444 Refinery settlement bars 240 Mint fine metal 474 556 Forest Service samples 12 Ingot melts, . ' . 80 1,746 Secret Service samples 14 Crude mass melts.. 254 Mint Bureau samples 956 68 Fine mass certificate bars..-... 2,065 Total 39,466 10,998 Experimental bars 179

Number of assays made and segregated.

Gold 86,498 Deposits. ...: 80,241 Silver. : 13,847 Redeposits. 344 Sweeps 158 Piircfiase 6,706 Bureau of the Mint , 1,421 Ingots 4,478 Forest Service 22 Refinery 8,778 Miscellaneous 1,399 Total 101,946 Total 101,946

Ingot melt assays.

Gold. Silver. Nickel, Bronze, Character. Passed Passed made. made. first Re- Con first Re- Con melting. melted. demned. melting. melted. demned.

Domestic 77 . 3 1,690 • IS 2 42 43 Phihppine 119 119 10 15

Fineness of coinage ingots and other refined inetal.

Philippine coinage - Domestic coinage ingots. ingots.

Gold. 50 centavos and 10 Silver. centavos.

Number. Fineness. Number. Fineness. Number. Fineness.

1 899.7 102 . 898.6 7 748.5 18 899.8 244 898.8 10 748.7 34 899.9 432 899.1 18 748.9 21 900.0 329 899.3 12 749.0 3 900.1 324 899.5 34 749.2 106 899. 8 8 749.4 66 900.0 18 , 749.6 10 900.2 8 749.8 7 900.4 3 750.0 3 900.7 1 750.2 77 1,623 119

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486 REPORT ON THE FINANCES.

Fineness of coinage ingots and other refined metal—Continued.

Mint fine gold. Mint fine silver.

Fineness. Melts. Fineness. Melts.

998.8 1 999.0 16 998.9 1 999.5 123 999.0 • 3 999.1 4 999. 2 G 999.3 9 999.4 12 999.5 23 999. 0 15 999.7 5 79 • 139

On June 30, 1917, there were ofiicers and employees in the mint as foUows: General department "". '. : • 66 Coining department •. 29 Melting and refining department : 32 Assaying department '. 11 Total : 138 Other operative details will be found elsewhere in this document in tabulated statements.

MINT OF THE UNITED STATES, AT DENVER, COLO. The Denver Mint was operated to full capacity on silver and minor coin during the fiscal year 1917, working double time for about five months. During the fiscal year 1917 this mint received 3,990 deposits of gold and sUver from private parties and 1,269 redeposits from other offices containing 1,543,013.551 fine ounces of gold of the value of $31,896,- 913.81 and 1,719,316.02 fine ounces of sUver having subsidiary coin age value of $2,376,797.67. The coin shipments were very heavy and made to most of the important cities from Boston to San Francisco. .

ASSAY DEPARTMENT.

During the fiscal year 1917 the operations of the assay department w^ere as foUows:

Items. Samples. Assays. Reports.

Deposits 8,072 22,059 4,000 Redeposits 2,806 5,995 1,290 Refinery 4,114 9,956 1,569 Ingot making 3,369 7,554 1,130 Sweeps, cellar 71 320 57 Bureau of the Mint. 539 1,637 539 BuUion assays 13 21 6. Special assays...... • 198 470 99 Coimng department 1,107 1,139 1,106 Total 20,289 " 49,151 9,796

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DIRECTOR OF THE MINT. 487

The deposits represent 4,000 melts of gold and sUver; redeposits, 1,290 melts; refinery samples, 182 melts of fine gold, 291 melts of fine silver, 55 melts of gold anodes, 475 melts of silver anodes, and 513 experimental anode melts; also 1,109 melts of silver ingots, the re mainder being misceUaneous samples for special assays. The average cupel absorption for the year was—gold, 0.64 gold weight; silver, 3.83 gold weight. Reported assays made 49,151 Cupels made 28,505 Pieces of lead cut and rolled 39,916 Fineness of coinage ingots and other refined metal.

Silver tagots: Refined gold: Fineness— Melts. Fineness— Melts. 900.0...... 10 999.2.. 899.9.... • 999.3.. 17 999.4.. 36 999.5.. 34 999.6.. 30 32 999.7.. 2 50 96 Total 182 122 196 Refined silver: 177 Fineness— 203 999.00 3 82 999.50 217 36 999.75 71 56 1 Total. 291 Total 1,109

Sweep cellar operations.

Gold, SUver, Source of sweeps. Number Net fine fine of sacks. weight. ounces. ounces.

Deposit, melting room 135 8,729 14.676 32.02 Refinery 1,962 139,190 914.376 2,277.20 Refineryi..... 15 1,053 . 54.545 91.32

^ Included in above refinery total but unsold June 30,1917. Gold bars paid to depositors during fiscal year 1917: $36,066.02 = 1,744.694 fine ounces, fine bars, in exchange; $146.96 = 7.109 fine ounces, unparted gold bars. On June 30 officers and employees numbered 90, divided by de partments as follows: General, 41; assay, 7; coining, 18; melting and refining, 24. - . Other operative details wUl be found elsewhere in this document in tabulated statements.

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488 KEPORT ON THE FINANCES.

UNrTED STATES ASSAY OFFICE AT NEW YORK, N. Y. The unusual conditions which have prevaUed at the United States assay office at New York since the war (1914) have continued to such a great extent that during the fiscal year 1917 just ended the office has transacted a business that is not only unprecedented in the his tory of the office, but which nearly doubled the amount of business for the year 1916, which in itself was more than five times greater than for any year previous to 1913. The total value of the deposits that have passed through the office during the year was $565,938,776.37. This is an increase of $242,566,380.87 over the total deposits for the previous year. The total number of deposits received, running in value from $100 to $50,000,000 per deposit, was 19,899, an increase of 2,529 over the previous year. Notwithstanding. the fact that exportation of gold bars issued in exchange for gold coin showed a decrease of $4,044,497.08, the total amount of gold bars thus exchanged was $2,147,402.50 more than the totalfor the preceding year; the increase over last year of bars paid in exchange for gold coin for domestic use being $6,191,899.58. • The following comparative figures illustrate the enormous growth in the deposits made at this office: The calendar year 1914 represents a normal year under ante bellum conditions. During that year there was received gold deposits to the value of $57,329,310.63, whereas the gold deposits for the present year were $562,921,648.50, an increase of ahnost 1,000 per cent. The gold deposits for the month of March, 1917, alone, amounted to $77,355,272.83, which exceeded the total deposits for the year 1914 by over $20,000,000. CASHIER'S OFFICE. -

Gold bars were issued to depositors for domestic use in payment for buUion fpr $48,954,104.48, which was $45,679,224.86 mcrease over previous year. Gold bars were exchanged for gold coin for domestic use for $40,274,779.82 an increase of $6,191,899.58 over last year. Gold bars were exchanged for gold coin for export for $3,170,386.54. The charges collected on gold bars exchanged for gold coin amounted to $22,723.21, an increase of $1,186.51 over last year. The total revenues of the Government from the office for the year have amounted to $546,745.37. which shows an increase of $136,819.33 over the previous year. The total appropriations available for the support of this institution for the year amounted to $299,490.63, so that the revenues exceeded the expenses by $247,254.74, plus any unexpended-balances of the amounts appropriated.

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DIRECTOR OF THE MINT. 489

By-products.

Sold On hand Items. dm-ing June 80, year. 1917.

Ounces. Ounces. Platinum in sweeps .. . . . 138.082 Platinum, refinery : 2,061.500 2,500 Palladium ...... 490 Iridium 125

At the present market prices the value of by-products on hand June 30 exceeds $300,000.

ASSAY DEPARTMENT. Again the increase in the vear^s operations has been so great that the department has been under constant strain to perform accurately and expeditiously the necessary work. The number of assays made has been over 28 per cent more than last year and over 54 per cent greater than the year before. ' There were 196,729 assays made upon 63,509 samples," divided as follows:

Items. Samples. Assays. Reports.

Deposito and redeposits , 55,298 172,946 • 19,987 Refinery.. 7,271 19,557 2,867 Specials 1. .. 905 4,134 445 Sundries... 35 •90 15 Total 63,509 196,727 23,314

The deposits and redeposits represent 19,899 melts of gold and sUver, whUe the refinerv samples cover 395 melts of fine gold, 740 melts fine sUver, 415 melts gold anodes and 1,085 melts sUver anodes and retreats, the other assays for the refinery being misceUaneous samples, settlement melts, and sweeps. The special assays were, as usual, largely upon manufacturers^ samples and articles of jewelry and plate. Tlie average cost for the year, including aU classes, was $0.1739 per assay. The department made aU cupels used, rimnbering about 160,000, and also the silver disks used in parting.

OFFICERS AND EMPLOYEES. The number of officers and employees at this office at the close of the fiscal year was as foUows— General department : 77 Assay department , 18 Melting and refining department 42 Total .: 137 an increase of 34 men over last year.

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490 REPORT ON THE FINANCES.

MINTS AT NEW ORLEANS AND CARSON, AND ASSAY OFFICES AT BOISE, HELENA, DEADWOOD, SEATTLE, AND SALT LAKE CITY.

These offices were open throughout the fiscal year 1017, as usual, for receipt of deposits of bullion. The policy adopted in 1915 of extending the usefulness of these offices to the raining industry by reducing the charges for ore assays to a nominal sum, has considerably increased such business, as will be observed from the followmg comparative statement:

Amount Fiscal .year. Ore assays of charges made. collected.

1915 1,404 S885 65 1916 . 2,318 1 678 00 1917 : 2,842 1,931.75

The following table exhibits the principal work of the minor assav offices:

New Dead- Salt Items. Or Carson. Boise. Helena. Seattle. Lake leans. wood. City.

Deposits received number. 482 419 661 524 62 2,548 110 Fineness, average gold thousandths. 539 629 482 348 573 844 389 Fineness, average silver do.-.. 281 334 425 600 302 124 457 Weight before melting: ounces. 41,620 17,057 75,190 132,508 27,984 642,774 4,923 Weight after melting do... 41,320 15,601 72,180 130,730 27,834 638,245 4,824 Loss in melting do... 300 1,456 2,410 . 1,778 150 4,529 98 Loss in melting per cent. 0.72 8.53 3.20 L34 0.536 0.704 1.99 Melts of bullion made number. 481 455 711 568 61 2,559 127 Melts, mass of bullion made do... 36 17 25 35 1 115 4 Melts of D. M. R. grains do... 7 6 4 Value of deposits, gold dollars. 1460,987 197,010 720,126 941,864 231,676 11,139,246 -38,773 Value of deposits, silver, at cost do.,. 8,175 3,669 21,236 54,881 9,368 53,793 1,563 Bullion shipped gross ounces. 47,710 15,549 68,991 127,932 27,764 o38,188 4,156 ' Value of gold shipped. .dollars. 543,196 195,435 763,214 914,746 |230,670 11,139,256 34,493 Value, cost of silver shipped ;.: .do... 9,050 ' 3,626 22,033 53,906 9,369 53,856 1,353 Quartation silver made ounces. 23 40 75 15 350 Quartation silver used do... 55 70 10 310 Proof gold received do... 10 10 20 Proof gold used do... 5 1 4 30 Proof silver received. do,.. 50 50 Proof silver used do.. . 40 20 1 Cupels made number. 3,450 2,260 3,500 3,000 2,000 20,220 1,710 Cupels used do... 3,400 2,149 2,650 3,000 2,000 23,272 1,350 Crucibles used do... 48 200 61 59 214 6 Assays of: Deposits do... 2,695 1,776 2,313 3,000 75 20,886 Ore for gold and silver do... 302 170 23 1 755 339 302 Ore for base metal do... 61 1 74 157 205 Ores for Forest Service do.. . 11 13 Ores for General Land Office do... 24 48 Ores for other offices do... Counterfeit coin do - - - Mutilated coin. .do... Special bullion do... 24 12 Special silver plate do... Slag do... 110

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mEECTOlR. OF THE MINT. 491

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, 1917. Nurnber of deposits... 60,394 I Avoirdupois tons • 500.3 Troy ounces..., 14,601,837.54 | Coiningvalue $250,093,388.02 ORIGIN OF THE FOREGOING. Alaska: Tanana S48,813,142. 73 Circle 1 S786,512.73 Unclassifled , .2,767,506. 28 Cook Inlet 2,054,673.94 Copper River 4,588,049.96 Total 133,123,579.92 Eagle 801,115.79 Canada: Iditarod 8,953,798.44 British Columbia 22,200,195.40 Koyukuk 1,905,791.39 Yukon Territory... „ 90,951,558.73 Kuskokwim 73,243.23 All other sources 3,818,053.97 Nome 59,753,938.61 Southeast Alaska 2,625,806.82 Total 250,093,388.02

Hon. R. W. WooUey retired from the position of Director of the Mint July 15, 1916, and was succeeded by Hon. F. J. H. von Engelken ori September 20, 1916. Mr. von Engelken resigned February 20, 1917. The present incumbent assumed the duties of Director of the Mint March 19, 1917, The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1917, is respectfully submitted. RAY. T. BAKER, Director of the Mint. Hon. WiLiiAM G. MCADOO, Secretary of tlie Treasury.

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APPENDIX TO THE EEPORT OF -Deposits and purchases of gold during

Source and descrip- Pliiladelphia. San Francisco. Denver. New York. New Or . . tion. leans.

Purchases. Fine ounces. Fine ounces. Fine ounces. Fine.ounces. Fine ounces. 1 Alabama :. 353.384 1.623 ? Alaska.. 303.587 65,263.141 145.427 314.574 3 Arizona 22.057 22,611.736 626.865 188.391 137.004 4 Cahfornia 384.084 209,470.891. 42.461 6.987 5 Colorado 338.984 337.291 108,202.288 6 Georgia . 652.724 7 Idaho 10.943 562.813 646.862 60.100 8 Montana 12.533 84.119 38,392.093 4,909.925 9 Nevada • 786.457 24;368.069 107,660.074 268.978 10 New Mexico. 2,423.672 17,326:810 13,704.033 11 North Carolina 290.448 108.106 "'"•""".'787" 12 Oregon 2.382 8,226.275 193.247 13 South Carohna 48.957 14 South Dakota 29,665.280 313,755.710 15 Texas 35.500 19.279 16 Utah 128.174 17 Virginia 18 Washington 2.124 648.799 19 Wyoming 4,690.604 275:352 20 other States 75.552 .266 3.727 21 Philippine Islands 58,312.964 22 Porto Rico 31.124 23 Deposit melting room 224.171 101.591 67.859 770.410 9.131 grains and sweeps. 24 Total unrefined.. 3,508.387 397,101.965 303,372.792 334,147.117 178.538 25 Domesticbullion refin 477,451.480 11,584.130 ery bars less than 0.992. 28 Domestic bulhon re 205.907. 1,961,873.733 1,614,223.939 fined 0.992 and over.

27 Tot-al purchases, 3,714.294 2,358,975.698 • 780,824.272 1,959,955.186" 178.538 domestic bul lion. 28 Foreign coin. 326,559.116 2,471,913.066 .032 3,205,402.374 23.928 29 Foreign bulhon unre- 912.555 26,9^57.840 - 120,990.153 889,948.903 19,014.199 • fined. 30 Foreign bullion refined. 8,366,400.849 34,159.487 18,018,038.739 31 Jewelers' bars, dental 76,364.193 17,603.916 6,757.781 282,748.578 2,210,513 scrap, plate, etc. 32 Philippine assay coins

33 Total deposit 8,773,951.007 4,909,610.007 908,572.238 24,356,093.780 21,427.178 purchases. Redeposits purchased. 34 Domestic coin 15,093.922 5,376.631 1,443.454' 12,410.195 868.476 35 Bars bearing United 1,473,378.905 22. 915 ,2,836,307.579 States Government stamp. 36 Surplus bullion 1,080.420 380.249 12.328 4.603 37 Total redeposits 1,489,553.247 5,779.795 1,455.782 2,848,717.774 873.079 purchased. 38 Total purchases.. 10,263,504.254 4,915,389.802 910,028.020 27,204,811.554 22,300.257 Redeposits— Transfers. 39 Domestic coin from 56,957.295 Treasury and subtreasuries. 40 Refined bars 41 Unrefined bars 9,454,375 632,862.156 26,278.070 42 Proof bullion * 148.375 123.375 245.125 io.ooo 43 Assay coins 37.022 44 Total redeposits 56,994.317 9,602.750 632,985.531 26,523.195 ID.000 transferred. 45 Grand total 10,320,498.571 4,924,992.552 1,543,013.551 27,231,334.749 22,310.257 1 46 Value of purchases $212,165,462.39 $101,610.125.07 $18,811,948.72 $562,373,366.63 $460,987.22 47 Value of transfers 1,178,177.10 198,506.46 13,084,972.21 548,283.10 206.72 48 Total value 213,343,639.49 101,808,631.53 31,896,920.93 562,921,649.73 461,193.94 49 Number of deposits 7,016 .13,701 3,867 16,674 . 481 50 Number of redeposit . 266 9 454 purchases. 51 Number of redeposit 36 24 1,269 125 1 transfers. 52 Total number i.. 7,318 13,734 5,136 17,253 482

I By number is meant the total number of assay reports on the metal received. 492

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THE DIRECTOR OF.THE MINT. the fiscalyear ended June SO, 1917.

Deadwood. Salt Lake Total. Carson. Boise. Helena. Seattle. City.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. 355.007 1 136.569 351,994.677 n. 753 . 418,229.728 ? 19.683 23, 605. 736 3 1,601.938 32.012 90.747 211,629.120 4 8.110 5.047 108,891. 720 5 652. 724 6 .390 23,236.509 18.459 4,366.033 239. 741 29,141.850 7 44,639.476 23.521 6.035 88,067. 702 8 7,903.345 671.810 .580 845.354 . 142,504.667 q 33,454.515 10 399. 341 11 11,441.164 3,201.578 21.161 •23,085.807 1? 48.957 13 11,191.569 354,612. 559 14 54. 779 15 177.175 305.349 16 17 70.356 10,233.047 10,954.326 18 4,965.956 19 79. 545 90 58,312.964 21 31,124 ?2 10.526 21. 859 6.187 3.922 23.724 1.118 1,240.498 23

9,516.199 34,836.101 45,406.288 11,195.491 369,883.282 1,477. 814 1,510,623.974 24 489,035.610 ?5

3,576,303.579 ?6

9,516.199 34,836.101 45,406.288 11,195.491 339,883.282 1,477.814 5,575,963.163 27

1.053 6,003,899. 569 ?8 14.185 5.958 5.333 116,265.677 1,174,114.803 9q 51,087.231 26,469,686.306 30 129.330 6.502 1,564.924 395.833 387,781.570 31 3?

9, 530.384 34, 836.101 45,541.576 11,207.326 538,802.167 1, 873. 647 39,611,445.411 33

58.866 35,251.544 34 16.982 4,309,726.'381 35

4.118 1.999 1,483.717 36 21. ipo 58.866 1.999 4,346,461.642 37

9,530.384 34,836.101 45,562.676 11,207.326 538,861.033 1, 875.646 43,957,907.053 38

56,957.295 3q

40 668,594.601 41 10.000 20.000 556.875 49 37.022 43

10.000 20.000 726,145.793 44

1 9,530.384 34,836.101 • 45,572. 676 11,207.326 538,881.033 1,875. 646 44, 684,052. 846 45 $197,010.52 $720,126.12 $941,864.10 $231,675.99 $11,139,246.15 $38,773.04 $908,690,585.95 46 206.72 413.44 15,010,765.75 47 197,010.52 720,126.12 942,070.82 231,675.99 11,139,659.59 38,773.04 923,701,351.70 48 419 661 518 62 2,476 110 45,985 49 5 70 804 50

1 2 1,458 51

1 419 661 524 62 2,548 110 48,247 52

493

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

494 REPORT ON THE FINANCES.

Deposits and purchases of silver during

San Fran New Or Source and description. Philadelphia. Denver. New York. cisco. leans.

Purchases. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fin^ ounces 1 Alabama. 36.91 0.25 2 Alaska 30.36 8,221.14 20.99 889.74 3 Arizona 9.87 74,215.56 1,595.60 18,304.15 5.03 4 California 56.11 52,093.99 6.39 L04 5 Colorado 27.69 168. 02 376,256.13 6 Georgia 66.86 7 Idaho 3.34 163. 87 178.05 3.48 8 Michigan 26,236.79 104,047.68 9 Montana .79 37.86 36,902.92 17,405.19 10 Nevada 281.12 55,059.45 60,186. 28 626.55 11 New Mexico. ; 112,830.91 37,914.97 755,343.63 12 North Carolina 56.36 n.74 .61 13 Oregon 1.35 1,154.21 5,367.96 14 South Carolina 2.78 84,677.27 15 South Dakota 106,767.74 16 Texas' 9,941.70 26. 85 17 Utah . 173. 67 18 Wasliington .16 328.20 19 Wyoming 6.28 88. 23 20 Others. '.... 30.93 .48 21 Philippine Tslancls-. . 13,541.40 ?2 Porto Kico .' 3.01 23 Deposit melting room grains 411.71 120.38 78.13 1,675.90 4.54 aiid sweeps.

0^ Total unrefined 27,253.13 317,941.27 603,446.59 1,015,020.51 38. 20 95 Domestic bullion refinery bars 44,799.81 317,535.33 less than 0.992. 26 Domestic bullion refined 0.992 2,199,306.75 1,703,197.46 312,024.02 and over.

27 Total purchases domes 2,226,559.88 2,021,138.73 648,246.40 1,644,579.86 38.20 tic bulhon. Foreign coin 970.38 111,722.56 1,416.36 702,615.62 .08 29 Foreign bulhon unrefined.... 65,524.18 717,999.29 180,034.14 1,260,462.52 10,658.02 Foreign bullion refined 3,858.76 3so1 Jewelers' bars, dental scrap, 192,205.32 41,255.63 8,704.37 637,696.11 9i7. 84 plate, etc. 3'> Philippine assay coins 69.24

33 Total deposit purchases 2,485,329.00 2,892,116.21 838,401.27 4,249,212.87 11,614.14 Redeposits purchased.

34 Domestic coin 1,737.47 12,088.64 173.62 35 Bars bearing United States 207.72 75,307.62 11,282.43 Government stamp. 36 Surplus bulhon. 1,036.81 L57

37 Total redeposits pur 2,982.00 87,396.26 173.62 11,282.43 . L57 chased.

38 Total purchases 2,488,311.00 2,979,512.47 838,574.89 4,260,495.30 11,615.71 Redeposits transfers.

39 Domestic coin from Treasury 3,636,559.26 1,913,915.44 676,518.92 and subtreasuries. 40 Hawauan silver coin from 62.43 Treasury. 41 Refilled bars 1,008,411.64 4'> Unrefined bars 5,237.28 204,222.21 13,229.99 43 ^roof bullion 75.00 . 300.00 44 Assav coins 185.03 45 Total redeposits trans 4,645,155.93 1,919,290.15 880,74L13 13,529.99 ferred. Deposited in trust. •

46 Domestic bulhon refined 752,244.40 47 Foreign bulhon refined. 59,510.41 48 Philir)"nine coin for recoinace 149,127.91 49 L16

50 Total deposited in trust. 811,754.81 149,129.07 51 Grand total ...... 7,945,221.74 5,047,931.69 1,719,316.02 4,274,025.29 11,615.71

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 495

thefiscal year ended June 30, 1917.

Carson. Boise. Helena. Deadwood. Seattle. Salt Lake City. Total.

Fine ounces. Fine ounces. Fine ounces. 'Fine ounces. Fine ounces. Fine ounces. Fine ounces. 37.16 1 37.46 45,252.46 26.89 54,479.04 9 4.97 94,135.18 3 608.48 3.73 22.59 52,792.33 /\ 2.17 .67 376,454. 68 1^ 66. 86 fi .07 10,588.81 . 3.90 2,103.83 97.37 13,142. 72 7 130,284. 47 s , 77,887.49 L40 3.49 132,239.14 9 4,599.97 . 454.65 .26 1,545. 71 122,753. 99 10 •906,089.51 11 68.11 T? 20,075.44 380.49 3.46 26,982. 91 13 84,680. 05 14 11,828.26 118,596. 00 15 ' 9,968. 55 16 84.31 257.98 17 22.53 1,072.25 1,423.14 IS ' 94.51 19 31.41 90 13,541.40 91 3.01 99 7. is 18. 67 3.79 3.79 3.60 1.64 2,329.28 23

5,215.65 30,720.38 78,372.36 11,832.05 48,820.19 1,791.10 2,140,451.43 24 , 362,335.14 95

4,214,528.23 96

5,215.65 30,720.38 78,372.36 11,832.05 48,820.19 1,791.10 6,717,314.80 27 • 816,725.00 98 is. 50 1.08 1.41 29,719.44 2,264,415. 58 99 3,858. 76 30 35.83 .65 602.56 410.37 881,828.68 31 69.24 39

5,231.15 30, 720.38 • 78,409.27 11,834.11 79,142.19 2,201.47 10,684,212.06 33

13,999.73 34 2.22 86,799.99 35

20.15 5.82 , 1,064.35 36 , 22.37 5.82 101,864.07 37

5,231.15 30,720.38 78,431.64 11,834.11 79,142.19 2, 207.29 10,786,076.13 38

6,226,993.62 39

62.43 40 1,008,411.64 41 222,689.48 42 375.00 43 185." 03 44 7,458,717.20 45

^ 752,244.40 46 59,510.41 47 149,127.91 48 L16 49

960,883.88 50

5,231.15 30,720.38 78,431.64 11,834.11 79,142.19 2,207.29 19,205,677.21 51

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

496 REPORT ON THE FINANCES.

Deposits and purchases of silver during

San Fran New Or Source and description. Philadelphia. cisco. Denver. New York. leans.

Deposited in trust—Coiit± 52 Subsidiary yalue of purchases. $3,439,863.14 $4,118,904.40 $1,159,253.35 $5,889,746.40 $16,057.66 53 Subsidiary value of transfers.. 6,421,504.65 2,653,243.68 1,217,544.33 18,703.98 54 Subsidiary value of trust de 1,122,177.03 206,157.35 posits. 55 Total 10,983,544.82 6,978,305.43 2,376,797.68 5,908,450.38 16,057.66 56 Value of purchases $1,848,646.18 $2,167,891.19 $589,806.63 $3,007,448.01 $8,175. 48 57 Value of transfers 5,588,209.05 2,649,668.09 1,075,764.95 9,679.86 58 Total . 7,436,855.23 4,817,559.28 1,665,571.58 3,017,127.87 8,175. 48 59 Number of deposits 2,229 123 2,604 60 Number of redeposits, pur- 3 42 . chases. 8 61 Number of redeposits, transfers 657 (2) 69 Number of deposits in trust... 816 63 Total number ^ 3,705 123 2,646

1 Includes $8,608,337.37 representing the recoinage value of 6,227,056.05 fine ounces of silver from domestic and Hawaiian coins transferred from Treasury and subtreasuries. , _

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 497

the fiscal ended June 30,1917—Continued.

Carson. Boise. Helen. Deadwood." Seattle. Salt Lake Total.

$7,231.59 $42,468.12 $108,424.59 $16,359.58 $109,406.86 $3,051.38 $14,910,767.07 52 . 10,310,996.64 "13 1,328,334.38 ^^

,7,231.59 42,468.12 108,424.59 16,359.58 109,406.86 3,051.38 26,550,098.09 55

$3,669.52 , $21,235.95.. $54,881.04 $9,368.00 $53,793.01 • $1,562.91 $7, 766,477.92 S6 .9,323,321.95 "^7 , 3,669. 52 21,235.95 54,881.04 9,368.00 53,793.01 1,562.91 1 17,089,799.87 58 4,956 59 45 60 657 61 • 816 69 6,474 63

2 See under "Gold." 3 By number is meant the total number of assay reports on the metal received. 13034°—FI 1917- -32

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

498 REPORT ON THE FINANCES.

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

Character of gold deposited.

Fiscal year Surplus bul ended lion, grains, Total. Domestic Domestic Foreign June 30— bullion. coin. Foreign coin: jewelers' bullion bars, old plate, etc.

1873. 868,569.78 $27,116,948.27 $426,107.44 $518, 542.14 $774 218.25 $57, 704, 385.88 1874. 29, 736,387.82 6,275,367.29 3,162,519.92 9,313: 882. 47 654, 353.56 49,142, 511.06 1875. 34, 266,124.52 1,714,311.50 739,439.66 1,111;792 . 26 724, 625.96 38,556; 293.90 1876. 37, 590,529.39 417.947.15 1,141,905.76 2, 111,0.S3.8 0 68I; 819.32 41,943, 285.42 1877. 43, 478.103.93 447,339.68 1,931,163.12 2,093,260.7 3 837, 911.25 48,787, 778.71 1878. 48, 075,123. 76 301,021.79 2,068,679.05 1,316; 461.09 907, 932.20 52,669, 217.89 1879. 38, 549, 705.89 198,083.17 1,069,796.89 1,498,819.7 1 937; 751.14 42,254, 156.80 1880. 353 821, 705.40 209,328.82 21,200,997.23 40,426; 559.63 1,176, 505.77 98,835, 096.85 1881. 35, 815,036.55 440,776.97 37,771, 472.26 55,462;385:7 4 1,343, 430.93 130,833, 102. 45 1882. 31, 298,511.97 599,356.80 12,783,807.04 20,304,810.7 8 1,770, 166.36 66,756, 652.95 1883. 32, 481.642.38 . 374,129.23 4, 727,143.22 6,906;083.8 0 1,858; 107.42 46,347, 106.05 1884. 29, 079,596.33 263,117.17 6,023,734.45 9,095,461 . 45 1,864, 769.26 46,326, 678.66 1885. 31, 584,436.64 325,210.97 11,221,846.45 7,893,217 . 77 1,869; 363.26 52,894, 075.09 1886. 32, 456,493.64 393,545.28 4,317,068.27 5,673,565.0 4 2,069, 077.00 44,909, 749. 23 1887. 32, 973,027.41 516,984.63 22,571,328. 70 9,896,512 . 28 2,265; 219.85 68, 223, 072.87 1888. 32, 406,306.59 492,512.60 21, 741,042.44 14,596,885.0 3 2,988, 750.90 72,225, 497.56 1889. 31; 440, 778.93 585,066.87 2,136,516.66 4,447,475.9 9 3,526, 597.31 42,136, 435. 76 1890. 30, 474,900.25 655,474.96 2,691,932.29 5,298,773.9 3 3,542, 013.83 42,663, 095.26 1891. 31, 555.116.85 583.847.16 4,054,822.86 8y256,303.8 0 4,035, 710.15 48,485, 800.82 1892. 31; 961,546.11 557,967.86 10,935,154.69 14,040,187 . 70 3,636, 603.68 61,131, 460.04 1893. 33; 286.167.94 792,470.43 2,247, 730. 78 6,293,296.3 3 3,830, 46,449, 841.50 406.81 176.02 1894. 38, 696,951.40 2,093,615.46 15,614,118.19 12,386, 3,118, 421.45 71,909, 513.31 1895. 44, 371,949.83 1,188,258.21 14,108,435.74 2,278,614.0 7 809.43 65,161, 067.28 409.06 3,213, 1896. 53, 910,957.02 1,670,005.53 6,572,390.14 3,227, 3,388 622.06 68,769; 383.81 1897. 60, 618,239. 77 1,015,314.39 9,371,521.03 13,188,013.8 6 2,810; 248.66 87,003, 337.71 1898. 69, 881,120.57 1,187,682.99 25,477,370.06 47,210,077.8 4 2,936, 943.37 147,693, 194.83 1899. 252,487.23 1,158,307.57 30,336,559.47 32,785, 152.48 683.90 143,497, 1900. 76; 2,964, 190.65 87, 458,836.23 1,389,096.68 22, 720,150.22 18,834,495.5 3 3,517, 540.93 133,920, 119.59 1901. 1,116,179.86 27,189, 659.12 4S9.13 1902. 92; 929.695.86 27,906, 3,959, 656.64 153,101, 680.61 94; 622,078.39 1,488,448.16 18,189, 416.90 13,996. 162.21 4,284, 724.22 132,580, 829.88 1903. 960,907.95 16,331,058.92 595.28 1904. 96; 514, 298.12 8,950; 4,247, 582.64 127,004, 442.91 87; 745,626.63 2,159,818.57 36,802,224.39 46,152,783.8 7 4,892, 930.88 177,753, 384. .34 1905. 3,404,966.63 17,645, 526.82 1906. 101; 618,315.38 15,141,678.0 8 5,568, 482.95 143,378, 969.86 103; 838,268.01 1,514,291.19 36,317,864.38 6,648,511.6 3 4, 790, 558.31 153,109, 493.52 1907. 2, 754,283. 29 36,656,545.85 1908, 114; 217,462. 44 17,221,251.4 0 5, 731; 111.55 176,580, 654.53 111; 735,877. 77 3,989,772.90 71,774,350.81 13,684,426.4 6 6,231, 547.01 207,415; 974.95 1909. 3,432,288.62 16,021,521.02 1910. 119; 727, 439.13 1,034,377.6 2 5,341, 603.82 145,557, 230.21 104; 974,558.73 3,603,139.90 15, 761, 852.42 405, 225.55 5,626, 330.84 130,371, 107.44 1911, 35,673,116.23 1912 120, 910, 246. 77 2.949.198.68 10,066,643.0 2 5, 783, 885.74 175,383, 090.44 338,150.33 3,496, 769. 41 20,914,227.09 2,155,232.5 3 6,025, 501.79 151,929, 881.15 1913, 119; 31,985,879.01 1914. 504,952.82 1,846,879. 92 2,732,439.4 1 6,061, 727.14 161,-131, 878.30 118, 278,956.53 18j 978,572.32 1915, 113: 4.719.875.69 3,261,967.0 8 6,057, 183.68 146,296, 555.30 217,238. 79 4,209,611.57 22,881,854.51 15,420,256.35 . 5, 748, 959.12 167,477, 920.34 1916. 119; 91,099, 418. 49 1917, 722,158 59 2,522,290.18 271,541,705 . 21 6,330, 201.63 492,215, 774.10 120, 355,339.16 204: 1,906,125. 87 57,1,448,086.24 124, 111, 618.85 8,046 827.63 909,867: 997.75 Total-3,088,641,017.58 99,037,937. 82 1,385,835,928.55 936,896,894. 157,974,188.81 5,668,385,967.56

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 499

Deposits of silver at United States mints and assay offices since 1885.

Character of silver deposited.

Domestic coin. Foreign coin. Fiscal Surplus year erided bullion, Total. June 30— Domestic Foreign Philippines. grains, bullion. buUion. jewelers' United Ha Other. "bars, old waiian. States. For Assay plates, recoinage. coin. etc.

Fine Fine Fine Fine Fine Fine Fine Fine Fine ounces. ounces. ounces. ounces. ounces. ounces. ounces. " ounces. ounces. 1885 24,943,394 678,741 1,627,619 867,856 336,981 28,454,591 1886 25,101,639 216,015 1,145,017 628,545 361,316 27,452,532 1887 29,293,372 5,848,585 1,127,213 271,166 396,656 36,936,992 1888 28,921,649 1,202,177 1,290,390 67,549 485,190 31,966,955 1889 29,606,387 394]346 1,063,900 328,276 . 502,223 31,895,132 1890 29,187,135 466;302 1,852,155 95i 162 526,270 32,983,024 1891 - - 50,667,116 637,652. 1,767,908 1,970,912 633,073 55.676,661 1892 56,817,548 5,036^246 1,556,618 349,652 572,661 64; 332,725 1893 56,976,082 5,346;912 1,738,711 505,171 582,728 65,149.604 1894.. . . 15,296,815 5,012] 060 994,901 422,725 467,958 22,194,459 1895 6,809,626 3,015; 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 2,208,953 626,085 101,157 473,755 7,324,935 1898. . .. 2,116,690 1,243,050 209,987 6,808 249,468 3,826,003 1899 5,584,912 6,060,986 716,077 19,382 484,751 12,866,108 1900 4,977,978 3,587,992 1,088,019 44,704 557,831 10,256,524 1901. 2,466,749 2,613; 570 1,306,149 4,250,196 567,647 11,204,311 1902 1,425,060 2,^75,090 1,15-2,023 29,265 •^ 575,430' 5,456,868 1903.. 12,523,630 2,050,225 461," 686" 1,110,463 21.869 627,108 16,794,981 1904 : 9,991,187 1,923]609 148,788 1,361,701 12,560,236 6,901 1,471,963 652,015 18,116, 400 1905. . . 4,923.655 1,333,595 3,647 1,906,410 17,700,310 3,456 92,995 739,311 16,703,378 1906 2,398,871 959,568 3,895 3,162,507 1 58,670 2,663 1,287,658 632,544 8,506,377 1907 . - 20,388,163 770y269 2,552,003 4,680,692 99 282,612 636,722 29,310,560 1908 16,114,553 786,085 2,963,399 8,866,622 3,411 134,974 648,007 29.517,051 1909 . - 5,375,389. 659,935 2,326,847 7,314,573 5,739 21,917 520, 715 16,225,115 1910 1,547,145 548,821 1,162,240' 1,3«9,545 2,042 13,295 460,935 5,124,023 1911 . . 3,220,236 393,906 799,105 620,964 836 6,040 495,013 5,536,100 1912 5,635,513 458,694 ""'•447' 957,233 227,127 168 7,934 540,117 7,827,233 1913 3,104,347 280,688 624,215 342,053 236 17,010 577,423 4 945 972 572,687 1914 9,752,614 589,972 527,-233 143,793 80 85,041 11,671,420 1915 ... 7,250,205 . 491]028 536,887 2,130,13S 136,179 68 383,439 698,026 10 927 944 1916 9,346,085 •569]510 99' 1,860,420 138,024 43 204,470 882,893 . 12,816,677 1917 7,556,359 6,240,994 62 2,327,785 149,129 69 816,725 17,974,016 Total.. 497,655,859 67,072,249 618,624 47,077,369 34,327,917 25,811 15,828,701 18,178,852 680,785,382

1 Spanish-Filipino coins

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

500 REPORT ON THE FINANCES.

Mutilated and uncurrent domestic coins, including assay 2^icces received

Philadelphia. San Franoisco.

Denommations. Purchased Transferred over the Transferred Purchased from the counter and from the overthe ^ Treasury. assay coin. Treasury. counter.

GOLD. Face value. Face value. Face value. Face value. Double eagles $271,340.00 $89,380.00 $4,520.00 Eagles i 369,720.00 103,470.00 1,690.00 Half eagles 536,400.00 121,540.00 3,442.50 3-dollar pieces '. ... . 30.00 15.00 Quarter eagles. 8,435.00 1,350.00 52.50 Dollars 74.00 135.00 50-dollar pieces (Panama-Pacific).. 93,550.00 Quarter eagles (Panama-Pacific) 8,125.00 Total gold. • 1,185,999.00 315,890.00 111,380.00 SILVER. ' Trade dollars 134.00 Dollars 794.00 13.00 Half dollars ... 4,644,340.00 819.00 $2,400,000.00 170.50 Quarter dollars 310,999.00 620.25 300,000.00 71.25 20-cent pieces : 140.80 Dimes 215,359.30 376.50 44.10 Half dimes . 648.00 L35 3-cent pieces- 72.90 Half dollars (Panama-Pacific) 16,433.00 Totalsilver..- ' 5,171,560.00 2,745.10o 2,700,000.00 16,731.85

NICKEL.. 5-cent pieces . . , 134,477.95 23.55 3-cent pieces • : 307.35 1-cent pieces . 270.70 Total nickel.... 135,056.00 ' 23.55

BRONZE. 2-cent pieces 215.80 1-centpieces 37,581.00 28.93 Total bronze 37,796.80 28.93

COPPER. 1-cent pieces '. 182.20

.HAWAUAN SILVER COINS. Dollars 41.00 Half dollars 24.00 Quarter dollars 16.25 Dimes '. 2.90 Total 84.15

SUMMARY. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Gold coins 56,957.295 15,130.944 5,376.631 Silver coins 3,636,559.26 1,922.50 1,913,915.44 12,088.64 Hawaiian silver coins 62.43 Troy ozs. Troy ozs. Troy ozs. Troy ozs. Nickel coins 412,167.00 64.31 Bronze coins 365,730.00 278.97 Copper coins 5,868.00 Gold coining value $1,177,411.78 $312,784.37 $111,144.86 Silver subsidiary value 5,027,211.72 2,657.67 $2,645,813.60 16,711.29 Hawaiian silver United States subsidiary value 86.30 Nickel coining value . ... 127,366.38 19.'99 Bronze 36,573.00 27.89 Copper 167.65 Loss on recoinage, gold 8,587.22 3,105.63 235.14 Loss on recoinage, silver 144,348.28 87.43 54,186.40 • 20.56 2.15 Loss on recoinage, nickel 7,689.62 3.56 Loss on recoinage, bronze -« 1,223.80 1.04 Loss on recoinage, copper 14.55

The Panama-Pacific $50 gold coins consist of 854 octagonal and 1,017 round pieces and the quarter eagles total 3,250 pieces, the weight being 4,918.528 fine ounces. No loss on recoinage. The half dollars totaled 3,000 pieces, weighing 1,085.06 fine ounces. No loss on recoinage.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 501

for recoinage, melted during thefiscal year ended June 30, 1917.

• Denver. Total. New York New Orleans Seattle (purchased (pm-chased (pm-chased . Grand Transferred Purchased over the over the over the total. from the over the counter). counter). counter). Transferred. Purchased. Treasuiy counter.

Face value. Face value. Face value. Face value. Face value. Face value. Face value. Face value. $20.00 $41,480.00 $2,660.00 $240.00 $271,340.00 $138,300.00 $409,640.00 60.00 65,120.00 4,870.00 220.00 369,720.00 175,430.00 ' 545,150.00 30,095.00 148,200.00 10,505.00 780.00 536,400.00 314,562.50 850,962.50 : 36.00 30.00 51.00 81.00 •• 37.50 4y255.00 • 115.00 12.50 8,435.00 5,822.50 14,257.50 3.00 42.00 7.00 5.00 74.00 192.00 266.00 93,550.00 93,550.00 8,125.00 8,125.00

30,215.50 259,133.00 18,157.00 . .1,257.50 1,185,999.00 736,033.00 1,922,032.00

134.00 134.00 154.00 961.00 961.00 $941,250.00 31.00 7,985', 590.00 1,020.50 7,986,610.50 7,450.00 27.50 618,449.00 719.00 619,168.00 140.80 140.80 9,700.00 28.60 225,059.30 449.20 225,508.50 648.00 1.35 649.35 .72.90 72.90 16,433.00 16,433.00

958,400.00 241.10 8,829,960.00 19,718.05 8,849,678.05

134,477.95 23.55 134,501.50 307.35 307.35 270. 70 270.70 135,056.00 23.55 135,079.55

215.80 215.80 37,581.00 28.93 ' 37,609.93 37,796.80 28.93 - 37,825.73 .. 182.20 182.20

41.00 41.00 24.00 24.00 10.25 16.25 2.90 . 2.90 84.15 84.15

Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. Fine ozs. 1,443.454 12,410.115 868.476 58.866 5Q, 957.295 35,288.566 92,245.861 076,518.92 173.62 6,226,993.62 14,184.76 6,241,178.38 62.43 62.43 Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. Troy ozs. 412,167.00 64.31 412,231.31 365,730.00 278.97 366,008.97 5,868.00 . 5,868.00 $29,838.84 $256,539.85 $17,952.99 $1,216.87 $1,177,411.78 $729,477.78 $1,906,889.56 $935,225.75 240.01 8,608,251.07 19,608.97 8,627,860.04 86.30 86.30 127,366.38 19.99 127,386.37 3(3,573.00 27.89 36,600.89 167. 65 167.65 376.66 2,593.15 204.01 40.63 . 8,587.22 6,555.'22 15,142.44 23,174.25 LOO 221,708. 93 109.08 221,818.01 2.15 2.15 7,689. 62 3.56 7,693.18 1,223.80 1.04 1,224.84 14.55 14.55 *

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502 REPORT ON THE FINANCES.

Statement of gold coin and gold bullion exported from the port of New York to Europe during thefiscal year ended June 30, 1917.

Prevailmg Prevaihng Date. Destination. Amount. rate of Date. Destination. Amount. rate of exchange. exchange.

1916. 1917. July 7 Spain 500,000 $4.7575 Jan. 13 Spain $1,140,000 $4.7585 England.. 8,090 • 4.7575 13 .England. - 10,828 4.7585 15 do 2,939 4.75H 16 Portugal. 5.000 4.7585 • Aug. 3 Spain 000,000 4.751 20 am. 2,499,463 4.758 5 Italy 3,027 4.751 25 France. 32,182 4.7575 14 England.. 2,500 4.751 Feb. 10 Spain.. 1,213,416 4.755 15 Spain 701,520 4.75i 24 do.. 1,596,411 4.7545 19 England.. 2,242 4.75H Mar. 1 do.. 400,000 4.75125 26 Spain 650,000 4.7575 2 do.. 669,333 4.75 . Sept. 8 do 900,000 4.7575 12 .....do.. 1,005,834 4.755 16 England.. 195,800 4.7575 19 do.. 341,267 4.755 23 do 11,902 4.7575 27 I do.. 350,000 4.755 . 23 Spain 300,000 4.7575 30 do.. 1,186.932 4.75625 Oct. 7 England.. 18,312 4.7575 Apr. 2 do.. 320,000 - 4.755 . •7 Spain 100,000 4.7575 13 do.. 430,000 4.755 14 England.. 20,000 4.75-H May 3 do.. 2,062,000 4.75625 20 ....do.... 10,000 .4.7.51 10 do.. 2,220,000 4.755 24 Italy 7,477 4.75H 15 .... do.. 2,277,000 4.755 ". 28 England.. 30,000 4.75H 18 .....do. . 1,250;000 4.7555 Nov. 4 ....do.... 81,210 4.75H 24 do.. 1.250.000 4.7555 10 Spain 500,000 4.75-H 26 .... do.. 3,451,801 4.756 11 England.. 21,700 4.75H 31 do.. 2.465.001 4.7555 17 Spain 180,000 4. 75H June 7 do.. 2,429,000 4.755 18 France 33,400 4.7565 19 do.. 1,270,000 4.754 18 England.-, 162]475 4.7o65 20 do.. 2,636,400 4.7545 25 .-..do.. .. 60,000 •4.75H 30 ....do.. 2,724,000 4.7540 28 Spain 500,000 4.751 29 England.. 6,008 4.75-1 Total. 47,241,305 Dec. 2 ...:do 93,973 4.7545 9 Spain , 546,863 4.755 11 ....do ... 350,000 4.755 13 ....do 310,000 4.755 18 ....do 690,000 4.751 23 France 6,000 4.755

RECAPITULATION.

United Foreign Foreign Countries. States coin. bullion. coin. Total.

Spain i$45,299,210 $1,117,031 $46,416,241 England-: 405,000 $332,979 737,979 Italy 10,504 10,504 France... 71,582 71,582 Portugal. 5,000 5,000 Total. 45,709,210 415,065 1,117,031 47,241,306

During the same period there was shipped to other points: United States com $58,845,767 Foreign bullion 4,931,735 Foreigncoin 4,815,590 68,593,092 , Total gold exports to Europe 47,241,306

Grand total gold exports '. : 115,834,398 The imports during the same period were as follows: From Europe: United States coin $1,004,562 Foreign bullion 19,061,871 Bullioninore 42,355 Foreigncoin.., 6,277,858 Total $26,386,646 From other points: - . United States coin • .' 501,845 Foreign bullion •- - 13,109,183 . Bullion in ore •. " 2,272,373 Foreigncoin 36,083 Total : - - 15,919,484 Grand total gold-imports 42,306,130

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOB OF THE MINT. 503

Coinage of the mmts of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin, since organization, 1792, tQ June 30, 1917.

Act authorizing coinage or Weight Total amount Denomination. change in weight or fine- (grains). Fineness. Pieces. coined to June 30, 1917.

GOLD COINS. 50-dollar piece, Panama- Pacific International Exposition: Octagonal Jan. 16,1915.. 1,290 900 1,509 $75,450.00 Round... do 1,290 900 1,510 75,500.00 Double eagle ($20) Mar. 3,1849.'. 516 900 121,807,106 2,436,142,120.00 Eagle ($10).. Apr.2,1792.. 270 9162 June 28,1834. 258 899.225 51,671,485 516,714,850.00 Jan. 18,1837.. 900 Half eagle ($5). Apr.2,1792.. 135 916§ June 28,1834., 129 899.225 78,249,869 391,249,345.00 Jan. 18,1837.-. 900 Quarter eagle ($2.50). Apr.2,1792.. 67.5 916§ . June 28,1834. 64.5 899.225 17,856,590 44,641,475.00 Jan. 18,1837.. 900 Quarter eagle ($2.50), Jan. 16,1915.. 900 10,000 ' 25,000.00 Panama-Pacific In ternational Exposi tion. 3-dollar piece , Feb. 21, 1853 (act discon 77.4 900 539,792 1,619,376.00 tinuing coinage Sept. 26, 1890). 1 dollar Mar.3,1849(act discontinu 25.8 900 19,499,337 19,499,337.00 ing coinage Sept. 26, 1890). 1 dollar, Louisiana Pur June 28,1902 25.8 900 250,000 250,000.00 chase Exposition. 1 dollar, Lewis and Apr. 13,1904. 25.8 900 60,000 60,000.00 Clark Exposition. 1 dollar, Panama-Pacific Jan. 16,1915., 25.8 900 25,034 25,034.00 International Expo sition. 1 dollar, McKinley me Feb. 23,1916.. 25.8 900 30,040 30,040.00 morial. Total gold 290,002,272 3,410,407,527.00

SILVER COINS. Dollar. Apr.2,1792., 416 Jan. 18,1837 (act discontin 412^ 900 uing coinage Feb.12,1873). •1578,303,848 1578,303,848.00 Feb.28,1878 July 14,1890 TradedoUaa'2.... Feb. 12,1873 (act discontinu 420 900 35,965,924 35,965,924.00 ing coinage Feb. 19,1887). Lafayette dollar. Mar.3,1899 412J 900 50,000 50,000.00 Halfdollai- Apr.2,1792 208 892.4 Jan. 18,1837 206i 900 ' 390,966,272 195,483,136.00 Feb. 21,1853 192 Feb. 12,1873 3192.9 Columbian half dollar... Aug. 5, 1892 192.9 900- 5,000,000 4 2,500,000.00 Half dollar, Panama- Jan. 16,1915 192.9 900 60,000 30,000.00 Pacific International Exposition. Quai'ter dollar Apr.2,1792.. 104 892.4 Jan. 18,1837.. 103i 900 437,659,758 109,414,939.50 Feb. 21, 1853. 96 Feb. 12, 1873. 5 96. 45 Columbian quarter dol Mai\3,1893.. 96.45 900 40,000 10,000.00 lar. 20-cent piece , Mai'.3,1875 (act discontinu 6 77.16 900 1,355,000 271,000.00 ing coinage May 2, 1878).

1 Amount coined to Feb. 12,1873, $8,031,238. Silver-dollar coinage under acts of— Apr. 2, 1792 $8,031,2.38 Feb. 28,1878 . $378,166,793 July 14, 1890 187,027,345 Mar. 3,1891 ' 5,078,472 • 570,272,610

Total , 578,303,848 2 Coinage limited to export demand, joint resolution July 22, 1876. 3.12^ grams, or 192.9 grains. 4 Total amoimt coined. !> 6i grams, or 96.45 grains. c 5 grams, or 77.16 grains. *

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

504 REPORT ON THE FINANCES.

Coinage of the mint of the United States, authority for coinage, changes in weights and fineness, act discontinuing same, and amount coined for each denomination of coin, since organization, 1792, to June 30, 1917—Continued.

Act authorizing coinage or Weight Total amount Denomination. change in weight or fine (grams). Fineness. Pieces. coined to June ness. 30, 1917.

SILVER COINS—contd.

Dime Apr. 2,1792 41.6 892.4 Jan. 18, 1837 41i 900 Feb. 21,1853 38.4 • 826,999,997 $82,699,999. 70 Feb. 12, 1873.. 138.58 Half dime Apr. 2, 1792 20.8 892.4 Jan. 18, 1837 201 900 > 97,604,388 4,880,219.40 Feb. 21,1853 (act discontinu 19.2 ing coinage Feb. 12,1873). 3-cent piece. Mar. 3, 1851 121 •750 Mar. 3,1853 (act discontinu 11.52 900 } 42,736,240 1,282,087.20 ing coinage Feb. 12,1873).

Total silver 2,416,741,427 1,010,891,153.80

MINOR COINS..

5-cent (nickel) May 16,1866 77.16 (2) 967,147,884 48,357,-394.20 3-cent (nickel) Mar. 3,1865 (act discontinu 30 • (2) 31,378,316 941,349.48 ing coinage Sept. 26,1890). 2-cent (bronze) Apr.22,1864 (act discontinu- 96 45,601,000 912,020.00 ingcoinage Feb. 12,1873). Cent (copper) . . Apr. 2,1792 . . 264 Jan. 14,1793 208 \ 156,288,744 1,562,887.44 Jan. 26,1796^ (act discontin 168 uing coinage Feb.21,1857). Cent (nickel).. .. . Feb. 21,1857 (act discontin 72 . 200,772,000 2,007,720.00 uing coinage Apr. 22,1864). Cent (bronze) Apr. 22, 1864 48 2,660,213,182 26,602,131.82 Half cent (copper) Apr.2, 1792 132 Jan. 14,1793 104 I 7,985,222 39,926.11 Jan. 26,1796Kact discontin 84 uing coinage Feb. 21,1857).

Total minor.. 4,009,386,348 SO 423 429 05 Total coinage 6,776,130,047 i4 .'^.Ol 79^ lOQ. S.-i ' ' ' 1 2^ grams, or 38.58 grains. 2 Composed of 75 per cent copper and 25 per cent nickel. 3 Composed of 95 per cent copper and 5 per cent tin and zinc. 4 Composed of 88 per cent copper and 12 per cent nickel. 5 By proclamation of the President, in conformitv with act of Mar. 3,1795.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 505

Coinage of gold and silver ofthe United States since 1873, by fiscal years.

Gold. Silver. Fiscal year ended June 30-- Fine ounces Subsidiary Fine ounces. Value. ' consumed. Dollars coined. coined.

1873. 1,705,187 $35,249,337.00 2,179,833 . $977,150 $1,968,645 . 50 1874. 2,440,165 50,442,690.00 4,558,526 3,588,900 2,394,701.3 9 1875. 1,623,173 33,553,965. 00 7,650,005 5,697,500 4,372,868 . 00' 1876. 1,846,907 38,178,963.00 14,228,851 6,132,050 12,994,452 . 50 1877. 2,132,283 44,078,199.00 21,239,880 9,162,900 19,387,035 . 00 1878. 2,554,151 52,798,980.00 21,623,702 19,951,510 8,339,315 . 50 1879. 1,982,742 40,986,912.00 21,059,046 27,227,500 382. 50 1880. 2,716,630 56,157,735. 00 21,611,294 27,933, 750 , 8'687 . 50 1831. 3,808,751 78,733,864.00 21,383,920 27,637,955. 12;on : 75 1882. 4,325,375 89,413,447.00 2i;488,148 27,772,075 11,313 . 75 1,738,449 35,936,928.00 22,266,171 1883. 28,111,119 . 724,351.1 5 1884. • 1,351,250 27,932,824.00 22,220,702 28,099,930 457. 80 1,202,657 24,861,123. 00 22,296,827 673, 1885. 28,528,552 320,407 . 65 1886. 1,648,493 34,077,380. 00 23,211,226 29,838,905 442.95 1,083,275 22,393,279.00 26,525,276 183, 1887. 33,266,831 1,099, 652.75 1,372,117 28,364,171.00 26,331,176 32,718,673 422.25 1,235,687 25,543,910.00 26,659,493 1,417, 1889.. 33,793,860 721, ..40 1890.. 1,065,302 22,021,748.00 23,430,092 35,923,816 020. 70 1,169,330 24,172,203.00 29,498,927 892, 1891. - 36,232,802 2,039,218.3 5 1892.. 1,717, 650 35,506.987.00 11,259,863 8,329,467 811.60 1,453,095 30,038,140. 00 9,353,787 6,659, 1893.. 5,343,715 7,216, 162. 65 1894.. 4,812,099 99,474,913. 00 4,358,299 758 140. 30 2,125,282 43,933,475.00 6,810,196 6,024, 1895.. 3,956, Oil 5,113,469 . 60 1896.. 2,848,247 58,878,490. 00 8,651,384 7,500,822 819. 20 3,465,909 71,646,705.00 18,659,623 3,939, 1897.. 21,203,701 3,124;085.6 5 1898-. 3,126,712 64, 634,865. 00 12,426,024 804. 00 5,233,071 20,966,979 10,002,780 6,482, 1899.. 108,177,180.00 18,254,709 9,466, 877.65 5,221,458 23,464,817 849.15 1900. 4,792,304 107,937,110.00 26,726,641 18,294,984 12,876, 1901.. 99,065,715.00 24,298,850 10,966,648 . 50 2,998,313 22,756,781 569.45 1902.. 2,211,791 61,980,572.00 19,705,162 19,402,800 10,713, 1903.. 45,721,773.00 17,972,785 8,023, 751. 25 10,091,929 13,396,894 231. 00 1904.. 3,869,211 208,618,642.00 6,600,068 10,101, 650 7,719, 1905.. 79,983,692.00 310 9,123,660.6 0 2,563,976 368.10 1906.. 3,851,730 53,002,097.50 2.905.340 4,016, 1907.. 79,622,337.50 9,385,454 12,974,534 . 25 9,541,406 477.25 5,233,212 197,238,377.50 11,957,734 16,530, 1909. 108, ISO, 092.50 8,024,984 11,093,810.0 0 2,301, 628 567. 25 1910. 5,753,022 47,578,875.00 3,108,753 4,297, 1911. 616,737 118,925,512.50 2,311,709 3,195,726.4 0 1912. 454,067 12,749,090.00 6,984,479 9,655, 405.25 1913. 288,024 30,058,227.50 2.494.341 3,448, 199.75 1914. 1,960,823 26,625,810.00 4,514,018 6,240; 219.45 1915. 1,503,369 40,533,810.00 2,425,500 3,353; 032. 50 1916. 59,503 31,077,409.00 2,408,030 3,328; 882. 50 1917. 1,030,040.00 13,214,417 18,263, 600. 00

Total. 127,096,492 2,627,117,596.00 659,334,372 607,259,120 261,409,776. 69

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

506 REPORT ON THE FINANCES.

Coinage of the mints of the United States

[Coinage of the mint at Charlotte, N. C, from its organization.

Gold. Calendar years. Total value. Half eagles. Quarter eagles. Dollars.

1838 to 1861 $4,405,135 $544,915 $109,138 $5,059,188 • [Coinage of the mint at Carson City from its

Gold. Silver.

Calendar years. Double eagles. Eagles. Half eagles. Dollars.. Trade-dollars.

1870 to 1893 $17,283,560 $2,997,780 $3,548,085 $13,881,329 $4,211,400

[Coinage of the mint at New Orleans from its organization, 1838, to

Gold. Silver.

Calendar years. Double Half Three Quarter Eagles. eagles. eagles. dollars. eagles. Dollars. Dollars.

1838 to 1900 $16,375,500 $19,804,320 $4,447,625 $72,000 $3,023,157.50 $1,004,000 $144,395,529 1900 12,590,000 1901 720,410 13,320,000 1902 8,636,000 1903 1,127,710 4,450,000 1904. 1,089,500 3,720,000 1905 1906 868,950 1907 1908 1909 171,000 Total • 16,375,500 23,610,890 4,618,625 72,000 3,023,157.50 1,004,000 187,111,529

[Coinage of the mint at San Francisco from

Gold.

Calendar years. Double Half Three Fifty Eagles. Quarter Dol dollars. eagles. eagles. dollars. eagles. lars.

1854-1900 $929,075,020 $74,122,060 $78,244,540 $186,300 $1,861,255 $90,232 1900 49,190,000 810,000 1,645,000 1901 31,920,000 28,127,500 18,240,000 1902 35,072,500 4,695,000 4,695,000 1903 • 19,080,000 5,380,000 9,275,000 1904 102,683,500 485,000 1905 36,260,000 3,692,500 4,403,500 1906 41,315,000 4,570,000 2,990,000 1907 43,316,000 2,105,000 1908 440,000 598,500 410,000 1909 55,498,500 2,923,500 1,486,000 1910 42,565,000 8,110,000 3,851,000 1911 . 15,515,000 510,000 7,080,000 1912 3,000,000 1,960,000 1913 680,000 660,000 2,040,000 1914 29,960,000 2,080,000 1,315,000 1915 1 $150,950 11,350,000 590,000 820,000 1 25,042.50 1 25,034 1916 15,920,000 1,385,000 1,200,000 Total • . 150,950 1,459,840,520 143,359,060 140,140,040 186,300 1,886,297.5Q 115,266

' Panama-Pacific International Exposition coins.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIBECTOE, OF THE MINT. 507

from their organization, by calendar years.

1838, to its suspension, 1861. Abohshed .Tune 30,1913.]

• Gold. Calendar years. Total value. Half eagles. Three dollars.- Quarter eagles. Dollars.

1838 to 1861.- $5,536,055 $3,360 $494,625 $72,529 $6,106,569

organization, 1870, to its suspension, June 30, 1893..]

Silver. Total coinage.

Total value. Quarter dol Twenty . Dimes. -Half dollars. lars. cents. Gold. Silver.

$2,654,313.50 $2,579,198.00 $28,658.00 $2,090,110.80 $23,829,425.00 $25,445,009.30 • $49,274,434.30

its suspension, 1861, andfrom its reopening, 1879, to April, 1909.]

Silver. Total coinage.

Total value. Half Three Half Quarter Dimes. Gold. silver. dollars. dohars. dimes. cents.

.$28,720,038 $7,452,250 $3,262,590.60 $812,327.50 $21,600 $44,726,602.50 $184,664,335.10 $229,390,937.60 1,372,000 854,000 201,000.00 15,017,000.00 15,017,000.00 562,000 403,000 562,000.00 720,410.00 14,847,000.00 15,567,410.00 1,263,000 • 1,187,000 450,000.00 11,536,000.00 11,536,000.00 1,050,000 875,000 818,000.00 1,127,710.00 7,193,000.00 8,320,710.00 . 558,800 614,000 1,089,500.00 4,892,800.00 5,982,300.00 252,500 307,500 340,000.00 900,000.00 900,000.00 1,223,000 514,000 261,000.00 868,950.00 1,998,000.00 2,866,950 00 1,973,300 1,140,000 505,800.00 3,619,100.00 3,619,100.00 2,680,000 1,561,000 178,900.00 4,419,900.00 4,419,900.00 462, 700 178,000 228,700.00 171,000.00 869,400.00 1,040,400.00

40,117,338 15,085, 750 6,807,990.60 812,327.50 21,600 48,704,172.50 249,956,535.10 298,660,707.00

its organization, 1854, to Dec. 31, 1916.]

Silver.

Trade Half Quarter Twenty Half Dohars. dollars. dollars. dollars. cents. Dimes. dimes.

$98,624,073 $26,647,000 $20,575,031.50 $8,322,569.00 $231,000 $4,798,728.80 $119,100 3,540,000 1,280,161.00 464,646.25 516,827.00 2,284,000 423,522.00 18,166.00 59,302.20 1 530,000 730,335.00 381,153.00 207,000.00 1,241,000 960,386.00 259,000.00 61,330.00 2,304,000 . 276,519:00 80,000.00 1,247,000.00 471,000.00 685,519.90 870,077.00 313,664.00 625,000.00 340,000.00 317,847.00 822,414.00 196,000.00 322,000.00 882,000.00 337,000.00 100,000.00 974,000.00 124,000.00 • 636,000.00 247,656.66 352,000.00 685,000.00 177,000.00 342,000.00 302,000.00 10,000.00 5i,'000.00 496,000.00 66,000.00 210,000.00 2 832,000.00 176,000.00 96,000.00 254,000.00 1,627,000.00

109,523,073 26,647,000 32,871,445.50 11,465,534.25 231,000 10,264,218.90 119,100

2 Includes $30,000 in Panama-Pacific International Exposition coins.

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508 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

[Coinage of the mint at San Francisco from

^ Minor coinage. Calendar years. • Five cents. Cents. Total.

1854-1900 1900 1901 1902 1 1903 . . 1 1 1904 1 1905 1 1906 1907 1908 $11,150.00 $11,150.00 1909 . .'. •. 26,180.00 26,180.00 1910. 60,450.00 . 60,450.00 1911 . . 40,260.00 40,260.00 1912 $11,900.00 44,310.00 56,210.00 1913 165,700.00 61,010.00 226,710.00 1914 : 173,500.00 41,370.00 214,870.00 1915 ... 75,250.00 48,330.00 123,580.00 1916 593,000.00 225,100.00 818,100,00 Total 1,019,350.00 558,160.00 1,577,510.00

[Coinage pf the mint at Philadelphia from

Gold coinage.

Calendar years. Three Quarter Double Dohars. eagles. Eagles. Halfeagles. dollars. eagles.

1793 to 1900 $522,641,300 $218,387,890 $157,644,765 $1,357,716 $23,023,902.50 $18,223,438 1900 37,491,680 2,939,600 7,028,650 168,012.50 1901 . . 2,230,520 17,188,250 3,080,200 228,307.50 1902 625,080 825,130 862,810 334-332.50 175,000 1903 5,748,560 1,259,260 1,135,120 503,142.50 1175,000 1904 125,135,940 1,620,380 1,960,680 402,400.00 2 25,000 1905 1,180,220 2,010,780 1,511,540 544,860.00 2 35,000 1906 1,393,800 1,654,970 1,744,100 441,225.00 1907. 36,495,620 14,433,790 3,130,960 841,120.00 1908.... :.. 88,558,200 3,749,860 4,999,430 1,412,642.50 1909 3,225,640 1,848,630 3,135,690 1,104,747.50 1910 9,643,340 3,187,040 • 3,021,250 1,231,705.00 1911 3,947,000 5,055,950 4,575,695 1,760,477.50 1912 2,996,480 4,050,830 3,950,720 1,540,492.50 1913 - 3,376,760 4,420,710 , 4,580,495 1,805,412.50 1914 1,906,400 1,510,500 1,235,625 600,292.50 1915 . . 3,041-, 000 3,510,750 2,940,375 1,515,250.00 1916 4 20,026 Total 849,637,540 287,654,320 -206,538,105 1,357,716 37,458,322.50 18,553,464

1 Louisiana Purchase Exposition. 2 Lewis and Clarke Exposition.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIBECTOE. OF THE MINT. 509

their organization, by calendar years—Continued,

its organization, 1854, to Dec. 31,1916—Continued.]

Total coinage. Total value. Gold. Silver; Minor.

$1,083,579,407.00 $159,317,502.30 $1,242,896,909.30 51,645,000.00 5,801,634.25 57,446,634. 25 78,2^7,500.00 2,784,990.20 81,072,490.20 • 44,462,500.00 2,848,488.00 47,310,988.00 33,735,000.00 2,521,716.00 36,256,716.00 103,168,500.00 2,660,519.00 105,829,019.00 44,356,000.00 2,403,519.90 46,759,519.90 48,875,000.00 1,183,741.00 50,058,741.00 45,421,000.00 1,282,847.00 46,703,847.00 1,448,500.00 1,340,414.00 $11,150.00 2,800,064.00 59,908,000.00 1,319,000.00 26,180.00 61,253,180.00 54,526,000.00 1,098,000.00 60,450.00 55,684,450.00 23,105,000.00 1,235,000.00 40,260.00 24,380,260.00 4,960,000.00 1,204,000.00 56,210.00 6,220,210.00 • 3,380,000.00 363,000.00 226,710.00 3,969,710.00 33.355,000.00 772,000.00 214,870.00 34,341,870.00 12,961,026.50 1,104,000.00 123,580.00 14,188,606.50 18,505,000.00 1,881,000.00 818,100.00 21,204,100.00 1,745,678,433.50 191,121,371.65 1,577,510.00 1,938,377,315.15

its organization, 1793, to Dec. 31,1916.]

Silver coinage.

Quarter Twenty Trade . Dollars. Half dollars. Dimes. Half dimes. Three cents. dollars. dohars. cents.

$5,107,524 $236,558,010 $93,763,709.00 $43,487,230.25 $11,342 $24,715,379.80 $3,948,791.90 $i, 260,487. 20 3 8,880,912 2,381,456.00 2,504,228.00 1,760,091.20 , 6,962,813 2,134,406.50 2,223,203.25 1,886,047:80 7,994,777 2,461,388.50 3,049,436.00 2,138,077.70 4,652,755 ' 1,139,377.50 2,417,516.00 1,950,075.50 ^ 2,788,650 1,496,335.00 2,397,203.25 1,460,102.70 331,363.50 1,242,062.50 1,455,235.00 1,319,337.50 914,108.75 1,995,840.60 1,299,287.50 1,798,143.75 2,222,057.50 677,272.50 1,058,136.25 1,060,054.50 1,184,325.00 2,317,162.50 1,024,065.00 • 209,275.50 561,137.75 1,152,055.10 703,271.50 930,135.75 1,887,054.30 775,350.00 1,100,175.00 1,935,070.00 94,313.50 121,153.25 '1,976,062.20 ^2,305.00 1,561,152.50 1,736,065.50 69,225.00 870,112.50 562,045.00 304,000.00 400,000.00 4,067,000.00

5,107,524 267,837,917 110,405,999.00 69,012,297.25 11,342 54,982,379.40 3,948,791.90 1,260,487. 20

3 Includes 50,000 Lafayette souvenir dollars. 4 McKinley memorial dollars.

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510 REPORT ON TI-IE FINANCES.

Coinage of the mints ofthe United States from

[Coinage of the mint at Philadelphia from

Minor coinage. Calendar years. Fiye cents. Three cents. Two cents.

1793 to 1900 $17,444,363.35 $941,349.48 $912,020.00 1900 . 1,362,799.75 1901 1,324,010.65 1902 1,574,028.95 1903 1,400,336.25 1904 1,070,249.20 1905 1,491,363.80 1906 :.... 1,930,686.25 1907 1,960,740. 00 1908 : 1,134,308.85 1909 ... 579,526.30 1910 1,508,467.65 1911 1,977,968.60 1912 1,311,835.70 1913 3,042,611.95 1914 1,033,286.90 1915 1,049,363.50 1916 3,174,903.30 Total 44,370,850.95 941,349.48 912,020.00

[Coinage at the mint at Denver from

Gold coinage. Calendar years. Double Eagles. Half eagles. Quarter eagles.

1906- $12,405,000 $9,810,000 $1,600,000 1907. 16,845,000 10,300,000 4,440,000 1908. 20,265,000 10,465,000 740,000 1909- 1,050,000 1,215,400 17,117,800 1910. 8,580,000 23,566,400 968,000 1911. 16,930,000 301,000 362,500 $139,200 1912. 1913. 7,870,000 1914. 9,060,000 3,435,000 1,235,000 "i,*i26,'666' 1915. 1916- Total. 93,005,000 26,463,300 1,259,200

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 511

their organization, by calendar years—Continued.

its organization, 1793, to Dec. 31,1916]—Continued.

, .... — .^ . „

Minor coinage. Total coinage. o Total value. Cents. Half cents. Gold. Silver. Minor.

$13,347,409.39 $39,926.11 $941,279,011.50 $408,852,474.15 $32,685,068.33 $1,382,816,553.98 668,337.64 47,627,942.50 15,526, 687. 20 2,031,137.39 65,185, 767.09 796,111.43 22, 727,277.50 13, 206,470. 55 2,120,122.08 38,053, 870.13 873,767.22 2, 722,352.50 15,643, 679.20 2,447,796.17 20,813; 827.87 850,944. 93 8, 821,082.50 10,159, 724. 00 2,251,281.18 21,232,087.68 613,280.15 129,144,400.00 8,142, 290.95 1,683,529.35 138,970, 220.30 807,191. 63 5,282,400.00 3,028,661.00 2,298,555.43 10, 609,616.43 960,222. 55 5,234,095.00 4, 229,286. 85 2,890,908.80 12, i54,290. 65 1,081, 386.18 54,901,490.00 5,319,488. 75 3,042,126.18 63, 263,104.93 323,279. 87 . 98, 720,132.50 2, 795,463.25 1,457,588.72 • 102, 973,184.47 1,150, 682. 63 9,314, 707.50 - 4,525,552.50 1,730,208.93 • 15,570,468.93 1,468,012.18 17,083,335.00 1,922, 468.35 2,976,479. 83 21,982 283 18 1, Oil, 777. 87 15,339,122.50 3,520,461.55 2,989,746.47 21,849,330. 52 681,530.60 12,538,522.50 3,810, 595.00 1,993,366.30 18,342 483 80 765,323. 52 14,183,377.50 2,191,528.95 3,807,935.47 20,182,8^11.92 752,384.32 5,252,817.50 3,359,523.00 1,785,671.22 10,398,011.72 290,921. 20 11,007,375.00 1,501,382.50 1,340,284.70 13, 849,042.20 1,318,336. 77 20,026.00 4,831,000.00 4,493,240.07 9,344,266.07

27,760,900.08 39,926.11 1,987,791,251.87 512,566,737.75 74,025,046.62 1,987,791,251.87

February, 1906, to Dec. 31,1916.]

Silver coinage. Minor coinage. Total coinage. Total Half Quarter Five value. Dimes. Gold. Silver. Minor. dollars. dollars. cents. Cents.

$2,014,000 $820,000• $406,000 $23,815,000 $3,240,000 $27,055,000 1,928,000 621,000 408,000 31,585,000 2,957,000 34,542,000 1,640,000 . 1,447,000 749,000 31,470,000 3,836,000 35,306,000 1,278,500 95,400 19,383,200 1,373,900 20, 757,100 375,000 349,000 33,114,400 724,000 33,838,400 347,540 , 233,400 1,120,900 $126, 720 17, 732, 700 1,701,840 $126,720 19,561,260 1,150,400 1,176,000 $423, 700 104,110 2,326,400 527, 810 2,854,210 267,000 362,700 474, 650 158,040 7,870,666 629,700 632,690 9,132,390 761,500 1,190,800 195,600 11,930 14,850,000 1,952,300 207,530 17,009,830 585,200 923, 500 378,475 220,500 1,508, 700 598,975 2,107,075 507,200 1, 635,200 26,400 666,650 359,560 2,168, 800 1,026,210 3,195,010

8,439,340 8,457,800 5,521,500 2,139,075 980,860 179,820,300 22,418, 640 3,119,935 205,358,875

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

512 REPORT ON THE FINANCES.

Coinage of the mints of the United States from RECAPITULATION.

Gold coinage.

Calendar years. Half Three Quarter Fifty Double Eagles. Dollars. dohars. eagles. eagles. dollars. eagles;

1793-95 . . $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 .6,536.66 1803 89,790 167,530 1,057. 50 1804 .« 97^ 950 152,375 ". 8,317.50 1805 . 165,915 4,452. 50 1806 320,465 4,040.00 1807 420,465 17,030.00 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 Q 88,980 1823 72,425 1824 86,700 6,500.00 1825... 145,300 11,085.00 1826 , 90,345 1,900.00 1827 : 124,565 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 3,660,845 293,425.00 1835 -v. 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 1,863,560 98,612. 50 1849 6,775,180 1,184,645 \ 111,147.50 $936,789 1850 $26,225,220 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 44,860,520 2,811,060 3,689,635 3,283,827. 50 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. 50 1,657,016 1855... 25,046,820 1,487,010 1,257,090 171,465 600,700.00 824,883 1856 30,437,560 1,429,900 1,806,665 181,530 1,213,117. 50 1,788,996 1857 28,797,500 481,060 1,232,970 104,673 796,235. 00 801,602 1858 21,873,480 343,210 439,770 6,399 144,082. 50 131,472 1859 13,782,840 253,930 361,235 46,914 142,220. 00 193,431 I860 22,584,400 • 278,830 • 352,365 42,465 164,360.00 51,234 1861. 74,989,060 1,287,330 3,332,130 18,216 3,241,295.00 52.7,499 1862... 18,926,120 234,950 69,825 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 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 18,722,000 241,550 288,625 14,625 94,062. 50 10,525 1869 17,238,100 '82,850 163,925 7,575 84,612.50 5,925 Carried f o r ward. 560,502,480 54,819,680 67,470,880 1,149,123 26,065,402.50 19,040,007

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OP THE MINT. 513

their organization, by calendar years—Continued. RECAPITULATION.

Silver coinage.

Quarter Twenty Trade Dohars. Half dollars. Dimes. Half dimes. Three cents. dohars. dollai-s. cents.

$204,791 $161,572.00 $4,320.80 72,920 ""$i,'473.'56' "••$2;2i.3.'56" 511.50 7,776 i,'959."66' 63.00 2,526.10 2,226.35 327,536 2,755.00 423,515 220,920 2;i76."66' ""'i,'266." 66' 54,454 i5,"i44.'56' 3,464.00 1,695.50 41,650 14,945.00 1,097.50 650.50 66,064 15,857.50 3,304.00 1,892.50 19,570 78:259.50 i,'684.*56' 826.50 321 105;861.00 30,348.50 12,078.00 786.'66' 419,788.00 51,531.00 525,788.00 55,160.75 ""i6,'566.'66' 684,300.00 702,905.00 4,"47i.'66" 638,138.00 635.50 601,822.00 6,518.00 814,029.50 620,951.50 519,537.50 "'""42;i56.'66' '"'"i7,"368."66' 23," 575 .'66' 5,000.75 607,783.50 980,161.00 '"•"96,'293." 56' 1,104,000.00 36,000.00 ...... 375,561.00 31,861.00. "'"94,'2.58.'76' 652,898.50 54,212.75 118,651.20 779,786.50 16,020.00 10,000.00 847,100.00 4,450.00 44,000.00 1,752,477.00 1,471,583.00 ""42,"666.'66' """Si," 666." 66' '"o 2,002,090.00 2,746,700.00 i,'666.'66' '"i2i,"566.'66* 1,537,600.00 25,500.00 12,500.00 1,856,078.00 \'"" 77,000.00 "'6i,"566.'66" 2,382,400.00 51,000.00 62,000.00 2,936;830.00 ""99,'566."66' 77,135.00 62,135.00 2,398,500.00 80,000.00 52,250.00 48,250.00 2,603,000.00 39,000.00 48,500.00 68,500.00 3,206,002.00 71,500.00. 63,500.00 74,000.00 2,676,003.00 488,000.00 141,000.00 138;000. 00 i,'666' 3,273,100.00 118,000.00 119,000.00 95,000.00 1,814,910.00 63,100.00 104,200.00 113,800. 00 1,773,0.00.00 208,000.00 - 239,493.40 112,750.00 "" 366' 1,748,768.00 122,786.50 229,638.70 108,285.00 61,005 1,145,054.00 153,331.75 253,358.00 113,954.25 173,000 355,500.00 143,000.00 363,000.00 98,250. 00 184,618 1,484,882.00 214,250.00 390,750.00 58,250.00 165,100 3,050,000.00 403,400.00 152,000.00 58,250.00 20,000 1,885,500.00' 290,300.00 7,250.00 32,500.00 24,500 1,341,500.00 230,500.00 198,500.00 78,200.00 169,600 2,257,000.00 - 127,500.00 3,130.00 1,350.00 140,750 1,870,000.00 275,500.00 24,500.00 63,700.00 15,000 1,880,000.00 36,500.00 45,150.00 63,400.00 62,600 1,781,000.00 85,000.00 113,900.00 72,450.00 . 47,500 1,341,500.00 150,700.00 244,150.00 82,250.00 1,300 301,375.00 62,000.00 142,6r.0.00 82,050.00 ""$i85,"622.'66 1,100 110,565.00 68,265.00 196,550.00 63,025.00 559,905.00 46,110 2,430,354.00 4,146,555.00 1,327,301.00 -785,251.00 342,000.00 33,140 4,111,000.00 3,466,000.00 624,000.00 365,000.00 20 130 no 26,000 2,288,725.00 857,350.00 JU\J y J.'-/\j . \jyj 207,500.00 117,500.00 4 170 00 63,500 1,903,500.00 2,129,500.00 703,000.00 299,000.00 43i 740^ 00 94,000 1,482,000.00 2,726,500.00 712,000.00 433,000.00 31,260.00 5,998,000.00 2,002,250.00 189,000.00 258,000.00 48,120.00 ' '"'636,'566" 2,074,000.00 421,000.00 97,000.00 45,000.00 10 0*^(1 no 733,930 1,032,850.00 312,350.00 78,700.00 92,950.00 xu, jo^). yjj 78,600 2,078,950,. 00 1,237,650.00 209.660.00 164,050:00 8,6.10.00 1J.T4 , 0.J 4.IU 0. Ur.Uo 12,090 802,175.00 249,887.50 102,830.00 74,627.50 10,906.50 27,660 7-09,830.00 48,015.00 17,196.00 5,923.00 043.SO 31,170 518,785.00 28,517.50 • 26,907.00 4,523.50 14.10 47,000 593,450.00 25,075.00 18,550.00 6,675.00 255 00 49,625 899,812.50 11,381.25 14,372.DO • 6,536.25 .681! 75 . 60,325 • 810,162.50 17,156.25 14,662.60 6,431.25 138.75 182,700 769,100.00 - 31,500.00 72,625.00 18,295.00 123.00 424,300 725,950.00 23,150.00 70,660.00 21,930.00 163.00

5,053,440 95,509,284.50 21,727,878.00 8,376,184.10 4,529,818.90 • 1,281,762.90

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

514 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

RECAPITULATION-Contmued.

Gold coinage. Calendar years. Fifty Double Eagles. Half Three Quarter dollars. eagles. eagles. dollars. eagles. Dollars.

Brought forward $560,502,480 $54,819,680 $67,470,880 $1,149,123 $26,065,402.50 $19,040,007 1870 22,819,480 164,430 143,550 10,005 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 52,575.00 3,530 1973 55,456,700 173,680 754,605 75 512,562. 50 125,125 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 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 5,040 1883 24,980,040 2,595,400 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 13,875,560 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 5,662,420 8,706,800 9,560,435 18,480 15,705.00 8,543 1888 21,717,320 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 1,950,000 1,347,065 27,600. 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 10,154,475 60,412.50 1899-.: 73,593, 680 21,403, 520 16,278, 645 68,375. 00 1900 -. 86,681,680 3, 749,600 8,673,650 168,012.50 1901 34,150,520 46,036,160 21,320,200 228,307:50 1902 35,697, 580 5,520,130 5,557,810 334,332.50 5 75,000 1903 24,828,500 7,766,970 10,410,120 503,142. 50 5 175,000 1904 227,819,440 2,709,880 2,445, 680 402,400.00 6 25,000 1905 37,440,220 5,703,280 5,915,040 544,860.00 6 35,000 1900 55,113,800 16,903,920 6,334,100 441,225.00 1907.... 96,656,620 26,838, 790 7,570,960 841,120.00 109,263,200 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 34,863,440 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. 11,926, 760 5,080,710 6,620,495 1,805,412.50 1914. 40,926,400 7,025,500 3,785,625 1,720,292.50 1915. 14,391,000 4,100,750 3, 760,375 '81,540,292.50 7 25,034 1916. 15,920,000 1,385,000 1,200,000 10 20,026 Total 150,950 2,436,142,120 516,714,850 391,249,345 1,619.376 44,666,517.50 19,854,397

1 Includes $475,000 in Columbian coins. 2 Includes $2,025,000 in Columbian coins. . 3 Includes $10,000 in Columbian coins. " Includes 50,000 Lafayette souvenir dollars, B Louisiana Purchase Exposition. .

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

DIRECTOR OF THE MINT. 515 their organization, by calendar years—Continued.

RECAPITULATION-Contmued.

Silver coinage.

Trade Quarter Twenty ( Dollars. Half dollars. Dimes. Half dimes. dollars. dollars. cents. Three cents.

053,440 $95,509,284.50 $21,727,878. $8,376, $4,529,818.90 $1,281,762.90 445,462 829,758. 50 23,935. 52, 26,830.00' 120.00 117,136 1,741,655.00 53,255. 109, 82,493.00 127.80 118,600 866,775.00 68,762. 261, 189,247.50 58.50 $1,225,000 296,600 1,593,780.00 414,190. 443, 51,830.00 18.00 4,910,000 1,406,650.00 215,975. 3.19, 6,279,600 5,117,750.00 1,278,375. |$265,598 2,406, 6,192,150 7,451,575.00 7,839,287. 5,180 3,015, 13,092,710 7,540,255. 00 6,024,927. 102 1,735, 4,259,900 495,550 726,200.00 849,200. 120 187, 1,541 560,100 2,950.00 3,675. 1, 1,987 397,355 4,877.50 3,738. 3, 960 927,975 5,487.50 3,243. 2, 1,097 574,100 2,750.00 4,075. 391, 979 470,039 4,519.50 3,859. 767, 136,875 2,637.60 2,218. 393, 697,767 3,065.00 3,632. 257, 423,886 2,943.00 1,471. 658, 611,710 2,855.00 2,677, 1,573, 990,833 6,416.50 306,708, 721, 651,811 6,355.50 3,177. 835, 043,004 6,295.00 20,147. 1,133, 562,735 100,300.00 1,551,150. 2,304, 333,245 11,652,136.50 2,960,331. 1,695, 455,792 2 4,002,896.00 3 2,583,831. 759, 093,972 3,667,831.00 2,233,448. 205: 862,880 2,354,652.00 2,255,390. 225: 876,762 1,507,855.00 1,386,760. 318: 651,731 2,023,315.50 2,524,440. 1,287 426,735 3,094,642.50 3,497,331. 2,015: 182,846 4,474,628. 50 3,994,211. 2,409; 010,912 5,033,617.00 3,822,874. 2,477, 566,813 3,119,928.50. 2,644,369. 2,507; 160,777 4,454,723. 50 4,617,589. 2,795, 343, 755 3,551,516. 812,650 3,149,763. 50 2,829: 2,331,654.00 3, Oil, 203. 1,540: 1,830,863.50 2,020,562. 2,480: 5,426,414. 50 2,248,108. 2,976: 5,825,587. 50 3,899,143. 3,453: 5,819,686.50 4,262,136. 2,309: 2,529,025.00 4,110,662. 1,44S: 1,183,275.50 936,137. 1,625; 1,686,811.50 . 1,410,535. 3,359, 2,610,750.00 1,277,175. 3,453, 663,313.50 493,853. 2,027 • 558,305.00 2,388,652. 3,136; 9 1,486,425.00 1,969,612. 658, 1,065,200.00 2,095,200. 5,720,

35,965,924 578,353,848 jl94,488,436.00 106,600,639.50 271,000 179,666,199. 70 4,880,219.40 1,282,087.20

6 Lewis and Clark Exposition. - 7 Panama-Pacific International Exposition coins. 8 Includes $25,042.50 in Panama-Pacific International Exposition coins'. 9 Includes $30,000 in Panama-Pacific International Exposition coins. 10 McKinley Memorial dollars.

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516 REPORT ON THE FINANCES.

Coinage of the mints of the United States from RECAPITULATION-Continued.'

Minor coinage. Calendar years. Five cents. Three cents. Two cents.

1793-1795 - 1796 - 1797 i ' 1798 1799 --- 1800 1801 1802 1803 : - - 1804 --. 1805 • 1806 1807 1808 - : ' 1809 ' 1810 • 1811 1812 ..-. - : j " ' 1813 - 1814 1 1815 ! 1816 - -i " 1 1817 - - j - . - - 1818 : 1 1819 i 1820 1 j 1821 - 1822 - ." 1 1823 - 1 1824 : ! -. - - 1825 ! 1826 ' 1827 - ' : 1828 - ' 1829 ' 1830 1 1831....- -.: I 1832 - 1 1833..--: - :. 1834 -- - - 1835 1836 1837 - i 1838 - - - -1 1839 - - ! 1840 - - - ....:.. 1841...: - 1842 1843 - - -. • 1844 1845 - 1846 1847 1848 1 • "••••• 1849 - 1850 - 1 1 1851 '•• 1852 1853 1854 1855 1856 1857 1858 : 1859 I860 - 1861 1862 1863 1.. - - 1864 $396,950.00 1865 . . ... $341,460.00 272,800.00 1866 $737,125.00 144,030.00 63,540.00 1867 1,545,475.00 117,450.00 58,775.00 1868 1,440,850.00 97,560.00 56,075.00 1869 ... 819,750.00 48,120.00 30,930.00

Carried forward 4,543,200.00 748,620.00 879,070.00 1

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DIRECTOR OF THE MINT. 517

their organization, by calendar years—Continued.

RECAPITULATION-Contmued.

Minor coinage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$10 660.33 $712. 67 $71,485.00 $370,683. 80 $11 373.00 $453 541. 80 9: 747.00 577. 40 77,960.00 77,118.50 10; 324.40 165: 402.90 8 975.10 535. 24 128,190. 00 14,550.45 9 510.34 152: 250. 79 9 797. 00 . 205,610. 00 330,291.00 9' 797. 00 545; 698. 00 9 045.85 60.83 213,285.00 423,515.00 9' 106. 68 645, 906. 68 28: 221. 75 1,057,65 317,760. 00 224,296. 00 29' 279.40 671 335. 40 13' 628.37 422,570.00 74,758. 00 13 628.37 510: 956. 37 34; 351. 00 71.83 423,310.00 68,343.00 34; 422.83 616: 075.83 24 713. 53 489. 50 258,377.50 87, ll'S. 00 25; 203.03 370: 698. 53 7' 568.38 5,276.56 258,642.50 100,340.50 12; 844.94 371' 827.94 9: 411.16 4,072.32 170,367.50 149,388.50 13 483.48 333 239. 48 3: 480. 00 1,780.00 324,505.00 471,319.00 5: 260. 00 801 084. 00 7; 272. 21 2,380.00 437,495.00 597,448. 75 9: 652. 21 1,044; 595. 96 11 090. 00 2,000.00 284,665. 00 684,300.00 13: 090. 00 982, 055. 00 2; 228. 67 5,772.86 169,375.00 707,376.00 8 001.53 884: 752. 53 14 585. 00 1,075.00 501,435.00 638,773. 50 15; 660. 00 1,155: 868. 50 2; 180. 25 315. 70 497,905. 00 608,340.00 2, 495. 95 1,108: 740. 95 290,435.00 755. 00 219. 50 10; 755. 00 814,029.50 10, 1,115: 180. 00 477,140. 00 620,951.50 4, 180.00 1,102: 271. 50 - 4, 578. 30 77,270.00 561,687. 50 578.30 642: 535. 80 3 3 3,175.00 17,308.00 20: 483. 00 209. 82 28,575. 75 209. 82 56: 785. 57 484.00 607,783. 50 484.00 647: 267. 50 670. 00 242,940. 00 1,070,454.50 670. 00 1,345: 064. 50 710. 00 258,615. 00 1,140,000.00 710. 00 1,425: 325. 00 075. 50 1,319,030.00 . 501,680.70 075. 50 1,864: 786. 20 890. 00 189,325.00 825,762. 45 890. 00 1,018; 977. 45 723.39 88,980. 00 • 805,806. 50 723.39 915 509. 89 72,425.00 895,550. 00 967: 975. 00 12, 620. 00 93,200.00 1,752,477..00 12, 620. 00 1,858: 297. 00 14: 611. 00 315. 00 156,385.00 1,564,583.00 14: 926. 00 1,735: 894. 00 15: 174; 25 1,170.00 92,245.00 2,002,090. 00 16' 344. 25 2,110: 679. 25 23: 577. 32 131,565.00 2,869,200.00 23 577.32 3,024: 342.32 22: 606. 24 3,030. 00 140,145. 00 1,575,600.00 25: 636. 24 1,741 381. 24 14; 145. 00 2,435.00 295,717. 50 1,994,578.00 16: 580. 00 2,306' 875. 50 17 115. 00 643,105.00 2,495,400.00 17: 115. 00 3,155: 620. 00 33 592.60 11.00 714,270. 00 3,175,600.00 33: 603. 60 3,923: 473. 60 23 620. 00 798,435.00 2,579,000. 00 23: 620. 00 3,401 055. 00 27: 390.00 770. 00 978,550. 00 2,759,000. 00 28: 160.00 3,765 710.00 is; 551. 00 600. 00 3,954,270.00 • 3,415,002.00 19: 151. 00 7,388, 423.00 38, 784.00 705. 00 2,186,175.00 3,443,003.00 39: 489. 00 5,668, 667.00 21 110. 00 1,990.00 4,135,700.00 3,606,100.00 23: 100. 00 7,764, 900.00 55: 583.00 1,148, .305. 00 2,096,010.00 55: 583. 00 3.299 898. 00 63: 702. 00 1,809,765.00 2,3.33,243.40 63 702. 00 4,: 710. 40 31 286. 61 1,376,847.50 2,209,778.20 31 286. 61 3,617: 912. 31 24: 627. 00 1,675,482.50 1,726,703.00 24: 627. 00 3,426: 812. 50 15: 973. 67 1,091,857.50 1,132,750.00 15: 973. 67 2,240; 581.17 23: 833.90 1,829,407.50 2,332,750.00 23: 833.90 4,185, 991. 40 24: 283.20 8,108,797.50 3; 834,750. 00 24: 283.20 11,967, 830. 70 23: 987. 52 5,427,670.00 2,235,550. 00 23: 987.52 7,687 207. 52 948.04 3,756,447.50 1,873,200. 00 948.04 595. 50 38: 38: 5,668; 208. 00 4,034,177.50 2,558,580. 00 41 208.00 6,633, 965. 54 41' 836.69 20,202,325. 00 2,374,450.00 61 836.69 22,638, 611. 69 61 157. 99 3,775,512.50 2,040,050.00 64: 157.99 5,879, 720. 49 64: 785. 00 199. 32 9,007,761. 50 2-114,950.00 41 984.32 11,164, 695. 82 4i: 268. 44 .199.06 31,981,738. 50 1,866,100.00 44: 467. 50 33,892, 306. 00 44; 897. 07 738.36 62,614,492.50 774,397.00 99: 635.43 63,488, 524. 93 98, 630. 94 56,846,187.50 999,410.00 50: 630.94 57,896; 228.44 50, 411.31 648.47 39,377,909.00 9,077,571.00 67: 059. 78 48,522, 539. 78 66, 361. 56 276.79 25,915,962. 50 8,619,270. 00 42: 638.35 34,577, 870. 85 42, 748.29 282.50 29,387,968.00 3,501,245.00 16: 030. 79 32,905, 243.79 15 904. 63 202.15 36,857,768.50 5,142,240.00 27: 106.78 42,027, 115. 28 26: 834.56 175.90 32,214,040.00 5,478,760.00 178; 010.46 37,870, 810. 46 177; 000. 00 22,938,413.50 8,495,370.00 246, 000.00 31,679, 7&3. 50 246, 000. 00 14,780,570.00 3,284,450.00 364: 000. 00 18,429; 020. 00 364 660. 00 23,473,654.00 2,259,390.00 205: 660. 00 25,938, 704. 00 205; 000. 00 83,395,530.00 3,783,740.00 101' 000. 00 87,280, 270. 00 101 750. 00 20,875,997.50 1,252,516.50 280: 750. 00 22,409, 264.00 280; 400. 00 22,445,482.00 809,267. 80 400. 00 149.80 498, 498; 23,753 737.14 20,081,415.00 609,917.10 687.14 21,618; 019.24 529, 292. 86 28,295,107. 50 691,005.00 552. 86 665. 36 354 29,954, 265. 00 31,435,945.00 982,409.25 1,042, 960. 00 33,461 314. 25 210. 00 23,828,625.00 908,876. 25 1,819, 910.00 26,557: 411.25 102, 665. 00 19,371,387.50 1,074,343.00 1,697, 150. 00 22,142: 880. 50 64, 200. 00 17,582,987.50 1,266,143.00 963: 000.00 19,8I2; 130. 50 4,680,577.44 9,926.11 729,047,572.50. 136,478,368.40 10,891,393.55 876,417,334.45

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518 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

RECAPITULATION-Contmued.

Minor coinage. Calendar years. Five cents. Three cents. Two cents.

Brought forward $4,543,200.00 $748,620.00 $879,070.00 1870 240,300.00 40,050.00 17,225.00 1871 • 28,050.00 18,120.00 14,425. 00 1872 301,800.00 25,860. 00 1,300.00 1873 : 227,500.00 35,190. 00 1874. 176,900.00 23,700. 00 1875 : 104,8.50. 00 6,840.00 1876 126,500.00 4,860.00 1877 1878 117. 50 70. 50 1879 1,455.00 1,236.00 1880 . .. .. 997. 75 748. 65 1881 3,618. 75 32,417. 25 1882 . . . 573)830.00 759. 00 1883 1,148,471. 05 318. 27 1884 - 503,697.10 169. 26 1885 -. 73,824. 50 143. 70 18S6 166,514. 50 128. 70 1887 - 763,182. 60 238. 83 1888 536,024.15 1,232. 49 1889 ' ' 794,068.05 646. 83 1890 812,963. 60 1891 841,717. 50 1892 584,982.10 1893 668,509. 75 1894 270,656. 60 1895 498,994. 20 1896 442,146. 00 1897 1,021,436. 75 1898 " 626,604. 35 1899 1,301,451. 55 1900 1,362,799. 75 1901 1,324,010. 65 ^ 1902. : 1,574,028. 95 1903 1,400,336.25 1904 1,070,249. 20 1905 1,491,363.80 1906 1,930,686.25 1907 1,960,740. 00 1908 1.134,308.85 1909 579,526. 30 1910 - 1,508,467. 65 1911 1,977,968. 60 1912 1,747,435.70 * 1913 3,682,961. 95 1914 1,402,386. 90 1915 1,503,088. 50 1916 4,434,553. 30

Total .... 47,529,275. 95 941,349.48 912,020.00

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mRECTOR OF THE MINT. 519

their organization, by calendar years—Continued. RECAPITULATION-Contmued.

Minor coinage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$4,680, 577.44 $39,926.11 $729,047, 572. 50 $136,478, 368. 40 SIO,891, 393.55 $876,417, 334. 45 52, 750. 00 23;198, 787.50 1,378; 255. 50 350, 325. 00 24,927 368.00 39, 295.00 21,032, 685.00 3,104 038. 30 99, 890.00 24,236, 613.30 • 40, 420.00 21,812, 645.00 2,504 488. 50 369, 380.00 24,686, 513. 50 116, 765. 00 57,022, 747. 50 4,024, 747. 60 379, 455.00 61,426, 950.10 141, 875.00 35,254, 630.00 6,851, 776. 70 342, 475.00 42,448, 881. 70 135, 280. 00 32,951, 940.00 15,347, 893.00 246, 970.00 48,546, 803. 00 79, 440.00 46,579, 452:50 2A, 503, 307. 50 210, 800. 00 71,293 560. 00 8, 525.00 43,999, 864.00 28,393; 045. 50 8, 525.00 72,401, 434.50 57, 998. 50 49,786, 052.00 28,518, 850. 00 58, 186.50 78,363, 088. 50 162, 312. 00 39,080, 00 27,569; 776.00 165; 003. 00 66,814, 859. 00 389, 649. 55 62,30g, 279.00 27,411, 693. 75 391, 395.95 90,111 368. 70 392, 115. 75 96,850, 890.00 27,940, 163.75 428, 151. 75 125,219, 205. 50 385, 811. 00 65,887, 685.00 27,973, 132. 00 960, 400. 00 94,821,.217 . 00 455, 981.09 29,241, 990.00 29,246, 968.45 1,604, 770. 41 60,093, 728. 86 232, 617. 42 23,991, 756. 50 28,534, 866.15 796, 483.78 53,323, 106. 43 117, 653. 84 27,773, 012.50 28,962, 176.20 191, 622.04 56,926, 810.74 176, 542.90 28,945, 542. 00 32,086, 709.90 343; 186.10 61,375, 438.00 452, 264. 83 23,972, 383.00 35,191, 081. 40 1,215, 686. 26 60,379, 150. 66 374, 944.14 31,380, 808.00 33,025, 606.45 912, 200. 78 65,318, 615. 23 488, 693.61 21,413, 931.00 35,496, 683.15 1,283, 408. 49 58,194, 022. 64 571, 828. 54 20,467, 182.50 39,202, 908. 20 1,384: 792.14 61,054: 882. 84 • 470, 723. 50 29,222, 005. 00 27,518, 856. 60 1,312, 441.00 58,053: 302. 60 .376, 498.32 34,787, 222. 50 12,641, 078.00 961: 480.42' 48,389: 750.92 466, 421.95 56,997, 020.00 8,801 739.05 1,134: 931.70 66,933; 690. 75 167, 521. 32 79,546, 160.00 9,200, 350.85 438: 177. 92 89,184, 688. 77 383, 436.36 59,616, 357.50 5,"" 010. 25 882: 430. 56 66,196, 798.31 390, 572. 93 47,053, 060.00 23,089; 899.05 832, 718. 93 70,975, 677.98 663.30 76,028, 485.00 18,487, 297.30 1,526; 96,041, 504, 77,985, 100.05 882.35 498, 230. 79 757. 50 23,034, 033.45 1,124, 835.14 102,144, 626. 09 000.31 519.90 1,837, 451.86 139,243, '636, 111,344, 220.00 26,061, 137,<)49, 191. 76 668; 337. 64 99,272, 942. 50 36,345, 321.45 2,031: 137.39 401.34 ' 111.43 460.75 2,120: 122. 08 134,693, 796, 101,735, 187. 50 30,838, 79,660, 770. 33 873, 767. 22 47,184, 852. 50 30,028, 167. 20 2,447: 796.17 815. 87 944.93 440.00 2,25i: 281.18 65,809, 850, 43,683, 792. 50 19,874, 250,781, 513. 68 613, 280.15 •233,402, 400.00 15,695, 609.95 1,6.S3: 529.35 539. 30 180.90 2,298: 555.43 58,269, 807, 191. 63 49,638, 400.00 6,332. 92,335, 136.33 960, 222. 55 78,793, 045.00 10,6.51 087. 85 2,890: 908. 80 041. 65 435. 75 3,042: 126.18 148,128, 1,801, 386.18 131,907, 490.00 13,178, 145,499, 051.93 334, 429.87 131,638, 632. 50 12,391, 777. 25 ' 1,468,738 . 72 148. 47 388. 93 98,621, 1,176, 862.63 88,776, 907. 50 8,087. 852. 50 ; 1,756, 111-, 505,148.9 3 1,528, 462.18 104,723, 735. 00 3,744, 468. 35 3,036: 929. S3 133.18 ^ 726. 47 65,790, 1,178, 757. 87 56,176, 822. 50 6,457, 301. 55 3,156: 27,416, 850. 52 829, 950.60 17,498, 522. 50 7,340, 995.00 ' 2,577,386.3 0 903. 80 335. 47 33,284, 984, 373. 52 25,433, 377.50 3,184, 228.95 4,667; 61,749, 941.92 805, 684.32 53,457. 817. 50 6,083, 823.00 2,208, 071. 22 711. 72 839. 70 - 30,145, 559, 751. 20 23,968, 401. 50 4,114 082. 50 2,062, 33,743, 323. 70 1,902, 996.77 18.525, 026. 00 1.00 ' 6,337,550.0 7 376.07 29,299,920.08 3,510,397,555.50 1,001,508,353.80 78,722,491. 62 4,490,628,400.92

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520 REPOBT ON THE FINANCES.

STOCK OF MONEY IN THE UNITED STATES, JUNE 30, 1917. On June 30, 1917, the stock of domestic coin in the United States was $2,235,150,641, as shown by the following table: Official table of stock of coin in the United States June 30, 1917.

Items. Gold. Silver. Total.

Estimated stock- of coin June 30,1916 . $1,646,050,150 $757,160,803 $2,403,210,953 Net imports United States coin, fiscal year 1917 69,457 69,457 Coinage, fiscal year 1917 1,230,040 18,263,600 19,493,640

Total 1,647,280,190 . 775,493,860 2,422,774,050 Less: Net exports. United States coin, fiscal year 1917 . 173,251,749 . 173,251,749 United States coin melted for recoinage, face value, 'fiscal year 1917 1,922,032 8,849,628 10,771,660 United States coin used in the arts, estimated, fiscal vear 1917. '. . . 3>, 500,000 100,000 3,600,000

Total 178,673,781 8,949,628 187,623,409

Estimated stock of coin in United States June 30,1917... 1,468,606,409 766,544,232 2,235,150,641

NOTE.—The number of-standard silver dollai-s coined to June 30, 1917, was 570,272,610, which, added to the Hawaiian dollar coina.ge, 500,000, plus the niunber imported from the Philippine Islands, 150,000, and the number retm'ned in Government transports, 496,859, equals 571,419,469. Since July 1, 1898, the num ber of standard silver dollars exported in transports has been 2,495,000, and since 1883 the number melted to June 30, 1917, has been 199,726, and the number of Hawaiian dollars melted to June 30, 1917, has been 455,230, a total disposition of 3,149,956, leaving in the United States on Jime 30, 1917, 568,269,513 standard silver dollars and 198^,274,719 dollars in subsidiary coins. Bullion in mints and assay offices June 30, 1917.

Bullion. Value.

Gold $1,550,357,983' Silver. ..^ : 6,364,159

Total 1,556,722,142

Basic metallic stock June 30, 1912, 1913, 1914, 1915, 1916, and 1917.

Coin and bullion. • June 30,1912. June 30,1913. June 30,1914. June 30,1915. June 30,1916. June 30,1917.

Gold...... •. $1,812,856,241 $1,866,619,157 $1,871,611,723 $1,973,330,201 $2,450,516,328 $3,018,964,392 Silver 741,184,095 • 745,585,964 753,563,709 758,039,421 763,218,469 772,908,391

Total. 2,554,040,336 2,612,205,121 2,625,175,432 2,731,369,622 3,213,734,797 3,791,872,783 Location of moneys of United States June 30, 1917.

Innational and In other baiiks Money. In Treasury; Federal reserve andin Total. banks.3 circulation.

MET.VLLIC. Goldbullion $1,550,357,983 $1,550,357,983 Silver bullion 6,364,159 6,364,159 Gold coin .' . 774,931,882 1 $343,115,000 $350,559,527 1,468,606,409 Silver dollars 496,444,138 13,434,000 58,391,375 568,269,513 Subsidiary silver coin 4,422,622 23,917,000 169,935,097 198,274,719 Totalmetallic 2,832,520,734 380,466,000 578,885,999 3,791,872,783 PAPEK. Treasury notes (old issue) 10,719,778 136,065,921 199,895,317 346,681,016 United States notes (act July 14,1890)... 5,922 1,970,078 1,976,000 National-bank notes 2 18,067,9.14 67,905,000 642,237,341 728,210,255 Federal reserve notes 2,995,185 64,670,000 479,742,775 547,407,960 Total notes 31,788,799 268,640,921 1,323,845,511 1,624,275,231

Gold certificates 42,994,160 750,163,000 834,072,909 Silver certificates 15,675,158 114,078,000 363,106,842

Total certficates 58,669,318 864,241,000 1,197,179,751

Grand total 5,416,148,014

1 Includes $52,582,000 gold clearing-house certificates. J National bank figures of June 20,1917. 2 Includes Federal Reserve Bank notes.

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DIRECTOR OF THE MINT. 521

Ownership cf gold and silver in the United States June 30, 1917.

Silver coin and bullion. Total gold Gold coin and sih^er Ownership. and bullion. Silver Subsidi Silver Total coin and dollars. ary coin. bullion. silver. bullion.

United States Treasury (free). $545,080,796 $3,584,138 $4,422,622 $6,364,159 $14,370,919 $559,451,715 United States Treasury (re served against United States notes and Treasury notes) 152,979,000 152,979,000 United States Treasury (for certificates outstanding) 1,627,230,069 •492,860,000 492,860,000 2,120,090,069 National and Federal reserve banksi 290,533,000 13,434,000 23,917,000 37,351,000 327,884,000 National banks (for cleaiing- house certificates) 52,582,000 52,582,000 Private banks and individ uals 350,559,527 58,391,375 169,935,097 228,326,472 578,885,999

Total..' 3,018,964,392 568,269,513 198,274,719 6,364,159 772,908,391 3,791,872,783

1 National bank figures of June 20, 1917.

Estimated stock of gold dnd silver in the United States and, the ainount per capita at the close of each fiscal year since 1873.

Total stock of coin and bulhon. : Per capita. Fiscal year ended June 30— Population. Gold. Silver. Gold. Silvei'. Total metalhc.

1873. 41,677,000 $135, 000,000 $6,149,305 $3.23 $0.15 $3.38 1874- 42,796,000 147: 379,493 10,355,478 3.44 .24 •3.68 1875. * 43,951,000 i2i: 134,906 19,367,995 2.75 .44 3.19 1876. 45,137,000 i3o: 056,907 36,415,992 2.88 .81 3.69 1877- 46,353,000 167: 501,472 56,464,427 3.61 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 35i: 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. .52,495,000 606: 757,715 203,217,124 9.65 3.87 13.52 1883. 53,693,000 542; 732,063 -233,007,985 10.10 4.34 14.44 1884. 54,911,000 545, 500,797 255,568,142 9.93 4.65 14.58 1885. 56,148,000 588:;697,03 6 283,478,788 10.48 5.05 16.53 1886. 57,404,000 590; 774,461 312,252,844 10.29 5.44 15.73 1887. 58,680,000 654, 520,335 352,993,566 11.15 6.00 17.15 1888. 59,974,000 705 818,855 386,611,108 11.76 6.44 18.20 1889. 61,289,000 680' 063,506 420,548,929 11.09 6.86 17.95 1890. 62,622,250 695 563,029 463,211,919 11.10 7.39 18.49 1891- 63,975,000 646: 582,852 522,277,740 10.10 8.16 18.26 1892. 65,520,000 664: 27.5,335 570,313,544 10.15 8.70 18.85 • 1893. 66,946,000 597: 697,685 61.5,861,484 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: 270,542 634,509,781 9.55 8.70 18.25 1898. 74,522,000 S6I: 514,780 637,672,743 11.56 8.56 20.12 1899. 76,148,000 962: 866,505 639,286,743 12.64 8.40 21.04 1900. 76,891,000 1,034: 439,264 647,371,030 13.45- 8.42 21.87 1901. 77,754,000 1,124: 652,818 661,205,403 14.47 8.50 22.97 1902. 79,117,000 1,192; 395,607 670,540,105 15.07 '8.48 23.65 1903- 80,847,000 1,249, 552,756 677,448,933 15.45 8.38 23.83 1904. 81,867,000 1,327: 672,672 682,383,277 16.22 8.33 24.55 1905. 83,259,000 1,357; 881,186 686,401,168 16..31 8.24 24.55 1906. 84,662,000 1,472, 995,209 687,958,920 17.40 8.12 25.52 1907- 86,074,000 1,466; 056,632 705,330,224 17.03 8.20 25.23 1908. 87,496,000 1,615, 140,576 723,594,595 18.46 8.27 26.73 1909. 88,926,000 1,640, 567,131 733,25.0,073 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 1,753, 134,114 732,002,448 18.65 7.79 26.44 1912. 95,656,000 1,812, 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 31.37 1917. 104,145,000 3,018, 964,392 772,908,391 7.42 36.41

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522 REPORT ON THE FINANCES.

NET EXPORTS, UNITED STATES GOLD COIN.

The net exports of United States gold coin since 1870 were as follows: Imports and exports of United States gold coin since 1870.

Fiscal years ended Imports. Fiscal years ended Imports. June 30— Exports. June 30— Exports.

1870 $12,768,501 1896 $10,189,614 $77,789,892 1871 55,491,719 1897 57,728,797 23,646,535 1872. 1^ • 40,391,357 1898 40,593,495 8,402,216 1873 (0 35,661,863 1899 7,779,123 27,419,737 1874... 28,766,943 1900 8,659,856 30,674,511 1875 '.... (') 59,309,770 1901 ...'... 3,311,105 8,425,947 1876. 0) 27,542,861 1 1902 . . . 3,870,320 9,370,841 1877.: (1) 21,274,665 1 1903 1,519,756 18,041,660 1S7S. $7,325,7.83 6,427,251 1904 5,780,607 .• 15,682,424 1879 3,654,859 4,120,311 19C5 2,236,399 54,409,014 1880.• 18,207,559 1,687,973 19C6 35,251,921 20,573,672 1881 "... 7,577,422 1,741,364 1907 44,445,402 22,632,283 1882. 4,796,630 29,805,289 1908 . . • 44,929,518 28,246,170 1883 8,112,265 4,802,454 1909 4,642,690 66,126,869 1884 3,824,962 12,242,021 1910 : 2,060,563 86,329,314 1885 3,352,090 2,345,809 1911 . ... 6,041,646 20,651,276 1886 1,687,231 5,400,976 1912 6,283,968 25,677,378 1887...... 5,862,509 3,560,770 1913 13,941,240 34,238,021 1888 : 5,181,513 3,211,399 1914 26,048,859 66,997,030 1889 1,403,619 4,143,939 1915.. 101,091,873 124,536,901 1890 1,949,562 3,951,736 1916 59,722,083 45,112,723 1891. 2, .824,146 67,704,900 1917 . 62,343,536 235,595,285 1892 15,432,443 42,841,963 1893 6,074,899 101,844,087 Total . .. 687,273,418 1,747,009,899 1894 30,790,892 64,303,840 1895... 10,752,673 55,096,639 Net export 1,059,736,481

1 Imports of United States gold coin not separately given prior to the fiscal year 1S78.

STOCK OF MONEY IN THE UNITED STATES DECEMBER 31, 1916.

On December 31, 1916, the stock of domestic coin in the United States was $2,331,743,772, as shown by the foUowing table:

Official table of stock of coin in the United States Dec. 31, 1916.

Items. Gold. Silver. Total. .

Estimated stock of coin, Dec. 31,1915 $1,656,029,995 $756,010,641 $2,412,040,636 Net imports United States coin, calendar year 1916.. 514,468 514,468 Coinage calendar year 1916 - ... 18,525,026 8,880,800 27,405,826 Adjustments due to errors in estimates of former years i. 7,246,102 1,498,076 8,744,178 Total 1,681,801,123 766,903,985 • 2,448,705,108 Less: United States coin melted for coinage (face value), calendar year 1916 2,363,696 7,222,907 9,586,603 United States coin used in the arts (estimated), calendar year 1916 3,500,000 100,000 3,600,000 United States coin (net exports), calendar year 1916. 103,774,733 103,774,733 Total 109,638,429 7,322,907 116,961,336 Estimated stock of coin in United States Dec. 31,1916.. 1,572,162,694 759,581,078 2,331,743,772

1 This brings the calendar year figures into harmony with those of the fiscal year. NOTE.—The number of standard silver dollars coined to Dec. 31,1916, was 570,272,610, which, added to the Hawauan dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the number returned in Government transports, 496,859, equals 571,419,469. Since July 1,1898, the number of standard silver dollars exported in transports has been 2,495,000; and since 1883 the number melted has been 199,226, and the number of Hawaiian aollars melted to Dec. 31,1916, has been 455 182, a total disposi tion of 3,149,408, leaving in the United States on Dec. 31, 1916, 568,270,061 standard silver dollars and 191,311,017 dollars in subsidiary silver coins.

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DIRECTOR OF THE MINT. 523 The value of the basic metallic monetary stock of the United States, also the value of the paper money, on December 31, 1916, with their location, are given below:

Outside of Money. In Treasurj'-. Treasury. Total. 0

Metallic: Gold bullion (at mints and assay oflices). $1,294,802,847 $1,294,802,847 Silver bulhon (at mints and assay oflices) 6,362,846 6,362,846 Goldcoin . 906,491,238 $665,671,456 1,572,162,694 Silver dollars 496,043, 759 72,226,302 568,270,061 Subsidiary silver coin... 4,242,346 187,068,671 191,311,017 Total .\. - 2,707,943,036 924,966,429 3,632,909,465 Paper: United States notes (old issue) 6,157,262 340,523,754 1346,681,016 Treasury notes (act July 14,18^0). 8,847 2,035,153 1 2,044,000 National-bank notes 2 18,619,783 720,031,487 738,651,270 Federal reserve notes. 2,178,160 297,928,020 300,106,180 Total. ... 26,964,052 1,360,518,414 1,387,482,466 Gold certificates 62,807,530 1,922,596,139 Silver certificates 17,233,427 476,114,573 Total certificates 80,040,957 2,398,710,712

Total stock of money. . 5,«020,391,931

1 Thereis reserved $152,979,026 in gold against United States notes and Treasury notes of 1890 outstanding. Treasury notes are also secured by silver dollar's in the Treasury. 2 Includes Federal Reserve Bank notes.

UNITED STATES GOLD IN CANADA. The total amount of United States gold coin in Canadian reserves on December 31, 1916, was $130,306,792.50, as; follows: -

United States Location. gold-coin holdings.

In treasury of Dominion of Canada $86,034,920.00 In chai'ter banks (22 in number)... 44,271,872.50

Total in Canadian reserves... 130,306,792.50

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524 REPORT ON THE FINANCES.

Average commercial ratio of silver to gold each calendar year since 1687.

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

Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Yeai 's. Ratio.

1687.... 14.94 1726.... 15.15 1765.... 14.83 1804.... 15.41 1843.... 15.93 1882 ... 18.20 1688..-- • 14.94 1727.... 15.24 1766.... 14.80 1805.... 15.79 1844.... 15.85 1883 ... 18.64 1689-.-- 15.02 1728.... 15.11 1767.... 14.85 1806.... 15.52 1845.... 15.92 1884 ... 18.61 1690..'.. 15.02 1729.... 14.92 1768.... 14.80 1807.... 15.43 1846.... 15.90 1885 ... 19.41 1691.... • 14.98 1730.... 14.81 1769.... 14.72 1808.... 16.08 1847.... 15.80 1886 ... 20.78 1692.... 14.92 1731.... 14.94 1770.... 14.62 1809.... 15.96 1848.... 15.85 1887 ... 21.10 1693.... 14.83 1732.... 15.09 1771.... 14.66 1810.... 15.77 1849.... 15.78 • 1888 ... 22:00 1694.... 14.87 1733.... 15.18 1772.... 14.52 1811.... 15.53 1850:... 15.70 1889 ... 22.10 1695.... 15.02 1734.... 15.39 1773..-. 14.62 1812.... 16.11 1851.... 15.46 1890 ... 19.75 1696.... 15.00 1735.... 15.41 1774.... 14.62 1813.... 16.25 1852.... 15.59 1891 ... 20.92 1697.... 15.20 1736.... 15.18 1775.... 14.72 1814.... 15.04 1853.... 15.33 1892 ... 23.72 1698.... 15.07 1737.... 15.02 1776.... 14.55 1815.-.. 15.26 1854.... 15.33 1893 ... 26.49 1699.--. 14.94 1738.... 14.91 1777.... 14.54 1816.... 15.28 1855.... 15.38 1894 ... 32.56 1700.... 14.81 1739.... 14.91 1778.... 14.68 1817.... 15.11 1856.... 15.38 1895 ... 31.60 1701.... 15.07 1740.... 14.94 1779..-.. 14.80 1818.... 15.35 1857.... 15.27 1896 ... 30.59 1702.... 15.52 1741.... 14.92 1780.... 14.72 1819.... 15.33 1858.... 15.38 1897 ... 34.20 1703.... 15.17 1742.... 14.85 1781.... 14.78 1820.... 15.62 1859.... 15.19 1898 ... 35.03 1704.... 15.22 1743.... 14.85 1782.... 14.42 1821.... 15.95 I860.... 15.29- 1899 ... 34.36 1705..:. 15.11 1744.... 14.87 1783--.. 14.48 1822.... 15.80 1861.... 15.50 1900 ... 33.33 1706..!. 15.27 1745.... 14.98 1784.... 14.70 1823.... 15.84 1862.... 15.35 1901 ... 34.68 1707.... 15.-44 1746.... 15.13 1785.... 14.92 1824.... 15.82 1863.... 15.37 1902 ... 39.15 1708.... 15.41 1747.... 15.26 1786.... 14.96 1825.... 15.70 1864.... 15.37 1903 ... 38.10 1709.... 15.31 1748.... 15.11 1787.... 14.92 1826.... 15.76 1865.... 15.44 1904 ... 35.70 1710.... 15.22 1749.... 14.80 1788.... 14.65 1827.... . 15. 74 1866.... 15. 43 1905 ... 33.87 1711.... 15.29 1750.... 14.55 1789.... 14. 75 1828.... 15.78 1867.... 15.57 1906 ... 30.54 1712.... 15.31 1751.... 14.39 1790.... 15.04 1829.... 15.78 1868.... 15.69 1907 ... 31.24 1713.... 15.24 1752.... 14.64 1791.... 15.05 1830.... 15.82 1869.... 15.60 1908 ... 38.64 1714.... 15.13 1753.... 14.54 1792.... 15.17 183L... 15.72 1870.... 15.67 1909 ... 39.74 1715.... 15.11 1754.... 14.48 1793.... 15.00 1832.... 15.73 187L... 15.57 1910 ... 38.22 1716.... 15.09 1755.... 14.68 1794.... 15.37 1833.... 15.93 1872.... 15.63 1911 ... 38.33 1717.... 15.13 1-756.... 14.94 1795.... 15.55 1834.... 15.73 1873.... 15.93 1912 ... 33.62 1718.... 15.11 1757.... 14.87 1796.... 15.65 1835.... 15.80 1874.... 16.16 1913 ... 34.19 1719.... 15.09 1758.... 14.85 1797...- 15.41 1836.... 15.72 1875.... 16.64 1914 ... 37.37 1720.... 15.04 1759.... 14.15 1798..-. 15.59 1837.... 15.83 1876.... 17.75 1915 ... 39.84 1721.... 15.05 1760.... 14.14 1799.... 15.74 1838.... 15.85 1877.... 17.20 1916 .... 301.11 1722.... 15.17 1761.... 14.54 1800:... 15.68 1839.... 15.62 1878.... 17.92 1723.... 15.20 1762.... 15.27 1801.--. 15.46 1840.... 15.62 1879.... 18.39 1724.... 15.11 1763.... 14.99 1802.... 15.26 1841.... 15.70 1880.... 18.05 1725.... 15.11 1764 14.70 180.3.... 15.41 1842.... 15.87 1881.... 18.25 1

Bullion value ofthe silver dollar [371\ grains of pure silver \ at the annual average price of silver each year from 1837.

Calendar year. Value. Calendar year. Value. Calendar year. Value. Calendar year. Value.

1837 $1,009 1857 $1,046 1877 $0.92958 1897 $0.46745 1838 1.008 1858 1.039 1878 .89222 1898 .45640 1839 1.023 1859 1.052 1879 .86928 1899 .46525 J840 1.023 1860 L045 1880 .88564 1900 . . .47958 1841 1.018 1861 1.031 1881 .87575 1901.... .46093 1842 1.007 1862 1.041 1882 .87833 1902 .40835 1843 1.003 1863 1.040 . 1883 . 85754 1903 .41960 1844 1.008 1864 1.040 1884 . ... .85904 1904 .44763 1845 1.004 1865.... 1.035 1885 .82379 1905 .47200 1846 1.005 1866 :. 1.036 1886 .76931 1906 .52353 1847 LOII 1867 1.027 1887 :.... .75755 1907 .51164 1848 1.008 1868 1.025 1888 ... . .72683 1908 .41371 1849 1.013 1869 1.024 1889 .72325 1909 .40231 1850. 1.018 1870 1.027 1890 .- .80927. 1910 .41825 1851 .... 1.034 1871 1.025 1891 .76416 1911 . 41709 1852 1.025 1872... 1.022 1892 ; 67401 1912 ...... 47543 1853 1.042 1873 1.00368 1893 .60351 1913 .46760 1854 1.042 1874 .98909 1894 .49097 1914 .42780 1855.. 1.039 1875 .96086 1895 ... .50587 1915 . . .40135 1856 \ 1.039 1876 .... .90039 1896 .52257 1916 .53094

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DIRECTOR OF THE MINT. 525

VALUES OF FOREIGN COINS*.

The following values calculated by the Director of the Mint were proclaimed by the Secretary of the Treasury under the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the valueof foreign merchandise exported to the United States during the quarter beginning October 1,1917:.

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

Argentine Republic Gold.. Peso : $0.9648 Currency: Depreciated pa per, convertible at 44 per cent of face value; exchange rate about $0.429. Austria-Hungary., ....do Crown .2026 Greatly depreciated; no quo tations. Belgium Gold and silver Franc.: .1930 Member of Latin Union; gold is the actual standard. Bohvia Gold Boliviano .3893 12'^ bolivianos equal 1 pound sterling. Brazil ....do Milreis .5462 Currency: Government pa per; exchange rate about 25 cents to the milreis. British Colonies in Aus do. Pound sterling 4.8665 tralasia and Africa. Canada ..do. Dollar 1.0000 Central American States: Costa Rica .do. Colon .4653 Exchange rate $0,263=1 colon. British Honduras. ..do. Dollar 1.0000 Nicaragua ..do. Cordoba 1.0000 Exchange rate $1=1.01 cordobas: Guatemala: Currency, in convertible paper, ex change rate ateout 38 pesos equal $1. . Guatemala Honduras: Currency, bank Honduras. Silver. Peso. .7105 notes; exchange rate Salvador.. about $0.40. Salvador: Currency,-, con vertible into silver on de mand; exchange rate . about $0,365. Chile Gold. .do. .3650 Currency: Inconvertible pa per; exchange rate ap proximately $0,296. Amoy 1.1647 Canton 1.1612 Cheefoo 1.1140 The tael is a unit of weight Chin Kiang.. 1.1378 not a coin. The customs Fuchau 1.0774 unit is the Haikwan tadl. Haikwan (cus The values of other taels toms). 1.1851 are based on their relation Hankow 1.0897 , to the value, of the Haik Tael.. Kiaochow 1.1287 wan tael. Naiildn 1.1525 The Yuan silver dollar of 100 China. Silver. Niuchwang.. 1.0922 Ningpo 1.1198 cents is the monetary unit Peking 1.1355 of the Chinese Republic; Shanghai 1.0639 it is equivalent to 0.64471- of Swatow , 1.0759 of the Haikwan tael. Takau 1.1721 Tientsin 1,1287 Yuan .7632 Hongkong.... .7660 Dollar, British .7660 Mexican .7717 Colombia. Gold. '....do. .9733 Currency: Government pa per and gold; exchange rate approximately 1.03 pesos to $1 gold. Cuba .do. Peso... 1.OOOO Denmark. .do. Crown. Exchange rate $0,307=1 crown. 1 The exchange rates shown under this heading are recent New York quotations and are given merely as an indication of the values of currencies which are fluctuating in their relation to legal standards.

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526 REPORT ON THE FINANCES.

Value in terms of Country. Legal standard? Monetar-y unit. United Remarks. States money.

Ecuador. Gold... Sucre :. $0.4867 Exchange rate $0.37=1 sucre. Egypt...... do. Pound (100 piasters). 4.9431 The actual standard is the British pound sterhng. which is legal tender for 97^- piasters. Finland. ....do Mark.. .1930 Exchange rate $0,165=1 mark. France.. Gold and silver Franc. .1930 Member Latin Union; gold is actual standard. Ex change value $0,173. . German Empire. Gold Mark. .2382 Greatly depreciated; no quo tation. Great Britain. .do. Pound sterling. 4.8665 Exchange value $4,755. Greece Gold and silver Drachma .1930 Member of Latin Union; gold is the actual standard. Haiti. Gold...-.^.. Gourde. .2500 Currency: Inconvertible pa per; exchange rate ap proximately $0,183. India (British). ....do Rupee. .3244 15 rupees equal 1 pound ster ling. Italy '. Gold and silver Lira... .1930 Member Latin Union; gold is actual standard. Ex change value $0.13. Japan... Gold... Yen .4985 Exchange value $0.51. Liberia. ....do. Dollar. 1.0000 Currency: Depreciated sil ver token coins. Customs duties are collected in gold. Mexico .do. Peso... .4985 Exchange value $0,525. Netherlands. -. .do. Florin. .4020 Exchange value $0^.42. Newfoundland - .do. Dohar. 1.0000 Norway .do. Cro\vn. .2680 Exchange rate $0.31=1 crown. Panama...... do. Balboa.. 1.0000 Paraguay. Silver.. Peso .7105 Currency: Depreciated pa per, exchange rate 2,700' per cent. Silver circulating above its /Gold... Achrefi. • .0959 metahc value; exchange Persia.. t Sil ver.. Kran... .1308 value of silver kran ap proximately $0,179. Peru Gold... Libra... 4.8665 Phihppine Islands. do. Peso .5000 Portugal do. Escudo. 1.0805 Currency: Inconvertible pa per; exchange rate ap proximately $0.70^. Roumania. .do. Leu .1930 Russia .do. .5146 Exchange rate $0,175=1 Rouble . rouble. Santo Domingo. do Dollar.. 1.OOOO Servia do Dinar... .1930 Siam do Tical.... .3709 Spain Gold and silver Peseta.. .1930 Valuation is for gold peseta; currency is notes of the bank of Spain, exchange value approximately $0,235. Straits Settlements.. Gold Dollar. .5678 Sweden .2680 Exchange rate $0,337=1 do Crown. crown. Smtzerland. .do Franc .1930 Member Latin Union; gold is actual standard. Ex change value $0,213. Turkey .do. Piaster.. .0440 100 piasters equal to the Turkish £. Uruguay... .do. Peso 1.0342 Exchange rate $1=0.914 peso. Venezuela.. .do. BoJivar. .1930

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DIRECTOR OF THE MINT. 527

Changes in the value of foreign coins during 1917.

Value, 1917. . Country. •Monetary unit. Jan. 1. Apr. 1. July 1. Oct. 1.

Central Arnerican States: Guatemala ' Honduras ^Silver peso. $0.5439 $0.5860 $0.6024 $0.7105 Salvador China Silver tael, Amoy . 8917 .9606 .9876 1.1647 Do Silver tael, Canton .8890 .9577 .9846 L 1612 Do. Silver tael, Cheefoo . 8529 .9188 .9445 L 1140 Do. Silver tael. Chin Kiang.. .8711 . 9384 .9647 1.1378 Do. Silver tael, Fuchau .8248 .8886 .9135 1.0774 Do. Silver tael, Haikwan .9073 .9774 1.0048 L 1851 Do. Silver tael, Haiikow .8343 . 8988 .9240 1.0897 Do. Silver tael, ICiaochow.., .9309 .9570 1.1287 Do. Silver tael. Nankin .9506 .9772 1.1525 Do. Silver tael, Niuchwang.. : 8362 .9009 .9261 1.0922 Do. Silver tael, Ningpo .8573 .9236 .9495 1.1198 Do. Silver tael, Peking. .8693 .9365 . 9628 1.1355 Do I Silver tael, Shanghai. . 8145 .8774 .9021 1.0639 Do Silver tael, Swatow.. . 8237 .8874 .9122 1.0759 Do. Silver tael, Takau .8974 .9667 .9938 1.1721 Do. Silver tael, Tientsin .- . 8641 .9309 .9570 1.1287 Do. Silver dollar (Yuan) .5843 . 6295 .6471 .7632 Do.... Silver dollar, Hongkong .5865 .6318 .6495 .7660 Do.... Silver dollar, British .5865 .6318 .6495 .7660 Do.... Silver dollai-, Mexican .5908 .6365 .6543 .7717 Paraguay.. Silver peso :...... 5439 .5860 .6024 ..7105 Colombia.. Gold dollar 1.00 1.00 :9733 . .9733 Haiti G old gom'de (old unit changed .9647 .25 .25 .25 to conform with more recent law).

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World production of gold and silver. to 00 Calendar year 1915. Calendar year 1916.

Country. Gold. Silver. Gold; Silver.

Ounces, Kilos, • Ounces, Value 1 Kilos, . Ounces, Value. Kilos, Ounces, Value 1 Kilos, Value. fine. fine. fine. fine. ($0.51892). fine. fine. fine. fine. ($0.68647).

North America: United States.. 152,025 4,887,604 $101,035,700 2,331,604 74,961,075 $38,898,801 139,317 4,479,057 $92,590,300 2,314,613 74,414,802 $51,083,529 Canada 28,555 • 918,056 18,977,901 828,179 26,625,960 13,816,743 28,942 930,492 19,234,976 791,905 25,459,741 - 17,477,348 Mexico: 9,870 317,305 6,559,275 1,230,798 39,570,151 20,533,743 11,572 372,038 7,690,707 710,370 22,838,385 15, 677,866 Total 190,450 6,122,965 126,572,876 4,390,581 141,157,186 73,249,287 179,831 5,781,587 119,515,983 3,816,888 122,712,928 84,238,743 •o Central American States , 4,469 143, 687 2,970,271 90,838 2,920,496 1,515,504 5,293 170,164 3,517,597 80,047 2,602,471. 1,786,518 South America: Argentina 10 306 6,330 374 12,037 8,263 o. Bohvia and Chile 1,225 39,397 814,418 120,375 3,870,665 2,008,254 597 19,201 396,922 63,830 2,052,14.9 1,408,739 Brazil. 3,648 117,286 2,424,515 669 21,523 11,169 2 3,648 117,286 2,424., 515 2 669 21,523 14,775 Colombia 8,205 263,796 5,453,148 10,926 351,271 182,281 9,290 298,661 6,173,867 9,624 309,415 212,404 H Ecuador 821 26,397 545,674 767 24,. 655 • 12,794 2 821 26,397 . 545,674 2 767 24,655 16,925 Peru 1,670 53,691 1,109,891 293,000 9,419,950 4,888,200 1,775 57,060 1,179,537 2 293,000 9,419,950 6,466,513 Uruguay 18 573 11,836 2 18 573 11,836 Guiana- British 1,390 44,693 923,892 1,155 37,129 .767,525 Dutch 676 21,723 449,054 659 21,199 438,223 3 93 64 > French...... 3 2,949 94,805 1,959,793 3 2,949 94,805 1,959,793 Venezuela 2,100 67,500 1,395,349 -2,144 68,931 1,424,930 o Total .. 22,702 729,861 15,087,570 425,737 13,687,464 7,102,698 23,066 741,548 15,329,152 368,267 11,839,822 8,127,683 Ul Europe: 4 Austria-Hungary... . 2,095 67,360 1,392,465 55,138- 1,772,699 919,889 2 2,095 67,360 1,392,465 2 55,138 1,772,699 1,216,'905 France 2,107 67,725 1,400,000 1,505 48,375 1,000,000 Great Britain 29 932 19,266 3,000 96,450 50,050 29 926 19,142 2 3,000 96,450 66,210 Greece 318,397 591,464 306,922 3 18,397 591,464 406 022 Italy 3 111 2,295 15,361 493,856 256,272 - 2§ 111 2,295 15,131 486,462 333,942 Norway 12,873 413,867 214,764 212,873 413,867 284,107 Portugal . . 51 32 661 5 64 2,058 1,068 51 32 661 5 64 2,058 1,413 Russia 39,607 1,273,362 26,322,746 19,857 638,403 331,2S0 2 39,607 1,273,362 26,322,746 219,857 638,403 438,245 Spain 142,003 4,565,396 2,369,075 2 142,003 4,565,396 3,134,007 Sweden 38 1,225 25,323 754 24,230 12,574 2 38 1,225 25,323 2 754 24,230 16,633 Turkey 61 23 475 6 46,940 1,509,133 783,119 Total 43,880 1,410,770 29,163, 231 314,387 10,107,556 .5,245,013 43,278 1,391,391 28,762,632 267,217 8,591,029 5,897,484 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1917

Australia: New South Wales . 4,121 132,496 2,738,958 95,862 3,081,952 1,599,287 3,364 108,145 2,235,556 87,138 2,801,507 1,923,151 31 985 20,351 26 836 17,281 Queensland 7,767 249,708 5,161,911 7,457 239,748 124,410 6,692 215,162 4,447,793 7,561 243,084 166,870 189 6,080 125,701 130 4,180 86,399 Victoria 10,235 329,064 6,802,359 514 16,514 8,569 .7,983 256,643 5,305,282 1,006 32,342 22,202 37,639 1,210,096 25,014,928 33,014 1,061,-398 21,941,044 New Zealand..-. 13,151 422,825 8,740,567 29,783 957,54i 496,887 9,102 292,620 6,048,992 24,463 786,485 539,899 Tasmania 577 18,546 383.402 491 15,790 326,408 Total 73,710 2,369,800 1 48,988,177 133,616 4,295,755 2,229,153 60,802 1,954,774 40,408,-755 120,168 3,863,418 2,652,122 Asia: British India . 17,337 557,399 11,522,457 8,861 284,875 147,827 16,862 542,115 11,206,509 19,554 628,656 431,554 China.. . 4,220 135,677 2,804,692 567 18,230 9,460 2 4,220 1.35,677 2,804,692 2 567 18,230 12,514 Chosen 5,627 180,897 3,739,477 681 21,897 11,363 6,203 199,419 4,122,351 777 24,979 17,148 East Indies— ^British ». } 4,664 149,963 3,100,000 2 4,664 149,963 3,100,000 Federated Malay States.. 529 17,005 351,527 493 15,861 327,871 Formosa (Taiwan). 1,720 55,293 1,143,017 1,482 47,653 24,728 1,506 48,432 1,001,178 2 1,482 47,653 32,712 O Indo-China 66 2,112 43,659 33 1,056 548 99 3,174 65,620 2 33 1,056 725 H Japan 8,104 260,551 5,386,066 159,263 5,120,293 2,657,022 • 8,104 260,551 5,386,066 159,263 5,120,293 3,514,927 O Total 1,358)897 5,840,867 4,009,580 w 42,207 28,090,895 170,887 5,494,004 2,850,948 42,151 1,355,192 28,014,287 181,676 o Africa: >^ 3 1,549 49,787 1,029,189 3 148 4,770 2,475 3 1,549 49,787 1,029,189 3 148 '4,770 3,274 Egypt.. 218 7,010 144,910 52 1,657 860 2 218 7,010 144,910 5 52 1,657 1,137 French East Africa ^ 365 2,100 43,414 3 65 2,100 43,414 Madagascar 2,078 66,823 1,381,354 1,452 46,681 964,980 Rhodesia . 28,461 915,029 18,915,324 5,762 185,233 • 96,121 28,938 930,356 19,232,165 6,242 200,676 137,758 Transvaal, Cape Colony • 282,927 9,096,106 188,033,156 30,992 996,379 517,041 289,171 9,296,848 192,182,902 30,136 968,883 665,109 West Africa 401,733 8,304,551 ^ 12,496 11,827 380,231 7,860,079 H Total 327,794 10,538,588' 217,851,898 36,954 1 1,188,039 616,497 333,220 10,713,013 221,457,639 36,578 1,175,986 807,278 Total for world 705,273 22,674,568 468,724,918 5,563,000 178.850.500 92,809,100 687,641 22,107,669 .457,006,045 4,871,741 156,626,521 107,519,408 ' ' * Average United States equivalent value of a fine ounce in London with exchange at par. 2 Figures for 1915. 3 Figures for 1914. ^ It is probable that the 1916 production in Europe, particularly of silver, was considerably less than in 1915; but, in the absence of any rehable data, prior-year figures are used except in the case of Turkey, from which no figures have been available since 1912. 5 Figures for 1913. 6 Figures for 1912.

to CO

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Coinage of nations. o Calendar year 1915. Calendar year 1916.

M-onetary Gold. Sliver. Gold. Silver. Country. unit. Unit value Value in Unit value Value of Fme Unit value Value in Unit value Valueof Fine of country's United States of country's fine ounces oimces of country's United States of country's fine ounces oimces money. money. money. consumed i consumed. money. money. money. consumed.2 consumed.

UnitedStates Dollar 23,968,402 $23,968,402 4,114,082 $1,544,319 2,976,024 18,525,026 $18,525,026 8,880,800 $4,409,986 6,424,149 Phih'ppinp. Tslfi.-nrl,c; Peso 176,000 144,044 84,876 287,000 101,346 147,633 Austria-Hungary :... Crown 1,890,12"4 382,939 35,749,134 2,490,023 4,798,472 Brazil lymreis 43,140 23,563 o British Empire: Austraha Poimd 1,700,671 8,276,315 191,300 333,906 643,463 1,273,643 6,198,184 600,075 1,385,565 2,018,391 H British West Africa .....do 16,275 28,407 54,743 Honduras, British Dollar 147,598 700,295 1,020,139 O Canada do 184,549 66,438 128,031 29,739 29,739 1,134,301 540,198 786,921 Great Britain Pound 21,316,653 103,737,492 7,715,437 13,466,965. 25,951,910 India Rupee 17,225,422 3,072,649 5,921,239 Bulgaria Leva 6,000,000 417,916 805,358 Chile. Peso 1,305,720 476,588 6,306,048 836,239 1,611,499 3,640,120 1,328,644 1,167,960 167,035 243,324 China, . ., Dollar 141,931,233 56,502,742 108,885,266 22,621,434 12,067,501 17,579,065 Colombia do 650,000 35,864 52,244 Costa Rica Colon 10,000 4,654 10,000 4,654 Cuba Peso 5,618,000 5,618,000 5,181,205 1,996,225 3,846,883 18,171,010 1,481,095 786,357 1,145,508 > Denmark Kroner 10,649,040 2,853,943 2,930,819 290,412 569,647 15,950,000 4,274,600 3,008,352 398,366 580,311 Dutch East Indies Florm 3,465,000 521,391 1,004,762 O Ecuador Sucre 31,468 11,812 22,762 400,000 198,630 289,350 Egypt. 2 ' . . Pound 695,400 1,353,509 2,608,320 Ul Ethiopia Talari 35,000 13,689 26,379 France Franc 86,328,362 6,013,002 11,587,532 154,283,814 14,216,065 20,708,938 French Colonies: Trido-China, Piaster 400,000 214,520 312,498 Tunis Franc..." 1,290 249 2,230,124 155,334 299,341 1,290 249 7,077,588 652,144 949,998 Germany Mark '25,361,100 6,041,014 42,749,377 3,565,999 6,871,962 Italy Lira 18,240,456 1,270,497 2,448,348 23,681,004 2,182,022 3,178,612 Itahan Somaliland Rupee 275,000 49,054 94,530 Japan Yen. 30,260,000 15,084,610 2,690,884 727,262 1,401,492 41,949,700 20,911,925 4,883,044 1,745,855 2,543,236 Mexico.. . . Peso 260,000 129,610 240,000 129,448 188,570 Morocco Rials 1,154,351 , 433,313 835,029 113,172 56,199 81,866 Netherlands Florin 15,715,000 2,576,628 4,965,367 672,733 267,057 7,075,000 1,475,573 2,149,509 Netherlands East Indies. do 3,465,000 54,628 105,273 Norway Crown 1,644,100 164,574 317,147

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Panama . Balboa . 2,500 2,482 3,617 Persia Kran 1,394,212 109,027 12,308,443 860,024 1,638,064 Peru .... Libra(pound) 91,984 447,640 202,308 759,410 1,463,443 582,477 2,834,624 2,290,.390 11,373,559 16,568,180 Portugal Escudo 2,540,000 933,864 1,799,630 Russia. . . Ruble .... - 38,400,600 1,152,916 2,221,761 Servia Dinar 16,684,710 1,162,135 2,239,526 8,420,249 146,232 213,021 Siam..... Tical 6,761,000 1,478,672 2,849,519 9,567,000 2,850,440 4,152,316 Sweden Crown 1,882,581 187,929 362,155 2,028,522 268,617 391,302 Smtzerland Franc 19,000,000 3,667,000 200,000 13,930 26,845 6,000,000 1,158,000 1,966,940 181,239 264,016 Turkey . . Piaster.. 300,229,650 13,210,105 100,233 1,669 3,217 Total 442,839,986 183,901,541 485,570,901 104,541,526 201,459,815 107,065,738 55,662,212 262,407,838 56,285,538 81,992,714

1 At average United States equivalent value of a fine ounce of silver in London, $0.51892. 2 At average United States equivalent value of a fine ounce of silver'in London, $0.68647.

O H O

Ol OO

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REPOET OF THE DIRECTOE OF THE MI¥T.

TREASURY DEPARTMENT, BUREAU OF THE MINT, Wasliington, D. C, September 17, 1918. SIR: In compliance with the provisions of section 345, Revised Statutes of the tJnited 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 fiscalyear ended June 30, 1918, being the forty- sixth annual report of the Director of the Mint. There is also sub mitted for publication in connection therewith the annual report of this bureau upon the production and consumption of the precious metals in the Uhited States for the calendar year 1917.

OPERATIONS OF THE MINTS AND ASSAY OFFICES.

The fiscal year 1918 was for the Mint Service the most active in its history, the three coinage mints at Philadelphia, San Francisco, , and Denver working 16 to 24 hours per day for the greater part of the year to keep up with th(^ demand for coin of denominations below the dollar. / The unprecedented demand for fractional coin is doubtless due to war activities—general acceleration of business transactions requir ing more frequent settlements; larger earnings of the people, resulting •in more expenditures; demands of camp activities, etc. Internal reveriue taxes on aniusement entrance fees and on numerous other services, as well as. increased street car fares and additions to other prices, required many 1-cent pieces. Notwithstanding our 24-hour-a-day, working-to-capacity basis, for weeks oiir orders for coin exceeded the supply; but by the close of the year all orders had been filled and a considerable stock of each denomination of the fractional coins had been accumulated. The 1918 domestic coinage has never previously been equaled, totaling 714 milhon pieces, compared with 406^ milhon in 1917 and 155 miUion in 1916. In addition there were executed in 1918 for foreign Govern ments 52 million pieces of coins and blanks. Percentage compari sons give, on domestic coinage, 75§ per cent higher in 1918 than in 1917, and 362 per cent higher in 1918 than in 1916; on combined domestic and foreign pieces executed, 80J per cent higher in-1918 than in 1917, and 269J per cent higher in 1918 than in 1916.

SILVER DOLLARS CONVERTED TO BULLION. . An uriusual feature of the year was the conversion of over 68 million silver dollars into bullion, this being responsible for much overtime in the melting' rooms during April, May, and June, at the Philadelphia and San I rancisco Mints and New York Assay Office. This work was materially facilitated by use of the electric furnace 645

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646 REPORT ON THE FINANCES.

installed the previous year at the Philadelphia Mint. The conversion of silver dollars to bullion was in accordance with the act of April 23, 1918. The buUion was used to assist foreign Governments at war with the enemies of the United States.

PLATINUM DEPOSITS. Receipt and determination of values of platinum deposits, refining of platinum and its manufacture into shapes for use of Government institutions, particularly in connection with war work, has been an important feature at the New York Assay Office. The platinum work has been materially extended during the past year. Platinum deposits had not previously been accepted by the Government, that obtained being recovered in bur refineries frpm deposits of gold and silver containing smaU quantities of the metal. Cooperating with the War Industries Board, platinum deposits were accepted at the New York Assay Office after April 25; and to June 30, 1918, 269 deposits requiring 350 assays were received. By August 26, 1918, these deposits had increased to 867 requiring 1,002 assays, ranging in quantity from one one-hundredth to several hun dred ounces each, and consisting of grains, sponge, fine platinum, jewelers' and dental scrap, etc. , In January, 1918, the New York Assay Office received, to be refined and prepared for United States war uses, a large shipment of Russian platinum in the form of grains and nuggets, consisting of 20,922.89 gross ounces. This was aU refined, much of it to a fineness of 0.999 and above, by the end of thefiscal year; from it was obtained 17,639.892 fine ounces platinum; 64.751 fine ounces paUadium; 182.113 fine ourices iridium, and 48^563 fine ounces rhodium. For Ordnance Department uses the platinum is made into the form of sponge, platinic chloride, and wire drawn to a diameter of -^ inch. For use of Government laboratories over 250 platinum articles of various kinds were manufactured during the year. To'meet the platinum situation it was found necessary to establish at the New York Assay Office special divisions for receiving, for assaying,, and for melting and refining. Special furnaces have been designed and an original system of electrolytic refining of metals of the platinum group evolved, by the superintendent of the melting and refining department, Mr. B. P. Wirth. These devices have given results which are believed to be second to none.

DEPOSITS OF GOLD AND SILVER. The work incident to receipt, determination of value, and payment for deposits of gold and silver bullion continues to be largely increased over prewar years, many more individual deposits being received. These include a number of Red Cross and similar deposits of con tributed jewelry and household plate that under ordinary circum stances would not have reached the melting pot; also foreign buUion that was diverted by uncertain shipping conditions from the usual European channels. REFINERIES. The refineries of the Mint Service did excellent work during the fiscal year 1918, the output being 15 per cent greater than for the prior year and the stock of unrefined bullion on hand at the close of

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DIRECTOR OF THE MINT. 647

the year being about 22^ per cent less than that of the prior year. The more favorable results were particularly noticeable at the San Francisco institution, which operated its refinery the full year as against five months the previous year, and where the output was more than tripled. The New York refinery met an increased demand of the industries for gold of high fineriess, notwithstanding the large expansion of the platinum work. Our refinery output is of very high grade—of fineness nine hundred and ninety-nine thousandths and above. CONFERENCE OF MINT OFFICIALS. A conference of mint officials was held in September, 1917, meeting at the San Francisco and Denver Mints and inspecting the Seattle Assay Office and the Carson City Mint. The Director of the Mint, a representative of the Secretary's office, and the superintendents and heads of departments of the larger mint institutions were present. Exchange of experience in administration and operation and inspection of varying equipments led to a number of suggestions which should materially increase the efficiency of the Mint Service.

INSTITUTIONS OF MINT ' SERWOE. There has bisen no change for several years in the number of active' Mint Service institutions, those operated during the year ended June 30, 1918; being: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which has a large trade in bars of fine'gold and silver;- mints at New Orleans and Carson City con ducted as assay offices, and assay offices at Seattle, Boise, Plelena, lialt Lake City, and Deadwood, these being buUion-purchasing agencies for the large institutions. Refineries were operated at the New York, Denver, and San Francisco institutions.

MINOR ASSAY OFFICES. The activities of the minor assay offices are limited by lack of ap propriations sufficient to permit them to accept all business available to them, and if the policy followed since 1915 of endeavoring to exterid the usefulness of these offices to the mining industry is to be fully realized, increased appropriations are imperative. At some of these offices, particularly at Carson City and Salt Lake City, the number of. deposits, as well as their value, materially in creased during the fiscal year 1918. Additional employees are needed at both to properly handle the work coming to them and provide efficient service. At Carson City the number of deposits increased . 12 per cent and their value increased 92^ per cent over last year. The making of ore assays at a nominal cost continues to be a useful service to the mining industry of the West, as is evidenced by the larger patronage since adoption of this policy in 1915. At the Salt Lake City office the numoer of these assays has nearly doubled during the past year, their total being 1,042, w^hich includes 480 assays made on samples submitted by the General liand Office and the Forest Service. Alaska continues to be the source of most of the gold received at the Seattle Assay Office, but, as usual, substantial quantities were received during the past year from the Yukon and British Columbia.

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648 REPOUT OlSl THE FllsrANCES.

GOLD OPERATIONS. The value of the gold acquired by the Government at the mints and assay offices during the fiscal year 191.8^ was $303,056,486.50. United States gold coin received for recoinage was of value $6,431,- 235.68; transfers of gold between Mint Service offices totaled $17- 426,122.17; making an aggregate of gold handled by the Mint Service during the fiscal year 1918 of $326,913,844.35.

"SILVER OPERATIONS. Passage of the act of April 23, 1918, had the effect of. stabilizing the price of silver at $1 per fine ounce, which price has been paid for all silver acqilired by the Mint Service since that date. Prior thereto our purchase price fiuctuated, during this fiscal year, between 77 cents (paid in July) and $1.15| (paid in September, 1917). Silver has not previously reached so high a price in many years. The average cost per ounce fgr the silver acquired during the fiscal year was 95-h cents. About one-half as much silver as is produced in the United States during a year was acquired by the Mint Service during the past fiscal year, the total being 34,211,367.91 fine ounces, costing $32,643,809.61; the silver received and repaid to the depositors thereof in bars bearing the Government stamp totaled 1,834,907.18 fine ounces; the United States silver coin received for recoinage totaled 478,611.09 fine ounces with recoinage value of $661,636.21; silver dollars aggregating 7,697,722.54 fine ounces, having face value of $10,017,000, w4^re received froin other Treasury offices for melting; PhiUppine silver coins received for recoinage totaled 1,910,998.01 fine ounces; the transfers of silver between Mint Service offices totaled 4,232,789.43 fine ounces, making an aggregate quantity of silver handled by the Mint Service during the fiscal year 1918 of 50,366,396.16 fine ounces. This is about 2f times the quantity handled last year, the large increase being due principaUy to the extraordinary demand for subsidiary silver coin.

The United States coinage for the fiscal year 1918 amounted to $43,596,895.91, of which $35,004,450 was silver, $4,136,163.90 was nickel, and $4,456,282.01 was bronze. There was no gold coined during the fiscal year. There were also coined at the PhUadelphia Mint 8,980,000-nickel pieces for Ecuador; 1,000,000 nickel pieces for Salvador; and 800,000 gold planchets in addition to 9,500,000 nickel coins for Peru. The mint at San Francisco coined for the P^hilippine Islands 16,968,341 silver, 3,000,000 nickel, and 12,500,000 bronze pieces. Total number of foreign pieces executed, 52,748,341. The seigniorage on United States coinage executed totaled $20,538,055.58, of which $13,279,648.34 was on subsidiary silver coins and $7,258,407.24 was on minor coins.

STOCK OF COIN AND BULLION IN THE UNITED STATES. On June 30, 1918, the estimated stock of domestic coin in the United States was $2,068,153,106,,of which $1,336,780,596 was gold, $499,515,930 was silver dollars, and $231,856,580 was subsidiary silver coin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. 649

The stock of gold bullion in the mints and assay offices on the same date was valued at $1,738,559,152.15, an increase over last year of. $188,201,169.39, and the stock of silver buUion was 14,895,910.79 fine ounces, ari increase over last year of 4,841,493.98 fine ounces.

PRODUCTION OF GOLD AND SILVER. The production of the precious metals in the United States during the calendar year 1917 was as follows: Gold, $83,750,700; and sUver, 71,740,362 fine ounces.

INDUSTRIAL ARTS CONSUMPTION OF GOLD.. The amount of gold consumed in the industrial arts during the calendar year 1917 was $52,915,641, of which $34,803,445 was new material. Silver consumed amounted to 27,039,845 fine ounces, of which 15,998,807 fine ounces was new material. Approximately $64,000,000. worth of gold buUion, or more than half that issued by the Mint Service during the fiscal year 1918, is estimated to have been for use in the arts.

EXPORT OF GOLD COIN. The net export of United States gold coin for the fiscal year ended June 30, 1918, was $121,836,033.

LEGISLATION SUGGESTED. Legislation suggested last year is still much needed in order to increase the e:fficiency of the Mint Service, viz: Increase of the minor coinage metal fund from $200,000 to $400,000, and a permanent indeffiiite appropriation for the purchase of metals to aUoy gold and silver for coinage.

ESTIMATES FOR THE FISCAL YEAR 1920. The total of estimates for the Mint Service for the fiscal year 1920, including the office of the .Director in Washington, is $1,782,530, which compares with estimates of $l,662,980.for the fiscal year 1919 and appropriations for the latter year of $1,661,280.

APPROPRIATIONS, EXPENSES, AND INCOME. The appropriated amounts available for Mint Service use during the fiscal year 1918 totaled $2,125,333.67, reimbursements to'appro priations for services rendered amounted to $259,541.68, ihaking an avaUable total of $2,384,875.35. The expenses chargeable to appropriations were $2,125 504.78; those chargeable to income $71,764.53; total, $2,197,2569.31. \ The income realized by the Treasury from the Mint Service totaled $22,804,037.37, of which $20,538,055.58 was seigniorage. .

ELECTRIC FURNACE. Operation at the Philadelphia Mint of a 1,000-pound Rennerfelt electric melting furnace constantly throughout the year has demon strated that melting silver> nickel, and bronze aUoys by electricity

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650 REPORT ON THE FINANCES.

is economical and saves both time and labor. Tests have been thoroughly satisfactory, indicating savings in costs of melting ap proximating 10 per cent. It is proposed to instaU electric furnaces at both the San Francisco and Denver Mints. For the Philadelphia Mint.two new furnaces of the above make have been ordered, one of 1,000 pounds, the other of 1 ton capacity. The new furnaces will be equipped with iniproved power tilting and pouring devices, by which each furnace will rotate about a pouring lip as a f Scrum, which wiU permit of molten metal being poured directly into molds mounted on trucks running on a track that will, pass under the pouring lip; the mold trucks to be propeUed by electric motors with automatic stop. Direct pouring of molten metal wiU obviate the necessity of pouring into ladles and then into molds. The new furnaces will also be equipped with automatically con trolled electrode^ feeds, by which the temperature will be regulated. The electric current was first turned on the 1,000-pound Rennerfelt furnace on July 9, 1917. The current is supplied from the outside; is of 3-phase, 60-cycle, and 2,200 volts, transformed at the furnace to 110 volts. The total weight of complete furnace ready for current is 12 tons. It was several weeks after the above date, however, before we had conclusive evidence from numerous tests that the furnace fully met our requirements. There seems to be no absorption by the nickel of the carbon in the incandescent electrodes, which would make for inferior .metal. We are told, and assume that the atmosphere in the furnace under heat is nonoxidizing. Results, however, have shown that every precaution must be taken to keep the surface of the molten metal covered if good nonoxidized ingots are to result. Should the furnace attendant neglect to keep the door closed arid metal covered, oxygen of the outside air wiU, of course, cause trouble. In any open furnace where the crucible is dispensed with, there will always be more or less trouble with the refractories fusing and being carried into the ladle or mold. ^ We have found, however, that prac tically aU of this trouble is obviated if a spout is buUt upon theladle, so as to secure the good results of a bottom pourer. The question of loss of heat between the fiirriace and molds is always a point to consider weU, and while we are now using a bull ladle, on account of the furnace not fulcruming at spout, we hope, as before stated, to ultimately pour directly from furnace into molds. The chilling effect of a.tKin stream across 18 inches or more of spout tends to a serpen tine course of this molten metal, which is indeed not only difficult to properly direct, but by reason of its small cross section is soon too cool to make good bars, We have adopted the practice of hanging a 200-pound ladle in shank on bearings attached to front of furnace; this ladle can then be rapidly filled without spilling the metal, and the melters relieved of the weight during the pouring period. As the turntables carrying the molds are within 10 feet of the furnace mouth, the operation of taking off a heat with two ladles pouring simultaneously into two sets of vertical molds consumes 15 minutes, and is done with no confusion. We prefer the shank with one swivel end. The weight of the ladle, shank, and metal is about 200 pounds, though this weight is borne by the two men only a fraction of a minute, after which the shank is placed on a bail on chain hoist in position for pouring. As the ladle is emptied, the man on the swivel end of

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DIRECTOR OF THE MINT. 651

the shank operates the chain to mairitain a proper pouring distance between the lip of ladle and mouth of mold. . In order to avoid oxidation during period of fiUing and emptying ladle, as pouring from furnace starts granulated pine charcoal is immediately placed on top of molten metal in ladle. Owing to speciaUy constructed skimmin.g spout, the charcoal is held back, the surface remains well covered, and only clear metal free from carbon flows into molds. While ordinarily no metal shows results of oxidi zation within the furnace itself, yet it is possible to oxidize, partic ularly on scrap metal, where clips presenting a large surface per pound are used, and aU due precautions not exercised, Where the melts consist of mostly bar metal, seldom are we annoyed by this bugaboo so weU known by aU melters of nonferrous aUoys to their great labor and annoyance. This furnace is rated at 125 kilowatts and 750 pounds of metal. We fuid, however, that 1,000 pounds per charge is correct, and each time endeavor to hold the heat at that weight. This provides for 33 bars before shearuig; they will measure 24 inches in lengtti, 4^ inches wide, and l.inch thick. The furnace is never allowed to cool off entirely, except when repairs may be necessary. After a run of 8 to 12 hours, if a shut-down period follows, coke or lump charcoal is thrown in hot furnace and supplied from time%tO: time until current is again thrown on. There is no diffi culty incident to stirring the metal in this furnace, as analyses on bur cupro-nickel and bronze work show a good mixture. . The cupro- nickel melts are not stirred; the temperature at pouring is sufficiently high itself to bring about a thorough mixing without resorting to stirring. The volatUization loss in this furnace would seem to be somewhat higher on zinc ia our bronze alloy than in our crucible furnaces, the assayer reporting losses averaging about one-half to three-fourths of 1 per cent. Figures, however, on this volatUiza tion loss are not yet conclusive. This furnace has proved its worth on cupro-nickel, bronze, and on silver-coin meltiag. In the latter case, samples taken from top and bottom of 1,000-pound melt showed homogeneity. In an aUoyed melt, reducing fineness from 902 to 900 with the comparatively smaU amount of copper required, assay returns were most encouragiag and promise is before us of using this furnace for silver iagot making. The first roof on this furnace lasted 799 heats, whUe the cylinder was not renewed until 1,277 heats had been made; these were of cupro-nickel and bronze, the former predomkiatihg. On the second run the roof lasted over 1,000 heats. The table following shows quantity and variety of metals melted in this furnace during the fiscal year, and the current consumption per ton of metal melted, and time per l,00b-pound melt:

Time to melt Kllowatt-hom Gross ounces 1,000 pounds, consumption Variety of metal. melted.' in minutes, per net ton, hot furnace. average.

Cupro-nickel...... : 15,980,341.80 100 500 Bronze 11,988,277.23 70 300 Silver 10,031,101.00 60 198 Tin 57,147.00 10 46

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652 ' REPORT ON THE FINANCES.

The cost to melt our most refractory aUoy—i. e., cupro-nickel^inthis electric furnace is $9.45 per net ton, which is less by 50 per cent than we show with gas and crucible furnace meltiag.

ADDITIONS AND IMPKOVEMENTS,

PHILADELPHIA MINT IMPROVEMENTS.'. No new machiaery has been completed in the mechanical depart ment of the PhUadelphia Mint during the past fiscal year, for the reason that every effort has been made to keep the machiaery already ia use running day and night. ' Several experiments, which give promise of success, have been con ducted On labor-saviag devices, one of which is a power baling machine for pressuig strips from which coinage blanks have been punched, into bales weighing, approxioiately, 30 pounds, of size 6 by 6 by 12 inches. ^ Another is a coin cleaniag, washing, and drying machiae," aU in one unit; the annealed blanks wUl be dumped iato a-tumbUng hopper, then' carried automaticaUy through the different washing solutions, then iato a dryiag drum, from which they wiU be dumped into boxes ready for the comiag presses. The operation is entirely automatic, the blanks requiring no handhng after they arie dehvered iato the hopper from trie annealiag furriaces. These' two iriachines are ex pected to be ia operation at an early date. The Steuben lift-truck system has been iastaUed. This iriiproved system of truckmg eUmiaates aU unnecessary haridUng of ingots, clippiags, and blanks, as one movement of the handle mU lift 3,000 pounds. The load can be moved to the different departments and unloaded by simply pressing a foot lever.

.. DENVER MINT IMPROVEMENTS., r, Several changes nave been made at the Deliver Mint with a view to increasiag its capacity. The iagot-meltirig room has been en larged by taking over the room formerly pccupied by the superin tendent of the melting and refiniag departm,erit; the 8 old furnaces have been removed and replaced by 12 improved furnaces, wtiich have been shown, by tests, to be more efficient. The Ulterior arrangement of a large part of the second floor has been changed to accommodate increased refinery equipment; an additional furnace, has been installed in the refinery rndtiag room, giving a total of 5; the sUver ceUs have been iacreased frora 10 to 16 and the gold cells from 18 to 22- a large generator with switchboard, cables, etc., was received from the Philadelphia Mint and has been instaUed in the 'refinery to help carry the load necessary to operate the gold and silyer ceUs. Three new tariks have been instaUed for the purpose of pre cipitating riietaUic sUver from the nitrate solutiqns with metaUic copper; this method superseding the one foriherlv in use of precipi tating aU sUver-nitrate solutions to chloride with salt and then by addition of iron and hydrochloric acid reducing the chloride to me tallic sUver. ^ The Denver Mint receiyed from the Philadelphia Mmt, for the. coining, departm ent, two rolls and two miUing machiaes; these have been instaUed and wiU be ready for use in the coining operations of the next fiscal year.

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DIRECTOR OF THE MINT. 653 There has also been instaUed m the Denver Mint a complete burglar- alarm system, 'connecting every part of the building with the super intendent's office and the guards.

NEW YORK ASSAY OFFICE IMPROVEMENTS. ' An innovation which promises most satisfactory results is the use of a nichrome muffle in the cupel furnaces of the assay departments In evenness of temperature and freedom from cracks it is proving much superior to the best of clay muffles, and it is anticipated that the life oi this muffle wiU be not less than a year, riiaking it a valuable improvement. Nichrome plates holding 16 cupels are also used, per mitting the whole number to be inserted and removed from the furnace at one tioie.

INCOME AND EXPENSES OE THE FISCAL YEAR 1918.,

INCOME. Earnings: Credited to appropriations— Charges on foreign coinage exe cuted $224,051.90 Charges for manufacture of spe cial medals 2,169.91 Charges for work done for other . institutions, etc...' 33, 319. 87 Total earnings credited to ' appropriations $259,. 541. 68 Credited to revenues— Mint charges on bullion 410, 642. 20 • Proceeds of medals and proof coinssold 3,323.40 Receipts from special assays of bullion and ores 2,918.00 * . . Charges on silver-dollar bullion sold. . 819,226.53 Total earnings credited to revenues.. - 1, 236,110.13 Total earnings . . $1,495, 651. 81 Profits: Gain on bullion^ ship ment to refineries $6,848. 03 Less contra losses 595. 55 6, 252. 48 Surplus bullion recovered 63, 956. 73 Proceeds of sale of by products (plat inum, etc.). 1,651.01 Proceeds of sale of old materials 7,017. 21 Commission on telephone calls 2.80 Profits on silver bullion sold •... 691, 449. 75 Total profits other than seigniorage 770,329. Seigniorage on subsidiary silver coin- . age v - - - - -. - ^13, 279,'648. 34 Seigniorage on minor coinage— • Nickel 3,751,781.52 Bronze 3,506,625.72 Total seigniorage 20, 538,055. 58 Total profits :. 21,308,385.56 Total income...... 22,804,037.37

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654 REPORT ON THE FINANCES.

EXPENSES. Chargeable to appropriations: Compensation of employees. Mint Bureau, salaries appropriation $23, 200. 61 Mints and assay offices, salaries, appropriations 243, 558. 60 Mints and aspay offices, wages ap propriations 1,141,010.10 Total compensation of employees $1, 407, 769. 31 Equipment, stores, and^ other ex penses-^ . ' Mint Bureau, contingent appro priation . 5,037. 34 Mints and assay offices, contin-, gent and permanent appropri ations (including $13,066.85 wastage of gold and silver in operative departments, and $9,144.83 loss on assay value of operative sweeps sold) 700, 372. 60 Transportation of bullion and coin between mints and assay offices, freight appropriation. 12. 325. 53 Total miscellaneous expenses "chargeable to appropriations 717, 735. 47 Total expenses chargeable to appropri ations $2,125, 50'. 78 Chargeable to revenue: , Seigniorage on minor coinage— Expenses of distributing minor coin to Treasury offices 63,876.13 Wastage of minor metals in op erative departments 7, 888. 40 Total chargeable to revenue _ i 71, 764. 53 Total expenses. .^ 2,197, 269. 31 Net income of the Government from the mint service 20, 606, 768. 06 Total : 22, 804, 037. 37

DEPOSITS, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1918. The number /and value of deposits, the income (including seig niorage), the expenses of the fiscal year 1918, and the nuniber of employees on June 30, 1918, at each institution, foUow:

Number of— United States coining" value Trans Expenses porta Em of gold and Income. from ployees Institution. silver received appropria tion of De- Rede bullion Jime at each insti tions.! 30,1918. posits. posits. tution. and coin.

Philadelphia 20,757 729 $48,289,924.62 $12,289,859.65 $951,472.50 $5,327.16 499 San Francisco 14,934 167 55,835,675.08 5,873,600.35 429,770.21 9.08 17S Denver. 3.735 1,058 36,081,675.41 4,235,955.65 283,704.23 7.48 92 New York 16,426 2,953 235,476,847.66 387, 528.60 347,913.20 1.85 143 New Orleans 435 1 552,437.89 6 1,988.35 12,999.61 . 477.89 9 Carson 468 432,412.66 1,961.51 7,632.38 168.73 5 Boise 489 578,367.97 4,308.40 8,795.38 381.32 5 Helena ".. 474 1,271,085.43 2,098.46 7,661.65 775.09 5 Deadwood . 36 1 162,083.01 .866.20 6,564.17. . 67.17 5 Seattle 2,162 1 • 9,316,703.87 5,444.16 36,966.96 5,057.20 18 SaltLakeCity 172 50,356.25 1,021.59 3,786.48 .52.56 2 Total 60,088 4,910 388,047,569.85 22,804,632.92 2,097,266.83 12,325.53 961

^ Includes transportation of bullion and coia between mints and assay office.

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DIRECTOR OF THE MINT. 655

COINAGE DURING THE FISCAL YEAR. The coinage executed at the Philadelphia Mint during the fiscal year 1918 was the largest in the history of any mint in the United States, in fact, the largest known output for an equal period of any mint in the world; it includes nearly 465 miUion pieces of domestic coin and over 20 milhon pieces of foreign coin and coinage blanks, totaling 485 miUion pieces. At the Denver Mint the humber of pieces coined—128i milhons— practically trebled that of any previous year; while at the San Francisco Mint the number of pieces executed—153 miUions—was over twice that of the preceding year, which, in turn, was more than twice the number struck in any prior year of the mint^s history. Details are given in the following tables:

DOMESTIC COINAGE OE THE UNITED STATES MINTS DURING THE FISCAL YEAR 1918.

' Philadelphia. San Francisco. Denorninations. Pieces. Value. Pieces. Value.

Half dollars 11,524,000 $5,762,000.00 9,160,000 $4,580,000.00 Quarter dollars . )-. 21,520.000 5;380,000.00 • 10,956,000 2,739,000.00 Dimes j 51,660,000 5,166,000.00 37,820,000 3,782,000.00 Total silver 84,704,000 16,308,000.00 •57,936,000 11,101,000.00 5-centnickels 63,824,978 3,191,248.90 •'6,498,000 324,900.00 1-cent bronze...... 316,423,501 3,164,235.01 56,100,000 561,000.00 Total minor. - . 380,248,479 6,355,483.91 62,598,000 885,900.00 Total coinage 464,952,479 22,663,483.91 120,534,000 11,986,900.00

Dehver. Total. Denominations. Pieces. Value. "Pieces. Value.

Half dollars .' 3,421,440 $1,710,720.00 24.105,440 $12,052,720.00 Quarter dollars 12.747,400 3,186,850.00 45,223,400 11,305,850.00 Dimes 26,978,800 2,697,880.00 116,485,800 11,645,880.00 Total silver 43,147,640 7,595,450.-00 185,787,640 35,004,450.00 5-cent nickels '. 12,400,300 620,015.00 82,723,278 4,136,163.90 1-cent bronze.. 73; 104,700 731,047.00 445,628,201 4,456,282.01 Total minor.. . 85,505,000 1.351,062.00 528,351,479. 8,592,445 91 Total coinage 128,652,640 '8,946,512.00 714,139,119 43,596,895.91

In addition to the above the mints at Philadelphia and San Fran cisco coined the following:

1 Nickel Gold Bronze Silver Items.'.. pieces. pieces. pieces. pieces.

At Philadelphia: For Salvador,5-centavo 1,000,000 . For Ecuador— 5-centavo 1' 7,980,000 10-centavo. .'...• 1,000,000 For Peru— 5-centavo 4,000,000 10-centavo.... 3,000,000 20-centavo. '. 2,500,000 £ blanks 800,000 Total 19,480,000 800,000 ,

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656 EEPOET ON THE FINANCES.

, Item. Nickel Gold Bronze silver pieces. pieces. pieces. pieces..

At San Francisco: For Philippines: 1-centavo 12,500,000 5-centavo 3,000,000 10-centavo 8,210,519 20-centavo t • 6,255,656 50-centavo-.-.. 2,502,166 Total . . . 3,000,000 12,500,000 16,968,341 Total foreign coinage. 22,480,000 800,000 12,500,000 16,968,341

DESCRIPTION OF THE DESIGN OF THE ILLINOIS CENTENNIAL HALF DOLLAR. The striking of 100,000 pieces of silver half dollars to commemorate the one hundredth anniversary of the admission of the State of Illinois into the Union as a State was authorized.by act of Congress approved June 1, 1918. The obverse bears the low relief portrait of President Lincoln. This is taken from the heroic statue which was unveiled at Spring field, III., in August, 1918. This statue, a fine examnle of American art, is by Sculptor Andrew O^Connor. The inscriptions ^^Liberty'' and ^^In God We Trust,'^ together with the year of the coinage, are in accordance with the law regulating the devices and emblems to be on all coins of the United S,tates. The reverse is an adaptation of the seal of the State of lUinois, with the motto '^ State Sovereignty National Union.'' The inscrip tion '/United States of America,'' the value of the coin, and the national motto ^'E Pluribus Unum" are placed on this side of the coins as required by the coinage laws.

DEPOSITS OF FOREIGN GOLD BULLION AND COIN. Foreign gold buUion containing 7,421,000 fine ounces, of the value of $153,405,687, and foreign gold coin containing 1,955,421 fine ounces, of the value of $40,422,147, was deposited and received from the foUowing countries during the fiscal year ending June 30, 1918:

Crude bullion Refined bullion. Coin.

Country. Fine Coining Fine Coining Fine Coining ounces. value. ounces.. value. ounces. value.

Canada.. 444,714 $9,193,055 3,160,536 $65,334,076 60 $1,241 20,744 428,818 159 3,287 Cuba 273 5,643 • - 201 4,156 West Indies 5,436 112,373 2,855 59,019 Central America 87,270 1,804,032 3 63 South America 273,892 5,661,851 64,015 1,323,306 346 7,153 Great Britain 27,673 572,053 3,265,750 67,509,042 124 2,564 Germany 37,797 781,334 ^ 348 7,194 Russia ' 314 6,492 13 269 Belgian Kongo 13 269 France 29,718 614,324 1,953,762 40,387,846 Spain 138 2,853 Japan 3 63 Austria-Hungary 10 207 Mixed 254 5,25L Total 900,981 18,624,939 6,520,019 134,780,748 1,955,421 40,422,147

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DIRECTOR OF THE MINT. 657

DEPOSITS OF FOREIGN SILVER BULLION AND COIN. Foreign silver buUion containing 6,780,011 fine ounces, of the value of $9,372,747, and foreign sUver coin containing 7,145,336 fine ounces, of the value of $9,877,776, was deposited and received from the following countries during the fiscal year ending June 30, 1918:

Crude bullion. Refined bullion. Coin.

Country. Subsidiary Subsidiary Subsidiary Fine silver Fine silver Fine silver ounces. coining ounces. coining ounces. coining value. value. value.

Canada 101,500 $140,314 853,490 $1,179,872 Mexico 1,135,281 1,569,423 4,312,072 5,961,047 6,334,268 $8;.756,548 Cuba 63 87 West Indies 676 935 Panama 315 436 172,114 237,932 Central America 147,531 203,948 23,956 33,117 South America 212,141 293,957 15,526 21,463 467,025 645,619 Great Britain 84 116 172 238 Germany.. . . 543 751 Russia 144 199 France . . . 31 43 Spain 175 242 China 156 326 451 Dominican Republic 4,122 « 5,698 Mixed :..- 143,178 197,931 Total 1,598,892 2,210,322 5,181,119 7,162,425 7,145,336 9,877,776 Cost value...... 1,450,117 5,008,846 6,786,421

- ISSUE 0F« 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 for the fiscal year 1918, was as follows:

EXCHANGED FOR GOLD COIN.

Philadel San Fran Denver. New York. Months. phia. cisco. Total.

1917. July $65,604.03 $17,803,466.31 $4,124,644.16 $21,993,714.50 August 60,555.11 13,263,385.84 6,838,027.25 20,161,968.20 September 70, 719.91 3,756,145.32 5,434,873.75 9,261, 738.98 October 91,029.34 513,336.53 4,842,892.95 5,447,258.. 82 November 106,184.38 15,603.74 7,356,296.32 7,478,084.44 December 85,602.80 15,382.99 3,471,540.55 3,572,526.34 1918. January 60,497.64 20,437.92 5,364,596.13 5,445, .531.69 Febraary 65,349.69 15,434.91 2,945,918.16 3,026,702. 76 March..' 100,773.67 15,490.02 3,543,323.96 3,659,587.65 April 95,794.02 26,304.04 3,849,613.07 3,970,711.13 Miay , 95,952.94 10,561.69 3,706,609.32 3,813,123.95 June 75,686.90 11,419.70 3, 754,100. 28 3,841, 206.88 Total 973.750.43 35,465,969.01 55,232,4.35.90 91,672,155; 34

86429°—FI 1918- -42

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658 REPORT ON THE FINANCES.

EXCHANGED FOR GOLD BULLION.

San Fran Philadel Denver. New York. Months. phia. cisco. Total.

1917. July $24,713.93 $564.26 $3,662.91 $2,386,434.53 $2,415,375.63« August 30,751.57 1,258.02 2,339.16 ' 1,774,994.74 1,809,343.49 September. 22,899.42 616.13 4,639.04 1,839,805.48 1,867,860.07 October. 28,911.42 1,056.32 3,111.72 1,940,387.49 1,973,466.95 November 31,060.04 696.70 3,469.93 2,022,165.37 2,057,292.04 Deceinber 30,501.21 821.90 2,832.76 1,788,076.52 1,822,232.39 1918. January 38,252.89 1,085.48 4,463.71 1,881,876.84 1,925,678.92 February 26,951.47 663.70 4,720.00 1,827,042.82 1,859,377.99 March 31,361.69 3,843.00 5,438.63 1,713,739.91 1,754,383.23 April 37,769.70 715.88 4,296.95 2,037,184.71 2,079,967.24 May 35,203.91 1,484.07 3,721.25 2,219,789.47 2,260,198.70 June.. 34,446.69 934.25 3,544.37 1,581, 111. 29 1,620,036.60

Total 372,823.94 13,539.71 46,240.43 23,012,609.17 23,445,213.25

BALANCES, RECEIPTS, AND DISBURSEMENTS OF GOLD BULLION. Balances of gold bullion on hand June 30, 1917, and receipts, dis bursements, and balances June 30, 1918, at the mints and assay ofl&ces, are shown in the following table:

Receipts Disbursements Balance on Institution. Balance on dming fiscal Total. dming fiscal hand June 30,1917. year 1918. year 1918. June 30,1918. / Philadelphia $273,924,505.99 $21,003,764,58 $10,383,354/>27 $284,544,916.30 San Francisco 340,320,462.54 46,833,285.09 $294,928,270.57 387,153,747.63 / 35,488,247.61 351,665,500.02 Denver 124,633,186.37 26,987,181.37 . 68,160.51 151,552,207.23 New York. 810,756,251.27 151,620,367.74 218,025,834.56 1,028,782,085.,83 78,341,084.73 950,441,001.10 New Orleans 95,869.70 , 614,044.87 609,914.57 539,883.73 70,030.84 Carson 12,315.78 271,001.73 283,317.51 249,571.84 33,745.67 Helena 38,870.59 1,133,532.29 1,172,402.88 1,085,085.36 87,317.52 Boise 15,122.31 535,893.37 551,015.68 516,197.00 36,818.68 Deadwood 1,239.25 131,391.93 132,63L18 125,377.94 7,253.24 Seattle 554,637.28 8,790,004.49 9,344,641.77 9,224,855.05 119,786.72 SaltLakeCity 5,521.68 42,861.49 48,383.17 46,808.34 1,574.83 • Total 1,550,357,982.76 324,268,795.77 1,874,626,778.53 136,067,626.38 1,738,559,152.15

DETAILED RECEIPTS (AS ABOVE).

Surplus Uncurrent bullion Transfers from mints Institutions. Deposits. United States recovered Total. coin received (Includmg and assay for recoinage. shipment offices. gains).

Philadelphia S17,325,257.44 13,660,175.36 aG,2S5.60 $2,046.18 $21,003,764.58 San Francisco 46,060,824.07 4,613.36 9,412.17 758,435.49 46,833,285.09 Denver... 16,493,956.31 120.75 899.62 r\ 492,204.69 26,987,181.37 New York 211,845,488.63 490,793.99 • 20,487.34 .,669,064.60 1.18,025,834.56 New Orleans.... 513,391.43 446.72 1 206.72 514,044.87 Carson.... 270,614.67 387.06 271,001.73 Helena 1,132,789.79 742.50 1,133,532.29 Boise. 535,449.41 443.96 535,893.37 Deadwood 131,171.54 13.67 1206.72 131,391.93 Seattle 8,788,522.94 1,068.07 1413. 48 [,790,004.49 Salt Lake City 42,818.78 42.71 42,861.49

Total 303,140,285.01 4,155,703.46 5;:, 229. 42 16,922,577,88 324,268,795.77

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DIRECTOR OF THE MINT. 659

DETAILED DISBURSEMENTS (AS ABOVE).

Transfers to Sold in Bars Manufactured Bars paid mints and sweeps, issued In Into coinage Ship Institution. depositors. assay manufac- exchange blanks ment , Total. offices. tmes, etc. for coin. (Peruvian). losses.

Philadelphia $372,823.94 2$5,134,251. 70 $9,393.03 $973,750.43 $3,893,135.17 $10,383,354.27 San Francisco... . 13,539.71 8,738.89 35,465,969:01 35,488,247.61 Denver 46,240.43 21,920.08 68,160.51 New York 23,053,243.51 55,405.32 55,232,435.90 78,341,084.73 New Orleans 539,774.18 $109.55 539,883.73 Carson 249,319.69 252.15 249,571.84 Helena. 1,085,020.15 65.21 1,085,085.36 Boise...: 515,192.12 4.88 515.197.00 Deadwood 125,377.77 .17 125,377.94 Seattle 9,224,791.61 63.44 9,224,855.05 Salt I/ake City... 46,804.48 3.86 46,808.34 Total 23,485,847.59 16,920,531.70 95,457.32 91,672,155.34 3,893,135.17 499.26 136,067,626.38

] Proof gold. - Includes $8,062.05 proof gold.

^PURCHASE OF MINOR COINAGE METAL TOR USE IN DOMESTIC COINAGE. During the fiscal year 1918 there were purchased 58,074,925.41 troy ounces of minor coinage metals at a cost of $1,031,262.75, as follows: ,

Philadelphia. San Francisco. Metal. Troy ounces. Cost, Troy ounces. Cost.

Copper, ingot 33,461, 895.84 $570,697.59 8,841,276.91 $145,070.18 . Copper, boron 153; 124.99 6,037.50 Copper, silicon 7, 459.37 207.33 Nickel 2,045; 413.50 55,350.09 291,666.66 8,740.00 Tin 403, 418.75 23,360.98 213,616.64 11,054.57 Zinc. ' 1,166, 375.00 9,277. 71 218,035.40 1,323.89 Mutilated bronze coins 436.78 4.17 Mutilated nickel coins. 69.12 .71 Total 37,238,193.35 664,936.08 9,564,595.61 166,188.64

Denver. TotaL. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper, ingot 10,242,633.33 $170;497.64 52,545, 806.08 $886,265.41 Copper-, boron 153, 124.99 6,037.50 Copper, silicon 7, 459.37 207.33 Nickel 729,166.66 20,890.20 3,066, 246.82 84,980.29 Tin.... 118,292.71 7,596.61 735, 328.10 42,012.16 Zinc 182,043.75 1,153.58 1,566, 454.15 11,755.18 Mutilated bronze coins. 436.78 4.17 Mutilated nickel coins.. 69.12 .71 Total. 11,272,136.45 58,074,925.41 1,031,262.75

PURCHASE OF MINOR COINAGE BLANKS PREPARED FOR COINAGE. There werej)urchased during the fiscal year 1918, for^delivery to the mint at PhUadelphia, the following nickel and bronze blanks prepared for stamping:

Items. Troy ounces. Cost. Nickel 5-cent blanks 775,454.17 $29,562.28 Bronze 1-cent blanks 2,412,652.08 75,585.50 Total 3,188,106.25 105,147.78

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660 REPORT ON THE FINANCES.

SALE OF MINOR COINAGE METALS. There were sold during the fiscal year 1918 by the mint at San Francisco to the Government of the Philippine Islands the foUowing minor coinage metals:

Items. Troy ounces. Cost.

Nickel metal 486;764.75 $12,951.39 Bronze metal - - - - 1,673,389.28 28,909.89 Total 2,160,154.03 41,861.28

DISTRIBUTION OF MINOR COINS. The amount of ininor coins distributed from the mints during the fiscal year 1918 was $6,348,797.39, and the expenses for distribu tion were $63,875.63, as foUows:

San Fran- <, Philadelphia Denver. Items. Cisco. ' Total.

Distributed: 5-cent nickels $2,473,883.90 $260,400.00 $270,000.00 $3,004,283.90 1-cent bronze : 2,582,496.01 367,017.48 395,000.00 3,344,513.19

Total. 5,056,379.91 627,417.48 665,000.00 6,348,797.39 Expenses of distribution: Transportation 29,730.25 5,408.90 14,849.21 49,988.36 Shipping kegs 808.50 808.50 Coin sacks 8,851.17 ^642.66 2,550.80 13,043.97 Twine...: 34.80 34.80 Total 38,581.42 7,085.70 18,208.51 63,875.63

MINOR COINS OUTSTANDING. The following statement shows the coinage oi minor coins by denominations since 1793, the amount on hand, issued, melted. and outstanding June 30, 1918:

Amount Denominations. Coined. On hand. Issued. Melted. Issued and outstanding June 30,1918.

Philadelphia: Copper cents $1,562,887.44 $1,562,887. 44 $381,860.03 $1,181,027.41 Conner half cents •39,926.11 39,926.11 39,926.11 Copper-mckel'cents. 2,007,720. 00 2,007,720.00 806,144.12 1,201,575.88 Bronze 1-cent pieces 28,046,246.83 $862,699.00 27,183,547. 83 629,831.19 26,553,716. 64 Bronze 2-cent nieces 912,020. 00 912,020. 00 341,652.28 570 367 72 Nickel 3-cent pieces 941,349.48 941,349.48 285,461. 83 655,887.65 Nickel 5-cent pieces 48,055,968.10 833,665. 00 47,222,303.10 4,711,11.5.20 42,511,187.90 Total 81,566,117.96 1,696,364.00 79,869,753.96 7,156,064.65 72,713,689.31 San Francisco: Conner cents 5.05 Bronze 1-cent pieces 1,170,860.00 228,113.96 942,746.04 12,183.00 930,563.04 Bronze 2-cent pieces 111.52 Nickel 3-cent pieces 113.80 Nickel 5-cent pieces 1,440,600.00' 131,615. 00 1,308,985.00 7,487.63 1,301,497.37 Total 2,611,460.00 359,728.96 2,251,731.04 19,701.00 2,232,060.41 Denver: Bronze 1-cent pieces 1,841,307.00 163,942. 05 1,677,364.95 1,917.68 1,675,447.27 Bronze 2-cent pieces. ... 112.32 Nickel 5-cent pieces 2,996,990. 00 317,610. 00 2,679,380.00 43,800.00 2,635,580.00 Total.. . 4,838,297.00 481,552.05 4,356,744.95 45,730.00 4,311,027.27

Grand total 89,015,874.96 2,537,645.01 86,478,229.95 7,221,495.65 79,256,776.99

1 Deduct $42.69 value of old coins melted at 5an Francisco and Denver Mints, for the net amount Issued and outstanding, $79,256,734.30. The imcurrent minor coins melted at each mint are not necessarily those of former coinage of the same mint.

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DIRECTOR OF THE MINT. 661

OPERATIONS OF THE ASSAY DEPARTMENTS. The principal work of the assay departments of the coinage mints arid the assay office at New York during the fiscal year 1918 is summarized below:

Philadelphia. San Francisco. Items. Samples. Assays. Reports. Samples. Assays. Reports.

Number. Number. Number. Number. Number. Number. Deposits^ includmg purchases 20,360 . 62,692 28,286 Ti, 198 17,499 Redeposits 463 1,597 107 Sweeps 13 45 13 98 355 95 Bureau of tho Mint, • 297 972 37 420 1,022 420 Special bullion 97 210 97 18 98 17 Special ore 54 79 16 Refinery 8,612 16,810 11,285 Ingot melting 5,769 11,759 5,769 12,326 14,272 12,326 Coining department : 48 110 48 27 42 27 War department platinum MisoellaTTieous 66 140 2,703 4,224 2,477 Total 26,650 75,928 5,964 53,007 111,697 44,313

Denver. New York. Items. Samples. Assays. Reports. Samples. Assays. Reports.

Number. Number. Number. Number. Number. Number.. Deposits, including purchases 17,108 29,301 8,522 44,338 134,385 17,689 Redeposits 2,250 4,773 1,058 3,152 7,699 1,425 Sweeps 72 254 55 134 470 21 Bureau of the Mint 340 1,096 340 48 206 200 Special bullion 34 102 17 836 3,750 418 Special ore Refinery 5,046 10,077 1,964 6,012 15,905 2,531 Ingot melting 6,692 14,060 2,236 Coining department 2,489 2,613 2,489 War Department platinum 11 280 11 Miscellaneous 206 515 103 Total..... 34,237 62,791 12,784 > 54,387 162,225. 22,274

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 following statement shows the amount made and distributed during the fiscal year 1918:

Items. Proof gold. Proof silver.

Fine ounces. Fineounces. Onhand July 1,1917 183.00 797.00 Made during the fiscal year 1918. 620.00 622.00 'Total. 803.00 1,419.00 Disposed of: Assay office at New York 150.00 200.00 Mmt at San Francisco. 150.00 50.00 Mint at Denver 50.00 Assay office at Seattle 20.00 Assay office at Deadwood 10.00 Mint at New Orleans 10.00 Used at Philadelphia. 94.00 . 593.60 Sold . 30.40 Balance on hand June 30,1918.. 319.00 545.00 Total 1,419.00

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662 REPORT ON THE FINANCES.

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1918.

^The aggregate quantity of metals operated upon in the above- m^entioned departments of the coinage mints, and assay office at'New York, during the fiscal year ended June 30, 1918, was 9,458,285.093 fine ounces of gold and 94,345,183.60 fine ounces of silver. There were also operated upon at the coinage mints 192,209,263.89 ounces of minor coinage metal. The figures in the table foUowing 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.

. Per centage Wast- of good Legal al coin Amoimt op lowance Actual Togo" pro Institution and . Amount Amount of wast Actual duced department. received. returned. erated age on sur wastage. ounces upon. amount plus. oper to received. ated amount upon. oper ated upon.

Philadelphia Mint: Melting and Fine ounces. Fine ounces. Fineounces. Fine oz. Fine oz. Fineoz. iineoz. refining 1,551,898.398 1,552,121.656 448,152.376 1,551.89 223.258 Coining 761,483.702 761,521.462 385,942.763 380.74 37.760 48.10 San Francisco Mint: Melting and refining 4,941,997.107 4,942,351.848 3,633,900.357 4,941.99 354. 741 Coining 473,020.597 473,040.845 236.51 20.248 Denver Mint: Melting and refining 2,867,310.678 2,867,115.229 1,712,672.686 2,867.31 195.449 0.114 Coining New York As say Office: Melting and reflning 11,863,011.276 11,863,915.358 3,277,616.911 11,863.01 904.082 • Total: Melting and re fining . 21,224,217.459 21,225,504.091 9,072,342.330 21,224.20 1,482.081 195.449 .114 Coining.. 1,234,504.299 1,234,562.307 385,942.763 617.25 58.008 Grand total. 22,458,721.758 22,460,066.398 9,458,285.093 21,841.45 1,540.089 195.449

SILVER BULLION.

Philadelphia Mint: Melting and refimng 28,977,769.28 28,979,641.78 21,260,674.33 43,396.65 1,872.50 Coining 20,601,138.56 20,599,689.78 20,557,844.81 20,601.13 ' 1,448.78 0.071 57.38 San Francisco Mint: Melting and refimng 18,906,106.36 18,902,459.80 14,364,454.55 28,359.15 3,646.56 .253 Coining 16,686,933.25 16,683,384.42 16,264,703.77 16,686.93....:. .218 59.25 Denver Mint: 3,548.83 Melting and refining 10,818,791.35 10,822,692.24 10,467,309.63 16,228.18 3,900.89] Coining 8,678,074.69] 8,676,791.351 8,152,784.291 8,678.07 ' 1,283.341 .157 67.42

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DIRECTOR OF THE MINT. 663

SILVER BULLION—Continued.

Per centage Wast of good Legal al age per coin Amount op lowance Actual 1,000 pro- ^ Institution and Amount Amount erated of wast sur Actual ounces duced department. received.. returned. upon. age on plus. wastage. oper to amount ated amount received. upon. oper ated upon.

New York As say Office: Melting and Fine ounces. Fine ounces. Fine ounces. Fine oz. Fine oz. Fine oz. Fineoz. refining 5,052,020.50 5,057,221.19 3,277,412.22 7,578.13 5,200.69 Total: Meltl n g and re fining .. 63,754,687.49 63,762,015.01 49,369,850.73 95,562.11 10,974.08 3,646.56 0.074 Coining.. 45,966,146.50 45,959,865.55 44,975,332.87 45,966.13 6,240.95 .138 Grand total. 109,720,833.99 109,721,880.56 94,345,183.60 141,528.24 10,974.) 9,887.51

NICKEL COINAGE METAL.

Philadelphia Mint: Melting and Troy ounces. Troy ounces. Troy ounces. Troy oz. Troy oz. Troy oz. Troy oz. refining 24,818,722.04 24,748,108.69 21,896,435.79 70,613.35 3.224 Coining 23,622,498.87 23,599,610.65 22,594,125.80 22,888.22 1.012 56.10 San Francisco Mint: Melting and refining 3,443,299.31 3,436,526.84 2,503,497.08 6,772.47 2.705 Coining 2,428,248.00 2,424,978.90 2,428,212.90 3,269.10 1.346 63.72 Denver Mint: Melting and refining 4,102,507.01 4,075,453.71 3,011,674.10 27,053.30 8.984 Coining 3,059,159.20 3,055,345.30 2,842,613.00 3,813.90 1.341 70.11 Total: Melting and re fining.. 32,364,528.36 32,260,089.24 27,411,606.97 104,439.12 3.810 •Coining.. 29,109,906.07 29,079,934.85 27,864,951.70 29,971.22 1.073 Gra nd total. 61,474,434.43 61,340,024.09 55,276,558.67 134,410.34

BRONZE COINAGE METAL.

•Philadelphia Mint: Melting and , refining 46,393,918.78 46,252,692.07 46,911,067.37 141,226.71 3.010 Coining 48,671,371.58 48,608,779.84 45,930,684.20 62,591.74 1.341 68.84 San Francisco Mint: Melting and refining 15,267,669.19 15,236,112.14 12,137,833.89 31,557.05 2.600 Coining 12,094,740.-10 12,087,325.30 12,075,652.30 7,414.80 .614 62.90 Denver Mint: Melting and refining 11,747,870.99 11,716,287.89 10,038,360.60 31,583.00 3.146 Coining 10,300,577.60 10,299,173.50 9,839,106.80 1,404.10 .142 74.31 Total: • Melting and re fining 73,409,458.96 73,205,092.20 69,087,261.86 204,366.76 2.955 Coining.. 71,066,689.28 70,995,278.64 67,845,443.30 71,410.64 1.052 Grand total. 144,476,148.24 144,200,370.84 136,932,705.22 275,777.40

•

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664 REPORT ON THE FINANCES.

REFINING OPERATIONS. The total output of our refineries, of gold and silver upward of nine hundred and ninety-nine thousandths fine, was 11,906,142.492 fine ounces; details foUow:

New York. . ' San Francisco. Items. Gold. Sliver. Gold. . Silver.

Bullion placed in refinery processes: Crude upon which charges were col Fine ounces. Fine ounces. Fine ounces. Fine ounces. lected 1,518,701.460 2,556,220.04 834,990.656 2,120,277.02 other unrfifinp.fj . . . . _._.._,._. 689,453.908 678,459.52 34,542.144 63,314.73 Refined without charges 1,068,585.914 37,516.31 734,372.921 30,423.48 Apparent gain 875.629 5,216.35 84. 214 Total 3,277,616.911 3, 277,412.22 1,603,989.935 2, 214,015.23 Obtained from refinery processes: Fine (999-|-) output .. 2,455,550.341 2,402,495.41 1,559,942.290 2,136,425.71 Unfinished .... 822,066.570 874,916.81 44,047.645 72,558.99 Apparent loss 5,030.53 Total 3,277,616.911 3, 277, 412.22 1,603,989.935 2,214,015.23

Denver. Total. Items. Gold. Silver. Gold. Silver.

Bullion placed in refinery processes: Crude upon which charges were col Fine ounces. Fine ounces. • Fine ounces. Fine ounces. lected 1,596,807.922 1,192,329.94 3,950,500.038 5,868,827.00 Other unrefined 113,546.237 90,194.85 837,542.289 831,969.10 Refined without charges 555,349.37 1,802,958.835 623, 289.16 Annarent eain 93.38 1959.843 - 15,309.73 Total 1,710,354.159 1,837,967.54 6,591,961.005 7,329,394.99 Obtained from refinery processes: Fine (999-}-1 output 1,625, 749.288 1,725,979.39 5,641,241.919 6,264,900.51 Unfinished. L 84,406.208 111,988.15 950,520.423 1,059,463.95 Apparent loss...". 198.663 1198.663 15,030.53 Total 1,710,354.159 1,837,967.54 6,591,961.005 7,329,394.99

I Net gains—Gold, 761.180 ounces; silver, 279.20 ounces.

BY-PRODUCTS OF GOVERNMENT REFINERIES. Metals of the platinic group, as follows, were obtained as by products from our refineries during the fiscal year 1918:

Refined. Institution. Platinum. Palladium. Osmiridium. Iridium. Copper.

Ounces. Ounces. Ounces. Ounces. Pounds. Sp.n Franci.

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DIRECTOE. OP THE MINT. 665

Crude. Institution. Platinum. Palladium. Osmiridium. Iridium. Copper.

Ounces. > Ounces. Ounces. Ounces. Pounds. Sa,n Francisco. - 855.75 20.38 11.64 4,529 Denver. 1 New York 205.70 94.20 Total 1,060.45 20.38 11.64 94.20 4,529

INGOT MELTS MADE. The foUowing statement shows the number of melts made for ingots, and the weight of buUion and metal involved, during the fiscal year 1918:. GOLD.

Number of melts. Standard ourices.

Mints. Passed first . Remeited. Con Melted. Passed. melting. demned.

Philadelphia 55 2 0 365,086.077 351,007.085

SILVER.

Philadelphia.. 5, 732 23,587,165. 46 23,435,346.36 SanFrancisco. 5,872 19,440,197.24 18,967,533.60 Denver 2,218 8,624,569.38 8,065,653.40 Total.... 13,822 51,651,932.08 50,468,533.36

NICKEL.

Philadelphia. 2,187 21,896,435.79 21,041,943.90 San Francisco 101 2,503,497.OS 2,430,223.95 Denver 889 3,011,674.10 2,984,460.80 Total : 3,177 27,411,606.97 26,456,628.65

BRONZE.

Philadelphia ; '.. 10, .532 46,911,067:37 45, 781,253.20 San Francisco 293 12,137,833.89 12,004,867.90 Denver 2,289 10,038,360.60 9,990,289.10 Total 13,114 69,087,261.86 67,776,410.20

FINENESS OF MELTS FOR GOLD AND SILVER INGOTS. The statement foUowing shows the number of gold and silver ingot melts made, also their reported finenesses, during the fiscal year 1918.

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666 EEPORT ON THE FINANCES.

Gold ingots. Silver Ingots.

For United States coin. For Phil For Peru Ingot ippine Ingot fineness. vian coin, Ingot fineness. coin, Philadel fineness. San Fran phia. Phila San Fran Denver. delphia-. cisco. cisco.

916.0 3 898.0 41 748.2.... 38 916.2 2 898.25 73 748.5.... 173 916.3 . 7 89.S.5 1,120 1 748.7.... -V 115 916.4. 9 898.6 . - .... 554 125 748.8.... 274 916.5 17 898.7 898 749.2.... 336 916.6 13 898.75 1,047 88 749.4.... 142 916.7 .. 3 898.8 635 146 749.6.... 113 916.8 1 898.9 408 749.8.... 56 899.0 2,406 459 750.0.... 67 899.1 982 406 7.50.3.... 4 . 899.2 899 750.8.... 1 899.25. 649 207 899.3 815 185 899.4 83 899.5 899 899.50. 299 954 36 899.6 35 899.7' 899 899.75 63 15 899.8 335 11 899.9 . 2 900.0 34 177 1 900.2 54 900.4 48 o 900.6 6 900.9 • 3 1

Total .- 55 5,732 4,563 2,218 1,309

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED. During the fiscal year 1918 the coinage mints and the assay office at New York manufactured .105,650 gold and 12,116 sUver bars, valued at $309,559,201.98, as shown by the foUowing table:

Gold. Silver. Institutions. Number. Fine ounces. Value. Number. Fine ounces. Value.

Philadelphia.. 5.781 1,127,750.168 $23,312,664.98 2,365 473,144.87 $392,565.93 San Francisco- 7,123 1,539,023.781 31,814,445.35 830 217,053.39 192,006.67 Denver 3,208 1,626,589.370 33,626,586.65 180 11.3,493.98 100.597.72 New York 89,538 10,506,839.094 217,195,640.08 8,741 3,757,621.61 2,924,694.60 ' Total 105,650 14,800,202,422 305,949,337.06 12,116 4,561,313.76 3,609,864.92

MELTS FOR FINE GOLD AND FINE SILVER. The statement following shows the number of melts for fine gold and fine silver at the mints and assay office at New York, with itheir reported finenesses, during the fiscal year 1918:

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DIEECTOR OF THE MINT. 667

Gold melts. Sll\^er melts.

Fineness. San San New Philadel Philadel Fr.^,n- Denver. New Fran Denver. York. phia. York. phia. cisco. clsco.

899.9... 2 998.50 9 999.0 1 53 7 9 999.1 1 999.2... 4 2- 999.25. .. 17 93 999.3 7 3 1 999.4 14 46 2 999.5 44 99 14 999.50 311 146 401 999.6 60 54 51 999.7 32 11 99 999.75 :.. 72 177 4 999.8. 16 8 143 999.9... 1 4 Total". 179 224 314 462 330 507

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

FOR DOMESTIC COINAGE.

Gold. Silver. Nickel. Bronze.

Per Per Per Per centage centage centage centage good good good good Mints. com com com com Ingots pro Ingots pro Ingots pro Ingots pro operated duced Operated duced operated duced operated duced upon. to upon. to upon. to upon. to amount amount amount amount oper oper oper operated ated ated • ated upon. upon. upon. upon.

Ounces. Per ct. Ounces. Per ct. Ounces. Per ct. Ounces. Per ct. Philadelphia. .... 20,557,844.81 57.38 17,500,374.20 58.68 45,930,684.20 68.84 San Francisco . 13,311,602.64 60.36 1,631,827.40 63.95 8,739,736.80 64.15 Denver 8,152,784.29 67.42 2,842,613.00 70.11 9,839,106.80 74.31

FOR FOREIGN COINAGE.

Philadelphia.., 48.10 5,093,751.60 47.62 San Francisco. 2,953,101.13 54.26 796,385.50 60.75 3,335,915.50

SWEEP CELLAR OPERATIONS.

MELTING AND REFINING DEPARTMENT SWEEPS.

Number of— Net weight Fine ounces contained. avoirdu Institutions. pois , Barrels. Bags. pounds. Gold. , Silver.

Philadelphia 114 57,800 55.077 1,894.56 San Francisco "'i,"786" 149,084 1,985.950 13,565.14 Denver 1,753 124,977 1,155.610 3,075.72 NewYork 3,099 249,506 3,067.194 7,905.67

Total 3,213 3,539 581,367 6,263.831 26,441.09 •

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668 REPORT ON THE FINANCES.

COINING DEPARTMENT SWEEPS.

Philadelphia. 15 8,038 852.50

DEPOSIT RECEIVING ROOMS SWEEPS.

Philadelphia.. 22 10,550 166.807 343.00 San Francisco 26' 1,541 73. 201 203.23 Denver 112 7,407 19. 508 55.13 New York ... 377 25,.904 300.087 695.71 Total 399 132 45,402 559.603 1,297.'07

STANDARD DOLLAR SWEEPS.

Philadelphia. 12,410 8.473

MINOR COINAGE METAL SWEEPS TREATED.

Nickel. Bronze.

Institutions. . Avoir"du- Avoirdu pols Troy pois Troy pounds ounces re pounds ounces re treated. covered. treated. covered.

Philadelphia . •. '. 5,222 76,154.17 4,067 59,310.42 San Francisco Denver :'. 8,283.60 10,676.99 Total 84,437.77 69,987.41 •

BULLION GAINS AND LOSSES. The net gains from operations'on buUion during the fiscal year 1918 amounted to $52,782.76, as follows: I

Mint at— Assay office Minor Items. assay Total. Phila San , at New offices. delphia Francisco. Denver. York.

Recovered from refining and coining opera tions - $7,218.33 $7,751.71 $3,667.39 $6.408.78 $25,046.21 Recovered incident to receipt of deposits.. 9,141.43 2,197.49 670.14 22,849.47 $5,474.28 40,332.81 Net gain on shipments to Government refineries 6,100.83 • 747.20 6,848.03 Gain on light-weight and mutilated coin purchased for coinage ^ 952.94, 49.51 82.46 1,084.91 Receipts from sale of by-products .... 1,425.97 256.51 1 682 48 Total gains 23,413.53 11,424.68 4,594.04 29,340.71 6,221.48 74,994.44 Washed in refining and coining operations 1,410.18 6,409.86 5,246.81 13,066.85 Loss on assay value of operative sweeps sold 1,508.33 560. 44 1,343.22 5,732. 84 9 144 83 Total losses -i. 2,918.51 6,970.30 6,590.03 5,^732.84 22,211.68 Net gain 20,495.02 4,454.38. 23,607.87 6,221.48 52,782.76 Net loss 1,995.99

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DIRECTOR OF THE MINT. 669

WASTAGE AND LOSS ON SALE OF SWEEPS. The value of metals wasted in the operative departments during the fiscal year ended June 30, 1918, was $20,955.25. A loss of $9,144.83 occurred irom the difference between the assay value of the buUion contained in sweeps sold and the amount received for the same; details are given below: ^

Mint at— Assay Items. office at Total. Philadel San New York. phia. Francisco. Denver.

Gold wastage: Melting and refining department.. $4,040.29 $4 040 29 Coining department Silver wastage: Melting and refining department. °, $3,248.46, 3 248.46 Coining department $1,410.18 3,161.40 1,206.52 5 778 10 Nickel wastage: Melting and refining department . 1,549.74 84.45 192.45 1,826.64 Coining department '. 502.32 42.50 27.13 571 95 Bronze wastage: Melting and refining department 2,821.62 377.06 882.38 4,081.06 Coining department 1,250.54 85.67 72.54 1 408 75 Loss on sale of sweeps 1,508.33 560.44 1,343.22 $5,732.84 9 144 83 Total wastage and loss 9,042.73 7,559.98 7,764.53 5,732.84 30,100.08 Reimbursements: Nickel and bronze wastage from ininor coinage profits 6,124.22 589.68 , 1,174.50 7,888.40 Other wastage and loss on sweeps from contingent appropriation 2,918.51 6,970.30 6,590.03 5,732.84 22,211.68 Total reimbursements 9,042.73 7,559.98 7,764.53 5,732.84 30,100.08

ENGRAVING DEPARTMENT. The engraving department of the PhUadelphia Mint manufactured 11,029 dies during the fiscal year 1918, an increase of 2,929 as com pared with 8,100 manufactured last year. The large increase was due to the heavy coinage at each of the mints, for which aU dies are here manufactured. This department also manufactured dies for foreign coinage, for medals oi a national character, postage-stamp dies, and dies and seals for Government bonds.

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670 REPORT ON THE FINANCES. \ DIES MANUFACTURED.

Issued. Denomination. Philadel San Fran Unissued. phia. cisco. Denver. Total.

Gold: Double eagle 10 10 20 40 Eagle 10 14 10 34 Half eagle 10 19 10 39 Quarter eagle 5 5 Total .. 35 43 40 118 Silver: Half dollar 28 555 220 65 866 Quarter dollar 65 960 210 370 1,605 Dime 55 1,419 350 305 2,129 Total 146 2,934 780 740 4,600 Minor: 5-cents 5 1,795 130 210 2,140 1-cent 25 1,715 400 467 2,607 Total 30 3,510 530 677 4,747 \ Philippine: -^ 50 centavos.. 60 60 20 centavos 135 135 10 centavos 120 120 5 centavos 75 75 1centavo 155 155 Total 545 545 Ecuador: , 10 centavos : 40 40 5 centavos 399 399 Total 439 439 Peru: 20 centavos 45 45 10 centavos 60 60 5 centavos 115 115 / • • Total 220 220 Salvador, 5 centavos 40 40 / *' Colombia (for consul general of Colombia at New York): 5 centavos 24 2 centavos 24 1 centavo 24 Total 72

Grand total coinage dies issued 10,570 Unused coinage dies destroyed 211 Master dies and hubs, foreign and domestic 68 United States embossed envelope dies ". 129 United States embossed envelope hubs". 4 Master die and hub, and seals for Treasury seal... 12 Master die and hub, and seal for Farm Loan seal. 3 Medal dies i 32 Total 11,029

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DIRECTOR OF THE MINT. 671

MEDALS SOLD. Medals manufactured at the PhUadelphia Mint were sold during the fiscal year 1918, as below:

items. Pieces. Value.

Gold medals . • 84 $3,422.15 Silver medals .• .' 1 417 1,113.67 Bronze medals 14,030 6,747.91 Total 14,531 11,283.73

THE PROGRESS OF THE NUMISMATIC COLLECTION. The accessions to the coUection at the PhUadelphia Mint, made almost solely by purchase, are as follows: As to metals: Coins- Gold 20 Silver 90 Nickel : 10 Bronze 55 Medals- Silver 5 Bronze 22 As to periods: Antique 1 69 Medieval 10 Modem 81

EMPLOYEES. The total number of persons employed in the institutions of the Mint Service on June 30, 1918, was 961. The number of employees in each of the various departments of the large institutions is given below:

NUMBER OF EMPLOYEES, BY DEPARTMENTS.

Melting Institution. General. Engrav Assaying. Coining. and TotaL ing. refining.

Philadelphia Mint 176 17 10 230 66 499 San Francisco Mint •. 67 12 45 '54 178 Denver Mint " 39 9 20 -24 92 New York Assay Office 83 18 42 143 Total 365 17 49 295^ 186 912

A number of employees have joined the colors, among them being 2 from the Director's office, 17 from the PhUadelphia Mint, 16. from the San Francisco Mint, 6 from the New York Assay Office, and several from the Denver Mint. VISITORS.

No visitors have been admitted to the Mint Service institutions since the declaration of war; prior thereto, thousands were received each year.

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672 REPORT ON THE FINANCES.

WORK OF MINOR ASSAY OFFICES. J • The foUowing table exhibits the principal work of the minor assay offices during the fiscal year 1918:

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

Deposits received number.. 436 468 474 37 2,163 172 Fineness average gold, .thousandths.. 341 89 387 319 216 838 152 Fineness average silver do— 383 791 459 580 756 126 397 Weight before melting ounces.. 73,348 151,061 69,744 172,804 29,421 536,327 13,862 Weight after melting do 72,833 147,696 66,988 171,782 29,366 532,240 13,653 Loss in melting do— 515 3,365 2,756 1,022 55 4,087 209 Do percent.. .702 2.22 3.95 .59 .18 .76 1.505 Melts of bullion made '.. .number.. 437 567 501 484 39 2,163 Melts, mass, of bullion made.. .do 57 15 12 30 109 Melts of D. M. R. grains do 5 4 ,3 11 4 Melts of assayers' clips do 3 Value of deposits, gold dollars.. 513,814 270,831 535,783 1,134,314 131,392 9,223,175 42,861 Value of deposits, silver, at cost .do 25,221 115,719 27,793 89,954 20,172 59,020 4,488 Bullion shipped .gross ounces.. 67,352 117,869 65,113 161,354 28,163 532,297 14,029 Value of gold shipped dollars.. 539,653 249,401 515,134 1,085,020 125,378 9,224,792 ,46,799 Value cost of silver shipped.. .do 19,025 86,787 26,976 83,095 19,256 59,083 4,472 Quartation silver made ounces.. 9.25 35 75 350 Quartation silver used do 34 50 60 2.5 300 15 Proof gold received do 10 5 10 20 Proof gold used do 1.5 2 .5 20 '"4 Proof silver received .do 50 Proof silver used do 20 1 .25 1 Cupels made number.. 3,700 2,600 2,000 3,530 1,750 16,038 2,400 Cupels used do 3,300 2,589 2,150 3,530 1,600 18,895 1,850 Crucibles used do 46 49 43 158 Assays of: Deposits do 2,450 2,529 1,850 3,530 52 16,478 1,250 Ore for gold and silver do 258 45 36 460 317 382 Ore for base metal .do 86 20 15 142 99 170 Ores for Forest Service.... .do ..14 31 Ores for General Land Office, number 449 Ores for other offices number.. 6 • Counterfeit coin do Mutilated coin do Special bullion do Special silver plate do Slag.. do.... 62

ORE ASSAYS. Comparative statement of ore assays made at the minor assay offices since 1915, showing increased use of our facilities by the mining industry as the result of reducing our charge for this service to a nominal sum.

Amount Fiscal year. of charges collected.

1915, $885.65 1916: 1,678.00 1917 1,931.75 1918, 1,644.00

GOLD EECEIPTS 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, 1918: Number of deposits 62,556 Avoirdupois tons • 518.7 Troy ounces 15,138,164.16 Coining value- $259,375,996.98

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DIRECTOR OF THE MINT. 678

ORIGIN OF THE FOREGOING.

Alaska: Alaska—Continued. Circle $840,969.43 Unclassified $2,767,506.28 Cook Inlet 2,378,086.39 Copper River 4,871,193.03 Total 138,999,390.79 Eagle 842,949.03 Canada: Iditarod 10,456,860.08 British Columbia 23,374,064.00 Koyukuk i, 952,478.59 Yukon Territory 92,133,492.32 Kuskokwim.... 102,762.59 All other sources 4,869,049.87 Nome • 62,200,745.31 Southeastern Alaska 3,433,106.26 Total , 259,375,996.98 Tanana 49,152,733.80

LABORATORY OF THE BUREAU OF THE MINT.

From the domestic coinage of the calendar year 1917 the assayer of this bureau tested 2 gold and 1,180 silver coins, aU of which except 2, were found within the legal requirements as to weight and fineness. The greatest deviation in fineness of silver coins above standard (the limit being 3 above or below) was 2.8, while the greatest devia tion below was 2.0. The foUowing table summarizes the sUver coins:

Number of silver coins.

Fineness. Philadel San Fran phia. cisco. Denver. Total.

898 0 1 1 5... .V 3 1 4 7 . . 4 4 .9... . 10 1 1 12 8991 37 3 24 64 .3 60 29 22 111 6 . 95 30 26 151 .8 88 28 13 129 900 0 .. 93 49 33 175 2 86 45 22 153 4 .. 69 55 11 135 .7 58 54 8 120 9... . 29 24 1 54 901.1 21 17 4 42 .3....: 5 2 14 .5... 1 1 2 .8 I 5 5 902.0 3 3 8 .. i 1 Total 662 350 168 1,180 Averasre 899.994 900.252 899.819 900.045

Thirty-eight Philippine coins were examined, aU of which were within the legal requirements. The receipt of certificate bar samples was very large during the year, and besides the regular assays made here many samples were sent to various service laboratories for test assaying, some being returned to the offices of origin without information as to what the samples were; many others were tested in several laboratories and some were assayed more than once in the same laboratory. This work had not been completed at the end of the year. 86429"—FI 1918 43

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674 REPORT ON THE FINANCES.

PROCEEDINGS OF THE ASSAY COMMISSION, 1918.

The following-named gentlemen were designated by the President as commissioners to examine and test the weight and fineness of the coins reserved at the several mints during the calendar year 1917 pursuant to the provisions of section 3547 of the Eevised Statutes of the United States: Hon. WiUiam A. Ashbrook, M. C; Mr. WiU H. Rounds, Sioux Falls, S. Dak.; Mr. John L. McNeil, Durango, Colo.; Mr. W. P. Morris, Salem, IU.; Mr. Samuel Newhouse, Salt Lake City, Utah; Mr. Calvin Page, Portsmouth, N. H.; Mr. L. V. Bassett, Rocky Mount, N. C; Mr. A. C. Weiss, Duluth, Minn.; Mr. J. H. O'NeU, Boston, Mass.; Mr. L. W. Nieman, Milwaukee, Wis.; Mr. Martin H. Glynn, Albany, N. Y.; Mr. Roy W. Keehn, Chicago, IU.; Mr. S. B. Amidon, Wichita, Kansi; Mr. Robert P. Oldham, Seattle, Wash.; Mr. Kenneth M. Simpson, San Francisco, Cal.; Dr. George F. Kunz, New York, N. Y.; Dr. Marcus Benjamin, Washington, D. C; Mr. Louis A. Fischer, Washington, D. C; Dr. W. F. Hillebrand, Bureau of Standards. The commission met at the mint at Philadelphia, Wednesday, the 13th day of February, 1918, and Hon. WiUiam A. Ashbrook was elected chairman. The following committees were appointed by the chairman, with the approval of the commission: Committee on counting.—^Mr. S. B. Amidon, chairman; Messrs. Weiss, O'NeU, Bassett. ' • . , . • Committee on weighing.—Maj. Louis'A. Fischer, chairman; Messrs. Benjamin, Keehn, Rounds. Committee on assaying.—Mr. Kenneth M. Simpson, chairman; Messrs. Hillebrand, Kunz, and Comings. On the nomination of Mr. Amidon, Congressman Ashbrook was elected chairman of the committee on resolutions, who appointed Messrs. Weiss, Benjamin, O'Neil, and Kunz as members of this committee. COMMITTEE ON COUNTING. The committee on counting reported that the packages contain ing the pieces of coins reserved oy the several mints for trial, in accordance with section 3539 of the Revised Statutes of the United States, were received from the superintendent of the mint at Phila delphia, compared with the transcripts kept by the Director of the Mint, and were found to be correct to as date, number of delivery, number of pieces and denomination, except in package dated De cember 1, 1917, from the mint at San Francisco, supposed to contain 115 dimes from delivery No. 228, of the coinage of $23,000, the said package containing in addition thereto one small envelope in closing ten 10-centavo Philippine coins, which seem to be a sur plusage. This verification having been completed, packages were selected at random, several from each month's delivery of each denomination coined by each mint, and, with the exception above stated, aU were found to be correct. These coins were then de livered to the committees on weighing and assaying for further examination and test. The following table gives the packages verified by the committee, being thb total number of coins reserved b}^ the several mints:

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mRECTOa OP THE MINT. 675

Philadelphia. San Francisco. Denver. . Total. Pieces Value. Pieces. Value. Pieces. Value. Pieces. Value.

Gold:. McKinley mernorial dol lars ' 11 $11.00 11 $11.00 Silvor: 6,146 3,073.00 3,253 $1,626.59 1,353 $676.50 10,752 5,376.00 HalQuartef dollars..r dollar.s 11,310 2,827.50 3,752 938.00 3,868 • 967.00 18,930 4,732.50 Dimes 27,615 2,761.50 13,665 1,366..50 4,701 . 470.10 45,981 4,598.10 Total silver, United States. 45,071 8,662.00 20,670 3,931.00 9,922 2,113.60 75,663 14,706.60 Philippine coins: 339 P678.00 • 339 ^678.00 , 520 centavocentavoss 1,577 7,885.00 1,577 7,885.00 10 centavos 2,997 29,970.00 2,997 29,970.00 Total Philippine.. 4,913 38,533.00 „ 4,913 38,533.00

COMMITTEE ON WEIGHING. The committee on weighing reported that they have examined cer tain coins selected at random from those reserved for the annual trial by the Assay Commission. The weighings, as usual, were made on the Troemner balance provided for the purpose by the mint. It was carefuUy examined as to the equahty of the arms and as to its sensi bility, both of which were found to be satisfactory. The weights employed for testing the United States coins were a set of coin weights furnished by the Director of the Bureau of Standards, with a certificate giving the variation in mass from the standards fixed by law. The weights used for-testing the PhUippine coins werS a set of grain weights belonging to the Philadelphia Mint, which were checked by the committee by comparison with the coin weights referred to above. AU weighings of coins were made to""the nearest one-hundredth grain. Time did not permit of a complete inter comp arisen of the standard weights, but enough check weighings were made to show that the weights had substantiaUy the same values that they had last year! On account of the unusuaUy large coinage the number of weighings of coins made by the committee was largely in excess of the number made last year, being, approximately, six times.the number. Out of 332 coins weighed, all of them, with the exception of one half doUar coined at the PhUadelphia Mint on February 9, were found to be. within the tolerance established in section 3536 of the Revised Statutes. \ . . COMMITTEE ON ASSAYING. The committee on assaying reported that from the coins reserved from the United States mints at Philadelphia, San Francisco, and Denver, samples for assay have been taken representing aU denomi nations coined at each mint during each month of the year. The results of assays made of the individual coins and of samples from larger numbers massed and melted are given in the foUowing schedules. From these it will be seen that— At Philadelphia, the assays made of the McKinley gold doUars (the only gold coined during the year) showed a fineness of 900. The highest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at Philadel- p.hia, 900.7; San Francisco, 901.3; Denver, 900.9. The lowest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at Philadel phia, 898.5; San Francisco^ 899.1; Denver, 898.6.

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676 REPORT ON THE FINANCES.

The highest and lowest assays upon the Philippine silver coinage at San Francisco are 750.7 and 749.2. The committee has tested the quartation silver and found it to be free from gold. The acid used in the humid assay of sUver was tested and found to contain only a trace of chlorine. The lead foil contained only a trace of silver. The balances used were also tested and found tp be correct, and the committee deem the assays exhibited to be entirely correct.

ASSAYS OF SILVER COINS MELTED IN MASS. United States coins: United States coins—Continued. Philadelphia- Denver— Mass melt— Mass melt— 170 dimes ] 10 half dollars 1 65 quarter dollars.>Fineness, 899.8. 30 quarter dollars.^Fineness,899.3. 34 half dollars ) 60 dimes j San Francisco- Philippine coins: Mass melt— Mass melt— 16 half dollars 1 0 15 50-centavos 1 25 quarter dollars-^Fineness, 899.3. 30 20-centavos [-Fineness, 749.5. 130 dimes j 90 10-centavos J The following report submitted by the committee on resolutions was unanimously adopted: Whereas the Annual Assay Commission appointed by the President oi the United States to examine and test the weight and fineness of the gold and silver coins reserved bv the mints of the United States has held its meeting in the city of Philadelphia on rebrua,ry 13 and 14, 1918; and , Whereas the commission has about completed its labors, the committee on resolu tions desires to offer the following resolutions: First. That the commission renews the recommendations of prior commissions, not perfunctorily, "but very urgently, with reference to the maintenance-and increase of the national coin collection of the mint at Philadelphia. Second. This commission desires to reiterate the recommendations of former com missions relative to the souvenir mint medal and believes that it might well be made a profitable and helpful adjunct to the mint exhibit of coins and medals. We also m'gently urge the importance and necessity of an increased appropriation for the purchase of rare coins and medals and believe that the honorable Secretary of the Treasmy might properly make such recommendation to the Congress for increased appropriation and the necessary legislation. Third. That this commission, sharing the opinion of former commissions, as tb the importance of the adoption of the metric system of weights and measures, do again respectfully recommend to the Director of the Mint that he give this question the benefit of his good consideration. Fourth. The commission is pleased to note the greatly increased production of the sev eral mints during the year 1917 and feel that all of the officials and employees, from the highest to the humblest, are entitled to favorable mention and great prjiise, who by their deep devotion to their several tasks have made it possible to meet the abnormal demands of the war period and have therefore patriotically done more than their bit. Resolved, That the thanks of the commission are due the splendid Director of the Mint, Hon. R. T. Baker; the able superintendent of the mint, Hon. A. M. Joyce; . our indispensable secretary, Mrs. Virginia H. Carpenter, and the other officials and employees of the mint for the courtesy and consideration shown this commission. We find naught to fault and much to commend. Respectfully submitted. WILLIAM A. ASHBROOK, Chairman. A. 0. WEISS.' JOSEPH H. O'NEIL. GEORGE F. KUNZ. ^ The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June 30, 1918, is respectfully submitted. RAY. T. BAKER, Director of the Miiit, Hon. WILLIAM G. MCADOO, Secretary ofthe Treasury.

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678 EEPOET ON THE FINANCES. APPENDIX TO' THE REPORT OF Deposits and purchases of gold during

New San Frfm- Denver. New York. Somce and description. Philadelphia. clsco. Orleans.

Purchases. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fin£ ounces \ 1 Alabama 143.170 9 Alaska 788.002 19,898.193 ' 10.128 198.039 •^ Arizona 10.632 9,130.871 228.004 • 295.150 _ 4 California 100.482 168,457.396 220.341 6.832 6.899 5 Colorado 61.411 80.218 102,187.221 34.983 6 Georgia " 195.030 .934 7 Idaho 30.048 2,070.515 611.306 s Michigan .212. 0 Montana 230.230 77.366 25,990.029 3,628.043 10 1.672 31,928.766 72,436.824 11 New Mexico . . 2,539.199 14,499.380 3,591.184 12 North Carolina 69.718 43.916 13 North Dakota .458 14 Oregon 6,748,175 88.556 15 South Carolina 6.490 16 South Dakota 32,724.212 319,183.332 17 Utah 43.273 27.511 18 Washington 236.594 19 115.066 , 20 2.885 21 otfPhiliDTiinf p T^lanrl^ 48.278.297 .22 Deposit melting room grains and sweeps 220.594 80.325 12.207 729.507 10.470

23 Total umefined.-..:. 1,860.364 279,569.188 249,051.243 327,575.215 47.286 24 Domestic bullion refinery bars, less than 0.992 441,977.482 2,945.880 25 Domestic bullion refinery bars 0 992 and over 1,777,901.640 1,279,716.944

26 Total pmchases do mestic bullion 1,860.364 2,057,470.828 691,028.725 1,610,238.039 47.286 97 Foreign coin 29.683 260.379 2.079 1,955,098.177 21.845 28 Foreign bullion unrefined. 1,503.945 24,281.768 99,117.071 666,580.145 21,595.532 29 Foreign bullion refined... 715,224.426 6,789,657.962 30 Jewelers' bars, dental scrap, plate, etc., 87,023.605 19,968.157 7,770.249 257,238.198 2,202.303

31 Total deposit pur chases 805,642.023 2,101,981.132 797,918.124 10,268,812.521 23,866.966 Redeposits purchased.

?*> Domestic coin 32,646.283 96,258.681 5.841 23,489.927 978.787 33 Bars bearing United States Government stamp 110.674 229.094 112,342.721 34 287.457 374.989 56.124 35 Gain on shipments 279.267 .36 Sweeps 31.312 37 Total redeposits pmchased 33,323.681 96,862.664 93.277 136,832.648 978.787

38 Total pmchases..... 838,965. 704 2,198,843.796 798,011.401 10,404,645.169 24,845.753 Redeposits— Transfers.

39 Domestic coin from Treas ury 157,723.065 40 Refined bars - 98.984 48,837.433 41 TTnnasted bars 12,060.840 507.510.403 274,091.000 4*^ Proof bullion 160.000 60.000 150.000 10.000 43 .048 44 Total redeposits transferred 167,822.097 61,048.273 607,560.403 £74,241.000 10.000

45 Grand total 996,787.801 , 2,259,892.069 1,305,671.804 10,678,886.169 24,865.763 46 Value of pmchases $17,342,960.30 $45,454,135.58 $16,496,359.71 $215,083,104.29 $513,607.29 47 ValUPi of transfp.rs- $3,262,472.31 $ 1,261,979.71 $10,492,204.69 $ 5,669,064.61 $206. 72 48 Total value . $20,605,432.61 $46,716,115.29 $26,988,564.40 $220,752,168.90 $513,814.01

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DIRECTOR OF THE MINT. 679 THE DIRECTOR OF THE MINT.

the fiscal year ended June 30, 1918.

Salt Lake Carson. Boise. Helena. Deadwood. Seattle. ^ City. Total.

\ Fine ounces. Fine ounces. Fine ounces. Fine ounces Fine ounces. Fineounces. Fine ounces. 143.170 1 854.714 282,720. 286 8.233 304,477. 595 2 26.288 9.690.945 3 i, 658.740 11.565 110.647 160,565.902 4 . 030 207.315 102,571.178 5 195.964 6 14,861.333 5.788 7,035.950 127.950 24,642.890 7 .212 8 125.808 53,059.886 17.637 678. 210 83,707. 209 q ii, 337. 299 1,315.243 369. 432 117,389.236 10 20,629.763 11 113:634 12 .458 13 66.560 10,060.524 4,433.353 2.233 21,399.401 14 6.490 15 " • 6,345.424 14. 600 358,267. 568 16 2,088 84.439 157.311 17 5.809 5,248.191 5,-490.594 18 115.066 19 2.885 20 • 48,278.297 ?1 10.449 16.139 35. 290 .661 51. 668 1.636 1.168.946 22 13,075.166 25,918.518 54,422.016 6,346.085 299,518.650 1,630.983 1,259,014.714 23 477. 884 445,401.246 94

6,825. 863 3,064,444.447 25

13,075.166 25,918.518 54,422.016 6,346.085 306,822. 397 1,630.983 4,768,860.407 20 7,886 1,337 1,955,421.386 27 2.709 97,900. 248 900,981.418 28 15,136.284 6,520,018.672 29

25.515 397. 220 1,818.108 440.686 376,884.041 30

13,100. 681 25,918.518 54,821.945 6,346.085 421,684.923 2,073.006 14,522,165.924 31

.750 7.744 153,387.913 3?

1.111 24,478.476 137,162.076 33 718.570 34 .431 279.698 35 • 31.312 36

.750 1.111 24,486.220 .431 291,579.569 37

13,lOi. 431 25,918.518 54,823.056 6,346.085 446,171.143 2,073.437 14,813,745. 493 38

157,723. d65 39 48,936.417 40 .V 793,662.243 41 10.000 20. 000 390.000 49 .048 43

10. 000 20. 000 1,000,711. 773 44 13,101.431 25,918.518 54,823.056 6,356.085 446,191.143 2,073.437 15,814,457. 266 45

$270,830.61 $535,783. 32 $1,133,293.14 $131,185.21 19,223,175.17 $42,861.49 $306,227, 296.11 46 $206. 72 $413.48 S20,686,548. 24 ^7 1 $270,830.61 $535,783.32 $1,133,293.14 $131,391.93 $9,223,588.65 $42,861.'49 $326,913,844.35 48

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680 REPORT OK THE FINANCES. Deposits and purchases of gold during thefiscal

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

Continued. 49 Number of deposits (gold Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fineounces. and silver) 20,473 14,934 3,735 16,375 435 50 Number of redeposits pm chased 196 51 51 Number of redeposits transferred 729 167 1,058 2,953 1 52 Number of Treasmy pur chases 88 53 Total number' (gold ^ and silver; 21,486 15,101 4,793 19,379 436

I By nuinber is meant the total number of assay reports on the metal received.

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MRECTOR OF THE MINT. 681

year ended June 30, 1918—Continued.

Carson. Deadwood. Salt Lake Boise. Helena. Seattle. City. Total.

Fin£ ounces. .Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fi7ie ounces. Fine ounces. 468 489 473 36 2,148 172 59,738 49 1 14 262 50

1 1 4,910 51 88 52

468 489 474 37 2,163 172 64,998 53

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682 REPORT ON THE FINANCES.

Deposits and purchases of silver dur

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

Purchases. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fineounces.^, 1 Alabama 7.80 2 Alaska 127.85 2,731.92 1.73 19.00 8 Arizona 1.87 128,332.79 277.78 722.61 4 California 14.07 56,268.26 33.84 .76 15.53 5 Colorado 243.65 37.86 318,478.11 2.64 6 Georgia ...... 34.70 .04 7 Idaho 10.56 1,618.12 156.68 8 Michigan .. 7,258.39 5,871.73 q • Montana 70.68 3 34 15,394.49 10,576.57 10 Nevada .87 31,959^33 48,400.08 n New Mexico 44,714.35 7,226.11 263,48i.8i 1*? North Carolina 16.63 7.51 13 North Dakota .18 14 Oregon 1,003.20 1,122.11 15 South Carolina .46 \ 16 South Dakota 48,851.81 98,052.84 17 Utah 21.24 287.35 18 Washington 27^. 63 19 Wyoming : : 6.02 90 Other '. .38 ?1 Philippine Islands 11,615.57 22 Deposit melting room grains and sweeps 678.88 "^ 137.40 18.15 1,745.40 • 7.04

23 Total unrefined 8,466.79 278,721.01 440,254.44 320,478.23 25.25 24 Domestic bullion refinery bai-s less than 0.992 47,367.88 79,088.45 25 Domestic bullion refinery bars 0.992 and over...... 9,857,775.92 3,526,052.42 5,337,259.07 800,968.60

26 Total pm-chases do mestic bulhon 9,866,242.71 3,804,773.43 5,824,881.39 .1,200,535.28 25.25 ?7 Foreign coin 5,413,551.15 769,617.00 452,952.42 503,375.44 5,717.53 28 Foreign bullion unrefined. 164,395.55 517,984.05 273,355.33 602,435.50 18,009.56 9q Foreign bullion refined... 3,813,076.13 1,351,619.47 16,423.67 30 Jewelers' bars, dental scrap, plate, etc 242,543.10 63,989.26 18,480.88 629,091.12 4,181.14 31 Philippine assay coins — 378.37 32 Total deposits pur chased 19,'500,187.01 6,507,983.21 6,569,670.02^ 2,951,861.01 27,933.48 Redeposits purchased.

33 Domestic coin 1,676.85 223.68 394.45 6.07 34 Bars bearing United States Government stamp 74,935.13 59,538.69 7,618.66 1,880.96 35 Surplus bullion 1,872.50 36 Gain on shipments 412.18 37 Sweeps .' 46.05 38 Total redeposits pm-chased 78,896.66 59,762.37 8,059.16 1,880.96 • 6.07 Redeposits— Transfers. « 39 Domestic coin from Treas ury: Standard silver dollars 7,697,722.54 Other 446,929.56 29,115.99 40 Refined bai's .. .-. 3,029,155.80 41 Um'efined bars 100,275.20 217,505.46 885,602.97 49 Proof bullion 50.00 200.00 43 Assay coins 256.19 44 Total redeposits transferred 3,476,341.55 129,441.19 217,505.46 8,583,525.51 . Deposited in trust.

45 Philippine coins for re coinage 1,910,998.01

46 Grand total, fine ounces 23,055,425.22 8,608,184.78 6,795,234.64 11,537,267.48 27,939.55

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. 683

ing the fiscal year ended June 30, 1918.

Salt Lake Carson. Boise. Helena. Seattle. Total. Deadwood. City.

Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fineounces.. . 7.80 1 203.46 36,053.37 I.ll 39,139.10 2 17.33 129,352.38 3 1,029.37 1.31 23.57 57,386.71 4 14.14 100.05 '318,876.45 5 34.74 6 6,094.95 2.08 5,545.49 81.59 13,509.47 7 13,130.12 8 41.36 97,927.40 1.02 3,464.59 127,479.45 9 115,718. Sr • 907.23 183.93 197,170.25 10 255,422.27 11 24.14 12 .18 13 53.56 24,453.25 514.42 .55 27,147.09 14 .46 15 22,199.09 .70 169,104.44 16 • -29 221.64 530.52 17 1.19 530.38 809.20 18 6.02 19 .38 20 11,615.57 21

30.87 11.65 42.81 2.07 7.98 1.78 2,684.03 22

116,847.04 30,804.67 98,880.71 22,201.16 42,653.97 4,097.50 1,363,430.77 23 126,456.33 24 19,522,056.01 25

116,847.04 30,804.67 98,880.71 22,201.16 42,653.97 4,097.50 21,011,943.11 26 .^ 48.19 74.53 7,145,336.26 27 .43 22,711.33 1,598,891.75 28 • 5,181,119.27 29

29.08 787.35 1,943.73 1,248.28 962,293.94 30 378.37 31

116,876.12 30,804.67 99,668.49 22,201.16 67,357.22 5,420.31 35,899,962.70 32

8.30 .2,309.35 33

7.01 143,980.45 34 1,872.50 35 1.21 413. 39 36 46.05 87

8.30 7.01 1.21 148,621.74 38

7,697,722.54 476,045.55 }39 3,029,155.80 40 1,203,383.63 41 250.00 42 256.19 43 12,406,813.71 44

1,910,998.01 45

116,884.42 30,804.67 99,675.50 22,201.16 67,367.22 5,421.52 50,366,396.16 46

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

684 REPORT ON THE FINANCES.

Deposits and purchases of silver during the

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

Continued. 47 Subsidiary value of pur Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fineounces. chases $27,066,298.48 $9,079,309.59 $9,093, in. 01 $4,083,279.03 $38,623.88 48 Subsidiary value of coin transfers, including as say coins 618,193.53 ^ 40,250.20 10,641,399.73 49 Total value 27,684,492.01 9,119,559.79 9,093,111.01 14,724,678.76 . 38,623.88 50 Cost of purchases 18,836,240.55 6,263,913.30 6,340,508.49 2,613,815.36 25,220.99 51 Cost of bullion transfers... 2,286,754.14 96,100.34 192,923.70 761,513.97 5? Total cost 21,122,994.69 6,360,013: 64 ' 6,533,432.19 3,375,329.33 25,220.99

NOTE.—For number of deposits see preceding table.

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DIRECTOR OF THE MINT. 685

fiscal year ended June 30, 1918—Continued.

Salt • Lake Carson. Boise. Helena. Deadwood. Seattle. City. Total.

Fiiieounces. Fine ounces, Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces. $161,582.05 $42,584.65 $137,792.29 $30,691.08 $93,115.22 $7,494.76 $49,833,882.04 47

11,299,843.46 48 161,582.0* * 5 • 42,584.65 137,792.29 30,691.08 93,115.22 7,494.76 61,133,725.50 49 115,718.81 27,792.89 89,953.60 20,172.59 59,020.31 4,488.34 34,396,845.23 50 3,337,292.15 51 115,718.81 27,792.89 89,953.60 20,172.59 59,020.31 4,488.34 37,734,137.38 52

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

686 , REPORT ON THE FINANCES.

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

Character of gold deposited. Fiscal year Surplus bul ended lion, grains, Total. June Domestic Domestic Foreign Foreign coin. jewelers' 30— bullion. coin. bullion. bars, old plate,etc.

1873.. 569.78 $27,116,948.27 $426,107.44 $518,542.14 $774,218.25 $57,704j 385.88 1874.. 29,736 387.82 6,275,367.29 3,162,519.92 9,313,882.47 654,353.56 49,142, 511.06 1875.. 34,266' 124.52 1,714,311.60 739,439.66 1,111,792.26 724,625.96 38,556, 293.90 1876.. 37,590: 529.39 417,947.15 1,141,905.76 2,111,083.80 681,819.32 41,943, 285.42 1877.. 43,478, 103.93 447,339.68 1,931,163.12 2,093,260.73 837,911.25 48,787,..778.7 1 1878.. 48,075, 123.76 301,021.79 2,068,679.05 1,316,461.09 907,-932.-20 52,669,..217.8 9 1879-. 38,549 705.89 198,083.17 1,069,796.89 1,498,819171 937,751.14 42,254, 156.80 1880-. 35,821, 705.40 209,328.82 21,200,997.23 40,426,559.63 1,176,505.77 98,835, 096.85 1881-. 35,815, 036.55 440,776.97 37,771,472.26 55,462,385.74 1,343,430.93 130,833 ,102.45 1882-, 31,298, 511.97 599,356.80 12,783,807.04 20,304,810.78 1,770,166.36 66,756,,652.9 5 " 1883-. 32,481, 642.38 374,129.23 4,727,143.22 6,906,083.80 1,858,107.42 46,347, 106.05 1884-. 29,079, 596.33 263,117.17 6,023,734.45 9,095,461.45 1,864,769.26 46,326, 678.66 1885., 31,584, 436.64 325,210.97 11,221,846.45 '7,893,217.77 1,869,363.26 52,894, 075.09 1886.. 32,456, 493.64 393,545.28 4,317,068.27 5,673,565.04 2,069,077.00 44,909,,749.2 3 1887-. 32,973; 027.41 516,984.63 22,571,328.70 9,896,512.28 2,265,219.85 68,223,,072.8 7 1888.. 32,406, 306.59 492,512.60 21,741,042.44 14,596,885.03 2,988,760.90 72,225, 497.56 1889-. 31,440, 778.93 585,066.87 2,136,516.66 4,447,475.99 3,526,597.31 42,136, 435.76 1890-. 30,474, 900.25 655,474.96 2,691,932.29 5,298,773.93 3,542,013.83 42,663, 095.26 1891-. 31,555, 116.85 583,847.16 4,054,822.86 8,256,303.80 4,035,710.15 48,485, 800.82 1892-. 31,961, 546.11 557,967.86 10,935,154.69 14,040,187.70 3,636,603.68 61,131, 460.04 1893-. 33,286, 167.94 792,470.43 2,247,730.78 6,293,296.33 3,830,176.02 46,449; 841.50. 1894-. 38,696, 951.40 2,093,615.46 15,614,118.19 12,386,406.81 3,118,421.45 71,909, 513.31 1895.. .44,371, 949.83 1,188,258.21 14,108,435.74 2,278,614.07 3,213,809.43 65,161, 067.28 1896., 53,910, 957.02 1,670,005.53 6,572,390.14 3,227,409.06 3,388,622.06 68,769, 383.81 1897.-. 60,618, 239.77 1,015,314.39 9,371,521.03 13,188,013.86 2,810,248.66 87,003, 337.71 1898-, 69,881, 120.57 1,187,682.99 26,477,370.06 47,210,077.84 2,936,943.37 147,693, 194.83 1899., 76,252, 487.23 1,158,307.57 30,336,569.47 32,785,152.48 2,964,683.90 143,497, 190.65 1900-, 87,458, 836.23 1,389,096.68 22,720,150.22 18,834,495.53 3,517,640.93 133,920, 119.59 1901., 92,929, 695.86 1,116,179.86 27,189,659.12 27,906,489.13 3,959,656.64 153,101, 680.61 1902-. 94,622, 078.39 1,488,448.16 18,189,416.90 13,996,162.21 4,284,724.22 132,580,,829.8 8 1903.. 96,514 298.12 960,907.95 16,331,058.92 8,950,595.28 4,247,582.64 127,004,,442.9 1 ,1904., 87,745; 626.63 2,159,818.57 36,802,224.39 46,152,783.87 4,892,930.88 177,753, 384.34 1905-, 101,618, 315.38 3,404,966.63 17,645,526.82 15,141,678.08 5,568,482.95 143,378, 969.86 1906-, 103,838, 268.01 1,514,291.19 36,317,864.38 6,648,511.63 4,790,558.31 153,109, 493.52 1907., 114,217, 462.44 2,754,283.29 36,656,545.85 17,221,251.40 5,731,111.55 176,580,,664.5 3 1908. 111,735, 877.77 3,989,772.90 71,774,350.81 13,684,426.46 6,231,547.01 207,415,,974.9 5 1909., 119,727, 439.13 3,432,288.62 16,021,521.02 1,034,377.62 5,341,603.82 145,557 230.21 1910., 104,974, 558.73 3,603,139.90 15,761,852.42 405,225.55 5,626,330.84 130,371: 107.44/ 1911-, 120,910, 246.77 2,949,198.68 35,673,116.23 10,066,643.02 5,783,885.74 175,383: 090.44 1912-, 119,338. 150.33 3,496,769.41 20,914,227.09 2,155,232.63 6,025,601.79 151,929; 881.15 1913-, 118,504; 952.82 1,846,879.92 31,985,879.01 2,732,439.41 6,061,727.14 161,131,,878.3 0 1914., 113,278; 956.53 4,719,875.69 18,978,572.-32 3,261,967.08 6,057,183.68 146,296,,555.3 0 1915. 119,217, 238.79 4,209,611.57 22,881,854.61 15,420,256.35 5,748,959.12 167,477, 920.34 1916. 120,722: 158.59 2,522,290.18 91,099,418.49 271,541,705.21 6,330,201.63 492,215,774.1 0 1917., 204,355; 339.16 1,906,125.87 571,448,086.24 124,111,618.85 8,046,827.63 909,867, 997,75 1918. 101,416, 485 03 6,431,235.68 153,405,686.61 40,422,147.52 7,812,167.34 309,487 722.18 Total 3,190,057,502.61 105,471,173.50 1,539,241,615.16 977,319,042.32 165,786,356.15 5,977,876,689.74

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. . 687

Deposits of silver at United States mints and assay offices since 1885.

Character of silver deposited.

Fiscal Domestic coin. Foreign coin. year Surplus bulhon, ended grains, .Total. June Domestic Foreign Phihppine:. jewelers' 30^ bullion. bullion. United Ha bars, old • Other. States. waiian. plates, For Assay etc. recoinage. .coin.

Fine Fine •Fine Fine Fine Fine Fine Fine . Fine ounces. ounces. ounces. ounces. ounces. ounces. ounces. ounces. ounces. 1885 . 24,943,394 678,741 1,627,619 P 867,856 336,981 28,454,591 1886..-- 25,101,639 216,015 1,145,017 628,545 361,316 27,452,532 1887.--. 29,293,372 5,848,585 1,127,213 271,166 396,666 36,936,992 1888...- 28,921,649 1,202,177 1,290,390 . 67,549 485,190 31,966,955 1889---- 29,606,387 , 394,346 1,063,900 328,276 502,223 31,895,132 1890--.. 29,187,135 466,302 1,852,155 951,162 626,270 32,983,024 189L-.. 50,667,116 637,652 1,767,908 ' 1,970,912 633,073 55,676,661 1892.— 56,817,548 5,036,246 1,556,618 . 349,652 672,661, 64,332,725 1893---- 56,976,082 6,346,912 1,738,711 505,171 582,728 65,149,604 1894..-. 15,296,815 6,012,060 994,901 422,725 467,958 22,194,459 1895.-.- 6,809,626 3,016,905 1,362,141 15,291 680,126 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 3,826,003 1899---. 6,584,912 6,060,986 716,077 19,382 484,751 12,866,108 1900--.. 4,977,978 3,587,992 1,088,019 44,704 557,831 10,256,524 1901---. 2,466,749 2,613,570 1,306,149 4,250,196 567,647 11,204,311 1902--.- 1,425,060 2,275,090 1,152,023 29,265 575,430 5,456,868 1903.-.- 12,523,630 2,060,225 46i,'686' 1,110,463 21,869 627,108 16,794,981 1904..-. 9,991,187 1,923,609 148,788 1,361,701 12,560,236 6,901 1,471,963 652,015 18,116,400 1905-.-. 4,923,655 1,333,595 3,647 1,906,410 17,700,310 3,456 92,996 739,311 16,703,378 1906..-. 2,398,871 959,568 3,895 3,162,507 . 158,670 2,663 1,287,658 632,544 8,506,377 1907..-. 20,388,163 770,269 2,552,003 4,680,692 99 282,612 636,722 29,310,560 1908...- 16,114,553 786,085 2,963,399 8,866,622' 3,411 134,974- 648,007 29,517,051 1909..-. 5,375,389 659,935 2,326,847 7,314,673 5,739 21,917 520,715 16,225,115 1910-... 1,547,145 548,821 1,162,240 1,389,545 2,042 13,295 460,935 5,124,023 1911---. 3,220,236 393,906 799,105 620,964 836 6,040 495,013 5,636,100 1912.... 6,636,513 458,694 '""447' 957,233 227,127 '168 7,934 640,117 7,827,233 1913.... 3,104,347 280,688 624,215 342,063 236 17,010 577,423 4,945,972 1914.... 9,752,614 589,972 527,233 143,793 80 85,041 672,687 11,671,420 1915.... 7,250,205 491,028 2,130,138 136,179 • 68 383,439 536,887 10,927,944 1916.... 9,346,085 569,510 99' 1,860,420 138,024 43 204,470 698,026 12,816,677 1917.... 7,556,359 6,240,994 62 2,327,785 149,129 69 816,725 882,893 17,974,016 1918-.-- 21,155,924 8,176,334 6,780, Oil 1,910,998 378 7,145,336 964,626 46,133,607 Total 518,811,783 75,248,583 618,624 53,857,380 36,238,915 26,189 22,974,037 19,143,482 726,918,989 - 1 Spanlsh-Flllplno coins.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

688 REPORT ON THE FINANCES.

Imports and exports of United States gold coin since 1870.

Fiscal years ended Imports. Exports. Fiscal years ended Imports June 30— June 30— Exports.

1870 $12,768,501 1897 $57,728,797 $23,646,536 1871 65,491,719 1898. 40,59^,495 8,402,216 1872 0) 40,391,357 1899 7,779,123 27,419,737 1873 36,661,863 1900 8,659,856 30,674,511 1874 28,766,943 1901 3,311,105 8,425,947 1875 59,309,770 1902 ...... " 3,870,320 9,370,841 1876 - 0) 27,542,861 1903 1,519,756 18,041,660 1877-..-. 21,274,565 1904 5,780,607 15,682,424 1878 (0 6,427,251 1905 2,236,399 54,409,014 1879 $7,325,783 4,120,311 1906 .... 35,251,921 20,573,572 1880 3,664,859 1,687,973 1907 44,445,402 22,632,283 1881 18,207,559 1,741,364 1908 44,929,518 28,246,170 1882 7,577,422 29,805,289 1909 4,642,690 66,126.869 1883 4,796,630 4,802,454 1910 2,050,563 86,329,314 1884 8,112,265 12,242,021 1911 . 6,041,646 20,651,276 1885 3,824,962 2,345,809 1912 6,283,968 25,677,378 1886... 3,352,090 5,400,976 1913 13,941,240 34,238,021 1887 -. -: 1,687,231 3,550,770 1914 26,048,859 66,997,030 1888 5,862,509 3,211,399 1915 101,091,873 124,536,901 1889 5,181,613 4,143,939 1916 59,722,083 45,112,723 1890 1,403,619 3,951,736 1917 62,343,536 235,695,285 1891 1,949,662 67,704,900 1918.. . . 7,790,279 129,626,312 1892 2,824,146 42,841,963 1893 15,432,443 101,844,087 Total . 695,063,697 1,876,636,211 1894 6,074,899 64,303,840 1896 !!!!].!!!! 30,790,892 55,096,639 Net export... 1,181,572,514 1896 10,752,673 77,789,892 10,189,614 1 Imports of United States gold coin not separately given prior to the fiscal year 1878. United States gold coin and gold bullion exported from the port of Neio York during the fiscal year ended June 30, 1918.

Prevail Prevail ing rate ing rate Date. Destination. of ex Date. Destination. Amount. of ex change. change.

1917. 1917 July 2 Spain.. $2,035,000 $4.754 Aug. 25 Spain 2,557,000 $4,7555 10 do.. 4,210,450 4.755 27 do 2,575,000 4.7555 14 ....do.. 1,032,000 4.75575 28 France 15,841 4.7555 18 .....do.. 4,109,600 4.755 Sept. 4 do 16,790 4.7555 24 ....do-. 3,176,200 4.7555 8 Spain 2,729,479 4.7555 ' 28 ....do.. 3,981,000 4.7555 13 France 15,911 4.7555 30 ....do.. 25,000 4.755 Oct. 27 ...-do 65 4.7515 Aug. 7 Norway 1,014 4.7555 Nov. 20 Norway— 200 4.7516 17 Spain.. 4,327,992 4.7555 21 do.. 1,075,000 4.7555 ' Total 33,831,642 23 ....do-. 1,948,000 4.755

Classification of gold exports to Europe, year ended June 30, 1918.

United Destination. States coin. Bulhon. Foreign coin. Total.

Spain $33,456,246 $297,182 $28,293 $33,781,721 France 48,542 65 48,607 Norway - 1,214 1 214 Total 33,457,460 345,724 28,358 33,831,542

Exports to other points. United States coin $9,268,209 Bulhon 18,269,376 Foreign coin 20,492 Total gold exports other than to Emope -... 27,558,077

Grand total gold exports from port of New York ...,.,...,..„. ,-..,..,,,-,,,,.. 61,389,619

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIEECTOE OP THE MINT. 689

Gold imports ofthe port of New York during thefiscal year ended June 30, 1918. From Europe: Foreign coin : $779 Foreign bulhon 1,031 Bulhonlnore .^. ,.-... 12,297 Total • $14,107 From other poiats: ' Foreign bullion -.-... 10,279,289 Foreign coin ...... * : 133,420 Bulhon In ore 399,503 United States coin : 56,000 . Total ,,. - - -' 10,868,212 Grand total gold imports , .: , 10,882,319

Act authorizing coinage or Total amount Denomination. change in weight or fine Weight Fineness. Pieces. coiaed to June ness. (grains). 30,1918.

GOLD COINS. 50-dollar piece, Pana ma-Pacific Interna tional Exposition: Octagonal Jan. 16,1915.. 1,290 900 1,509 $75,450.00 Round .....do 1,290 900 1,510 75,500.00 Double eagle ($20) — Mar.3,1849.- 516 900 121,807,106 2,436,142,120.00 Eagle ($10) Apr. 2,1792-. 270 916§ June 28,1834- 258 899.225 51,671,485 516,714,850.00 Jan. 18,1837.. 900 Half eagle ($5). Apr.2,1792.. 135 916§ June 28,1834. 129 899.225 78,249,869 391,249,345.00 Jan. 18,1837.. 900 Quarter eagle ($2.50)... Apr.2,1792.. 67.5 9161 June 28,1834. 64.5 899.225 17,856,590 44,641,475.00 Jan. 18,1.837.. 900 Quarter eagle ($2.50) Jan. 16,1915.. 64.5 900 10,000 25,000.00 Panama-Pacific In ternational ExiDOsl- tion. 3-dollar piece Feb. 21, 1853 (act discontin 77.4 900 539,792 1,619,376.00 uing coinage Sept. 26, 1890). Idollar Mar. 3,1849 (act discohtlnuT 25.8 900 19,499,337 19,499,337.00 ing couiage Sept. 26,1890). 1 dollar, Louisiana Pur June 28, 1902 25.8 900 250,000 250,000.00 chase Exposition. 1 dollar, Lewis and Apr. 13, 1904. 25.8 900 60,000 60,000.00 Clark Exposition. 1 dollar, Panama-Pa Jan. 16, 1915.. 25.8 900 25,034 25,034.00 cific International Exposition. 1 dollar, McKinley me Feb. 23, 1916- 25.8 900 30,040 • 30,040.00 morial. Total gold 290,002,272 3,410,407/527.00

SILVEE COINS. Dollar. Apr.2,1792 416 Jan. 18,1837 (act discontinu 4121 ing coinage Feb. 12,1873). 1578,303,848 1578,303,848.00 Feb. 28,1878 July 14,1890-. Trade dollar 2.... Feb. 11,1873 (act discontinu 420 900 .35,965,924 35,965,924.00 ing coinage Feb. 19,1887). Lafayette dollar. Mar.3,1899.. 900 50,000 50,000.00 1 Amount coined to Feb. 12,1873, $8,031,238. Silver-dollar coinage under acts of— Apr. 2,1792 • $8,031,238 Feb. 28,1878 $378,166,793 July 14,1890 187; 027,345 Mar. 3,1891 5; 078,472 • 570,272,610 Total .' 578,303,848 2 Coinage limited to export demand, joint resolution July 22,1876. 86429°—FI 1918- -4,4

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690 REPORT ON THE FINANCES.

Coinage of the mints of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of com, since organization, 1792, to June 30, 1918—Continued.

Act authorizmg coiaage or Weight Total amount Denomination. change in weight or fine Fineness, Pieces. coined to Juno ness. (grains). 30, 1918.

SILVER COINS—contd. Half dollar Apr.2,1792.. 208 Jan. 18,1837.. 206i 900 415,071,712 $207,535,856.00 Feb. 21,1853. 192 Feb. 12,1873. 1 192.9 Columbian half dollar Aug. 5, 1892.. 192.9 900 5,000,000 2 2,500,000.00 Half dollar, Panama- Jan. 16,1915.. 192.9 900 60,000 30,000.00 Pacific International Exposition. Quarter dollar Apr.2,1792.. 104 892.4 Jan. 18,1837.. 103^ 900 Feb. 21,1853- 96 482,83,8158 120,720,789.50 Feb. 12, 1873. 3 96.45 Columbian quarter dol Mar. 3, 1893 -. 96.45 900 40,000 10,000.00 lar. 20-cent piece Mar. 3,1876 (act discontinu 4 77.16 900 1,355,000 271,000.00 ing comage May 2, 1878). Dime.. Apr. 2, 1792 41.6 892.4 Jan. 18,1837 41^ 900 Feb. 21, 1853 38.4 943,458,797 94,345,879.70 Feb. 12,1873 6 38.58 Half dime. Apr.2,1792 20.8 892.^4 Jan. 18,1837 900 97,604,388 4,880,219.40 Feb. 21,1853 (act discontlnu- 19.2 iag coinage Feb. 12,1873). 3-cent piece.. Mar.3, 1851 ' 12t 750 Mar. 3,1853 (act discontiau- 11.52 900 \ 42,736,240 1,282,087.20 Ing coinage Feb. 12, 1873). Total silver.. 2,602,529,067 1,045,895,603.80 MINOR COINS. 5-cent (nickel). May 16,1866 77.16 1,049,871,162 52,493,558.10 3-cent (nickel.. Mar. 3, 1865 (act discontinu 30 31,378,316 1941,349.48 ing comage Sept. 26,1890). 2-cent (bronze). Apr. 22,1864.(act dlscontiau- 96 45,601,000 mg coinage Feb. 12,1873). 912,020.00 Cent (copper)... Apr.2,1792 264 Jan. 14, 1793 208 156,288,744 Jan. 26,1796 & (act discontia- 168 1,562,887.44 ulng coinage Feb. 21,1857). Cent (nickel). Feb. 21,1857 (act discontinu 72 200,772,000 ing coinage Apr. 22,1864). («) 2,007,720.00 Cent (bronze) Apr. 22, 1864 48 3,105,841,383 31,058,413.83 Apr.2, 1792 132 Half cent (copper). Jan. 14, 1793 104 7,985,222 39,926.11 Jan. 26,1796 ^ (act discontin 84 uing coinage Feb. 21,1857). Total minor.. 4,597,757,827 9,015,874.96 Total coinage- 7,490,269,166 4,545,319,005.76

1 12^2 grams, or 192.9 grains. 2 Total amount coined. a 6i grams, or 96.45 grains. 4 '5 grams, or 77.16 grains. 5 2^ grams, or 38.58 grains. 6 Composed of 75 per cent copper and 25 per cent nickel. 'Composed of 95 per cent copper and 5 per cent tia and zinc. 8 Composed of 88 per cent copper and 12 per cent nickel. »By proclamation of the President, in conformity with act of Mar. 3,1795.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. 691

Coinage of gold and silver ofthe United States since 1873, by fiscal years.

Gold. Silver. Fiscal year ended June 30— Fine ounces Dollars Subsidiary Fine ounces. Value. consumed. coined. coined.

1873. 1,705,187 $35,249. 337.00 2,179,833 $977,150 $1,968,645.50 1874. 2,440,165 50,442; 690.00 4,558,526 3,588,900 2,394,701.30 1875. 1,623,173 33,553, 965.00 7,650,005 5,697,500 4,372,868.00 1876. 1,846,907 38,178, 963.00 14,228,851 6,132,050 12,994,452.50 1877. 2,132,283 44,078, 199.00 21,239.880 9,162,900 19,387,035.00 1878. 2,554,151 52,798, 980.00 21,623,702 19,951,510 8,339,315.50 1879. 1,982,742 40,986, 912.00 21,059,046 27,227,500 382.50 1880. 2,716,630 56,157, 735.00 21,611,294 27,933,750 8,687.50 1881. 3,808,751 78,733,864.0 0 21,383,920 27,637,955 12,011.75 1882. 4,325,375 89,413 447.00 21,488,148 27,772,075 11,313.75 1883. 1,738,449 35,936; 928.00 22,266,171 28,111,119 724,351.15 1884. 1,351,250 27,932,824.0 0 22,220,702 28,099,930 673,457.80 1885. 1,202,657 24,861, 123.00 22,296,827 28,528,552 320,407.65 1886. 1,648,493 34,077, 380.00 23,211,226 29,838,905 183,442.95 1887. 1,083,275 22,393, 279.00 26,525,276 33,266,831 1,099,652.75 1,372,117 28,364, 171.00 26,331,176 32,718,673 1,417,422.25 1,235,687 25,543,910.0 0 26,659,493 33,793,860 721,686.40 1890. 1,065,302 22,021, 748.00 28,430,092 35,923,816 892,020.70" 1891. 1,169,330 24,172, 203.00 29,498,927 36,232,802 2,039,218.35 1892. 1,717,650 35,506, 987.00 11,259,863 8,329,467 6,659,811.60 1893. •1,453,095 30,038, 140.00 9,353,787 5,343,715 7,216,162.65 1894. 4,812,099 99,474, 913.00 4,358,299 758 6,024,140.30 1895- 2,125,282 43,933,475.0 0 6,810,196 3,956,Oil 5,113,469.60 1896. 2,848,247 58,878, 490.00 8,651,384 7,500,822 3,939,819.20 1897. 3,465,909 71,646, 705.00 18,659,623 21,203,701 3,124,085.65 ^1898. 3,126,712 64,634, 865.00 12,426,024 5,233,071 180.00 10,002,780 6,482,804.00 1899- 108,177, 20,966,979 18,254,709 9,466,877.65 1900. 5,221,458 107,937, 110.00 4,792,304 715.00 23,464,817 18,294,984 12,876,849.15 1901. 99,065, 26,726,641 24,298,850 10,966,648.50- 1902. 2,998,313 61,980, 572.00 2,211,791 773.00 22,756,781 19,402,800 10,713,569.45 1903. 45,721, 19,705,162 17,972,785 8,023,751.25 1904. 10,091„929 642.00 3,869,211 208,618, 692.00 13,396,894 10,101,650 7,719,231.00 1905. 79,983, 6,600,068 310 9,123,660.60 1906. 2,563,976 097.50 3,851,730 53,002, 337.50 2,905,340 4,016,368.10 1907- 79,622, 9,385,454 12,974,534.25 1908. 9,541,406 377.50 5,233,212 197,238,092.5 0 11,957,734 16,530,477.25 1909. 108,180, 8,024,984 11,093,810.00 1910. 2,301,628 875.00 5,753,022 47,578, 512.50 3,108,753 4,297,567.25 1911. 118,925, 2,311,709 3,195,726.40 1912. 616,737 090.00 1,454,067 12,749, 227.50 6,984,479 9,655,405.25 1913. 30,058, 2,494,341 1914. 1,288,024 810.00 3,448,199.75 1,960,823 26,625,810.0 0 4,514,018 6,240,219.45 1915. 40,533, 1916. 1,503,369 409.00 2,425,500 3,353,032.50 59,503 31,077, 040.00 2,408,030 3,328,882.50 1917. 1,230, 1918- 13,211,431 18,263,600.00 25,321,344 35,004,450.00

Total. 127,096,492 2,627,317,596.00 684,652,730 607,259,120 296,414,226.60

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692 REPORT ON THE FINANCES.

Coinage of mints of the United States

[Coinage of the mint at Charlotte, N. C, from its organization,

Gold. Calendar years. Total value. Halfeagles. Quarter eagles. Dollars.

1838 to 1861.- . ... $4,405,135 $644,915 $109,138 $6 069,188

[Coinage of the mint at Carson City from its

-• Gold. Silver. «

Calendar years. Double eagles. Eagles. Half eagles. Dollars. Trade dollars.

1870 to 1893 $17,283,560 $2,997,780 $3,548,085 $13,881,329 $4,211,400

[Coinage of the mint at New Orleans from its organization, 1838, to

Gold. Silver..

.Calendar years. Double Half Three Quarter eagles. Eagles. • eagles. dohars. eagles. Dollars. Dollars.

1838 to 1900 $16,376,500 $19,804,320 $4,447,625 $72,000 $3,023,157.60 $1,004,000 $144,395,529 1900 12,590,000 1901 720,410 13,320,000 1902 . . 8,636,000 1903 1,127,710 4,450,000 1904 1,089,500 3,720,000 1905 1906 868,960 1907 1908 1909 171,000 . Total 16,376,500 23,610,890 4,618,625 72,000 3,023,157.50 1,004,000 187,111,629'

[Coiaage of the mint at San Francisco from

Gold.

Calendar years. Fifty Double Half Three Quarter. Dol dollars. eagles. Eagles. eagles. dollars. eagles. lars.

1854-1900 - ... $929,075,020 $74,122,060 $78,244,540 $186,300 $1,861,255.00 $90,232 1900 49,190,000 810,000 1,645,000 1901 31,920,000 28,127,600 18,240,000 1902 35,072,500 4,696,000 4,695,000 1903 19,080,000 ' 6,380,000 9,275,000 1904 102,683,600 485,000 1905 - - • 36,260,000 3,692,500 4,403,500 1906 41,315,000 4,670,000 2,990,000 1907 ' - .- 43,316,000 2,105,000 1908 440,000 598,600 410,000 1909 - .- 66,498,500 2,923,500 1,486,000 1910. 42,565,000 8,110,000 3,861,000 1911 16,615,000 510,000 7,080,000 1912 .* 3,000,000 1,960,000 1913 . ... 680,000 660,000 2,040,000 1914 • 29,960,000 2,080,000 1,315,000 1915 - - 1 $150,950 11,350,000 590,000 820,000 125,042.60 125,034 1916 16,920,000 1,386.000 1,200,000 1917 Total 150,950 1,459,840,520 143,359,060 140,140,040 '186,300 1,886,297.50 115,266

1 Panama-Pacific International Exposition coins.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIBECTOE OF THE MINT. 693 from their organization, by calendar years.

1838, to its suspension, 1861. Abolished June 30,1913.11

Gold. Calendar years. Total value. Half, eagles. Three dohars. Quarter eagles. Dohars.

1838 to 1861 $5,536,055' $3,360 $494,626 $72,529 $6,106,569

organization, 1870, to its suspension, June 30,1893.]

Silver. Total coinage.

Total value. Quarter dol Twenty Half dohars. lars. cents. Dimes. Gold. Silver.

$2,654,313.50 $2,579,198.00 $28,658.00 $2,090,110.80 $23,829,425.00 $25,445,009.30 $49,274,434.30

its suspension, 1861, and from its reopening, 1879, to April, 1909.]

Silver. Total comage.

Total value. . Half Quarter Half Three dollars. dollars. Dimes. dimes. cents. Gold. Silver.

$28,720,038 $7,452,250 $3,262,590.60 $812,327.60 $21,600 $44,726,602.50 $184,664,335.10 $229,390,937.60 1,372,000 854,000 201,000.00 15,017,000.00 15,017,000.00 562,000 403,000 562,000.00 720,410.00 14,847,000.00 15,567,410.00 1,263,000 1,187,000 460,000.00 11,536,000. 00 • 11,536,000.00 1,050,000 875,000 818,000.00 1,127,710.00 7,193,000.00 8,320,710.00 658,800 614,000 1,089,500.00 4,892,800.00 5,982,300.00 ' 252,600 307,500 340,000.00 900,000.00 900 000.00 1,223,000 . 514,000 261,000.00 868,950.00 1,998,000.00 2 866 950 00 1,973,300 1,140,000 605,800.00 3,619,100.00 3,619^100.00 2,680,000 1,561,000 178,900.00 4,419,900.00 4,419,900.00 462,700 178,000 228,700.00 171,000.00 869,400.00 1,040,400.00 40,117,338 15,085,750 6,807,990.60 812,327.50 21,600 48,704,172.50 249,956,535.10 298,660,707.60

its reorganization, 1854, to Dec. 31,1917.]

Silver.

Trade Half Quarter Twenty Dimes. Half Dohars. dohars. ., dohars. dollars. cents. dimes.

$98,624,073 $26,647,000 $20,575,031.50 $8,322,669.00 $231,000 $4,798,728.80 $119,100 3,540,000 1,280,161.00 464,646.25 516,827.00 2,284,000 423,522.00 18,166.00 59,302.20 1,530,000 730,336.00 381,153.00 207,000.00 1,241,000 960,386.00 259,000.00 61,330.00 2,304,000 276,619.00 80,000.00 1,247,000.00 471,000.00 1 685,619.90 870,077.00 313,664.00 625,000.00 340,000.00 . 317,847.00 822,414.00 196,000.00 322,000.00 882,000.00 337,000.00 100,000.00 974,000.00 124,000.00 636,000.00 . . . . 352,000.00 685,000.00 247,000.00 342,000.00 302,000.00 177,000.00 51,000.00 496,000.00 10,000.00 210,000.00 2 832,000.00 66,000.00 96,000.00 254,000.00 176,000.00 1,627,000.00 3,253,000.00 1,876,000.00 2,733,000.00 109,523,073 26,647,000 361,124,445.60 13,341,534.26 231,000 12,997,218.90 119,100

2 Includes $30,000 in Panama-Pacific International Exposition coins.

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694 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

[Coinage of the mint at San Fremcisco from

Minor coinage. Calendar years. Five cents. Cents. Total.

1854-1900 •. 1900 • 1901 ^ 1902 . 1903 : 1904 •1905.... : ... 1906 1907 ; 1908 . . $11,150.00 $11,150.00 1909 26 180.00 26,180.00 1910 60 450.00 60 460.00 1911 40 260.00 40 260.00 1912 $11,900.00 44 310.00 56,210.00 1913 .. 165 700.00 61 010.00 226 710.00 1914 173 500.00 41 370.00 214 870.00 1915 : 75,250.00 48,330.00 123,580.00 1916 693,000.00 225,100.00 •818,100.00 1917 209,650.00 326 200.00 635,850.00 Total 1,229,000.00 884 360.00 2,113,360.00

[Coinage of the mint at Philadelphia from

Gold coinage.

. Calendar years. Double Eagles. Half eagles. Three Quarter eagles. dollars. eagles. Dohars.

1793 to 1900 $522 641,300 $218,387,890 $157 644,765 $1 357,716 $23,023,902.50 $18 223,438 1900 37,491,680 2 939,600 7 028,650 168,012.50 1901 '. 2,230,520 17,188,250 3,080,200 228,307.60 1902 625,080 825,130 862,810 334,332.50 1 75,000 1903 .- . . - 5,748,560 1,259,260 1 135,120 503,142.50 1175,000 1904 126,135,940 1 620,380 1 960,680 402,400.00 2 25,000 1905 1,180,220 2,010,780 1 511,540 544,860.00 2 35,000 1906 1 393,800 1 654,970 1 744,100 441,225.00 1907 36 495,620 14 433,790 3 130,960 841,120.00 1908 88,558,200 3 749,860 4 999,430 1,412,642.50 1909 : - - 3,225,640 1 848,630 3 135,690 1,104,747.60 1910 9 643,340 3 187,040 3 021,250 1,231,705.00 1911 3,947,000 5 055,950 4 575,695 1,760,477.50 1912 -. .. 2 996,480 4 050,830 3 950,720 1,540,492.50 1913 3 376,760 4 420,710 4 580,496 1,805,412.50 1914 1,906,400 1 510,500 1 235,625 600,292.50 1915 3 041,000 3 510, 750 2,940,375 1,515,250.00 1916 4 20,026 1917 410,014

Total 849,637,540 287 654,320 206 538,105 1,357,716 37,458,322.50 18,563,478

1 Louisiana Purchase Exposition. 2 Lewis and Clarke Exiwsltion.

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DIRECTOB, OF THE MINT. 695

their organization, by calendar years—Continued,

its organization, 1854, to Dec. 31,1917—Continued.]

Total coinage. Total value. Gold. Silver. Minor.

$1,083,579,407.00 $159,^317,502.30 $1,242,896,909 30 51,645,000.00 5,801,634.25 • 67,446,634.25 78,287,500.00 2,784,990. 20 81,072,490.20 44,462,500.00 2,848,488.00 47,310,988.00 33,735,000.00 2,521,716.00 , 36,256, 716. 00 103,168,500.00 2,660.519.00 305,829,019.00 44,356,000.00 2,403,519.90 46,759,519.90 48,875,000.00 1,183,741.00 50,058 741.00 45,421,000.00 1,282,847.00 46,703,847. 00 1,448.500.00 1,340,414.00 $11,150. 00 2,800,064.00 59,908,000.00 1.319,000.00 26,180.00 61,253,180.00 64,526,000.00 1,098,000.00 60,450.00 66,684,450.00 23,105,000.00 1,235,000.00 40,260.00 24,380, 260.00 4,960,000.00 1,204,000.00 .56,210.00 6,220,210.00 3,380,000.00 363.000.00 226,710.00 3,969,710.00 33,355,000.00 . 772,000.00 214,870.00 34,341,870.00 12,961,026.50 1,104,000.00 123,580.00 14,188,606.50 18,505,000.00 1,881,000.00 818,100.00 21,204,100.00 7.862,000.00 535,850.00 8,397,850.00 1,745,678,433.50 198,983,371.65 2,113,360.00 1,946,775,165.15

Its organization, 1793, to Dec. 31,1917.]

Silver coinage.

Quarter Twenty Trade Dollars. Half dollars.. Dimes. , Half dimes.. dollars. dollars. cents. Three cents.

$5,107,524 $236,558, 010 $93,763,709.00 $43,487,230.25 $11,342 $24,715,379.80 $3,948,791.90 $1, 260,487. 20 .3 8,880,912 2,381,456.00 2,504,228.00 1,760,091.20 6,962,813 2,134,406.50 2,223,203.25 1,886,047.80 7,994,777 2,461,388.50 3,049,436.00 2,138,077.70 4,652.755 1,139,377.60 2,417,516.00 1,950.075.50 2,788,650 1,496,335.00 2.397,203. 25 1.460,102.70 • 331,363.50 1,242,062.50 1,455,235.00 1,319,337.50 ,914,108.75 1,995,840.60 .1,299,287.50 1,798,143.75 • 2,222,057.50 677,272.50 1,058,136.25 1,060,054.50 1,184,325.00 2.317,162.50 1,024,065.00 209.275.50 . 561,137.75 1,152,055.10 703,271.50 930,135. 75 1,887,054.30 • 775,350.00 1,100,175.00 1,935,070.00 94,313. 50 121,153. 25 1,976, 062.20 "^ 62,305. 00 1,561,152.50 1,736,065.50 69,225. 00 870,112.50 562,045.00 0 304, 000. 00 400,000. 00 4,067,000.00 6,146,000. 00 5,655,000.00 5,523,000.00

5,107,524 267,837,917 116,551,999.00 74,667,297.25 it 342 60,505,379.40 3,948,791.90 1,260,487.20

3 Includes 50,000 Lafayette souvenir dollars. 4 McKinley memorial dollars.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

696 REPORT 01^ THE FINANCES. Coinage of the mints of the United States from

[Coinage of the mint at Philadelphia from

Minor coinage. Calendar years. Five cents. Three cents. Two cents.

1793 to 1900 $17,444,363.35 $941,349.48 $912,020.00 1900 •..-.. 1,362,799.75 1901 • . . 1,324,010.65 19()2 1,574,028.95 1903 1,400,336.25 1904. ... 1,070,249.20 1905 - 1,491,363.80 1906 ..'. 1,930,686.25 1907. ...•--•- 1,960,740.00 1908 • • ' 1,134,308.85 1909 -." -• 579,626.30 1910 1,608,467.65 1911 1,977,968.60 1912. 1,311,835.70 1913 ... 3,042,611.95 1914 1,033,286.90 1915 1,049,363.50 1916 3,174,903.30 1917 2,571,201.46

Total - x... 46,942,052.40 941,349.48 912,020.00

[Coinage at the mint at Denver from

Gold coinage.

Calendar years. Double eagles. Eagles. Half eagles. Quarter eagles.

1906. : $12,405,000 $9,810,000 $1,600,000 1907 16,845,000 10,300,000 4,440,000 1908 20,265,000 10,465,000 740,000 1909 1,050,000 1,215,400 17,117, 800 1910 8,580,000 23,566,400 968,000 1911 16,930,000 301,000 362,500 $i39,"200' 1912 1913 7,870,000 1914 9,060,000 3,435,000 1,236,000 1,120,000 1915- 1916 1917 - -

Total 93,005,000 69,092,800 26,463,300 1,259,200

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

MRECTOR OF THE MINT. 697 their organization, by calendar years—Continued,

its organization, 1793, to Dec. 31,1917]—Continued.

Minor coinage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$13,347,409.39 $39,926.11 $941,279,011.50 $408,852,474.15 $32,685,068.33 $1,382,816,553.98 668,337.64 47,627,942.50 15,526,687.20 2,031,137.39 65,185,767.09 796, 111. 43 22,727,277.50 13,206,470.55 2,120,122.08 38,063,870.13 873;767. 22 2,722,352.60 15,643,679.20. • 2,447,796.17 20,813,827. 87 850,944.93 8,821,082.50 •10,159,724.00 2,251,281.18 21 232,087. 68 613,280.15 129,144,400.00 8,142,290.95 1,683,629.35 138,970,220.30 807,191. 63 5,282,400.00 3,028,661.00 2,298,555.43 10,609,616.43 960,222.55 6,234,096.00 4,229,286.85 2,890,908.80 12,364,290.65 1,081,386.18 54,901,490.00 5,319,488.75 3,042,126.18 63,263,104.93 323,279.87 98,720,132.50 2,795,463.26 1,457,588.72 102,973,184. 47 1,150,682.63 9,314,707.60 4,626,652.50 1,730,208.93 15,670,468. 93 1,468,012.18 17,083,335.00 1,922,468.36 2,976,479.83 21,982,283.18 1,011,777.87 15,339,122.50 3,620,461.65 2,989,746.47 21,849,330.52 681,530.60 12,638,622.60 3,810,695.00 1,993,366.30 18,342,483.80 766,323.62 14,183,377.60 2,191,628.95 3,807,935.47 20,182,841.92 752,384.32 6,252,817.60 3,369,523.00 1,785,67L22 10,398,011.72 290,921.20 11,007,375.00 1,501,382.60 1,340,284.70 13,849,042.20 1 1,318,336.77 20,026.00 • 4,831,000.00 4,493,240.07 9,344,266.07 1,964,297.85 10,014.00 17,324,000.00 4,635,499.30 21,869,513.30

29,725,197.93 39,926.11 1,401,209,48L 50 629,890,737.75 78,660,545.92 2,009,660,766.17

February, 1906, to Dec. 31,, 1917.]

Silver coinage. Minor coinage. Total coinage. Total Quarter Five value. Half Dimes. Cents. Gold. Sliver. Minor. dollars. doUars. cents.

$2,014,000 $820,000 $406,000 $23,815,000 $3,240,000 $27,055,000 1,928,000 621,000 408,000 31,585,000 2,957,000 34,542,000 1,640,000 1,447,000 749,000 31,470,000 3,836,000 35,306,000 1,278,500 95,400 . 19,383,200 1,373,900 20,767,100 375,000 349,000 33,114,400 724,000 33,838,400 1 347,540 233,400 1,120,900 . $126,720 17,732,700 1,701,840 $126,720 19,661,260 1,160,400 1,176,000 $423,700 104,110 2,326,400 627,810 2,854,210 267,000 362,700 474,650 168,040 7,870,000 629,700 632,690 9,132,390 761,500 1,190,800 195,600 11,930 14,850,000 1,962,300 207,630 17,009,830 685,266 923,500 378,475 220,500 1,508,700 698,975 2,107,676 507,200 1,635,200 26,400 666,650 359,660 2,168,800 1,026,210 3,195.010 1,352,700 1,933,400 940,200 495,640 561,200 4,226,300 1,046,740 5,273,040 9,792,040 10,391,200 6,461,700 2,634,615 1,532,060 179,820,300 26,644,940 4,166,675 210,631,915

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

698 REPORT ON THE. FINANCES.

Combined coinage of the mints of the United States, by

Gold coinage. Calendar years. Fifty Double Three Eagles. Half Quarter dohars. eagles. eagles. dohars. eagles. Dollars.

1793-95 $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 1.. 150,900 265,880 6,530.00 1803 ' 89,790 167,530 1,057.50 1804 97,950 152,375 8,317.50 1805 165,915 4,452.50 1806. 320,465 4,040.00 1807 420,465 17,030.00 1808 277,890 6,776.00 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 1,900.00 1827 124,565 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 3,660,845 293,425.00 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 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 1,863,560 98,612.50 1849 6,775, ISO 1,184,645 111, 147.50 $936,789 1850 $26,225,220 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 44,860,520 2,811,060 3,689,635 3,283,827.50 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 1,896,397.50 1,657,016 1855 25,046,820 1,487,010 1,257,090 171,465 600,700.00 824,883 1856 30,437,560 1,429,900 1,806,665 181,530 1,213,117.50 1,788,996 1857 28,797,500 481,060 1,232,970 104,673 796,235.00 801,602 1858 21,873,480 343,210 439,770 6,399 144,082.50 131,472 1859..,. 13,782,840 253,930 361,235 46,914 142,220.00 193,431 I860 22,584,400 278,830 352,365 42,465 164,360.00 51,234 1861 74,989,060 1,287,330 3,332,130 IS, 216 3,241,295.00 527,499 1862 18,926,120 234,950 69,825 17,355 300,882.50, 1,326,865 1863 ,22,187,200 112,480 97,360 15,117 27,075.00 6,250 1864 19,9.58,900 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 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 18,722,000 241,550 288,625 14,625 94,062.50 10,525 1869 17,238,100 82,850 163,925 7,575 84,612.50 5,925 Carried for ward 560,502,480 54,819,680 67,470,880 1,149,123 26,065,402.50 19,040,007

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. 699

denominations and calendar years, since their organization.

Silver coinage.

Trade Dohars. Quarter Twenty dohars. Half dollars. dollars. cents. Dimes. Half dimes. Three cents.

$204,791 $161,572.00 $4,320.80 72,920 $i,"473.'56" '•'"$2,'2i3."56" 611.50 1,11Q i,'959.'66' 63.00 2,526.10 2,226.35 327, .536 2,755.00 423,515 220,920 2,"i76."66" i," 266." 66" 54,454 i5,"i44."56" 3,464.00 1,695.50 41,650 14,945.00 1,097.50 650.50 66,064 15,857.50 3,304.00 1,892.50 19,570 78,259.60 i,'684." 50' 826.50 321 105,86L00 30,348.50 12,078.00 786.'66" 419,788.00 51,531.00 525,788.00 65,160.75 ""'i6,",566.'66' 684,300.00 702,905.00 "•*"4,'47i."66' 638,138.00 635.50 601,822.00 6,518.00 814,029.50 620,951.50 519,537.50 "42,"i5D.;66' i7,'368."66' 23,"575.'66" 5,000.75 607,783.50 980,16L00 """'96,'293." 50" •\ 1,104,000.00 36,000.00 375,56L00 31,861.00 '"""94.,'258." 76" '^ 652,898.50 54,212.75 118,651.20 779,786.50 16,020.00 10,000.00 847,100.00 4,450.00 44,000.00 1,752,477.00 1,471,583.00 42,"666."66' ""'5i,"666."66' ...... 2,002,090.00 ...... 2,746,700.00 i,"666.'66" "'"i2i,"566."66" 1,537,600.00 25,600.00 • 12,500.00 1,856,078.00 77,000.00 ""6i,'566."66" ...... 2,382,400.00 51,000.00 62,000.00 2,936,830.00 99,'566." 66" 77,135.00 62,135.00 2,398,500.00 80,000.00 52,250.00 48,250.00 2,603,000.00 39,000.00 48,500.00 68,500.00 3,206,002.00 71,500.00 63,500.00 74,000.00 2,676,003.00 488,000.00 141,000.00 138,000.00 i,'666' 3,273,100.00 118,000.00 119,000.00 95,000.00 1,814,910.00 63,100.00 104,200.00 113,800.00 1,773,000.00 208,000.00 239,493.40 112,750.00 300" 1,748,768.00 122,786.50 229,638.70 108,285.00 61,005 1,145,054.00 153,331.75 253.358.00 113,954.25 173,000 355,500.00 143,000.00 363,000.00 98.250.00 184,618 1,484,882.00 214,250.00 390,750.00 58,250.00 165,100 3,056,000.-00 403,400.00 162,000.00 58,250.00 20,000 1,885,500.00 290,300.00 7,250.00 32,500.00 24, .500' 1,341,500.00 230,500.00 . 198,500.00 78,200.00 169,600 2,257,000.00 127,500.00 3,130.00 1,350.00 140,750 1,870,000.00 275,500.00 24,600.00 63,700.00 .15,000 1,880,000.00 36,500.00 . 45,150.0.0 63,400.00 62,600 1,781,000.00 85,000.00 113,900.00 72,450.00 47, .500 1,341,500.00 150,700.00 244,150.00 82,250.00 1,300 301,375.00 62,000.00 142,650.00 82,050.00 " "$i85,*622."66 1,.100 110,565.00 68,265.00 196,550.00 63,025.00 559,905.00 46,110 2,430,354.00 4,146,555.00 1,327,301.00 785,251.00 342,000.00 33,140 4,111,000.00 3,466,000.00 624,000.00 365,000.00 20,130.00 . 26,000 2,288,725.00 857,350.00 207,500.00 117,500.00 4,170.00 63,-500 1,903,500.00 2,129,500.00 703,000.00 299,000.00 43,740.00 94^000 1,482,000.00 2,726,500.00 712,000.00 433,000.00 31,260.00 5,998,000.00 2,002,250.00 189,000.00 258,000.00 48,120.00 "*636,".566' 2,074,000.00 421,000.00 97,000.00 45,000.00 10,950.00 733,930 1,032,850.00 312,350.00 78,700.00 92,950.00 8,610.00 78, .500 2,078,950.00 1,237,650.00 209,650.00 164,060.00 14,940.00 12,090 802,176.00 249,887.60 102; 830.00-' 74,627.50 10,906.50 • 27,660 709,830.00 48,015.00 17,196.00 6,923.00 643.80 31,170 518,785.00 28,617.60 26,907.00 4,523.50 14.10 47,000 593,450.00 25,075.00 18,550.00 6,675.00 255.00 49,625 899,812.50 11,381.25 14,372.50 6,536.25 681.75 60,325 810,162.50 17,156.25 14,662.50 6,431.25 138.75 182,700 769,100.00 31,500.00 72,626.00 18,295.00 123.00 t 424,300 725,950.00 23,150.00 70,660.00 21,930.00 153.00

5,053,^140 95,509,284.50 21,727,878.00 8,376,184.10 4,529,818.90 1,281,762.90

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

700 REPORT ON THE PINANCES.

Combined coinage of the mints,of the United States, by denomi

Gold coinage. Calendar years. Double Half Three Quarter Fifty Dollars. dollars. eagles. dollars. eagles.

Brought forward $560,502,480 $54,819,680 $67,470,880 $1,149,123 |$26,065,402.50 $19,040,007 1870 22,819,480 164,430 ' 143,550 10,605 51,387.50 9,3.35 1871 20,456,740 254,650 245,000 3,990 68,375.00 3,930 1872 21,230,600 244,600 275,360 6,090 52,575.00 3,630 1973 55,456,700 173,680 754,605 75 512,562.50 125,125 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 43,604,700 211,490 182,660 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 3,0.30 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 17,831,886 4,620 10,100.00 5,040 1883 24,980,040 2,695,400 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 13,875,560 4,815,270 9.065,030 2,730 2,217.50 12,205 22,120 10,621,600 18,282,160 3,426 10,220.00 6,016 1887. 6,662,420 8,706,800 9,560,435 18,480 15,706.00 8,543 21,717,320 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 27,600.00 1892. 19,238,760 9,817,400 5,724,700, 6,362.50 27,178,320 20,132,450 48,350,800 9,610,985 75,265.00 26,032,780 5,152,275 10,305.00 1895. 45,163,120 43,931,760 7,148,200 7,289,680 15,297.50 1896. 67,070,220 2,000,980 1,072,315 48,005.00 1897. 54,912,900 12,774,090 6,109,415 74,760.00 73,593,680 12,857,970 10,154,475 60,412.50 86,681,680 21,403,620 16,278,645 68,376.00 1900.. 34,150,520 3,749,600 8,673,650 168,012.50 1901.. 35,697,580 46,036,160 21,320,200 228,307.50 1902.. 24,828,560 5,520,130 5,557,810 334, ,332.60 6 76,000 1903.. 7,766,970 10,410,120 603,142.50 & 175,000 1904.. 227,819,440 2,709,880 2,445,680 402,400.00 8 25,000 1905. 37,440,220 5,703,280 5,915,040 544,860.00 6 35,000 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 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 34,863,440 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 1,540,492.60 1913. 11,926,760 5,080,710 6,620,495 1,805,412.50 1914. 40,926,400 7,025,500 3,785,625 1,720,292.50 1915. 7 $150,950 14,391,000 4,100,750 3,760,375 8 1,540,292.50 7 25,034 1916. 15,920,000 1,385,000 1,200,000 10 20,026 1917. 10 10,014

Total. 2,436,142,120 516,714,850 391,249,345 1,619,376 44,666,517.50 19,864,411

1 Includes $475,000 In Columbian coins. 2 Includes $2,025,000 In Columbian coins. 3 Includes $10,000 In Columbian coins. * Includes 50,000 Lafayette souyenlr dollars. * Louisiana Pmchase Exposition.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE IMINT. 701

nations and calendar years, since their organization-^Continued.

Silver coinage.

• Trade Half dollars. Quarter Twenty dollars. Dollars. dollars. cents. Dimes. . Half dimes. Three cents.

$5,053,440 $95,509,284.50 $21,727,878.00 $8,376,184.10 $4,529,818.90 $1,281,762.90 445,462 829,758.50 23,935.00 62,150.00 26.830.00 120.00 1,117,136 1,741,655.00 63,255.50 109,371.00 82,493.00 127.80 1,118,600 866,775.00 68,762.50 261,045.00 189,247. 50 68.50 $i, 225,666 296,600 1,593,780.00 414,190. 50 443,329.10 51,830.00 18.00 4.910,000 1,406,650.00 215,975.00 319.161.70 6,279,600 5,117,750.00 1,278,376.00 $265,598 2,406,570.00 6,192,150 7,451,675.00 7,839,287.50 5,180 3,015,115.00 13,092,710 7,540,255.00 6,024,927.60 102 1,735,061.00 1 4,259,900 22,495,556 726,200.00 849,200.00 120 187,880.00 1,641 27,560,100 2,950.00 3,676.00 1.610.00 1,987 27,397,355 4,877.50 3,738.75 3.735.50 960 27,927,975 5.487.50 3,243.75 2,497.50 1,097 27,574,100 2,750.00 4.075.00 391,110. 00 979 28,470,039 4,519.50 3,859.75 767,671.20 28,136,875 2,637.50 2,218.75 393,134.90 28,697,767 3,065.00 3,632.50 257,711.70 31,423,886 2,943.00 1,471.50 658,409.40 33,611,710 2,855.00 2.677.50 1,573,838.90 31,990,833 6,416.50 306,708. 25 721,648.70 34,661.811 6,355.50 3,177.75 835,338.90 , 38,043,004 6,296.00 20,147. 50 1,133,461. 70 23,662, 735 100,300.00 1, 551,160.00 2,304,671.60 6,333, 246 11,652,136.50 2.960,331.00 1,695,365.50 1,455,792 24,002,896.00 32,583,831.75 759,219. 30 3,093,972 3,667,831.00 2,233,448.25 205,099.60 862,880 2,354.652.00 2,256,390.25 225,088. 00 19,876,762 1,507,865.00 1,386,760.25 318,581.80 12,651,731 2,023,315.60 2,524,440.00 1,287,810. 80 14,426,735 3,094,642.50 3,497,331.75 2,015,324.20 15,182,846' 4,474,628.50 3,994,211.50 2,409,833.90 <25,010,912 5,033,617.00 3,822,874.25 2,477,918.20 22,566,813 3,119,928.50 2,644,369.25 2,507, 350.00 18,160,777 4,464,723.50 4,617,689.00 2,796, 077.70 10,343,755 3,149,763.50 3,551,516.00 2,829, 405.50 8,812,650. 2,331,654.00 3,011,203.25 1,640,102.70 1,830,863.50 2,020,562.50 2,480,754.90 6,426,414.50 2,248,108:75 2,976,604.60 5,826,687.50 3,899,143.75 3,453,704.50 5,819,686.50 4,262,136.25 2,309,964.50 2,529,025.00 4,110,662.50 1,448,166.00 1,183,275.50 936,137.75 1,625,055.10 l,686,8n.50 1,410,535.75 3,359,954.30 2,610,760.00 1,277,175. 00 3,453,070.00 663,313.50 493,853.25 2,027,062.20 558,305. 00 2,388,652.50 3,136,865.50 9 1.486,425.00 1,969,612.50 658,045.00 1,065,200.00 2,095,200.00 5,720,400.00 10,751.700.00 9,464,400.00 9,196,200.00 35,965,924 578,353,848 205,240,136.00 116,065,039.50 271,000 88,862,399.70 4,880,219.40 1,282,087.20

6 Lewis and Clark Exposition. 7 Panama-Pacific International Exposition coins. 8 Includes $25,042.50 in Panama-Pacific International Exposition coins. 0 Includes $30,000 In Panama-Paciac International Exposition coins. 10 McKinley Memorial dollars.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

.702' REPORT ON THE FINANCES.

Combined coinage of the mints of the United States, hy denomi

Minor coinage. Calendar years. Five cents. Three cents. Two cents.

179.3-1795 i 1796 17Q7 1798 1799 . 1800 : 1801 : 1802 1803 1804 . .* 1805 1806 1807 :.. . 1808.. 18U9 . 1810 1811 . - 1812 "° 1813 1814 1815 . . . 1816 1817 1818 1819 1820 •- 1821 1822 1823 1824 >' 1825 - 1826 1827 ... 1828 1829 - 1830 -^ 1831 - - 1832 1833 - - 1834 1835 •-... 1836 - 1837 1838 1839 1840 : 1841 1842 1843 1844 1845 1846 - 1847.. - 1848 1849 I860 1851 1852 1853 1864 1856 - 1856 1857 1858 1869 : 1860 i 1861 1862 1863 1864..2 $396,950.00 1865 $341,460.00 272,800.00 1866 $737,125.00 144,030.00 63,540.00 1867 1,545,475.00 117,450.00 58,776.00 1868 1,440,850.00 97,560.00 56,076.00 1869 819,750.00 48,120.00 30,930.00

Carried forward. 4,543,200.00 748,620.00 879,070.00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1918

DIRECTOR OF THE MINT. 703

nations and calendar years, since their organization—Continued.

Minor coinage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$10,660.33 $712.67 $71,485.00 $370,683.80 $11,373.00 $453, 541.80 9,747.00 577.40 77,960.00 77,118.50 10,324.40 165; 402.90 8,975.10 535.24 128,190.00 14,550.45 9,510.34 152 250.79 9,797.00 205,610.00 330,291.00 9,797.00 545: 698.00 9,045.86 00.83 213,285.00 423,515.00 9,106.68 645; 906.68 28,221.75 1,057.65 317,760.00 224,296.00 29,279.40 671; 335. 40 13,628. .37 422,570.00 74,768.00 13,628.37 610, 956.37 34,351.00 71.83 423,310.00 58,343.00 34,422.83 516; 075.83 24,713.53 489.50 258,377.50 87,118.00 25,203.03 370; 698.53 7,568.38 5,276.66 258,642.50 100,340.50 12,844.94 371; 827.94 9,411.16 4,072.32 170, .367.50 149,388.50 13,483. 48 333, 239.48 3,480.00 1,780.00 324,505.00 471,319.00 5,260.00 801, 084.00 7,272.21 2,380.00 437,495.00 597,448.75 9,652.21 1,044, 595.96 11,090.00 2,000.00 284,665.00 684,300.00 13,090.00 055.00 2,228.67 5,772.86 169,375.00> 707,-376.00 8,001.53 752. 53 14,585.00 1,075.00 501,435.00 638,773.50 15,660.00 1,155, 868. 50 2,180.25 315. 70 497,905.00 608,340.00 2,495.95 1,108, 740.95 10,755.00 290,435.00 814,029.50 10,755.00 1,11.5,219.5 0 4,180.00 477,140.00 620,951.50 4,180-00 1,102, 271. 50 3,578.30 77,270.00 561,687.50 . 3,678.30 642, 535.80 3,175.00 17,308.00 20, 483.00 28,209.82 28,575.75 28,209.82 56, 785. 57 39,484.00 607,783. .50 39,484.00 o 647267.5, 0 31,670.00 242,940.00 1,070,454.50 31,670.00 1,345, 064.50 26; 710.00 258,615.00 1,140,000.00 26,710.00 1,425,325.0 0 44,075. .50 1,319,030.00 •501,680.70 44,075.50 1,864, 786.20 3,890.00 189,325.00 825,762. 45 3,890.00 1,018, 977.45 20,723.39 88,980.00 805,806.50 20,723.39 915, 509.89 72,425.00 895,550.00 967, 975.00 12,620.00 93,200.00 1,752,477.00 12,620.00 1,858, 297.00 14,611.00 315.00 156,385.00 1,564, .583.00 14,926.00 1,735,894.0 0 15,174. 25 1,170.00 92,246.00 2,002,090.00 16,344.25 2,110, 679. 25 23,577.32 131,565.00 2,869,200.00 23,577.32 3,024, 342.32 22,606.24 3,030.00 140,145.00 1,575,600.00 25,636.24 1,741, 381. 24 14,145.00 2,435.00 295,717.50 1,994, .578.00 16,580.00 2,306, 875. 50 17,115.00 643,105.00 2,496,400.00 17,115.00 3,155, 620.00 33,592.60 11.00 714,270.00 3,175,600.00 3.3,603.60 3,923, 473.60 23,620.00 798,435.00 2,579,000.00 23,620.00 3,401, 055. 00 27,390.00 770.00 978,550.00 2,7.59,000.00 28,160.00 3,765, 710.00 18,551.00 600.00 3,954,270.00 3,415,002.00 • 19,151.00 7,388, 423. 00 38,784.00 705.00 2,186,175.00 3,443,003.00 39,489.00 5,668, 667.00 21,110.00 1,990.00 4,135,700.00 3,606,100.00 23,100.00 7/764, 900.00 55,583.00 1,148,305.00 2,096,010.00 55,583.00 3,299, 898. 00 63,702.00 1,809,765.00 2,333,243.40 63,702.00 4,206, 710.40 31,286.61 1,376,847.50 2,209,778.20 31,286.61 3,617, 912.31 24,627.00 1,676,482.50 1,726,703.00 24,627.00 3,426, 812.60 15,973.67 1,091,857.50 1,132,750.00 15,973.67 2,240, 581.17 ,23,833.90 1,829,407.50 .2,332,750.00 23,833.90 4,185, 991. 40 24,283.20 8,108,797.50 3,834,750.00 24,283. 20 11,967, 830. 70 23,987.-52 5,427,670.00 2,235,550.00 23,987.52 7,687, 207.52 38,948.04 3,756,447.50 1,873,200.00 38,948.04 5,668, 595. 50 41,208.00 4,034,177.-50 2,558,580.00 41,208.00 6,633, 965. 54 61,836.69 20,202,325.00 2,374,450.00 61,836.69 22,638, 611.69 64,157.99 3,775,512. 50 2,040,050.00 64,157.99 5,879, 720. 49 41,785.00 199.32 9,007,761.50 2;114,950.00 41,984.32 .11,164, 695.82 44,268.44 199.06 31,981,738.50 1,866,100.00 44,467.50 33,892, 306.00 98,897.07 738.36 62,614,492.50 774,397.00 99,635.43 63,488; 524.93 50,63*0.94 56,846,187.50 999,410.00 50,630.94 57,896, 228.44 66,411.31 648.47 39,377,909.00 9,077,571.00 67,059.78 48,522; 539. 78 42,361.56 276. 79 25,915,962.50 8,619,270.00 42,638.36 .34,577; 870.85 16,748.29 282.50 29,387,968.00 3,501,245.00 16,030.79 32,905;, 243. 79 26,904.63 202.15 36,857,768.50 5,142,240.00 27,106. 78 42,027; 115.28 177,834.56 175.90 . 32,214,040.00 5,478,760.00 178,010.46 37,870;,810.4 6 246,000.00 22,938,413.60 8,495,370.00 246,000.00 31,679; 783.50 364,000.00 14,780,570.00 I 3,284,450.00 364,000.00 18,429, 020.00 205,660.00 23,473,654.00 2,259,390.00 205,660.00 25,938;,704.0 0 101,000.00 83,395,530.00 3,783, 740.00 101,000.00 87,280; 270.00 280,750.00 20,87.5,997.50 1,252,516.50 280,750.00 22,409,264.0 0 498,400.00 22,445,482.00 809,267. SO 498,400.00 23,753; 149.80 529,737.14 20,081,415.00 609,917.10 926,687.14 21,618 ;019. 24 354,292.86 28,295,107.50 691,00.5.00 968,552.86 29,954 665.36 98.265.00 31,435,945.00 982,409.25 1,042,960.00 33,461 ;314; 25 98,210.00 23.828,625.00 908,876.25 1,819,910.00 26,557 411.25 102,665.00 19,371,387.50 1,074,343.00 1,697,150.00 22,142;880 . 50 64.200.00 17,582,987.50 1,266,143.00 963,000.00 19,812, 130.50 4;6SO;577.44 39,926.11 729; 047,672, .50 136,478,368.40 10,891,393.56 876,417,334.45

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704 REPORT ON THE FINANCES.

Combined coinage of the mints of the United States hy denomi

Minor coinage. Calendar years. Five cents. > Three cents. Two cents.

Brought forward $4,543,200.00 $748,620.00 $879,070.00 1870. 240,300.00 40,050.00 17,225.00 1871 28,050.00 18,120.00 14, 425.00 1872 301,800.00 26,860.00 1,300.00 1873 227,600.00 35,190.00 1874 176,900.00 23,700.00 1875 104,850.00 6,840.00 1876 126,600.00 4,860.00 1877 1878 117.50 70.50 1879 1,455.00 1,236.00 1880 997.75 • 748.65 1881 3,618. 75 32,417.25 1882 573,830.00 769.00 1883 lj148,471.05 318.27 1884 • : 663,697.10 169.26 1885 - 73,824.50 143.70 » 1886 166,514.50 128.70 1887 "... 763,182.60 238.83 1888 - . 536,024.16 1,232.49 1889 794,068.05 646.83 1890. 812,963.60 1891 841,717.50 1892 r 584,982.10 1893 668,509. 75 1894 270,656. 60 1895 .\ 498,994.20 1896 442,146.00 1897 1,021,436.75 1898 626,604. 35 1899...... 1,301,461.65 1900 1,362,799.75 1901 : :.. 1,324,010.65 1902 1,574,028. 96 1903... 1,400,336.25 1904 1,070,249.20 1905... • -.-..- 1,491,363.80 1906... - 1,930,686. 25 1907 1,960,740.00 1908 1,134,308. 85 1909 - 579,526.30 1910 1,508,467. 65 1911 - 1,977,968.60 1912 . . 1,747,436.70 1913 3,682,961.95 1914 1,402,386.90 1915 1,503,088.50 1916 4,434,553.30 1917 3,276,391.45 " Total cO, 805,667. 40 941,349.48 912,020.00

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D-IRECTOR OF THE MINT. 705

nations and calendar'years, since their organization—Continued.

Minor comage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$4,680. 577.44 $39,926.11 $729,047 572. 50 $136,478, 368.40 $10,891. 393.55 $876,417, 334.45 52, 750. 00 23,198, 787.50 1, 378,255.5 0 350, 325. 00 24,927, 368. 00 39, 295.00 21,032; 685.00 3,104, 038.30 99, 890. 00 24,236, 613.30 40, 420.00 21,812; 645.00 2,504, 488.50 369, 380. 00 24,686, 513.50 116, 765.00 57,022; 747.50 4,024, 747.-60 379, 455.00 61,426, 950.10 141, 875.00 35,254; 630.00 6,851, 776.70 342, 475.00 42,448, 881. 70 135, 280.00 32,951, 940.00 15; 347,893.0 0 246, 970.00 48,546, .00 79, 440.00 46,579, 452.50 24,503, 307.50 210, 800.00 71,293, 560. 00 8, 525.00 43,999, 864.00 28,393, 045.60 8, 525.00 72,401, 434. 50 57, 998-50 49,786, 052.00 28,518, 850-00 58, 186.50 78,363, 088. 50 162, 312.00 39,080, 080.00 27,569, 776-00 165, 003.00 66,814, 859. 00 389, 649. 55 62; 308, 279.00 27,411, 693-75 391, 395.95 90,111, 368. 70 392, 115. 75 96,850, 890-00 27,940, 163-75 428, 151.75 125,219, 205. 50 385, 811-00 65,887, 685.00 27,973, 132.00 960, 400.00 94,821, 217- 00 455, 981.09 29,241, 990.00 29,246, 968- 45 1,604, 770.41 60,093, 728. 86 232, 617.42 23,991 756.50 28,534, 866.15 796, 483.78 53,323, 106 43 117, 653.84 27,773, 012.50 28,962, 176.20 191, 622.04 56,926. 810- 74 176, 542.90 28,945, 542.00 32,086, 709.90 343, 186.10 61.37.5, 438- 00 452, 264.83 23,972, 383.00 35,191, 081.40 1, 215,686.2 6 6O; 379,150-6 6 374, 944-14 31,380, 808. 00 33,025, 606-45 912, 200.78 65,318, 615. 23 488, 693- 61 21,413, 931.00 35,496, 6&3-15 1,283,408.4 9 58,194, 022. 64 571. 828.54 . 20,467, 182.50 39,202, 908-20 1, 384,792.1 4 61,054, 882. 84 470; 723.50 29, 222, 005.00 27,518, 856.60 1,312, 441.00 58,053, 302. 60 376, 498.32 34,787, 222.50 12,641, 078.00 961, 480.42 48,389, 780. 92 466, 421-95 56.997, 020. 00 8,801, 739.05 1,134, 931.70 66,933, 690- 75 167, 521.32 79,546;,.160.0 0 9, 200,350.8 5 438, 177.92 89,184, 688.77 383, 436.36 59,616, 357.50 5,698; 010-25 882, 430.56 66,196, 798.31 390, 572.93 47,053, 060-00 23,089, 899- 05 832, 718.93 70,975, 677.98 504, 663.30 76,028. 485-00 18.487, 297- 30 1,526, 100.05 96,041, 882.35 498, 230. 79 77; 985, 757-50 23,034, 033-45 1,124, 835.14 102,144, 626.09 536, 000.31 111,344, 220- 00 26,061, 519.90 1,837, 451.86 139,243, 191. 76 668, 337.64 99,272, 942.50 36,345, 321.45 2,031, 137.39 137,649, 401. 34 * 796, 111.43 101,735, 187.50 30,838, 460.75 2,120. 122. 08 134,693, 770- 33 873, 767. 22 47,184, 852-50 30,028, 167.20 . 2,447,796.1 7 79,660, 815- 87 . 850, 944.93 43,683, 792.50 19,874, 440- 00 2, 251,281.1 8 65,809, 513- 68 613, 280.15 233,402, 400.00 15,695, 609-95 1,683,529.3 5 250,781, 539.30 ' 807, 191. 63 49,638, 400.00 6,332, 180.90 2,298,555.4 3 58, 269,136.3 3 960; 222. 55 78, 793,045.0 0 10.651, 087- 85 2,890,908.8 0 92,335, 041. 65 1, 801, 386.18 131,907, 490.00 13,178; 435. 75 3,042,126.1 8 148.128, 051.93 334, 429.87 131,638, 632.50 12,391, 777. 25 1,468,738.7 2 145,499, 148.47 1,176, 862.63 88,776,,907.5 0 8,087, 8-52.50 1,756,388.9 3 98,621, 148-93 1,528, 462.18 104,723. 735.00 3,744; 468.35 3,036,929.8 3 111, 505,133-1 8 1,178, 757- 87 56,176;;822.5 0 6,457; 301.55 3.156,726.4 7 65,790, 850- 52 950. 60 17,498, 522. 50 7,340; 995. 00 2,577,386 . 30 27,416, 903- 80 373.52 25,433, 377.50 3,184; 228.95 4,667,335.4 7 33,284, 941.92 805, 684.32 53,457; 817.50 6.083; 823.00 2,208,071.2 2 61,749, 711.72 559; 751.20 23,968, 401.50 4,114, 082.50 2,062,839.7 0 30,145, 323.70 1,902, 996. 77 18,525' 026.00 8,88O; 800.00 6,337,550.0 7 33,743, 376.07 2,84i; 697.85 10; 014.00 29,412;, 300. 00 6,118,089.3 0 35,540. 403.30 32,141,617.93 39,926.11 3,410,407,569.50 1,030,920,653. 80 84,840,580.92 4,526,168,804.22

86429°—FI 1918- -45

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706 REPORT ON THE FINANCES.

STOCK or MONEY IN THE UNITED STATES JUNE 30, 1918.

On June 30, 1918, the stock of domestic coin in the United States was $2,068,153,106, as shown by the following table:

Official table of stock of coin in the United States June 30, 1918.

Items. Gold. Silver. Total.

Estimated stock of coin, June 30,19]7...' $1,468,606,409 $766,544,232 $2,235,150,641 Couiage executed, fiscal year 1918 35,004,450 35,004,450 Total 1^468,606,409 801,548,682 ' 2,270,155,091 Less: United States coin wlthdra-\\m from monetary use, face value, fiscal year 1918 6,489,780 69,467,065 75,956,845 Net exports United States coin, fiscal year 1918 121,836,033 609,107 122,445,140 United: States coin used In the arts, estimated, fiscal year 1918 3,500,000 100,000 3,600,000 Total 131,825,813 70,176,172 202,001,985 Estimated stock of coin In the United States, June 30,1918. 1,336,780,596 731,372,510 2,068,153,106

NOTE.—The number of standard silver dollars coined to June 30, 1918, was 570,272,610, which, added to the Hawauan dohar coinage, 500,000, plus the number Imported from the Philippine Islands, 150,000, and the number retmned In Government transports, 496,859, equals 571,419,469. Since July 1,1898, the number of standard silver dollars exported in transports has been 2,495,000. and suice 1883 the number melted to June 30, 1918, has been 68,953,309, and the number of Hawaiian dollars melted to June 30, 1918. has been 455,230, a total disposition of 71,903,539, lea\dng In the United States on June 30; 1918, 499,515,930 standard silver dollars and 231,856,580 dollars In subsidiary coins. Bullion in mints and assay offices June 30^ 1918.

Bullion. Value.

Gold - -: $1,738,569,152 Silver - .-.-.--.. 14,374,684 Total • 1,752,933,736

Basic metallic stock JuneJO, 1913, 1914, 1915, 1916, 1917, and 1918.

Coin and bullion. June 30,1913. June 30,1914. June 30,1915. June 30,1916. June 30,1917. June 30,1918.

Gold $1,866,619,157 $1,871,611,723 $1,973,330,201 $2,450,516,328 $3,018,964,392 $3,075,339,748 Silver 745,585,964 753,563,709 758,039,421 763,218,469 772,908,391 745,747,094 Total 2,612,205,121 2,625,175,432 2,731,369,622 3,213,734,797 3,791,872,783 3,821,086,842

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DIRECTOR OF THE MINT. 707

Location of moneys ofthe United States June 30, 1918.

In national and In other banks Money. In Treasmy. Federal reserve andin Total. banks. circulation.

METALLIC. Gold bulhon : $1,738,559,152 $1,738,559,152 Silver bulhon 14,374,584 14,374,584 Gold coin 740,946,725 i$171,142,112 $424,691,759 1,336,780,596 Silver dollars 421,990,403 11,170,000 66,3,55,527 499,515,930 Subsidiary silver coin 14,878,278 29,391,389 187,586,913 231,856,580 Total metalhc 2,9.30,749,142 211,703,501 678,634,199 3,821,086,842

PAPER.

Treasury notes (old issue) 6,886 1,851,114 1,858,000 United States notes (act July 14,1890).. 6,638,204 87,006,800 253,036,012 346,681,016 National-bank notes ^ 21,336,314 63,732,003 654,581,168 739,649,485 Federal reserve notes 28,319,840 3109,205,000 1,584,691,160 1,722,216,000 Total notes 56,301,244 259,943,803 2,494,159,454 2,810,404,501 Gold certificates 39,046,290 338,122,4.50 688,509,219 Silver certificates 20,189,532 61,911,414 317,300,054

Total certificates 59,235,822 400,033,864 1,005,809,273 Grand total 6,631,491,343

1 Includes $11,629,000 gold clearing-house certificates. 2 Includes Federal reserve bank notes, except In national banks. 3 Includes Federal reserve bank notes.

Ownership of gold and silver in the United States June 30, 1918.

Silver coin and buhion. Total gold Goldcoin and silver Ownership. and bulhon. Silver Subsidi Silver, Total, coin and dohars. ary coin. bulhon. silver. bulhon.

United States Treasury (free). -. $64,740,285 i$22,589,403 $14,878,278 $14,374,584 $51,842,265 $116,582,650 United States Treasury (re served against United States notes and Treasurj'" notes) 152,979,026 152,979,026 United States Treasury (for cer tificates outstandlngj 1,065,677,959 399,401,000 399,401,000 1,465,078,959 Federal reserve banks (gold set tlement fund^ 1,196,108,607 1,196,108,607 National and Federal reserve banks 159,513,112 11,170,000 29,391,389 40,561,389 200,074,501 National banks (for clearing house certificates) 11,629,000 11,629,000 Private banks and individuals 424,691,759 66,355,527 i87,586,9i3 253,942,440 678,634,199

Total '. 3,075,339,748 499,515,930 231,856,580 14,374,584 745,747,094 3,821,086,842 \ 1 Treasury notes are secured by the silver dollars here stated as free, as well as by the gold reserve.

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708 REPORT ON THE FINANCES.

Estimated 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. 41,677,000 $135,000,000 $6,149,305 $3.23 $0-15 $3.38 1874, 42,796,000 147,379,493 10,366,478 3.44 .24 3.68 1875, 43,951,000 121,134,906 19,367,995 2.75 .44 3.19 1876, 45,137,000 130,056,907 36,415,992 2.88 .81 3.69 1877, 46,353,000 167,601,472 66,464,427 3.61 1.21 4.82 1878, 47,598,000 213,199,977 88,047,907 4.47 1.85 6.32 1879, 48,866,000 246,741,837 117,526,'341 5.02 2.40 7.42 1880, 50,155,783 351,841,206 148,522,678 7.01 2.96 9.97 1881, 51,316,000 478,484,538 176,384,144 9.32 3.41 12.73 1882, 52,495,000 606,767,715 203,217,124 9.65 .3.87 13.52 1883, 53,693,000 642,732,063 233,007,985 10.10 4.34 14.44 1884, 64,911,000 545,500,797 266,568,142 9.93 4.65 14.58 1885, 56,148,000 588,697,036 283,478,788 10.48 5.05 15.53 1886 57,404,000 590,774,461 312,252,844 10.29 5.44 15.73 1887, 58,680,000 654,520,335 362,993,566 11.16 6.00 17.15 1888, 59,974,000 705,818,855 386,611,108 11.76 6.44 18.20 1889, 61,289,000 680,063,505 420,548,929 11.09 6.86 17.95 1890 62,622,250 695,563,029 463,211,919 11.10 7.39 18.49 1891 63,975,000 646,582,852 522,277,740 10.10 8.16 18.26 1892 65,520,000 664,275,335 570,313,544 10.16 8.70 18.85 1893 66,946,000 597,697,686 615,861,484 8.93 9.20 18.13 1894, 68,39>,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 18.96 71,390,000 699,697,964 628,728,071 8.40 8.81 17.21 1897 72,937,000 696,270,542 634,509,781 9.55 8.70 18.25 1898 637,672,743 74,522,000 861,514,780 11.56 8.56 20.12 1899 76,148,000 639,286,743 12.64 8.40, 21.04 1900 962,865,505 647,371,030 76,891,000 1,034,439,264 13.45 8.42 21.87 1901 661,205,403 14.47 8.60 77,754,000 1,124,652,818 22.97 1902 670,540,105 15.07 8.48 23.55 1903 79,117,000 1,192,395,607 677,448,933 80,847,000 15.45 8.38 23.83 1904 1,249,552,756 682,383,277 16.22 8.33 81,867,000 1,327,672,672 24.55 1905 686,401,168 16.31 8.24 24.55 1906 83,259,000 1,357,881,186 687,958,920 17.40 84,662,000 8.12 25.52 1907 1,472,995,209 705,330,224 17.03 8.20 25.23 1908 86,074,000 1,466,056,632 723,594,595 18.46 8.27 87,496,000 26.73 1909 1,615,140,575 733,250,-073 18.45 8.25 26.70 1910 88,926,000 1,640,567,131 727,078,304 18.10 8.05 26.15 1911 90,363,000 1,635,424,513 732,002,448 18.65 7.79 26.44 1912 93,983,000 1,753,134,114 741,184,095 18.95 7.75 26.70 1913 95,656,000 1,812,856,241 745,585,964 19.17 7.66 26.83 1914 97,337,000 1,866,619,157 753,563,709 18.90 7.61 26.51 1915 99,027,000 1,871,611,723 758,039,421 19.59 7.63 27.12 1916 100,725,000 1,973,330,201 763,218,469 23.92 7.46 31.37 1917 102,431,000 2,450,516,328 -772,908,391 28.99 7.42 36.41 1918 104,145,000 3,018,964,392 745,747,094 29.05 7.04 36.09 105,869,000 3,075,339,748

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DIRECTOR OF THE MINT. 709

STOCK OF MONEY IN THE UNITED STATES DECEMBEK 31, 1917. On December 31, 1917, the stock of domestic coin in the United States was $2,140,321,390, as shown by the following table: Official table of stock of coin in the United States Dec. 31, 1917.

Item. Gold. Silver. Total.

Estimated stock of coin Dec. 31,1916 $1,572,162,694 $759,581,078 $2,331,743,772 Net imports, United States coin, calendar year 1917 158,630 158,630 Coinage executed, calendar year 1917 10,014 29,412,300 29,422,314 Total- - . 1,572,172,708 789,152,008 2,361,324,716 Less: United States coin withdrawn for melting (face value), calendar year 1917 3,173,993 2,505,700 5,679,693 United States coia used in the arts (estimated), cal endar year 1917.. 3,500,000 100,000 3,600,000 Net exports. United States coin, calendar year 1917... 211,723,633 211,723,633 Total ' 218,397,626 2,605,700 221,003,326 Estimated stock of coin In United States Dec. 31, 1917 1,353,775,082 786,546,308 2,140,321,390

NOTE.—The number of standard silver dollars coined to Dec. 31, 1917, was 570,272,610, which, added to • the Hawaiian dollar coinage, 600,000, plus the number imported from the Phihppine Islands. 150,000,"and the number returned tn Government transports, "496,859, equals 571,419,469. Since July 1,1898, the number of standard silver dohars exported in transports has been 2,495,000, and siace 1883 the nuinber melted has been 200,298, and the number of Hawaiian dollars melted to Dec. 31,1917, has been 456,182, a total disposi tion of 3,150,480, leaving in the United States on Dec. 31, 1917, 568,268,989 standard silver dollars and 218,277,319 dollars in subsidiary silver coins. Juocation of moneys of the United States Dec. 31, 1917..

Outside of Money. In Treasury. Treasmy. Total.

Metallic: Gold bulhon (at miats and assay offices) $1,688,745,498 $1,688,745,498 Silver bullion (at mints and assay offices)... 8,131,315 8,131,315 Gold coin. 679,301,630 $674,473,452 1,353,775,082 Silver dollars 490, 400,160 77,868,829 568,268, 989 • Subsidiary silver coin 1,791,850 216,485,469 218,277,319 Total 3,837,198,203 Paper: United States notes (old Issue) 8,781, 228 337,899,788 1346,681,016 Treasury notes (act July 14,1890") 4,937 1,908,063 11,913,000 National-bank notes 2..,.... .',. . 14,361,696 717, 456, 099 731,817, 795 Federal reserve notes 23,577,065 1,222,910,935 1,246,488, 000 Total 46, 724,926 . 2,280,174,885 2,326,899,811 Gold certiflcates 45,169,660 1,343,158.074 Silver certificates 7,885,033 472,191,576 Total certificates 53,054,693 1,816,349,650 Total stock of money 6,164,098,014

1 There is reserved $152,979,026 tn gold against United States notes and Treasury notes of 1890 outstanding. Treasury notes are also seemed by silver dohars in the Treasmy. 2 Includes Federal Reserve Bank notes.

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710 REPORT ON THE FINANCES.

Stock of gold in the United States.

Coia in Coin in Bulhon in national Coin In cir Total stock Year. banks. Treasury. Treasury. Comptroller's culation. of gold. report.

Fiscal year June 30; 1873 $55,618,567 $15,669,981 $3,818,086 $30,000,000 $105,006,634 1874 60,972,107 9,639,738 5,536,086 39,607,488 115,655,419 1875 45,382,484 8,258,706 3,710,682 31,695,660 89,047,632 1876 41,912,168 9,589,324 3,225,707 44,533,218 99,260,417 1877 76,661,703 10,962,169 5,306,263 39,058,692 131,988,727 1878 122,136,831 6,323,372 8,191,952 39,767,629 176,419,684 1879 129,920,099 5,316,376 21,630,846 53,601,228 210,368,549 Ce,lendar year: 18791 95,790,430 61,999,892 98,104,792 46,843,424 302, 738,538- 1880 61,481,245 93,789,622 92,184,943 150,085,854 '397, 541,664 1881 84,639,865 88,726,016 101,115,387 210,775,833 485; 257,101 • 1882 119,623,136 51,601,110 75,326,033 234,205,711 480, 555,990 1883 152,608,393 65,667,190 73,447,061 228,296,821 620, 019,465 1884 171.553,205 63,162,982 76,170,911 215,813,129 626, 700,227 1885 75,434,379 72,938,221 96,741,747 313,346,322 568, 460,669 1886 187,196,596 81,431,262 97,781,405 223,199,865 589, 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 78,224,188 246,218,193 649, 752,882 1889 246,401,951 67,-265,944 84,416,468 235,434,571 633, 618,934 1890 226,220,604 67,646,934 80,361,784 274,0.55,833 648, 284,155 1891 196,634,061 83,675,643 91,889,590 253,765,288 625, 864,582 1892 156,662,462 81,826,630 100,991,328 242,621,832 682, 102,242 1893 - 73,624,284 84,631,966 151,233,989 281,940,012 591, 430,261 1894 91,781,176 47,106,966 151,117,047 248,787,867 638, 793,066 1896 83,186,960 29,443,955 147,308,401 242,644,697 502, 684,013 1896 121,74.^,884 64,648,743 161,828,060 251,010,816 233,493 1897 152,488,113 45,279,029 187,608,644 252,419,033 794,819 1898 141,070,022 140,049,456 263,888,745 286,891,.578 831, 899,801 1899 257,306,366 143,078,146 203,700,570 293,387,672 897', 472,764 1900 328,453,044 153,094,872 199,350,080 307,870,474 768,470 1901 417,343,064 123,735,775 190,172,340 318,388,468 1,049, 639,647 1902 : 458,169,776 159,971,402 178,147,097 324,262,498 1,120' 530,773 1903 478,970,232 209,436,811 170,547,258 332,730,989 1,191; 685,290 1904 647,261,358 49,187,017 195,111, 219 325,261,922 1,216 821,516 1905..--^. 662,153,801 101,183,778 196,680,998 327,549,686 1,287, 568,263 1906 737,677,337 166,542,687 188,096,624 376,006,767 1,458 323,416 1907 788,467,689 .162,937,136 203,289,045 467,995,462 1,612, 689,332 1908 924,316,981 111,041,339 209,185,761 411,605,432 "1,656' 149,513 1909 - 934,803,223 97,347,289 213,990,965 392,507,842 1,638 649,319 1910 982,586, .379 120,726,077 227,977,678 378,745,080 1,710 035,214 1911 1,001,413,292 183.088,870 235,184,404 379,941,280 1,799: 627,846 1912 995,209,422 258,857,946 240,452,237 385,717,711 1,880 237,316 1913 987,678,101 303,585,254 232,798,904 380,631.886 1,904, 694,145 1914 880,954,878 304,354,958 168,660,282 451,128,764 1,805: 098,882 1915 1,042,818,106 643,424,187 118,415,762 494,796,127 2,299 454,182 1916 906,491,238 1,294,802.847 120,396,000 645,27,5,456 2,866' 965,541 1917 697,301,630 1,688,745; 498 61,560,000 612,913,452 3,042: 520,580

1 Six months ending Dec. 31,1879.

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DIEECTOE, OF THE MINT. 711

Average commercial ratio of silver to gold each calendar year since 1687.

[NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 frora Pixley and AbelPs tables, from 1879 to 1896 from dally cablegrams from London to the Bureau of the Mint, and since from dally London quotations.]

Years. Ratlo. Years. Ratio. Years. Ratlo. Years. Ratio. Years. Ratio. Years. Ratio.

1687 14.94 1726... 15.15 1766.'.. 14.83 1804-.. 15.41 1843... 15.93 1882-.. 18.20 1688 14.94 1727... 15-24 1766... 14.80 1805--- 15.79 1844... 15- 85 1883... 18-64 1689 15.02 1728... 15-11 1767... 14.85 1806... 15.52 1845... 15-92 1884... 18-61 1590 15-02 1729... 14-92 1768.-- 14.80 1807... 16-43 1846... 1.5.90 1885... 19.41 1691 14-98 1730... 14-81 1769--- 14.72 1808.... 16-08 1847--. 15.80 1886.'.. 20.78 1692-:-.- 14.92 '1731-.- 14-94 1770-.. 14.62 1809--. 15.96 1848-.. 15.85 1887... 21.10 1693 14.83 1732... 15-09 1771... 14.66 1810-.. 15-77 1849... 15.78 1888... 22-00 1694 14.87 1733... 15-18 1772-.. 14..52 1811... 15?53 1850... 15-70 1889... 22-10 1695 15-02 1734... 15-39 1773... 14-62 1812... 16-11 1851... 15-46 1890... 19.75 1696 15-00 1735... 15-41 1774... 14-62 1813... 16-25 1852... 15-59 1891... 20.92 1697 15-20 1736... 15-18 1775... 14- 72 1814... 15.04 1853... 15-33 1892... 23-72 1698 15.07 1737... 15-02 1776... 14-55 1815... 15-26 1854... 15-33 1893... 26.49 1699 14.94 1738... 14.91 1777... 14.54 1816... 15-28 1855... 15.38 1894... 32-56 1700 14.81 1739... 14-91 1778... 14.68 1817... 15-11 1856... 15.38 1895... 31.60 1701 15.07 1740... 14-94 1779... 14-80 1818... 15-35 1857... 15-27 1896... 30.59 1702 15-52 1741... 14-92 1780... 14.72 1819... 15-.33 1858... 15-38 1897... 34-20 1703 15-17 1742... 14.85 1781... 14.78 1820... 15-62 1859... 15.19 1898... 35.03 1704..-.. 15-22 1743... 14-85 1782... 14.42 1821... 15.95 1860... 15.29 1899... 34.36 1705 15.11 1744... 14-87 1783... 14.48 1822... 15.80 1861... 15.50 1900... 33.33 1706 15-27 1745... 14.98 1784... 14-70 1823... 15.84 1862... 15.35 1901-... 34.68 1707 15.44 1746... 15-13 1785... 14-92 1824... 15-82 1863... 15-37 1902... 39-15 1708 15.41 1747... 15.26 1786--- 14-96 1825... 15.70 1864... 15-37 1903... 38.10 1709 15.31 1748... 15-11 1787-.. 14-92 1826... 15-76 .1865... 15-44 1904... 35-70 1710 15.22 1749... 14-80 1788... 14-65 1827... 15-74 1866... 15-43 1905... 33-87 1711 15.29 1750... 14.55 1789... 14-75 1828... - 15-78 1867... 15-57 1906... • 30-54 1712 15.31 1751... 14-39 1790... 16-04 1829... 15.78 1868... 15-59 1907... 31-24 1713 15.24 1752... 14.54 1791... 15-05 1830... 15.82 1869... 15-60 1908... 38.64 1714 15.13 1753... 14.54 1792... 15-17 1831... 15.72 1870... 15-57 1909... 39- 74 1715 15.11 1754... 14.48 7993... 15-00 1832... 15.73 1871-.. 15-57 1910... 38.22 1716 15.09 1755... 14-68 1794... 15-37 1833... 15.93 1872-.. 15- 63 1911... 38.33 1717.---- 15.13 1756... 14-94 1795... 15.55 1834.:. 15.73 1873... 15-93 1912... 33-62 1718 15.11 1757... 14-87 1796... 15.65 1835... 15.80 1874... 16-16 1913... 34.19 1719 15.09 1758... 14-85 1797... 15-41 1836... 15-72 1875..1 16- 64 1914... 37.37 1720 15-04 1759... 14.15 1798... 15-59 1837... 15-83 1876... 17.75 1915... 39-84 1721 15-05 1760... 14-14 1799... 15-74 1838... 15-85 1877... 17.20 1916... 30-11 1722 15-17 1761... 14-54 1800... 15-68 1839.:. 15-62 1878... 17.92 1917... 23-09 1723 15.20 1762... 15-27 1801... 15-46 1840... 15-62 1879... 18-39 1724..... 15-11 1763... 14-99 1802... 15-26 1841... 15-70 1880... 18-05 1725.:--- 15-11 1764... 14.70 1803--- 15.41 1842... 15.87 1881--. . 18-25

Bullion value ofthe silver dollar [37 li grains of pure silver] at the annual average price of silver each year since 1837.

Calendar year Value. Calendar year. Value. Calendar year. Value. Calendar year. Value.

1837 $1,009 1858 $1,039 1879 $0.86928 1900 $0-47958 1838 1.008 1859 • 1.052 1880 .- .88564 1901 .46093 1839 1.023 1860. 1.045 1881 ... .87575 1902 .40835 1840 . 1.023 1861 1.031 1882 .87833 1903 .41960 1841 1.018 1862. 1-041 . 1883 .85754- 1904 .44763 1842 1.007 1863 1.040 1884. .85904 1905 .47200 1843 1.003 1864... 1.040 1885 .82379 1906...... 52353 1844 1.008 1865 1.035 1886 .76931 1907 .61164 1845 1.004 1866 1.036 1887.. .75755 1908 .41371 1846. . 1.005 1867.. 1.027 1888 .72683 1909 . 40231 1847 1.011 1868 1.025 1889-. .72325 1910 .41825 1848 1.008 1869 1.024 1890 .80927 1911 .41709 1849 1.013 1870 1.027 1891. .• .76416 1912 .47543 1850 1.018 1871 1.025 1892 .67401 1913 .... .46760 1851 L034 1872.. 1.022 1893 .60351 1914 .42780 1852 1.025 1873 1.00368 1894 i .49097 1915 :. .40135 1853.. 1.042 1874... . .98909 1895 .50587 1916 .53094 1854 1.042 1875 .96086 1896 .52257 1917 .69242 1856.. 1.039 1876 .90039 1897 .46745 1856 1.039 1877 .92958 1898.. .45640 1857 1.046 1878 .89222 1899 .46525

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712 REPORT ON THE FINANCES.

VALUES OF FOREIGN COINS. The following values, calculated by the Director of the Mint, were proclaimed by the Secretary of the Treasury under the provisions of, section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during the quarter beginning October 1, 1918:

Value in terms of ' Country. standard. Monetary unit. United Remarks.i States money.

Argentine Republic. Gold- $0.9648 Currency: Depreciated paper, con vertible at 44 per cent of face value; exchange rate about $0.4475. Austrla-Hungary.. ..do Krone.. .2026 Greatly depreciated; no quotations. Belgium Gold and Franc. .1930 Member of Latin Union; gold Is the silver. actual standard. Bolivia.. Gold Boliviano. .3893 12^ bolivianos equal 1 pound sterling. Brazil... ,..do Milreis — .5462 Cmrency: Government paper; ex change rate about 23 cents to the mlhels. British Colonies in Aus .do., Pound sterling. tralasia and Africa. Canada -do.. Dollar 1. OOOO Central American States: Costa Rica -do., Colon .4653 Exchange rate $0.25= 1 colon. British Honduras.. .do., Dollar.... 1.OOOO Nicaragua -do.- Cordoba.. 1.OOOO Exchange rate $1=1.01 cordobas. Guatemala: Currency, inconvertible paper; exchange rate about $0.40.^ Guatemala. Honduras: Cmrency, bank notes; ex Hondm-as.- •Silver Peso- .7234 change rate about $0.55. Salvador — Salvador: Currency, bank notes con vertible into silver on demand; ex change rate about $0.40, Chile.. Gold. .3650 Currency: Inconvertible paper; ex change rate about $0.32. [Amoy.. 1.1859 Canton 1.1823 Cheefoo 1.1342 Chin Eliang 1.1585 Fuchau 1.0970 The tael is a unit of weight, not a coin. Haikwan 1.2066 The customs miit Is the Haikwan (customs). tael. The values of other taels are Hankow... 1.1096 based on their relation to the value Tael.. Kiaochow.. 1.1492 of the Haikwan tael. Nankin 1.17.35 The Yuan silver dollar of 100 cents Is China. Niuchwang 1.1121 the monetary miit of the Chinese Ningpo 1.1402 Republic; It is equivalentto 0.644+ Pekmg 1.1561 of tne Haikwan tael. Shanghai.-- 1.0832 Swatow 1.0955 Takau 1.1934 Tientsin 1.1492 Yuan .7771 Hongkong . .7800 Dollar British .7800 Mexican .7857 Colombia., Gold. ...-do- .9733 Cmrency: Government paper and gold; exchange rate about $1.04 to 1 gold peso. Cuba...... Peso 1.OOOO Denmark. -do.. Ki'one .2680 Exchange rate $0,301= 1 krone. Ecuador-- .do-, Sucre .4867 Exchange rate $0.36. Egypt .do.. Pound (100 plasters) 4.9431 The actual standard is tho British pound sterhng, which Is legal tender for 97^ plasters. Finland... -..do Markka - .1930 Exchange rate $0.15= 1 markka. France Gold and Franc--- .1930 Member Latin Union; gold is actual silver. standard; exchange value $0.1828. German Empire Gold Mark .2382 Greatly depreciated; no quotation. Great Britata --.do Pound sterling- 4.8666 Exchange value $4.7545. Greece Gold and Drachma . 1930 Member Latin Union; gold is actual sih'-er. standard; exchange value $0,195. Haiti Gold Gourde.. .2600 Currency: Inconvertible paper; ex change rate approximately $0,183. India (British)- .--do-.. Rupee.. .3244 (15 rupees equal 1 pound sterling.) Exchange rate $0.3573, ^ Indo-China..... Silver. Plaster.. .7812 1 The exchange rates showm under this heading are recent New York quotations and are given merely as an indication of the values of currencies which are fluctuating In their relation to legal standards.

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DIEECTOB, OP THE MINT. 713

Value in ternis Legal of ' Country. standard. Monetary unit. United Remarks. States money.

Italy..-. Gold and Llra.- $0.1930 Member Latin Union; gold is actual silver. standard; exchange value $0.1575. Japan..- Gold Yen.... .4985 Exchange value $0,545. Liberia-. ...do Dollar.. 1. OOOO Currency: Depreciated silver token 'coins; customs duties are collected in gold. Mexico -do.. Peso. .4985 Exchange value silver peso $0.78; gold peso $0,535. Netherlands ..do Guilder (florin) .4020 Exchange value $0.4825. Newfoundland. .-do Dollar 1.OOOO Norway .-do Krone .2680 Exchange rate $0,308= 1 la-one. Panama .-do Balboa 1. OOOO Paraguay ..do Peso (Argentine)... Currency: Depreciated Paraguayan paper; conversion rate about 3,500 per cent. ] Cmrency: Silver circulating above Its Persia.. I/., do... Achrefi.. .0959 > metallic value; exchange value of \Sllver. Kran..:. . .1332 j silver kran approximately $0,179. Peru Gold., Libra... 4. 8665 Exchange rate about $5.10. Philippine Islands. -.do... Peso .5000 Portugal --do— Escudo.. 1.0805 Cmrency: Inconvertible paper; ex change rate about $0.62. Roumania -.do Leu Russia .5146 Exchange rate $0.12=1 ruble .-do..... Ruble.- (nominal). Santo Domingo .-do.. Dollar-- 1.OOOO Serbia .-do.. Dinar.. .1930 Siam -do.. Tical... .3709 Spain Gold and Peseta. .1930 Valuation Is for gold peseta; currency silver. Is notes of the baxiik of Spata, ex change value approximately $0.23. Straits. Settlements.. Gold, Dollar.. .6678 Exchange rate $0,565. Sweden .-do., Krona.. .2680 Exchange rate $0,335= 1 kTX)na. Switzerland -.do.. Franc.. .1930 Member Latin Union; gold is actual standard; exchange value $0,225. Tmkey. .do.. Plaster. .0440 100 piasters equal to the Tmklsh pound. Uruguay... -do., Peso 1.0342 Exchange rate $1=0.805 peso. Venezuela.. -do.. Bolivar. .1930 Exchange rate about $0.2225.

Changes in the values of foreign coins during 1918.

Value , 1918. Country. Monetary unit. Jan. 1. Apr. 1. July 1. Oct. 1.

Central American States: Guatemala Honduras Isilver peso '. $0.6918 $0.6903 $0.,7234 $0.7234 Salvador China Silver tael, Amoy 1.1341 1.1316 1.1859 1.1859 Do Silver tael. Canton 1.1307 1.1282 1.1823 1.1823 Do Silver tael, Cheefoo. - 1.0847 1.0823 1.1342 1.1342 Do Silver tael. Chin Kiang - 1.1079 1.1054 1.1585 1.1585 Do ... Silver tael, Fuchau 1.0491 1.0467 1.0970 1.0970 Do Silver tael, Haik\\^an (customs) -.. 1.1540 1.1514 1.2066 1.2066 Do .." . . Silver tael, Hankow 1.0611 1.0588 1.1096 1.1096 Do Silver tael, Kiaochow 1.0990 1.0966 1.1492 1 1492 Do . Silver tael. Nankin 1.1223 1.1198 1.1735 1.1735 Do Silver tael Niuchwang 1.0636 1.0612 1.1121 1 1121 Do Silver tael, Ningpo 1.0904 1.0880 1.1402 • 1.1402 Do Silver tael, Peking 1.1056 1.1032 1,1561 1 1561 Do. .. . Silver tael, Shanghai 1.0359 1.0336 1.0832 1.0832 Do Silver tael Swatow 1.0476 1.0453 1- 0955 1 0955 Do Silver tael, Takau 1.1413 1.1388 1.1934 1.1934 Do Silver tael, Tientsin 1.0999 1.0966 1.1492 1 1492 Do Silver dollar (Yuan) .7432 .7415 .7771 .7771 Do Silver dollar, Hongkong .7459 .7443 .7800 .7800 Do Silver dollar, British .7459 .7443 .7800 .7800 Do. .. . Silver dollar, Mexican ' .7514 .7497 .7857 .7857 Indo-China, Silver piaster .7455 •.7812 .7812 Persia Silver kran .1274 .1271 . 1332 .1332 Paraguay i. • Silver, changed to gold, peso .6918 .6903 .9648 .9648

L Paraguay's actual unit Is the (Argentine) gold peso, quoted since July 1,1918.

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World production of gold and silver.

Calendar year 1916. Calendar year 1917.

Silver. Country. Gold^ Silver. Gold.

Kilos, Ounces, Kilos, Ounces, Ounces, Kilos, Ouncas, Value, Value. Value, laios, Value. fine. fine. fine. fine. ($0.68647).' fine. fine. fine. fine. ($0.89525).!

North America: Umted States. 139,318 4,479,051 $92,590,300 2,-314,613 74,414,800 $51,083,528 126,017 4,051,440 $83,750,700 2,231,428 71,740,400 $64,225,593 Canada 28,942 930,495 19,235,000 791,904 25,459,700 17,-477,320 22,871 735,300 15,200,000 688,989 22,151,000 19,830,683 Mexico 1- 11,572 372,040 7,690,700 710,370 22,838,400 15,677,876 13,542 435,375 9,000,000 970,886 31,214,000 27,944,333 o Total. 179,832 5,781,586 119,516,000 3,816,887 122,712,900 84,238,724 162,430 5,222,115 107,950,700 3,891,303 125,105,400 112,000,609 H Central American States and West Indies 5,293 170,164 3,517,600 80,949 2,602,500 1,786,538 151,026 3-, 122,000 73,701 2,369,500 2,121,295 O . South America: Argentina... 23 740 15,300 662 21,300 14, 628 222 4,600 902 29,000 25,962 Bolivia 6 198 4,100 77,615 2,495,300 1,712,948 242 5,000 75,745 2,435,200 2,180,113 Brazil 4,348 139,804 2,890,000 684 22,000 15,102 4,451 143,093 2,958,000 778 25,000 22,381 Chile 447 14,363 296,900 59,310 1,906,800 1,308,=961 466 14,996 310,000 52,012 1,672,200 1,497,037 Colombia... 9,290 298,662 6,173,900 9,623 309,400 212,394 9,329 299,925 6,200,000 10,109 325,000 290,956 1—1 Ecuador 843 27,090 560,000 9.33 30,000 20,594 1,068 34,346 710,000 1,400 45,000 40,286 Peru 1,907 61,310 1,267,400 335,522 10,787,000 7,404,952 1,956 62,888 1,300,000 342,146 11,000,000 9,847,750 > Uruguay 18 581 12,000 15 484 10,000 Guiana— o British.. 994 31,962 660,700 903 29,025 600,000 Dutch.., 659 21,198 438,200 264 8,500 5,835 602 19,350 400,000 249 8,000 7,162 m French.. 2,407 77,400 1,600,000 2,257 72,563 1,500,000 Venezuela... 1,911 61,431 1,269,900 958 30,815 637,000 102 3,300 2.955 Total. 22,853 734,739 15,188,400 484,613 15,580,300 10,695,409 22,020 707,949 14,634,'600 483,443 15,542,700 13,914,602 Em'ope: Austria-Hungary., 1,505 48,375 1,000,000 46,656 1,500,000 1,029,705 1,504 48,375 1,000,000 46,656 1,500,000 1,342,875 France 1,505 48,375 1,000,000 1,053 33,862 700,000 (xl-eat Britain..... 9 276 5,700 2,691 86,500 59,380 242 5,000 2,675 86,000 76,991 Greece 10,887 350,000 240,264 10,886 350,000 313,337 Italy 3 97 2,000 15,132 486,500 333,968 97 2,000 13,997 450,000 402,863 Norsvay 13,658 439,100 301,429 8,771 282,000 252,461 Russia '33,'854' 1,088,437 22,500,000 17,107 550,000 377,558 27,084 870,750 18,000,000 15,553 500,000 447,625 Serbia 311 10,000 6,865 15 622 20,000 17,905

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Spain . 140,522 4,517,800 3,101,334 139,969 4,500,000 4,028,625 Sweden 18 590 12,200 1,179 37,900 26,017 484 10,000 1,089 35,000 31,334 Turkey " - - 16,552 500,000 343,235 12,441 400,000 358,100 Total - 36,8'94 1,186,150 24,519,900 263,695 8,477,800 5,819,755 29,667 953,810 19,717,000 252,669 8,123,000 7,272,116 Austraha: New South Wales 3,364 108,147 2,235,600 87,139 2,801,500 1,923,146 2,655 82,160 1,698,400 87,092 2,800,000 2,506,700 Northern Territory -.. 19 600 12,400 12 387 8,000 Queensland 6,692 215,162 4,447,800 243,000 278 175,277 3,623,300 240,000 South Austraha 242 7,769 160,600 . 7,558 166,8i2 6,452 4,992 103,200 7,465 214,860 Victoria . 7,983 256,654 5,305,500 32,300 155- 199,290 4,119,700 29,666 Western Austraha 33,014 1,061,396' 21,941,000 1,005 200,000 22,173 6,199 • 973,827 20,130,800 903 221,800 25,962 New Ziealand 8,781 282,317 5,836,000 6,221 786,500 137,294 30,290 279,956 5,787,200 6,898 780,000 198,567 Tasmama . 491 15,789 326,400 24,463 539,909 8,708 14,029 290,000 24,262 698,295 Papua (North Borneo) 317 10,183 210,500 437 . 8,945 184,900 Total.. ! 60,903 1,958,017 40,475,800 126,386 4,063,300 2,789,334 64,086 1,738,863 35,945,500 126,620 4,070,800 3,644,384 Asia: British India 16,862 542,116 11,206,500 19,555 628,700 431,584 16,185 520,360 10,756,800 18,662 600,000 637,150 o China, _- • 4,665 149,996 3,100,700 933 30,000 20,594 5,417 174,155 3,600,100 1,972 63,400 56,759 Chosen... 6,203 199,421 4,122,400 778 25,000 17,162 6,687 214,979 4,444,000 871 28,000 25,067 East Indies—British and Dutch 4,514 145,125 3,000,000 4,240 136,321 2,818,000 g Federated Malay States 493 15,862 327,900 515 16,559 342,300 Formosa (Taiwan) 1,506 48,433 1,001,200 1,484 47,700 32,745 1,554 49,971 1,033,000 1,555 60,000 44,763 o Indo-China .'... 99 3,173 65,600 31 1,000 686 75 2,419 50,000 31 1,000 895 Japan .. 7,803 250,854 5,185,600 180,581 5,805,700 - 3,98.5,439 6,865 220,696 4;562,200 212,893 6,844,500 6,127,538 Total... 42,145 1,354,979 28,009,900 203,362 6,538,100 4,488,210 41,538 1,335,460 27,606,400 235,984 7,586,900 6,792,172 Africa: Belgian Kongo 3,484 112,012 2,315,500 342 11,000 - 7,551 3,195 102,734 2,123,700 320 10,300 9,221 Egjrpt 196 6,289 130,000 37 1,200 824 99 3,183 65,800 29 900 806 French East Africa. 47 1,514 31,300 • 47 1,500 31,000 ^ Madagascar 1,452 46,682 ^ 965,000 622 20,666 i3,729 1,431 46,000 950,900 622 20,000 17,905 H Portuguese East Africa 349 11,218 231,900 37 1,200 824 374 12,026 248,600 37 1,200 1,074 Rhodesia 28,938 930,358 19,232,200 6,243 200,700 137,775 25,948 834,227 17,245,000 6,594 212,000 189,793 Transvaal, Cape Colony and Natal 289,171 9,296,848 192,182,900 . 30,137 968,900 665,120 280,625 9,022,102 186,503,400 , 29,549 950,000 850,488 West Africa (Gold Coast) 11,827 380,232 7,860,100 11,203 360,181 7,445,600 Total 335,464 10,785,153 222,-948,900 37,418 1 203,000 825,823 322,922 10,381,953 214,614,000 37,151 1,194,400 1,069,287 Total for world... 683,384 21,970,788 454,176,500 5,013,310 161,177,900 110,643,793 637,361 20,491,176 423,590,200 5,100,801 163,992,700 ! 146.814.465

1 Average United States equivalent value of a fine ounce In London, mth exchange at par. NOTE.—Oflacial figmes for 1917 are lacking in many cases; for 1916 In several cases. Estimates are based on the most rehable information available.

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

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

Gold. Silver. Percentage of production.

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

Coining value Fine ounces. Value. Fiae ounces. Value. Fine ounces. Coiniag value. .Fine ounces. in standard Gold. Silver. Gold. ^ Sliver. silver dohars.

1493-1520 186,470 $3,855,000 5,221,160 $107,931,000 1,511,050 $1,954,000 42,309,400 $54,703,000 11 89 66.4 33.6 1521-1644 230,194 4,769,000 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 O 1545-1560 273,596 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 1561-1580 219,906 4,646,000 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 4,905,000 4,745,340 98,095,000 13,467,635 17,413,000 269,352,700 348,254,000 1.7 98.3 22 78 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 o 1621-1640 266,845 5,516,000 6,336,900 110,324,000 12,654,240 16,361,000 253,084,-800 327,221,000 2.1 97.9 25.2 74.8 1641-1660 . 281,965 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 6,154,000 5,954,180 123,084,000 10,834,550 14,008,000 216,691,000 280,166,000 2.7 97.3 30.5 69.5 1681-1700 346,095 7,154,000 6,921,895 143,088,000 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 11,432,540 14,781,000 228,650,800 295,629,000 3.5 .96.5 36.6 73.4 1721-1740 613,422 12,681,000 12,268,440 253,611,000 13,863,080 17,924,000 277,261,600 368,480,000 4.2 95.8 41.4 58.6 1741-1760 791,211 16,366,000 15,824,230 327,116,000 17,140,612 22,162,000 342,812,235 443,232,000 4.4 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 1780-1800 571,948 11,823,000 11,438,970 236,464,000 28,261,779 36,540,000 665,235,580 730,810,000 2 98 24.4 75.6 1801-1810 671,663 11,815,000 5,715,627 118,152,000 28,746,922 37,168,000 287,469,225 371,677,000 1.9 98.1 24.1 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 74.7 1821-1830 457,044 9,448,000 4,670,444 94,479,000 14,807,004 19,144,000 148,070,040 191,444,000 3 97 33 67 o 1831-1840 652,291 13,484,000 6,522,913 134,841,000 19,175,867 24,793,000 191,758,675 247,930,000 3.3 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 6.6 93.4 52.9 47.1 1851-1855 6,410,324 132,513,000 32,051,621 662,666,000 28,488,597 36,824,000 142,442,986 184,169,000 18.4 81.6 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 81.8 78.1 21.9 1861-1865 5,949,582 122,989,000 29,747,913 614,944,000 35,401,972 46,772,000 177,009,862 228,861,000 14.4 85.6 72.9 27.1 1866-1870..... 6,270,086 129,614,000 31,350,430 648,071,000 43,051,5cS3 55,633,000 215,257,914 278,313,000 12.7 87.3 70 30 1871-1875 5,591,014 115,577,000, 27,955,068 677,883,000 63,317,014 81,864,000 316,585,069 409,322,000 8.1 91.9 58.5 41.5 1876-1880 5,543,110 114,586,000 27,715,550 672,931,000 78,775,602 101,851,000 393,878,009 509,256,000 6.6 93.4 53 47 1881-1885 4,794,755 99,116,000 23,973,773 495,582,000 92,003,944 118,955,000 460,019,722 594,773,000 5 95 45.5 54.5 1886-1890 5,461,282 112,895,000 27,306,411 564,474,000 108,911,431 140,815,000 544,567,155 704,074,000 4.8 95.2 44.5 55.5 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 55.6 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 45.4 1901-1905 15,606,730 322,619,800 78,033,650 1,613,099,100 167,995,408 217,206,200 839,977,042 1,086,030,900 8.5 91.5 59.8 40.2 1906 19,471,080 402,503,000 16-5,054,497 213,403,800 10 5 89 5 65 3 34 7 1907 19,977,260 412,966,600 184,206,984 238,166,600 9^8 90!2 63^4 36.6

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1908 21,422,244 442,837,000 203,131,404 262,634,500 9.5 90.5 62.8 37.2 1909 21,965,111 454,059,100 212,149,023 274,293,700 9.4 90.6 62.3 37.7 1910 22,022,180 465,239,100 221,715,673 286,662,700 9 91 6L4 38.6 1911 22,348,313 461,980,500 226,192,923 292,451,500 9 91 63.3 36.7 1912 22,549,335 466,136,100 224,310,654 290,017,800 10 90 60.2 39.8 1913..-' 22,249,596 459,939,900 • 223,907,843 289,497,000 9.9 90.1 62.9 37.1 1914 21,240,416 4.39,078,260 160,626,019 207,678,038 13.7 88.3 67.9 32.1 1915 22,758,808 470,466,214 179,753,978 232,409,131 11.2 88.8 66.9 33.1 1916 21,970,788 454,176,500 161,177,900 208,391,628 12 88 68.5 31,5 1917 20,491,176 423,590,200 163,992,700 212,030,965 n.i 88.9 66.6 33.4 Total.. 823,458,606 17,022,406,974 - 11,994,727,689 15,508,334,662 6.4 93.6 62.3 47.7

o H O pi o

H K

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718 RIEPORT OK TI-IE FINANCES.

Production of gold and silver in the loorld since 1860.

[The annual production of 1860 to 1872 is obtained from 5-year peiiod estimates complied by Dr. Adolph Soetbeer. Since 1872 the estimates are those of the Bureau of the Mint.] ^

Gold. Silver. Calendar years. • Commercial Fine ounces. Value. Fine ounces. value.

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 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, 614,000 43,051,583. 57,646,000 1867 6,270,086 129, 614,000 43,051,683 • 67,173,000 1868 6,270,086 129, 614,000 43,051,583 57,086,000 1869 6,270,08,6 129, 614,000 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 5,591,014 116, 577,000 63,317,014 •83,705,000 Total 78,766,630 1,628,252,000 547,997,231 729,563,000 1873 4,653, 96,200,000 63,267,187 82,120,800 1874 4,390, 90,750,000 65,300,781 , 70,674,400 1875 4,716, 97,500,000 62,261,719 77,578,100 1876 -. 5,016, 103,700,000 67,753,125 78,322,600 1877 5,512, 113,947,200 62,679,916 75,278,600 1878 5,761, 119,092,800 73,385,451 84,540, 000 1879 5,262, 108,778,800 74,383,495 83,532,700 1880 5,148, 106,436,800 74,795,273 85,640,600 1881 4,983, 103,023,100 79,02p,872 89,925,700 1882 4,934, 101,996,600 86,472,091 98,232,300 1883 4.614, 95,392,000 89,175,023 98,984,300 1884.: 4,921, 101,729,600 81,567,801 90,785,000 1885 5,245, 108,435,600 91,609,969 97,518,800 1886 5,135, 106,163,900 93,297,290 92,793, 500 1887 5,116, 105,774,900 96,123,686 94,031,000 1888 5,330, 110,196,900 108,827,606 102,185,900 1889 5,973, 123,489, 200 120,213,611 112,414,100 1890 5,749, 118,848,700 126,095,062 131,937,000 1891 6,320, 130,650,000 137,170,000 135,500, 200 1892 7,094, 146,651,500 153.151.762 133,404,400 1893 7,618, 157,494,800 165,472,621 129,119,900 1894 8,764, 181,175,600 164,610,394 104,493,000 1895 9.615, 198,763,600 167,500,960 109, .545,600 1896 9,783, 202,251,600 157,061,370 105,859,300 1897 11,420, 236,073,700 160,421,082 96,252,700 1898.. 13,877, 286,879,700 169,055,253 99,742, 600 1899 14,837, 306,724,100 168,337,452 101,002,600 1900 12,315, 254,576,300 173,591,364 107,626,400 1901 12,625, 260,992,900 173,Oil, 283 103,806,700 .1902 14,354, 296,737,600 162,763,483 86,264,700 1903 15,852, 327,702,700 167,689,322 90,652,200 1904 16,804, 347,377,200 164,195, 266 95,233,300 1905 18,396, 380,288,300 172,317,688 106,113,700 1906 19,471, 402,503,000 165,054,497 111, 721,100 1907 19,977, 412,966,600 184,206,984 121,577,100 1908 21,422, 442,837,000 203,131,404 108,655,100 1909 21-, 965, 454,059,100 212,149,023 110, 364,400 1910 22,022, 455,239,100 221.715.763 119,727, 000 1911 22,348; 461,980,500 226,192,923 122,143,800 1912 22,549, 466,136,100 224,310,654 137,883,800 1913 22,249, 459,939,900 223,907,845 135,246,400 . 21,240, 439,078,260 1914 470,466,214 160,626,019 88,845,464 1915 22,758, 179,753,978 93,277,934 21,970; 444,176,500 1916 423,590,200 161,177,900 110,643,793 1917 20,491, 176 163,992,700 146,814,465 Total 530,614,159 10,958,768,174 6,288,798,838 4,656,913,056 Grand total 609,380,789 12,587,020,174 6,836,796,069 6,386,476,066

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REPORT OF THE DIRECTOR OF THE MINT.f

TREASURY DEPARTMENT, BUREAU OF THE MINT/ Washington, D. C.,.September 2, 1919. 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 dffices of the United States for the fiscal year ended June 30, 1919, being the forty-seventh annual report of the Director of the Mint. There is also submitted for publication in connection therewith the annual report of this bm'eau upon the production and consumption of the precious metals in the United States for the calendar year 1918.^

OPERATIONS OF THE MINTS AND ASSAY OFFICES.

COIN DEMAND. During the fiscal year 1919 the demand for coin of denominations below the dollar continued to be very large, as compared with the period before the war. The demand for one-cent pieces was the largest ever known and our presses were run 24 hours a day on this coin for months. Over 1,600 tons (of 2,000 pounds), or 466,839,600 one-cent pieces, were issued by the mints during the year. Of this number approximately 158 inillions were issued in May and June, and the unusually large demand was still unsatisfied. This demand was doubtless due principally to putting into effect, April 1, 1919, of certain internal revenue taxes. The domestic coinage of 434,028,458 pieces has been exceeded only by the coinage for the preceding year, and the coinage for foreign Governments amounted to 103,114,195 pieces, as compared with 32,748,341 pieces during 1918.

SILVEE DOLLARS CONVERTED TO BULLION. The melting of silver dollars for use as bullion was continued through nearly the entire fiscal year, the operation incident to sale of 200,000,000 fine ounces of dollar silver to the Government bf Great Britain for use by the Government of India being completed in May, 1919. Over 191,000,000 dollars were melted during the year, giving total converted to bullion under the act of April 23, 1918, of 260,121,554 silver dollars. This total includes 1,000,000 dollars allocated to the Director of the Mint for use in making sub sidiary silver coin.

NEW ASSAY OFFICE BUILDING AT NEW YOEK. An event of the year of more than passing importance to the Mint Service was the commencement of work on the new assay office build ing at New York. The work of the office has been hampered for many

1 Not shown in this volume. 813

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814 REPORT ON THE FINANCES.

years by inadequate and unsuitable quarters, but it is expected that by the close of another fiscal year the office will be suitably housed^ with adequate storage vaults for the large values there kept.

PLATINUM. Platinum work—its purchase, refining, and manufacture into vari ous shapes for the War Department—^^continued to be an important' feature at the New> York Assay Office during most of the fiscal year. The technically and practically difficult task of originating and operat ing assaying and refining processes for platinum and allied metals begun in th,e prior fiscal year was finished this year with results which reflect great credit on the staff of the institution. Deposits received numbered 3,095, while 17,390 assays were made on platinum metals. The following table gives in round figures details of operations on platinum deposits:

Refined Delivered Sold on (including on War De War De Items. Received. ])rior partment partment deposits). orders. orders.

Fine oz. Fine oz. Fine oz. Fineoz. Platinum 23,880 64,673 27,941 1 678 Palladium 355 745 19 82 Iridium . ... 322 1,053 276 221 Osmiridium 232 Gold 1,014 1,498

There are considerable balances of the above-named metals still on hand, including manufactured articles containing about 5,000 ounces.

BEFINERIES. The Mint Service refinery output of fine gold and silver was again large, the .stock of unrefined bullion at the close of the year having been reduced, as compared with the prior year, by about 26 J per cent.

MINOR COINAOE METAL FUND INCREASED. The minor coinage metal fund, a revolving fund for the purchase of metal from which to make nickel and bronze coins, was increased by act of Congress approved December 2,1918, from. $200,000 to §400,000. This increase became necessar}^ b}^ reason' of the large quantities of metal in process at the three coinage mints, due to the extraordinary demand for minor coin, and by the high prices of metals used, in order that dealers might receive prompt payment for the metal furnished.

INSTITUTIONS OF THE MINT SERVICE. The Mint Service institutions operated during the fiscal year were: Coinage mints at Philadelphia, San Francisco, and Denver; assay office, at New York, which has a large trade in bars of fine gold and silver; mints at New Oiieans and Carson City conducted as assay offices, and assay offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood, these being bullionr-purchasing agencies for the large institutions. Refineries were operated at the New York, Denver, and San Francisco institutions.

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DIRECTOR OF THE MINT. 815

DEPOSITS OF GOLD AND SILVER. The deposits of gold and silyer during the past year have been fewer in number than for several preceding years. However, the values have not fallen off in proportion to the number of individual deposits. The principal reason for the reduction, aside from the reversal of^ the large import movement of the war years, is doubtless to be foun'd in the adverse effect on small producers of increased costs of produc tion without correspondingly increased returns on product. The price of gold remains constant at $20.67 per fine ounce; and while the price of silver in the United States. j^as established at $1 per fine ounce during the entire year, the increase over prewar silver prices appar ently was insufficient to materially affect the output.

MINOR ASSAY OFFICES. The need of increased appropriations for the minor assay offices is again strongly urged. By reason of lack of expense funds the offices are unable to accept business available to them, and even before the cost of living began to soar the officers in charge were inadequately paid for the responsibilities devolving upon them. At the Carson City Mint there was again a material gain over the preceding year in weight and value of metal handled. The .increased volume of work at this institution is very pronounced, as well as exceptional, and is readily perceived from the following comparative table:

Items. 1919 1918 1917

Metal handled trnv nnnnA.«; 244,215 151,061 17,057 Gold value f. $335,866 $270j831 $197,010 Silver value $202,788 $116,719 $3,669 Number of deposits ' 424 468 419

This institution is much in need of additional help. The New Orleans Mint was relieved during the year of the custody of 22,475,000 silver doUars stored there for many years; 22,400,000 were transferred to the Philadelphia and San Francisco Mints, and melted in connection with sale of silver to the British Government under the act of April 23, 1918, while the balance of 75,000 were transferred to the New Orleans subtreasury.

GOLD OPERATIONS. The value of the gold acquired by the Government at the mints and assay offices during the fiscal year 1919 was $126,841,719.19. United States gold coin received for recoinage was of value $24,521,644.12; transfers of gold between Mint Service offices totaled $8,978,669.39; making an aggregate of gold handled by the Mint Service during.the fiscal year 1919 of $160,342,032.70.

SILVER OPERATIONS. Silver purchased during the fiscal year 1919 totaled 9,122,029.99 fine ounces, costing $9,120,806.80, at an average price of $1.00— per fine ounce; the silver received and repaid to the depositors thereof in bars bearing the Government stamp totaled 439^387.63 fine ounces; the United States silver coin received for recoinage totaled 456,831.78 fine ounces, with recoinage value of $631,528.29; silver dollars aggre-

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816 REPORT ON THE PINANCES.

gating 116,538,397.85 fine ounces, having a face value ()f $151,569,000, were received frpm other Treasury offices for inelting; Philippine silver coins received for recoinage totaled 617,755 fine ounces; silver deposited in trust by other Governments totaled 724,962.41 fine ounces; the transfers of silver between Mint Service offices totaled 3,081,897.57 fine ounces; making an aggregate quantity of silver handled by the Mint Service during the fiscal year 1919 of 130,981,262.23 fine'ounces. This is about two and two-thirds times the q^uantity handled last year, the large increase being due to the melting of silver dollars. COINAGE. The domestic coinage of the fiscal year 1919 was of value $19,570,657, namely, $14,682,079 subsidiary silver, $1,457,875 nickel, and $3,430,703 bronze coin. No gold domestic coin was made. ^The coinage other than domestic included 29,195 gold £1 blanks for Peru, 13,750,000 nickel pieces and 7,000,000 bronze pieces for Peru, 47,595,000 nickel pieces for Argentina, 100,000 nickel piece's and 750,000 bronze pieces for Nicaragua, . and 13,175,000 bronze pieces for Siam, all made at the Philadelphia Mint; also Philippine coin made at the San Francisco Mint consisting of 11,115,000 silver pieces, 2,000,000 nickel places, and 7,600,000 bronze pieces. The seigniorage on United States coinage executed totaled $8,369,971.01, of which $4,233,193.43 was on subsidiary silver coins and $4,136,777.58 was on nickel and bronze coins.

STOCK OF COIN AND BULLION IN THE UNITED STATES. On June 30, 1919, the estimated stock of domestic coin in the United States was $1,773,839,984, of which $1,222,823,787 was gold, $308,145,759 was silver dollar coin, and $242,870,438 was subsidiary silver coin. The stock of gold bullion in the mints and assay offices on the same date was valued at $1,802,850,973.72, an increase over last year of $64,291,821.57, and the stock of silver bullion was 17,486,379.70 fine ounces, an increase over last year of 2,590,468.91 fine ounces.

PRODUCTION OF GOLD AND SILVEE. The production of gold and silver in the United States during the calendar year 1918 was as follows: Gold, $68,646,700; and silver, 67,810,139 fine ounces.

INDUSTRIAL ARTS CONSUMPTION. The amount of gold consumed in the industrial arts during the calendar year 1918 was $52,409,740, of which $32,892,395 was new material. Silver consumed amounted to 36,252,596 fine ounces, of which 26,722,333 fine ounces were new material.

EXPORT OF GOLD COIN. The net export of United States gold coin for the fiscal year ended June 30, 1919, was $85,625,872.

ESTIMATES FOR THE FISCAL YEAR 1921. Total appropriation estimates for the Mint Service fpr the fiscal year 1921, including the office of the Director of the Mint, amount to $1,845,030. The appropriations for the year 1920 amount to $1,695,280.

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DIRECTOR OF THE MINT. 817

APPROPRIATIONS, EXPENSES, AND INCOME. The appropriated amounts available for Mint Service use during thefiscal year 1919 totaled $1,778,420.38; reimbursements to appro priations for services rendered amounted to $522,626.43; making an available totalof $2,301,046.81. The expenses chargeable to appropriations were $2,070,052^.64; those chargeable to income $74,360.51; total, $2,144,413.15. The income realized by the Treasury from the Mint Service totaled $11,849,583.21, of which $8,371,202.33 was seigniorage and $2,516,- 425.05 was received for melting silver dollars. _

PHILIPPINE MINT EQUIPMENT. . Complete coining equipment, to be electrically operated, for installation in the mint shortly to be established at Manila, P. I., has been constructed at the Philadelphia Mint. This machinery consists of 2 coining presses, 2 rolling mills, 1 cutting press, 1 topping machine, 1 strip shear, 1 upsetting machine, 2 tumbling barrels, 1 coin- reviewing machine, 1 automatic weighing machine, 1 six-foot buUion balance, 4 hand balances, 1 rotary annealing furnace, 6 oil melting furnaces, 5 sets of punches and beds, 5 ingot molds, and all accessories necessary to complete the instaUation for the coinage of sUver, niqkel and bronze. The coining presses were buUt from patterns acquired and are the first coining presses ever built in any mint in the United States. They, as well as all of the machinery rnentioned, have been thoroughly and successfully tested. The manufacture of this machinery demon strates that the machine shop pf the Philadelphia Mint is fully equipped for and capable of taking care of aU machinery requirements of the Mint Service. During the past year the shop has been taxed to its capacity.

PHILADELPHIA MINT IMPROVEMENTS. Improvements are under way at the Philadelphia Mint which, when completed, will effect very materially increased economies in operations. The break-down roUing capacity will be increased 33J per cent by the addition of one 16-inch roU, now under construction. A conveyor system is under construction and will soon be installed in this institution. Under this conveyor system hand trucking of metal between departments wiU be eliminated. The conveyors will be arranged so that ingots will be transported approximately 500 feet from the melting room to the break-down roUing division and the broken-down ingots or strips wiU in like manner be delivered to the finish-roUing division. The machinery in this department has been arranged to reduce labor costs about 60 per cent. The blanks from the cutting presses will be delivered by a bucket conveyor to the annealing furnace room, where they will be deposited in elevated bins. From these bins the blanks will be distributed to the annealing furnaces through tubes controlled by automatic valves so arranged that they will discharge when opened only the quantity of blanks required for one furnace charge. After blanks have passed through the annealing, furnaces they will be dumped into colanders, which 140325—FI 1919 '52

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818 REPORT ON THE FINANCES.

will be picked up by electric cranes or hoists and transported to the tumbling barrels for cleaning. When the blanks are cleaned they will be dumped directly into the coin dryer. It is estimated that a labor saving of 40 per cent wiU be accomplished in this room through the use of the improved appliances and improved methods, as it has been customary in the past to handle all blanks with hand scoops. After the annealing and cleaning processes are completed the coin blanks wiU be deposited in bins located near the drying machine, from which they will be carried by a second conveyor to* the selecting room and deposited in upright tubes over each selecting table. From these tubes the blanks will be discharged automatically as needed by the reviewers. Any surplus of blanks in this room will be stored in elevated bins. Under the conveyor system and other new methods we are adopting aU trucking of blanks from the time they leave the cutting machines until ready for upsetting operations will be elimi nated. A considerable saving of labor will be eff'ected in this depart ment by reason of these improvements. Raw materials will also be unloaded and stored by use of conveyors. Baling punched strips by machinery for the past eight months has been demonstrated to be economical and successful. An improved machine of the type now in use is in process of construction to replace the older model referred to in my report for the last fiscal year. Under the present system of weighing niinor coinage ingots and clippings considerable labor is involved. Ingots are placed upon trucks in the melting room and taken to the transfer weigh room, where they are passed over balances in drafts of about 10,000 ounces each, replaced upon trucks and taken to the break-down roUs; clippings are similarly handlied for weighing. One handling of the minor coinage metal is to be eliminated by the new system being installed, as all weighing of minor coinage ingots and clippings will be in large drafts and on specially constructed platform scales located in the break-down rolling room for ingots, and another near the baling machine for weighing the baled clippings. . During the past two years melting silver, nickel, and bronze by electricity has demonstrated that it is. economical and saves labor. The first furnace instaUed has been replaced with a new 1,000-pound furnace and an additional unit of 2,000 pounds capacity is now being installed. These furnaces are both of the Rennerfelt type with automatic side electrode feeds and tilting devices. Four induction electric furnaces of the Northrup type have also been contracted for to be instaUed in the deposit melting room. This type of furnace, after thorough investigatioh and demonstration, seems to be the best adapted and most modern furnace for deposit melting on the market. The melting of silver doUars and casting into 1,000-ounce bars.for export continued until April 23, 1919. The rate of melting averaged about $800,000 per diem of 24 hours, and of this the Rennerfelt electric furnace steadily turned out $306,000 each day, the furnace making 18 heats of 17 bags to each heat, or 18,000 pounds of doUars per 24 hours. The performance of this electric furnace in melting silver dollars showed that its melting capacity was equivalent to 3.77 gas furnaces as used here.. From- start to finish of the operation of the electric furnace on silver coin a total of 3,191 heats were made on the same lining and roof. The total number of tons of silver coin melted in furnace amounted to 1,585.18, or 3,170,369.86 pounds.

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DIRECTOR OF THE MINT. 819

The power consumption to melt this quantity of metal amounted to 177.36 kilowatts per ton. This figures a fuel cost of 10^ cents per 1,000 ounces of metal melted, which is over 50 per cent better than our present performance on gas furnaces. The losses from melting silver in this furnace and pouring into 1,000- ounce bars appear to be, approximately, 0.1 ounce per 1,000, which is considerably better than we show on crucible melting. This is due to the fact that the furnace construction and absence of flue prevent metal from going up the chimney, and, too, the method of pouring is cleaner and fewer mechanical losses are suffered. On February 9, 1919, the new 1,000-pound Rennerfelt furnace was put in operation on cupro nickel. After making 286 melts of this alloy, and 1 melt of pure copper for cleaning furnace of traces of nickel, bronze was melted therein until 445 heats were taken out. The furnace was then shut down after running 732 heats, it being decided not to operate again until the equipment of both furnaces was in working order. This furnace has a capacity of 1,200 pounds and is an improvement on the first, having electric control for tilting, automatic electric feed for side electrodes, and being carried in bear ings so as to have the axis of tilt in line with pouring lip. This latter feature enables careful and precise pouring direct from furnace. An electric motor controller, similar to those in use on trolley cars, con trols current to an electric motor geared to a hoisting winch, which enables the furnace to be lifted and the stream of molten metal to be regulated with considerable precision. This furnace and the 1-ton furnace will both be sP hung in their bearings as to theoretically pour at center of axis of support. Ho we ver,. granting that the precision for pouring direct is present—and this was demonstrated by about one week's practice—the conclusion has been reached that it is more practical and that better ingots can be made by pouring into a ladle. This we are doing at present, using two 200-pound ladles. These ladles are placed on a car under spout, filled, and car is rolled on track until molds are reached. The ladle is then lifted in shank and hung in baU, which is itself hung on hoist above molds. The position of hoist is permanent, the molds being on a turntable. The molds are then poured one by one. We expect to develop a more rapid way of clearing the furnace of charge, and we have in mind-both larger ingots and pouring two simultaneously. The automatic electrode feed control is a decided.improvement, both for the reason that it practically maintains the arc at proper length without the attention of operator, thus improving power factor, and because it also prevents breakage of electrodes by stabiliz ing arc without any chance of feeding electrodes into one another. Electrodes are purchased with blank ends and threaded in the machine shop. here. The machining of inside and outside threads removes, approximately, '9.3 per cent of the electrodes. The consumption of electrodes will vary from 2J to 4 pounds per ton of metal melted, depending upon character of charge. A .magnetic separator has been purchased for the sweeps cellar. This will remove practically all particles of iron, which at times run as high as 25 per cent, from sweep cellar grains. This will not only result in a considerable saving of fuel, acid, etc., but reduces the lia bility to a negligible quantity of iron being introduced into our minor coinage metals.

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820 REPORT ON THE FINANCES.

DENVER MINT IMPROVEMENTS. During the past fiscal year a coining press has been received from thefNew Orleans Mint and installed, giving a total of six presses. This press required considerable repair work, but will be in operating condition at an early date. The space occupied by the refinery has been increased by an additional room.

NEW YORK ASSAY OFFICE IMPROVEMENTS. Some modification in the shape of the nichrome muffles used in the assay furnaces has been made and there is now one muffle which was put in use seven months ago, three eight months ago, and one over nine months ago, all being still iri good condition and apparently capa ble of considerable more service. When the bottoms commence to sag they are heated and hammered back into shape. They are prov ing a decided improvement over the usual fire-clay muffles.

INCOME EXPENSES OF THE FISCAL YEAR 1919.

INCOME. Earnings: Credited to appropriations— Charges on foreign coinage exe cuted 1326,726.18 Charges for manufacture of spe cial medals '- 4,489.33 Charges for work done for other institutions, etc 42,060.17 Charges for melting silver dollars.. 149,350.75 Total earnings credited to appropriations $522,626.43 Credited to revenues— Mint charges on bullion 299,204.06 Proceeds of medals and proof coinssold : 4,408.93 Receipts from special assays of . bullion and ores 3,127.00 , Charges on silver-dollar bullion sold.'-...., 2, 516, 425. 05 Total earnings credited to revenues . : 2, 823,165. 04 Total earnings 7I777TTTTT77. $3, 345, 791. 47 Profits: Gain on bullion shipment torefineries. |3,129. 33 . Less contra losses 590. 02 2,539.31 -Surplus bullion recovered 123,694.27 Proceeds of sale by products (plat inum, etc.) 2, 998. 24 Proceeds of sale of old materials 3, 344.11 Excess cash 12.26 Commission on telephone calls 1. 22 . Total profits other than seigniorage 132, 589. 41 Seigniorage on subsidiary silver coin age...'. 4, 233,193. 43 Seigniorage on minor coinage— Nickel. 1, 233, 358.10 Bronze •. ..2,904,650.80 Total seigniorage 777777777777. 8, 371, 202. 33 Total profits. 8, 503, 791. 74 Total income 11, 849, 583. 21

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DIRECTOR OF THE MINT. 821

EXPENSES. Chargeable to appropriations: Compensation of employees— . Mint Bureau, salaries appropriation $23, 645. 00 Mint Bureau, increase compensation appro priation li 317. 00 Mints and assay ofiices, salaries, appropriations. 240, 882. 37 Mints and assay offices, wages appropriations... 1,110,476.70 Mints and assay offices, increase compensation ^ appropriation 106,169. 71 Total compensation of employees $1, 482, 490. 78 Equipment^ stores, and other expenses— Mint Bureau, contingent appropriation ..5,044.19 Mints and assay offices, contingent and perma nent appropriations (including $8,406.60 wast age of gold and silver in operative depart ments, and $9,535.79 loss on assay value of operative sweeps sold) , 574, 237. 91 Transportation of bullion and coin between mints and assay offices, freight appropriation.. 8, 279. 76 Total miscellaneous expenses chargeable to appropriations.-..'. 587, 561. 86 Total expenses chargeable to appropriations 2, 070, 052. 64 Chargeable to revenue: Seigniorage on minor coinages- Expenses of distributing minor coin to Treasury offices - 69,002.35- Wastage of minor metals in operative depart ments 5, 358.16 Total chargeable to revenue ; 74, 360. 51 Total expenses '. : :... 2,144,413.15 Net income of the Government from the mint service 9, 705,170. 06 Total - 11, 849, 583. 21

DEPOSITS, INCOME, EXPENSES, AND EMPLOYEES, BY INSTITUTIONS, FISCAL YEAR 1919. The number and value of deposits, the income (including seignior age), the expenses of the fiscal year 1919, and the number of em ployees on June 30, 1919, at each institution follows:

Number of— United States coiningvalue Transpor Expenses Em of gold and tation of ployees Institution. silver received Income. from appro bullion De Rede priations.I June 30, at each and coin. 191,9. posits. posits. mstitution.

Philadelphia.:.. 6,665 683 $80,413,893.41 $6,726,256.44 S990,080. IS S3,742.32 2 538 San Francisco: 8,573 227 52,910,376.01 3,277,755.94 358,628.23 34.23 184 Denver 3; 237 705 20,806,588.36 1,356,491.38 227,753.59 101.11 92 New York 14,895 3.515 95.563,211.43 478,023.26 376,974.79 8.53 130 New Orleans-: —.. 342 902,746.42 1,932.46 14,483.95 487.97 10 Carson City 424 616,102.66 1,565.64 7,346.73 347.33 4 Boise 353 437,881.60 1,410.99 8,931.60 290.77 5 Helena 397 835,644.19 1,271.20 8,190.55 575.25 5 Deadwood. . .. 63 421,733.88 764.89 7,515.42 134.62 5 Seattle. : 1,618 i2" ' 4,383,37L55 4,139.61 36,066.46 2,546.78 17 SaltLakeCity. 112 14,705.74 561.42 4,074.95 10.85 2

Total . 36,679 5,142 257,306,255.55 11,850,173.23 2,040,046.45 8,279.76 992

1 Includes transportation of bullion and coin between mints and assay offices. 2 Includes 68 temporary employees.

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822 REPORT ON THE FINANCES.

COINAGE. ' Details of the coinage executed during the fiscal year ended June 30, 1919, are given in the following tables:

DOMESTIC COINAGE OF THE UNITED STATES MINTS DURING THE FI3CAL YEA?. I'Ji!;.

Philadelphia. San Francisco. • Denominations. Pieces. Value. Pieces. Value.

Half dollars 14,218,058 ' 1 $2,109,029 7,104,000 $3,552,000 Quarter dollars 8,680,000 2,170,000 . 7,320,000 1,830,000 Dimes ' 15,390,000 1,539,000 8,760,000 876,000

Total silver 28,288,058 5,818,029 23,184,000 6,258,000 5-cent nickels .... 23,838,000 1,191,900 2,283,000 114,150 1-cent bronze 251,831,000 2,518,310 49,490,000 • 494,900

Total minor 275,669,000 3,710,210 51,773,000 609,050 Total coinage 303,957,058 ; 9,528,239 74,957,000 6,867,050

Denver. Total. Denominations. Pieces. Value. Pieces. Value.

Half dollars .'. 2,882,600 $1,441,300 ' 1 14,204,658 1 $7,102,329. Quarter dollars ." • 2,801,000 700,250 18,801,000 4,700,250 Dimes. 4,645,000 464,500 28,795,000 2,879,500 Total silver 10,328,600 2,606,050 61,800,658 14,682,079 5-cent nickels 3,036,500 151,825 29,157,500 . 1,457,875 1-cent bronze . * 41,749,300 417,493 . 343,070,300 3,430,703 Total minor '. " 44,785,800 569,318 . 372,227,800 4,888,578

Total coinage •— 55,114,400 3,175,368 434,028,458 19,570,657

1 Includes 100,058 Illinois centennial pieces of the value of $50,029.

COINAGE OF THE UNITED STATES MINTS FOR OTHER COUNTRIES DURING THE FISCAL YEAR 1919.

Country i.nd denomination. Gold pieces. Silver pieces. Nickel pieces. Bronze .pieces.

At Philadelphia: For Peru— £ planchetts 29,195 20-centavo 1,250,000 10-centavo 2,500,000 5-centavoi 10,000)000 2-centavo 3,000,000 1-centavo ^ 4,000,000 For Argentina— 20-centavo 15,175,000 10-centavo . 16,760,000 5-centavo 15,660,000 For Nicaragua— 5-centavo 100,000 1-centavo . . • ' 750,000 For Slam—1-satancr 13,175,000 At San Franoisco: For Philippine Islands— 50-centavo 1,200,000 20-centavo 3,305,000 10-centavo 6,610,000 5-centavo 2,000,000 1-centavo :.. 7,600,000

Total pieces 29,195 11,115,000 63,445,000 28,525,000

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DIRECTOR OF THE MINT. 823

DEPOSITS OF FOEEIGN GOLD BULLION AND COIN. Foreign gold bullion containing 1,672,256 fine ounces, of the value of $34,568,599, and foreign gold coiii containing 738 fine ounces, of the value of $15,268, was deposited and received from the following countries during the fiscal year ending June 30, 1919:

Crude bullion. 'Refined bullion. Coin.

Country. Fine Coining Fine Coining Fine Coimng ounces. value. • ounces. value. ounces. value.

British Columbia 453 $9,366 Northw.est Territory 175 3,607 Canada . . 228,861 4,730,977 637,152 $13,171,104 63 $1,297 Nova Scotia 334 • 6,908 Mexico 16,032 331,415 134 2,763 Panama .. 823 17;008 2 41 Central America 79,700 1,647,535 ' 25 631 South America . 96,796 2,000,951 63 1,305 W est Indies . 734 15,182 British Guiana 15,836 413,438 Dutch Guiana 4,887 327,351 Great Britain . . 20,000 101,026 569,837 ii,779,569 78 • 1,624 France . • 5 114 Germany • 115 2,370 Spain 16 331 Russia 79 i,639 Japan ". 343 7,086 China 209 4,327 , Africa 5 110 Mixed coin 237 4 892

Total foreign gold..... 465,058 9,613,599 1,207,198 24,955,000 738 15,268

DEPOSITS OF FOREIGN SILVER BULLION AND COIN.

rr - ^ o , •. Foreign silver bullion containing 1,670,071 fine ounces, of the value of $2,308,72Q, and foreign silver coin containing 4,881,018 fine ounces, of the value of $6,636,971, was deposited and received from the following countries during the fiscal year ending June 30, 1919:

Crude bullion. Refined bullion. Coin.

Coimtry. Subsidiary Subsidiary Subsidiary Fine silver Fine, silver Fine silver ounces. coining ounces. coining ounces. coining value. value. value.

British Columbia 88 $122 Northwest Territory 35 48 Canada 70,903 98,017 Nova Scotia 16 23 Mexico 1,243,592 1,719,152 33,063 $45,706 3,816,354 $5,275,761 Panama . . . . . * 411 568 129,970 179,673 - 130,668 180,630 51,141 70,698 South America ;. 177,121 244,854 12,31.5 17,024 485,969 671,807 West Indies 41 57 572 791 Great Britain 61 85 British Guiana i 1,362 1,882 Dutch Guiana 371 519 Russia 24 33 Germany 11,048 15,273 Spain 476 659 Mixed coin 305,488 422,309 Total foreign silver 1,624,693 2,245,990 45,378 62,730 4,801,018 6,636,971,

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824 REPORT ON THE FINANCES.

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 oflice at New York for the fiscal year 1919 was as follows:

EXCHANGED FOR GOLD.COIN.

Philadel San Fran Months. phia. cisco. Denver. New York. Total.

1918. July $91,072.37 $12,623.28 $3,277,504.59 $3,381,200.24 August. 85,642.23 .25,793.29 3,561,991.54 3,673,427.06 September.. 80,575.07 10,119.33 3,184,886.63 3,275,581.03 October 60,513.26 .26,443.94 3,343,954.91 3,430,912.-11 November.. 75,609.57 6,042.17 3,067,073.35 3,148,725.09 December. •. 65,691.23 . 5,206.57 2,594,399.60 2,665,297.40

1919. January.. 75,657.32 .10,222.47 3,960,661.92 4,046,541.71 February. 80,577.53 25,914.50 3,744,780.08 3,851,272.11 March 100,681.78 .15,428.67 4,353,164.33 4,469,274.78 Ajprll 105,726.72 32,853.41 4,859,454.04 4,998,034.17 May 126,085.94 32,179.20 4,636,782.33 4,795,047.47 June 85,721.25 14,083,499.16 6,873,299.83 21,042,520.24

Total. 1,033,554.27 14,286,325.99 47,457,953.15 62,777,833.41

EXCHANGED FOR GOLD BULLION.

Philadel San Fran Month. phia. cisco. Denver. New York. Total.

o 1918. July $36,947.95 $633.96 $1,896.88 $2,357,761.35 $2,397,240.14 August 36,478.05 1,396.44 4,658.64 1,800,356.70 1,842,889.85 September 54,452.37 4,880.78 2,875.45 1,578,222.33 1,640,430. oa October..... 92,205.68 12,792.16 14,404.09 '2,152,470.11 2,271,872.04 Novembier... 63,566.96 13,731.46 8,933.83 1,776,261.53 1,862,493.78. December 39,699.03 2,897.87 2,314.55 1,801,082.56 1,845,994.01 1919. January 50,439.26 .2,928.85 5,662.67 2,315,611.92 2,374,642.70 February 51,230.23 3,216.86 3,184:18 1,889,799.69 1,947,430.96 March 53,386.34 1,900.95 4,772.72 1,791,743.32 1,851,803.3a April...'. 57,121.72 3,663.97 4,914.91 1,897,233.07 1,962,933.67 May.' 53,186.08 3,428.97 6,.050. 72 1,730,148.28 1,792,814.05 June 44,273.70 1,094.76 3,206.47 1,142.113.81 1,190,688.74 Total 632,987.37 52,567.03 62,875.11 22,232,804.67 22,981,234.18-

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DIRECTOR OF THE MINT. 825

BALANCES, RECEIPTS, AND DISBTURSEMENTS OF GOLD BULLION. Balances of gold bullion on hand June 30, 1918, and receipts, dis bursements, and balances June 30, .1919, at the mints and assay offices, are shown in the following table:

Receipts ' Disbursements during fiscal during fiscal Balance on Institution. Balance on June 30, 1918. year 1919 Total. year 1919 hand (details below). (details below). June 30,1919.

Philadelphia $284,544,916.30 $11,953,004.87 $296,497,921.17 $3,976,699.86 $292,521,221.31 San Francisco 351,665,500:02 48,757,658.21 400,423,158.23 14,351,024.04 386,072,134.19 Denver 151,552,207.23 18,501,679.42 170,053,886.65 78,520.64 169,975,366.01 New York 950,441, OOL 10 73,170,891.67 1,023,611,892.77 69,775,232.99 953,836,659.78 New Orleans 70,030.84 848,802.45 918,833.29 705,26L36 213,571.93 Carson City 33,745.67 ' 336,159.65 369,905.32 360,035.38 9,869.94 Helena 87,317.52 749,354.58 836,672.10- 769,898.50 66,773.60 Boise 1 35,818.68 403,696.13 439,614.81 417,730.43 21,784.38 Deadwood 7,253.24 383,011.77 390,265.01 389,916.52 348.49 Seattle 119,786.72 4,275,526.30 4,395,313.02 4,196,326.79 198,986.23 SaltLakeCity. 1,574.83 11,088.74 12,663.57 10,190.40 2,473.17 Total 1,738,559,152.15 159,390,873.79 1,897,950,025.94 95,030,836.91 1,802,919,189.03

DETAILED RECEIPTS OF GOLD BULLION. J Surplus Uncurrent bullion Transfers United States recovered . Institution. from mints Deposits. coin received (including and assay Total. for recoinage. shipment offices. gains).

Philadelnhia $2,516,552.44 $9,423,336.91 $13,115.52 $11,953,004.87 San Francisco 48,380,785.47 4,782.20 10,379.14 $36i, 7ii. 40 48,757,658.21 Denver 10,851,373.47 1,893,149.06 692.91 5,756,463.98 18,501,679.42 New York 70,071,181.67 208,638.77 31,528.00 2,859,543.23 73,170,891.67 New Orleans 848,340.38 462.07 848,802.45 Carson City 335,565.35 490.94 103.36 336 159 65 Helena . ... 749,010.63 137.23 206.72 .749,354.58 Boise 403,330.18 365.95 403 696 13 Deadwood 382,991.54 20.23 383,011.77 Seattle. 4,274,689.82 629. 76 206.72 4,275,526.30 Salt Lake City 11,046.71 42.03 11,088.74

Total 138,824,867.66 11,529,906.94 57,863.78 8,978,235.41 .159,390,873.79

DETAILED DISBURSEMENTS OF GOLD BULLION.

Sold in Bars Manufac Wastage Transfers to sweeps, tured into and Bars paid mints, and issued in Institution. manu coinage ship Total. depositors. assay exchange factures, for coin. blanks ment offices. etc. (Peruvian). losses.

Philadelphia $633,675.68 $2,158,991.40 $8,403.41 $1,03.3,554.27 $142,075.10 $3,976,699.86 San Francisco . . 52,567.03 12,131.02 14,286,325.99 14 351,024.04 Denver ' 63,389.26 11,091.09 $4,040.29 78,520.64 New York . . 22,274,921.79 42,358.05 47,457,953.15 69,775,232.99 New Orleans 705,186.18 75.18 705,261.36 Carson City . 359,644.22 391.16 360,035.38 Helena 769,876.97 21.53 769,898.50 Boise 417,728.39 2.04 417,730.43 Deadwood 389,915.86 .66 389,916.52 Seattle • 4,196,272.64 ' 54.15 4,196,326.79 Salt Lake City 10,190.40 10,190.40 Total .... 23,024,553.76 9,007,806.06 73,983.57 62,777,833.41 142,075.10 4,585.01 95,030,836.91

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826 REPORT ON THE FINAlsTCES.

PURCHASE OF MINOR COINAGE METAL FOR USE IN DOMESTIC COINAGE.

During the fiscal year 1919 there were purchased 39,325,145.45 troy ounces of minor coinage metals at a cost of $556,137.65, as follows:

Philadelphia. San Francisco. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper, Ingot 27,709,412.49 $396,604.37 5,639,272.89 $66,506.50 Conner boron 306,249.99 11,674.58 Nickel 145,833.33 3,843.00 63.98 1.13 Tin 179,141.65 9,072.48 Zinc. 1,503,906.25 9,464.63 177,799.99 954.60 Mutilated bronze coins 164.06 1.57 Mutilated nlckeL coins 173.40 1.78 Total 29,665,739.52 421,589.93 • 5,996,278.51 76,534.71

Denver.- Total. Metal. Troy ounces. Cost. Troy ounces. Cost.

Copper, ingot 3,224,263.88 $46,214.65 36,572,949.26 $509,325.52 Copper, boron 306,249.99 11,674.58 Nickel 291,666.67 8,280.00 437,563. 98 12,124.13 Tin 58,573.96 3,062.58 237,715.61 12,135.06 Zinc 88,622.91 455.78 1,770,329.15 10,875.01 Mutilated bronze coins 164.06 1.57 Mutilated nickel coins . 173.40 1.78 Total 3,663,127.42 58,013.01 39,325,145.45 556,137.65

PURCHASE OF MINOR COINAGE BLANKS PREPARED FOR COINAGE. There were purchased during the fiscal 3^ear 1919, for delivery to the mint at Philadelphia, the following nickel and bronze blanks prepared for stamping:

Items. Troy ounces. Cost.

Nickel 5-cent blanks.: 1,684,914.59 $69,987.60 Bronze 1-cent blanks 2,539,410.42 75,060.67 Total - . . 4,224,325.01 145,048.27

SALE OF MINOR COINAGE METALS. There were sold during the fiscal year 1919 by the mint at San Francisco to the Government of the Philippine Islands the following minor coinage metals:

Items. Troy ounces. Cost.

Nickel metal ' . . . 324,372.92 $5,054.01 Bronze metal 1,166,666.66 18,819.20 Total : 1,491,039.58 23,873.21

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DIIiECTOR QF THE MINT. 827

DISTRIBUTION OF MINOR COINS. The value of minor, coins distributed from the mints during the fiscal year 1919 was $7,195,148.31, and the expenses for distribu tion were $69,002.35, as foUows:

Items. Philadelphia. San Fran Denver. Total. cisco.

Distribution: 5-cent nickels $2,020,725.00 $245,315.00 $376,300.00 $2,642,340.00 1-cent bronze . 3,380,544.00 711,037.14 461,227.17 4,552,808.31 Total 5,401,269.00 956,352.14 . . 837,527.17 7,195,148.31 Expenses of distribution: Transportation 30,353.52. •7,047.08 15,602.15 53,002.75 Shlnnmg kegs 382.50 382.50 Com sacks . . . 10,700. 78 2,500.00 2,400.00 15,600.78 Twine 16.32 16.32

Total 41,054.30 9,563.40 18,384.65 69,002.35

MINOR COINS OUTSTANDING. The following statement shows the coinage of minor coins bv denominations since 1793, the amount on hand, issued, melted, and outstanding June 30, 1919:

Amount Denominations. Coined. On hand. Issued.- - Melted. Issued and • outstanding June 30,1919.

Philadelphia: Copper cents $1,562,887.44 $1,562,887.44 $382,028.63 $1,180,858.81 Copper half cents 39,926.11 39,926.11 39,926.11 Copper-nickel cents 2,007,720.00 2,007,720.00 866,343.43 1,201,376.57 Bronze 1-cent pieces 30,564,556.83 $4,840.00 30,559,716.83 647,475.41 29,912,241.42 Bronze 2-cent pieces 912,020.00 912,020.00 341,864.46 570,155. 54 Nickel 3-cent pieces 941,349.48 941,349.48 285,764.83 655,584. 65 Nickel 5-cent pieces 49,247,868.10 465.00 49,247,403.10 4,805,950.70 44,441,452.40 Total 85,276,327. 96 5,305.00 85,271,022.96 7,269,427.46 78,001,595.50 San Francisco: Copper cents . . , ^ 5.05 Bronze 1-cent pieces 1,665, 760. 00 11,972.74 l.fi.'S;^.787.26 12,983.00 1,640,804.26 Bronz3 2-cent pieces 1 11. 52 Nickel 3-cent pieces 1 13. 80 Nickel 5-cent pieces 1,554,750.00 450.66 1,554,300.00 19,287. 60 1,535,012.40 Total 3,220,510.00 12,422.74 3,208,087.26 32,300.97 3,175,816.66 Denver: Bronze 1-cent pieces 2,258,800.00 84.00 2,258,716:00 1,917.68 2,256,798.32 Bronze 2-cent pieces • 1 12.32 Nickel 5-cent pieces 3,148,815.00 23. 25 3,148,791. 75 43,800.00 3,104,99L75 Total 5,407,615.00 107.25 5,407,507.75 45,730.00 5,361,790.07

Grand total..: 93,904,452.96 17,834. 99 93,886,617.97 7,347,458.43 86,539,202.23

1 Deduct $42.69 value of old coins melted at San Francisco and Denver Mints, for the net amount Issued and outstanding, $86,539,159.54. The uncurrent minor coins melted at each mint are not necessarily those of former coinage of the same mint.

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828 REPORT ON THE EINAISTCES.

OPERATIONS OF THE ASSAY DEPARTMENTS. The principal work of the assay departments of the coinage mints and the assay pffice at New York during,the fiscal year 1919-is summarized below:

Philadelphia. San Francisco. Items. Samples. Assays. Reports. Samples. Assays. Reports.

Number. Number. Number. Number. Number. Number. Deposits, including purchases 13,200 46,861 6,316 19,981 64,013 9 088 Redeposits ..- . 945 4,060 208 Refinery 7,865 14,037 9,295 Assayers' bars 46 135 20 Coining department Coiners'bars 11 53 11 12 97 6 Melters' samples (grains) 52 244 52 Ingot melts (silver) 4,374 4,547 • 2,175 6,801 7,874 3,734 Mass melts 404 1,440 101 145 548 80 Sweeps... 14 69 14 92 374 101 Coin bars (gold). .. . 84 . 220 84 Bureau of tlie Mint 78 396 78 220 520 206 Special assays 83 457 83 Bullion sample assays 225 877 206 Platinum ' Miscellaneous 2,049 2,947 1,236 Total 18,300 54,287 8,914 38,381 95,482 24,180

Denver. New York. Items. Samples. Assays. Reports. Samples. Assays. Reports.

Number. Number. Number. Number. Number. Number. Deposits, mcluding purchases 6,530 16,653 3,215 37,941 108,690 15,270 Redeposits 1,394 3,380 572 1,324 3,368 575 Refinery 4,810 10,826 1,907 5,695 13,207 2,277 Assayers' bars .• Coining department 776 852 776 Coiners' bars Melters' samples (grains) Ingot melts.. '. 2,712 6,010 899 Mass melts Sweeps...... '. 194 805 174 116 446 20 Coin bars f sold) Bureau of the Mint 92 .376 92 162 686 429 Special assays 136 408 68 1,082 4,813 540 Bullion sample assays 14 28 14 Platinum 3,898 17,390 3,209 Miscellaneous . 94 168 79

Total 16,658 39,338 7,717 50,312 148,768 22,399

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 sUver is made at the mint at Philadelphia anci furnished to other oflSices when required. The foUowing stateinent shows the amount made and distributed during the fiscal year 1919: ,

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DIRECTOR OF THE MINT. 829

Items. Proof gold. Proof silver.

Fine ounces. Fine ounces. On hand July 1,1918. 319.00 545.00 Made during the fiscal year 1919. 366.00 740.00 Total. 685.00 1,285.00 Disposed of: Assay office at New York 50.00 100.00 Mint at San Francisco 100.00 50.00 Mint at Denver:. 100.00 100.00 Assay ofiice at Seattle. 10.00 Assay office at Helena 10.00 Mint at Carson 5.00 Used at Philadelphia ; — 130.00 500.00 Sold 12.29 Balance on hand June 30,1919.. 280.00 522.71 Total. 685.00 1,285.00

OPERATIONS OF THE MELTING AND REFINING AND OF THE COINING DEPARTMENTS, FISCAL YEAR 1919. 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, 1919, was 11.1 million fine ounces of gold and 47 million fine ounces of silver. There were also operated upon at the coinage mints 164 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; sUver, 0.0015. Coiner—gold, 0.0005; sUver, 0.001.

GOLD BULLION.

Legal ^^ast- allow Institution and Amount Amount Amount ance of Actual Actual ^ffoEo" department. received. returned. operated wastage surplus. "wastage. ounces" upon. on oper amount ated received. upon.

Fine Fine Fine Fine Philadelphia mint: Fine ounces. Fine ounces. Fine ounces. ounces. ounces. ounces. ounces,. Meltmg and refimng.. 819,991.522 820,283.012 569,038.658 819.99 291.490 Coining. 368,592.533 • 368,610.458 184.29 17.925 San Francisco mint: Melting and refining.. 5,742,085.449 5,742.463.141 5,324,172.360 5,742.08 377.692 Coining ... 472,828.318 472;851.247 236.41 22.929 Denver mint: . Meltihg and refining.. 2,122,618.818 2,122,332.865 1,650,939.435 2,122.61 285.953 0.173 Coining New York assay office: Melting and refinjing.. 5,068,468.731 5,068,506.120 3,582,703.104 5,068.46 37.389 Total: Melting and re fining 13,753,164.520 13,753,585.138 11,126,853.557 13,753.14 706.571 285.953 0 173 Coining 841,420.851 841,46L705 420.70 40.854 Grand total 14,594,585.371 14,595,046.843 11,126,853.557 14,173.85 747.425 285.953

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830 REPORT ON THE FINANCES.

SILVER BULLION.

Legal Wast allow age per ,. Amount ance of 1,000 • Institution and Amount Amount operated' wastage Actual Actual ounces department. received. returned. upon. on surplus. oper amount ated received. upon.

Fine Fine Fine Fine Philadelphia mint: Fine ounces. Fine ounces. Fine ounces. ounces. ounces. ounces. ounces. Melting and refining 9,460,018.35 9,492,588.58 8,663,804.44 14,190.03 32,570.23 Coining 7,631,390.76 7,630,884.60 7,555,247.38 7,631.39 506.16 0.067 Sari Francisco mint: Melting and refining 17,472,514.64 17,480,617.33 11,634,738.93 26,208.77 8,102.69 Coining 9,534^ 229.74 9,532,638.22 8,845,707.21 9,534.22 1,592. 52 0.180 Denver mint: Melting and refining 4,996,820.95 4,997,491 4,493,819. 7,495. 23 670.91 Coining 3,824,079:57 3,823,654.53 2,895,227.72 3,824.07 "425.04 6.'i47 New York assay office: Melting and refining 4,129,326. 21 4,132,343.95 2,936,432. 22 6,193.99 3,017.74 Total: Melting and re fining 36,058,680.15 36,103.041.72 27,728,795.59 54,088.02 44,361.57 Coinmg 20,989,700.07 20,987; 177.35 19,296,182.31 20,989.68 2,523:72 0.131 Grand total 57,048,880. 22 57,090,219.07 47,024,977.90 75,077.70 44,361.57 2,523.72

NICKEL COINAGE METAL.

Troy Troy Troy Troy Philadelphia mint: Trov ounces. Trov ounces. Trov ounces. ounces. ounces. ounces. ounces. Melting and refining.. 20,il6,237.50 20,042,059.49 17,963,546.80 74,178.01 ' 4.129 Coining 19,426,951.99 19,409,493.17 16,375,334.12 17,458: 82 1 066 San Francisco mint: Melting and refining.. 2,459,664.88 ..2,455,889.53 2,242,935.98 3,775.35 1 683 Coining 1,103,992.40 1,102,370.60 1,.101,992.50 1,621.80 1.471 Denver mint: Melting and refining.. 2.135,408.23 2,132,793.63 , 640,167.40 2,614.60 4.085 Coining 847,854.20 847,178.30 686,146.50 675.90 0.985 Total:. Melting and re fining 24,711,310.61 24,630,742. 65 20,846,650.18 80,567.96 3.865 Coining i 21,378,798.59 21,359,042.07 18,163,473.12 19,756.52 1 087 • Grand total 46,090,109.20 45,989,784.7^ 39,010,123.30 100,324.48

BRONZE COINAGE METAL.

Philadelphia mint: Melting and refining.. 50;398,488. 54 50,250,187.51 47,231,436.54 148,301.03 3,139 Coining ' 49> 387,204.42 49,328,817.86 47,916,738.91 58,386.56 ,1.218 Sari Francisco mint: Melting and refining.. 11,404,648.09 11,378', 393.70 8,144,701.66 26,254.39 3.223 Coining lO;315,587.30 10,308,628.89 10,066,783.20 6,958.41 0.691 Denver mint: Melting and refining.. 5,915,279. 60 5,901,386.03 5,673,668.00 13,893.57 2.410 Coinin*^' 6,061,764.90 6,059,401.60 5,925,361.00 2,363.30 0 398 Total: • Melting and re fining i.'. 67,718,416.23 67,529,967. 24 61,049,806:20 188,448.99 3.086 Coining 65,764,556.62 65,696,848.35 63,908,883.11 67,708.27 1.059

Grand total 133,482,972.85 133,226,815.59 124 958 689 31 256,157.26

REFINING OPERATIONS. The total output of our refineries, of gold and silver upward of nine hundred and ninety-nine .thousandths fine, was IJ.,512,043.270 fine ounces; the net product was 10,175,964-549 fine ounces; details follow: • .

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DIRECTOB OF THE MINT. 831

New York. San Francisco. Items. Gold. Silver. Gold. Silver. •

Bullion placed In processes: Fine ounces. Fine ounces. Fine ounces. Fine ounces. Crude, with charges 1,183,026.222 2,165,759.12 458,816.244 2,160,173.04 Crude without charges 9,529.930 13,816.11 0.999 and over (fire process only) 817,527.956 0 900 standard 9,198.439 0.992 to 0.999... 671,534.327 12,65L72 5.002.476 11,544. 94 0 992 and over to aid processes. 809; 220.065 12,857.11 Re-treated— Unrefined 891,584.854 749,604.77 75,987.025 151,293.11 Refined to aid processes 9,83L306 8,416.61 Apparent gain 23.722 3,057.57 342.393 1,906.81

Total . . . 3,582,726.826 2,939,489.79 1,358,898.133 2,351,591.12 Bullion obtained from processes: Unfinished 962,546.939 480,254:13 46,191.927 72,144. 75 Output 0.999+fiiie— Used to aid processes •. . . 9,831.306 8,416.61 809,220.065 12,857.11 Net product 2,610,348.581 2,450,819.05 503,486.141 2,266,589.26 ' Apparent I oss •.

Total . - . 3,582,726.826 2,939,489.79 1,358,898.133 2,351,591.12

Denver. Total. Items. Gold. Silver. Gold. Silver.

Bullion placed in processes: Fine ounces. Fine ounces. Fine ounces. Fine ounces. Crude with charges 1,454,462.508 1,028,259.34 3,096,304.974 5,354,191.56 Crude without charges 2,945.293 7,412.95 12,475.223 21 229.00 0.999 and over (fire process only) 817,527.956 0.900 standard 9,198.439 0.992 to 0.999 14,763.248 403.50 , 691,300.051 24,600.16 0.992 and over, to aid processes... . 809,220.065 12,857.11 Re-treated— Unrefined 82,432.646 108,262.80 1,050,004.525 1,009,160.68 Refined, to aid processes 495,753.63 9,83L306 504,170; 24 Apparent gain 366.115 .4,964.38

Total . . . 1,554,603.695 1,640,092.22 6,496,228.654 6,931,173.13 Bullion obtained from processes: Unfinished 193,164.284 160,207.30 1,201,903.150 712,606.18 Output 0.999-1-fine- Used to aid processes 495,753.63 819,051.371 517 027.35 Net product 1,361,103.347 983,618.17 4,474,938.069. 5,70l',026:48 Apparent loss.. ... 336.064 513.12 1 336.064 1 513 12 Total 1,554,603.695 1,640,092.22 6,496,228.654 6,931,173.13

1 Net gain, gold, 30.051 ounces; silver, 4451.26 ounces. BY-PRODUCTS OF GOVERNMENT REFINERIES. . Metals as follows were obtained as by-products from our refineries during the fiscal year 1919:

Refined. Crude. Institution. Platinum. Palladium. Iridium. Copper. Lead. Platinum. Palladium.

Ounces.- Ounces. Ounces. Pounds. Pounds. Ounces. Ounces. San Francisco. 6,449 233.49 Denver 228 2,874 13.74 1.87 New York 3,634.80 885.05 75.00 2,228.90

TotaL..:... 3,634.80 885.05 75.00 6,677 2,874 2,476.13 L87

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832 REPORT ON THE EINANCES.

INGOT MELTS MADE. The following statement shows the number of melts made for ingots, and the weight of metal involved, during the fiscal year 1919:

GOLD.

Number of melts. Fine ounces.

Mints. Passed first Remeited. Con Melted. Passed. melting. demned.

Denver . 15 93,218.634 91,230.048

SILVER.

Philadelphia 2,140 19 16 7,945,402.51 7,822, in. 19 Denver 882 1 1 3,638,661.45 3,298,789.17 SanjFrancisco 3,390 14 15 9,285,054.67 9,171,811.76 Total 6,412 34 32 20,869,118.63 20,292,712.12

NICKEL.

Number of melts. Gross troy ounces.

Mints. Passed first Remeited. Con Melted. Passed. melting. demned.

Philadelphia 4,315 17,963,546.80 17,550,173.00 Denver. 187 640,167.40 634,232.80 SanJFrancisco 346 1,128,725.15 1,101,992.50. Total : 4,848 19,732,439.35 19,286,398.30

BRONZE.

Philadelphia 12,165 47,231,436.54 46,530,232.00 Denver - . - .... 1,610 5,673,668.00 5,653,118.20 SanJFrancisco - - - 3,264 10,387,637.64 . 10,285,205.70 Total 17,039 63,292,742.18 62,468,555.90

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DIRECTOE OF THE MINT. 833

FINENESS OF MELTS FOR GOLD AND SILYER INGOTS.

The:'Statem;ent following shojvs the: numbei* ofrgold •^an.dvsilver ingot melts made;, also their r^eported finenesses, iduring;the;fiscal year 1919. •. >. ^•"•^-. :' • ' •• ..•••• ••.^..•.:, ,:••.:•:•. • ::

Gold ingots. . Silver ingots.

For United States cpin. ^ , For United States coin.. For Philippine coin.

Ingot Philadel San Fran Ingot San Fran Ingot fineness. Denver. fijieness. phia. cisco. Denver. fineness. cisco.

899.7. 3 898.0 22 748.2.'.;.'..... 1 899 8 5 898.25...'.. 30 - 748.5.. 51 899.9.. 4 898.5 469 748..7.....-....., . 63 900.0 3 898.6 331 .55. 748. ,9...... , .;' 217 898. .7 .- .35 .7.49.2...... '245 898.75 285 749.4...... • '55 898.8. . . ^ '293 ... 76. -749.6.. .. - .• •• :24 898.9 .. 158. .7.49.8 • .8 899.0. 809 • 200 750.0. :9 899 1 ; '761 : > 158 750.5 /•.'• •' 1 899.2. . ."' 110 899.25...... 255 ;"'?547* '.'"55'. 18 899.5...... 1212 , 609 4 899.6 i • ':• 4 899.7... 2 899.75 30 899.8 lis 1 900.0..:.:. ..-.28 • ,- 1 900.1 .:. • 48 1 900.2 "• 15" 1 900.4.. 8 900.5 ' 1 900.6 ' 2 1 900.7 2 900.9 1 15 2,140 ' 2,730 883 674

COMMERCIAL AND CERTIFICATE BARS MANUFACTURED.

During the fiscal year 1919 the coinage mints and the assay office at New York manufactured 112,386 gold and 9,354 silver bars, valued at $232,948,303.85, as shown by the following table:

Gold. Silver. Institutions. Number. Fine ounces. Value. Number. Fine ounces. Value.

Philadelphia 4,579 569,038.658 $11,763,073.03 708 718,401.93 $993,125.18 .San Francisco 8,277 5,251,746.134 108,563,227.34 763 660,118.77 660,118.77 Denver 2,749 1,361,391.852 28,142,467.25 31 18,723.99 . 18,723.99 NewYork 96,781 3,851,819.119 79,624,167.82 7/852 3,229,116.95 3.183,400.47 Total 112,386 11,033,995.763 228,092,935.44. 9,354. .4,.626.,3.6LJ64. 4,855.368.41

140325—FI 1919 53

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834 REPORT ON THE FINANCES.

MELTS FOR FINE GOLD AND FINE SILVER. The statement following shows t,he number of melts for fine gold and fine silver at the mints and assay office at New York, with their reported finenesses, during the fiscal year 1919.

Gold melts. Silver melts.

Fmeness. San San Philadel Fran Denver. New Philadel Fran Denver. New phia. cisco. York. phia. cisco. York.

• 899 6 1 899.9 1 998 0... 3 998.5.. 7 999.0 ; 2 2 24 57 999.1 1 9 999.2 4 2 11 999 25.. 8 9 999.3 7 9 8 999.4 14 38 9 999.5 5 45 103 11 338 182 469 999.6 ^.... 4 .60 42 55 999.7 32 13 ^ 128 999.75 93 94 999.8... 16 1 104 999.9 3 Total 9 181 208 342 24 506 276 478

INGOTS OPERATED UPON BY COINING DEPARTMENTS AND PERCENTAGE OF COIN PRODUCED. FOR DOMESTIC COINAGE.

Gold.. Silver. Nickel. Bronze.

Per Per Per Per centage centage centage centage good good good good , Mints. coin com coin com Ingots pro Ingots pro Ingots • . pro Ingots pro operated duced operated duced operated duced operated duced upon. . to upon. to upon. to upon. to ingots Ingots ingots ingots oper oper oper oper ated ated ated ated upon. . upon.. upon. upon.

Ounces. Per ct. Ounces. Perct Ounces. Per ct. Ounces. Per ct. Philadelnhia.... 7,537,289.22 56.01 3,685,14L16 60.61 38,659,782.78 58.61 San Francisco 7,183,587.93 63.05 674,070.00 63.46 7,851,833.50 63.09 Denver 2,895,227.72 65.13 686,146.50 7L23 5,925,36L00 70.41

FOR FOREIGN COINAGE.

Philadelphia.- 11,322,045.34 54.39 7,651,306.16 49.95 San Francisco. 1,662,119.28 55.73 527,922.50 60.97 2,214,949.70 57.28

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DIKECTOR: OF' THE' MINT. 835

PERCENTAGE OF GOOD COIN PRODUCED TO PIECES STRUCK.

Halves. Quarters. Dimes.

Per Per Per- . centage centage centage Mints. good good good Blanks coin pro Blanks, coin pro Blanks coin pro struck. duced to struck. duced to struck. duced to blanks, blanks, blanks, struck. struck. struck.

Number. Per cent. Number. Per cent. Number. Per cent. Philadelphia.. 4,253,978 99.15 8,718,520 99.55 12,822,800 97.26. San Francisco 7,752,987 9L62 7,504,722 97.53 8,832,768 99.17 Denver 3,238,804 89.00 2,863,616 97.81 4,684,198 99.16

5-cent nickels. 1-cent bronze.

Per Per centage centage Mints. good good Blanks coin pro Blanks coin pro struck. duced to struck. duced to blanks blanks struck. struck.

Number. Per cent. Number. Per cent. Philadelphia- 24,244,400 98.32 253,600,191 99.30 San Francisco. 2,312,605 50,289,111 98.41 Denver 3,126,350 m.ii 44,269,651 97.96 97.12

SWEEP CELLAR OPERATIONS.

Material. Metal content.

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

Ounces. Ounces. Ounces. Ounces. Philadelphia.... Meltmg and refining 192 192 107,371 63.308 20,386.99 69.746 10,372.69 department ingot . melting room. San Francisco... do 1,392 103,022 83.140 3,489.23 52:635 4,635.76 Do Melting and refining 633 48,862 1,227.691 3,941.39 283.375 3,098.62 department, refinery. Denver 1,510 111,347 1,228.419 1,730.66 NewYork .....do 2,426 179,764 2,735.254 2,737.22 2,163.084 5,389.60 Total 6,153 192 550,366 4,109.393 30,554.83 3,797.259 25,227.33 Philadelphia.... Coining department 13 4,634 4.729 598 74 Denver do '. 5 395 124 84 Total 5 13 5,029 4.729 723.58 Philadelphia.... Deposit receiving room. 59 9,029. . 91.313 259 70 San Francisco... do 16 '.'.'.'.'.'. 1,182 70.621 162.78 12.629 73.8© Denver do New York do 665 44,413 366.029 97L57 . 402.933 2,928.34 Total 740 54,624 436.650 1,134.35 506.875 3,26L84

• Cumo nickel. Bronze. Philadelphia..'.. Minor coinage metal 40,804.17 52,660.42 sweeps.

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836 REPORT ON THE FINANCES.

BULLION GAINS AND LOSSES. The net gains from operations on bullion during the fiscal year|1919 amounted to $88,387.59, as follows:

Mint at— Assay Minor Item. ofiice assay Total. Phila San at New offices: delphia. Francisco. Denver. York.

Recovered from refining and coining operations $38,471.35 $16,346.76 $650.02 $3,556.61 $59,024.74 Recovered incident to receipt of de- •' posits 8,656.02 3,165.05 254.48 25,429.29 $3,306.61 40,811.45 Net gain on shipments to Government refineries . . 2,460.82 78.49 2,539.31 Gain on light-weight and mutilated coin purchased for coinage 452.29 25.70 457.17 '21.08 956.24 Receints from sale of bv-nroducts 1,141.47 291.15 1,565.62 2,998.24 Total gains 50,040.48 20,678.98 1,652.82 30,572.60 3,385.10 106,329.98 Wasted In refining and coining opera tions 498.47 1,585.15 6,322.98 8,406.60 Loss on assay value of operative'sweeps sold .4,925.39 1,591.41 673.85 2,345.14 9,535.79 Total losses . 5,423.86 3,176.56 6,996.83 . 2,345.14 17 942 39 Net gain 44,616.62 17,502.42 28,227.46 3,385.10 88,387 59 Net loss 5,344.01

WASTAGE AND LOSS ON SALE OF SWEEPS. The value of metals wasted in the operative departments during the fiscal year ended June 30, 1919, was $13,764.76. A loss of $9,535.79 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 below:

Mint at— Assay Items. office at Total. Philadel San* New York. phia. Francisco. Denver.

Gold wastage: Melting and refining department $5,911.17 $5,911.17 Coining department. Silver wavStage: Melting and refimng department Coinmg department $498.47 $1,585.15 411.81 2,495.43 Nickel wastage: Melting and reQning department 2,023.01 27.96 45.27 2,096.24 Coining department '. 476.14 13.68 11.70 501.52 Bronze wastage: Melting and refining department 1,605.41 236.67 189.08 2,031.16 Coining department 632.06 65.02 32.16 729.24 Loss on sale of sweeps 4,925.39 1,591.41 673.85 $2,345.14 9,535.79 Total wastage and loss 10,160.48 3,519.89 7,275.04 2,345.14 23,300.55 Reimbursements: Nickel and bronze wastage from minor edina ge profits 4,736.62 343.33 278.21 5,358.16 Other wastage and loss on sweeps from contingent appropi*iation 5,423.86 3,176.56 6,996.83 2,345.14 17 942.3'9 Total reimbursements 10,160.48 3,619.89 7,275.04 2,345.14 23 300.65

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DIRECTOE OP THE MINT. 831;;

ENGRAVING DEPARTMENT. The engraving department at the Philadelphia mint has been unusually busy during the past year. This departmient supplied the three coinage mints all of the dies used for doinestic coinage, supplied master dies and hubs for foreign coin, embossed envelopes dies for the Post Office Department, Treasury seals, and medal dies. A total of 31,518 medals of national character were manufactured. Included in that number were 7,800 distinguished-service crosses and 2,000 distinguished-service medals for. the War Pepartment. Because of the special shape and design of the distinguished-service crosses it was necessary to saw-pierce, enamel, color and finish each one by hand. Dies for the war crosses and medals were engraved at this mint under the supervision of the War Department. There were also manufactured for the War and Navy Departments 10,000 Mexican service medals and over 3,000 gold and silver marks manship medals, besides several thousand Cuban occupation, Cuban pacification, Spanish War, Philippine War, Porto Rican occupation, and the West Indian campaign medals. For the first time the engraving department was called upon to engrave dies for the insignia and collar ornaments for officers and enlisted men. Samples of these dies were made and used by the War Department in procuring bids for the millions of insignia required for the various branches of the service. The engraving department manufactured 5,807 dies during the year, which number includes all dies used at the other mints, as well as dies for foreign coinage and medals of a national character.

DIES MANUFACTURED.

Issued. Total Denomination. Unissued. Philadel San Fran prepared, phia. cisco. Denver.

Silver: Half dollar 30 145 60 95 330 Quarter dollar 20 335 110 55 520 Dime. 55 465 80 110 710 Total 105 945 250 260 1,560 Minor: 5 cents 40 615 100 55 810 1 cent. 40 1,652 220 240 2,062 Total 80 2,167 320 295 2,862 Philippines: 50 centavos ' 10 15 25 20 centavos 10 65 75 10 centavos 10 80 00 6 centavos .; 10 90 100 1 centavo 10 120 130 Peso 5 5 Total 55 370 425 Siam: 1 satang '. 75 75

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838 REPORT ON THE FINANCES.

DIES MANUFACTURED—Continued.

Issued. Total Denomination. Unissued. Philadel San Fran prepared. phia. cisco. Denyer.

Peru: 20 centavos 30 30 10 centavos • 68 68 5 centavos 270 270 2 centavos .. 36 36 Icentavo' - 10 50 60 Total 10 454' 464 Nicaragua: 5 centavos 5 5 1 centavo 18 18 Total 23 23 Colombia (for. consul general of Colombia at New- York): « Condor 12 12 Halt condor 12 12 Quarter condor 12 12 Total -• 36 36 Illinois memorial half dollar 8 8 Trial dies United States coinage: Quarter dollar . 2 2 Dime 2 2 Nickel ...'.... 2 2 1 cent 2 2 Total 8 8 Panama: 5 centavos . 5 5 2^ centavos 10 10 Total . - . . 15 15 Ecuador: 6 centavos 3 3

Grand totalcolnage dies issued 6,211 Unused coinage dies destroyed.. : 268 Master dies and hubs, foreign and domestic 96 United States embossed envelope dies 149 Treasury seals. 11 Medal dies 72 Total .5,807

MEDALS SOLD. Medals manufactured at the Philadelphia Mint were sold during the fiscal year 1919, as below:

Items. Pieces. Value.

Gold medals 181 $6,474.00 Silver medals : • 3,068 1,910.32 Bronze medals. .• • 28,269. .27,468.52 Total :... 31,518 35,852.84

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DIRECTOE OF THE MINT. 839

THE PROGRESS OF THE NUMISMATIC COLLECTION. Accessions to the collection for the past year have consisted of medals pertaining to the World War, military and civilian decora tions, and a comparatively small number of coins. The acquisitions by purchase have been chiefly medals pertaining to the World War, of which nearly 250 have been secured. The col lection now possesses medals commemorating practically every event of the long and varied struggle; and quite important histori cally is the large number of these medals which disclose the reaction in the .country of their .Qrigin to important events of the war, and also public opinion of the policies and activities of enemy statesmen. The military and civilian decorations acquired are speciaUy dis tinguished by a splendid gift from the French Government. This consists of the complete series of the Legion of Honor medals—^The Grand Cross, The Grand Officer, The Commander, The Officer and The Chevalier, of the Medaille Militaire, and a series^ of four Croix de Guerre showing the various citations; in all, 12 beautiful medals. In cordial appreciation of the fine courtesy of the French Govern ment, these medals have been placed on exhibition prominently in one of the large wall cases, where they have become one of the chief attractions of the cabinet.

EMPLOYEES. The total number of persons employed in the institutions of the Mint Service on June 30, 1919, was 992. The number of employees in each of the various departments of the principal institutions is given below:

NUMBER OF EMPLOYEES. BY DEPARTMENTS.

Engrav Melting Institution. General. Assaying. Coining. and Total ing. • refining.

Philadelphia Mint 167 15 11 249 96 538 San Francisco Mint 74 12 46 52 184 Denver Mint ' 38 8' 19 27 92 New York Assay Office. . 76 .18 36 130 Total 355 15 49 314 211 944

VISITORS. Comparatively few visitors wfere admitted to the mints during the year, as the war ban was not lifted uiitil near its close. As before the war, many thousands of persons wiU doubtless in future visit the niints annually to observe their operations.

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mo^ REPOitr- ON THE' FINANCES.

WORK' OF THE MINOR ASSAY OFFICES. The following: table exhibits the principal work of the minor assay oflS.ces during; the fiscal year 1919:

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

Deposits received number. 342 424 353 397 63 1,630 112 Fineness, average, gold.thousandths.. 447 69 360 294 424 796 143 Fineness, average, silver.. ..do... • 426 841 460 506 572 147 701 Weight before melting'. ounces. 92,876 244,215 55,836 124,420 48,.514 266,222 3,850 Weight after melting do... 91,761 240,835 54,155 123,268 48,431 262,981 3,740 Loss in melting , do... 1,115 • 3,380 1,681 1,152 83 3,241 110 Loss in melting per cent. 1.20 1.38 3.00 0.92 0.17 L21 2.85 Melts of bullion made..... num'ber. 340 448 361 384 70" 1,698 112 Melts, mass, of bullion made..'. .do... 19 8 13 10 18 4 Melts of D. M. R. grains..:.... .do... 5 5 4 6 11 4 Melts of assayers' clips do... 1 2 4 6 1 Value of deposits, gold dollars .- 848,616 335,866 403,608 749,316 383,012 4,329,901 11,081 Value of deposits, silver,- at cost .do... 39,156 202,788 24,792 62,447 28,011 38,679 2,622 Bullion shipped gross ounces. 66,908 270,835 54,712 128,153 49,704 254,148 3,011 Value of gold shipped...'.: dollars. 705,067 359,742 417,643 769,860 389,916 4,196,327 10,182 Value, .cost, of silver shipped... .do... 25,178 229,429 24,987 65,323 28,926 37,484 1,982 Quartation silver made ounces. 184 45 56 Quartation silver used 1.. .do... 37 35 40 170 11 Proof gold received do... 5 10 10 Proof gold used do... 3 2 3 15 Proof sliver used do... 12 1 Cupels made number. 2,840 2,150 2,000 3,000 1,500 13,610 1,800 Cupels used .do... 2,750 2,100 2,000 2,782 1,500 12,040 850 Crucibles used .do... 38 61 41 44 12 172 5 Assays of— Deposits do... 2,140 2,007 1,590 2,782 385 11,340 '720 Ore for gold and silver do... •168 64 99 414 267 430 Ore for base metal .do... 54 16 27 123 84 111 Ore for General Land Oflice.do... 10 Ores for other offices do... 10 Mutilated coin....." do...' Special bullion do... Slag do...

ORE ASSAYS. A comparative statement, of ore assays made at the minor assay offices since 1915, shows increased use of our facilities by the mining industry as the result of reducing, our charge for this service to a nominal sum. The reduction in number of ore assays in the past two years is probablv due to the adverse effect on prospecting, and on small producers of increased costs without corresponding increase in returns on gold bullion, the price of which remains constant at $20.67+ per fine ounce.

. Amount Fiscalyear. Ore assays of charg s made. collected.

1915 ...... 1,404 $885.66 1916 . 2,318' 1,678.00 1917 . 2,842 1,931.75 1918. 2,530 1,644.00 1919 1,877

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DIEECTOR OF THE MINT. 841

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, 1919. Number of deposits 64,_186 Avoirdupois tons 527.''8 ^ Troy ounces 15,404,386". 18 Coining value $263,744,577. 27 ORIGIN OF THE FOREGOING. Alaska: Alaska—Continued. Circle 136.19 Tanana $49,382,668. 88 Cook Inlet-.....:.. 2,731, 688.91 Unclassified ' 2,767,506.28 Copper River 5,058, 111.48' -$143,029,974., Eagle 895, 024.85 Canada: Iditarod 11,473, 016.32 British Columbia • 23,379,869.39 KoyuJcuk 1,977, 759.15 Yukon Territory 92,136,942.30 Kuskokwim 120, 654. 55 All other sources .i.. 5,197,790. 72 Nome 63,359, 153.96 Southeastern Total 263,744,577. 27 ., Alaska 4,383, 254. 29

LABORATORY OF THE BUREAU OF THE MINT. Frcto the domestic coinage of the calendar year 1918 the assayer of this bureau tested 1,080 silver coins, all of which were found within the legal requirements as to weight and fineness. The greatest deviation in fineness of silver coins above standard (the limit being 3 abo^'C or below) was 3, while the greatest deviation below was 2.4. The foUowing table summarizes the silver coins:

Number of silver coins.

Fineness. San Fran Philadel Denver. Total. phia. cisco.

897.6 : 1 1 898.2 1 1 898.5 .. . . 1 1 2 898.7 : 2 4 5 11 898.9 . 19 11 7 37 899.1. 39 19 46 104 899.3 • 48 35 24 107 899.6 1 '. 50 36 38 124 899.8 70 50 35 155 900.0 69 53 21 143 900.2 49 46 29 124 900.4 .. -.. 40 42 11 93 900.7 30 32 3 65 900;9 13 33 7 53 901.1 14 13 27 90r.3 ' 5 9 1 15 901.5 5 2 7 901.8 1 4 1 6 902.0 1 1 902.2 3 3 903.0 1 1 Total 452 396 232 1,080

Average 899.899 900.12.3 899.681 899.934

One hundred and thirty-two Phiiippine coins were examined, all of which were within the legal requirements. The work of testing certificate bar assaying throughout the service was. continued, and so far advanced that a conference of assayers oh the subject is being arranged for in 1919.

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842 REPORT ON THE FINANCES.

PROCEEDINGS OF THE ASSAY COMMISSION, 1919. The following-named gentlemen were designated by the President as commissioners to examine and test the weight and fineness of the coins reservQd at the several mints during the calendar year 1918, pursuant to the provisions of section 3547 of the Revised Statutes of the United States: Hon. George P. Darrow, M. C; Mr. Joseph A. Riordan, Harrison, N. J.; Mr. George Burnham, Philadelphia, Pa.; Mr. C. L. McCraeken, Johnstown, Ohio; Mr. Calvin Page, Portsmouth, N. H.; Mr. G. E. Vaughan, Lynchburg, Va.; Maj. Louis Fischer, Washington, D. C; Mr. George P. Merrill, Washington, D. C; Mr. Herbert Adams, New York, N. Y.; Mr. E. T. Newell, New York, N. Y.; Mr. R. L. Ailworth, Eastville, Va.; Capt. Isaac Emerson, Baltimore, Md.; Mr. John W. Heck, Jersey City, N. J.; Hon. M. F. Phelan, M. C.; Hon. WiUiam A. Ashbrook, M. C.; Mr. VaU Pittman, Tonopah, Nev.; Mr. Richard P. Morris, Salt Lake City, Utah; Mr. John L. McNeil, Durango, Colo.; Dr. A. R. Johnston, St. George, S.C; Mr. George C. Mclntyre, Omaha, Nebr.; Mr. William Hasson, Oil City, Pa.; and Mr. George Van Tuyl, NewYork, N. Y. o The Comptroller of the Currency, the judge of the District Court for the Eastern District of Pennsylvania, and the assayer, United States assay office. New York, ex officio members. The commission met at the mint at Philadelphia, Wednesday, the 12th day of February, 1919, and Hon. William A. Ashbrook was elected chairman. The chairman, with the approval of the commission, appointed the following committees: Committee on counting.'—-Hon. George P. Darrow, chairman, and Messrs. Phelan, McCraeken, Morris, Johnston, McNeil. Committee on weigliing.—^Maj. Louis Fischer, chairman, and Messrs. Pittman, Newell, Riordan, Heck, Vaughan, Ailworth. Committee on assaying.—Mr. George R. Comings, chaii^man, and Messrs. Emerson, Burnham, Page, Merrill, Adams, Mclntyre. Committee on resolutions.—Hon. Michael F. Phelan, chairman, and Messrs. Page, Adams, Ailworth, Merrill. Mrs. Virginia H. Carpenter was designated as secretary of the commission. COMMITTEE ON COUNTING. The committee on counting reported 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 them by the superintendent of the mint at Philadelphia, and upon comparison with the transcript kept by the Director of the Mint and the count of coins from packages selected at random from deliveries of each month at each mint, were found to be correct with the foUowing exceptions: Delivery No. 35, April 12, 1918, from the San Francisco Mint, in addition to the 135 10-centavo Philippine coins, contained 1 United States quarter dollar; delivery No. 96, April 17, caUing for 90 quarter dollars, contained but 89 pieces; this amount, however, was balanced by the delivery of the 12th. The transcript of the mint at Denver called for 4,000 dimes for the month of May, 1918, while the delivery packages contained 4,200 pieces. The transcript for June called for 884 dimes, the packages

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DIRECTOR OF THE MINT. 848 containing but 684 pieces, but showing that the June transcript halanced that of May. The verification of the packages being completed, they were delivered to the committees on weighing and on assaying. The table following gives the packages opened and coins counted by the committee on counting:

Philadelphia. San Francisco. Denver. Total. Denomination. Pieces.. Value. Pieces. Value, Pieces. Value.. Pieces. ryalue.

Silver: rialf dollar (Illmois centen nial') 52 $26.00 52 $26.00 Half dollar 1,791 895. 50 2,761 $1,380.50 '1,667 .$833.50 6,219 3,109. 50 Quarter dollar... ' 3,994 998. 50 2,796 699.00 2,511 627.75 9,301 2,32.5.25 Dime. .. 6,160 616.00 3,965 396.50 6,934 693.40 17,059 1,705.90 Total . '. 11,997 2,536.00 9,522 "2,476.00 11,112 2,154.65 32,631 7,166. 05 Philippine coins: 50 centavos 663 'F331. 50 663 F331. 50 20 centavos 1,913 382.60 1,913 382.60 10 centavos 3,130 313.00 3,130 313.00 Total. 5,706 1,027.10 5,706 1,027.10

COMMITTEE ON WEIGHING. The committee on weighing reported that they had weighed the coins shown in the list below and had found the same to be within the tolerance established by law. The coins were selected at random from thosie reserved for the annual assay by the mints at Phila delphia, San Francisco, and Denver. The weighings were made on the Troemner balance reserved for the use of the commission, after an examination had shown it to be in good condition. The United States coins were directly compared with a set of coin weights which were accompanied by the certificate signed by the Director of the Bureau of Standards, and which gave the values of weights in terms of the United States standard. The weights used to test the Philippine coins were a set submitted by the mint. They were checked by comparison with the United States coin weights. The standard Troy weights of the mint were carefully intercompared with one another and found to be in agreement within negligible quantities. RESERVED COINS WEIGHED.

Philadelphia. San Francisco. Denver. Total. Denomination. Pieces. Value. Pieces. Value. Pieces. Value. Pieces. Value.

Silver: " • Half dollar (Illinois centennial)... 4 $2.00 4 $2.00 Half dollar. 62 3L00 32 $16.00 24 $12.00 118 59.00 Quarter dollar 50 12.50 26 6.50 12 3.00 88 22.00 Dime 70 7.00 20 2.00 11 LIO 101 10.10 Total 186 52.50 78 24.50 47 16.10 311 93.10 Philippines: " 50 centavos . -. • .. 6 FL50 6 • F1.50 20 centavos : 10 2.00 10 2.00 10 centavos 14 L40 14 1.40 • Total 30 4.90 30 4.90

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844 REPORT ON THE FINANCES.

COMMITTEE ON ASSAYING. The committee on assaying reported that from the coins reserved from the United States mints at Philadelphia, San Francisco, and Denver, samplesfor assay had been taken representing all denomina tions coined at each mint during each month of the year. The results of assays made of the individual coins and of samples from larger numbers massed and melted are given in the schedules. From these it is seen that— The highest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at Phila delphia, 900.7; San Francisco, 900.4; Denver, 900.4. The lowest assays upon the silver coinage of the different mints (the limit of tolerance being three one-thousandths) are at PhUa delphia, 898.3; San Francisco, 898; Denver, 898.2. The highest and lowest assays upon the PhUippine sUver coinage at San Francisco are 750.5 and 748.8. The committee tested the acid used in the humid assay of sUver and found it to contain only a trace of chlorine. The balances used were also tested and found to be correct. The committee deems the assays exhibited in the following schedule to be entirely correct:

ASSAYS OF SILVER COINS MELTED IN MASS. United States coins: United States coins—Continued. Philadelphia- Denver— • Mass melt— Mass melt— 400 dimes 1 160 dimes-. 170 quarter dollars. [-Fineness, 899.3. 70 quarter dollars. [-Fineness, i 85 half dollars J 50 half dollars.. San Francisco- Philippine coins: Mass melt— Mass melt— 120 dimes ^ ] 25 50-centavos 110 quarter dollars. [-Fineness, 899.3. 60 20-centavos [-Fineness, 749.0. 75 half dollars J 180 lO-centavos.

COMMITTEE ON RESOLUTIONS., . The foUowing report submitted by the committee on resolutions was unanimously adopted:

Whereas the United States Assay Commission of 1919, appointed by the President of the United States, has met at the United States mint in the city of Philadelphia and Commonwealth of Pennsylvania on the 12th, 13th, and 14th of February, A. D. 1919, to test and examine the weight and fineness of the coins reserved at the several mints during the calendar year I9I8, pursuant to section 3547 of the Revised Stat utes; and Whereas the commission is about to close its meeting in completion of the performance of its duties, the committee on resolutions desires to offer the following resolutions: Be it Resolved, That it expresses its unreserved commendation for the unselfish and loyal spirit manifested under extraordinarily exacting conditions and the excellent efli- ciency attained, in spite of unprecedented demands made necessary by the war, by the entire force engaged in the work of our mints, officials and employees alike, under the distinctly capable administration of the director, Hon. Raymond T. Baker; and be it further Resolved, That the commission expresses its profound satisfaction in particular for the excellent condition in which it found those matters connected ^ith the conduct of the mints coming within the scope of its service and for the thorough and pains taking provisions made even to minute details both prior to and during the conduct of its meeting whereby its work has been expedited and facilitated; and be it further Resolved, That the commission expresses its deep gratification for the constant and uniform courtesy extended it bv the affable director, by the thoroughly efficient superintendent of the mint at Philadelphia, Hon. A. M. Joyce, by the gracious and

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DIRECTOR OF THE MINT. 845

competent secretary, Mrs. Virginia H. Carpenter, and by their associates and by the various employees without exception who have contributed so much to make agree able and pleasant the performance of the tasks for which the commission has assembled. The foregoing report, covering the operations of the mints and assay offices of the United States for the fiscal year ended June, 30, 1919, is respectfully submitted. RAYMOND T. BAKER, Director of tlie Mint. iHon. CARTER GLASS, Secretary of tlie Treasury.

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846 REPORT ON THE FINANCES. APPENDIX TO THE REPORT OF // Deposits and purchases of gold during

". San.Erari- ' New York.. Sdiirce aM.-descrlption. Philadelphia. Cisco. Denver.

PURCHASES. Fineounces. Fine ounces. Fine ounces. Fine ounces. 1 Alaska 477.081 , 22,974.538 26.994. • 4,748.514 ? Arizona. 19,237.559 297.979 55.312 3 1,217.286 114,464.693 42.539 4 Colorado J . 23.878 91,000.399 "S 86.350 6 Idaho • - 31.600 154.657 348.203 7 .036 . .113 s Montana .. • 63.204 13,756.442 q Nevada... 29,594.099 27,597.440 10 New Mexico 564.193 12,407.558 5,518.188 11 North Carolina '. 24.636 1? Oregon 3.637 4,358.766 13 South Dakota : 9,473.936 256,117.469 14 Utah . ... 1.003 15 Washington •10.201 51.700 16 "WvomlnEr . iso. 450 17 Philinntne Islands 27,010.183 18 Other. 26.880 19 Deposit melting-room sweeps and trains. 234.621 101.470 11.404' 620.065

?0 Total unrefined 2,112.292 218,598.976 155,144.347 267,059.661 Domestic refined bullion: '>r Less than 0.992 4,810.417 328,829.235 40,833.072 ?9 "Over 0 992 .. 3,558.552 1,495,120.058 1,481.841 1,216,566.077 23 Total domestic purchases 10,481.261 1,713,719.034 485,455.-423 1,524,458.810 0/\ Foteiem coin 39.533 188.021 74.549 412.229 ?') Foreign bullion unrefined 285.692 29,533; 363 31,022.248 366,587.024 ?6 Poreigh bullion refined 1,207,198.109 27 Jeweler's bars, dental scrap, plate, etc.. 87,63.5.918 19,404.861 8,291.929 308,793.848

''S Total deposit purchases 98,442.404 1,762,845.279 524,844.149 3,407,450.020

REDEPOSITS PUIICH.4.SED.

?9 Domestic coin ,... 23,409.967 583,264.880 9.567 . 10,147.127 30 Bars stamped by United States Gov ernment 174.495 144.612 77.581 1,287.847 31 Surplus—mint recoveries 309.415 400.621 904.082 3? Gain on shipments 89.698

33 Total redeposits.purchased 23,983.575 583,810.113 87.148 12,339.056 S4 Total purchases 122,425.979 2,246,655.392 524,931.297 3,419,789.076

REDEPOSITS—TRANSFERS.

35 Domestic coin from Treasury 475,070.436 166.630 91,593.634 36 Unrefined bars 17,397.790 278,368.944 138,301.401 37 Proof bullion 100.000 100.000 50.000

38 Total redeposits transferred 475,070.436 17,664.420 370,062:578 . 138,351.401 39 Grand total 597,496.415 2,364,319.812 894,993.875 3^558,140.477

40 Value of purchases $2,530,769.64 S48,509,672.05 $10,851,292.84 $70,693,314.25 41 Value of transfers 9,820,577.49 365,155.96 7,649,872.43 2,859,977.28

4? Total value 12,351,347.13 48,874,828.01 18,501,165.27 7.3,553,291.53 Number of—i 43 Deposits gold and silver. 5,988 8,573 3,237 14,895 44 Redeposits purchased 99 227 20 45 Redeposit tran'sfers 584 705 3,495 46 . Deposits in trust 677

47 Total gold and silver.. 7,348 8,800 3,942 18,410

1 By number is meant the total number of assay reports on the metal received.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

JDIREOTOR OF THE MINT. 847 THE DIRECTOR OF THE MINT. thefiscal year ended June 30, 1919.

Salt-iLals;^ Orleans. Catedn'}-^ Bblse. Heleiia. Dea^^ood. Seattl^: • City. • Tbtal:

Fineounces. Fineounces. Fineounces. Fine ounces. Fine ounces. Fineounces. Fine ozs. Fineounces. 3.197 0.253 193,784.111 222,014.688 1 .409 19,591.259 ? 12.583 66.258 12.311 115,815.670 s 21,400 91,045.677 4 86.350 5 11,609.558 29.661 1,41L778 132.266 13,717.723 6 .149 7 159.698 35,492.911 4.692 5.167 49,482.114 8 16,181.594 2.407 453.209 28.789 73,857.538 q 2.693 18,492.632 10 24.636 11 7,405.331 1,708.366 13,476.100 1? 18,527.217 • 284,118.622 13 4.843 80.069 85.915 14 170.745 209.507 442.153 15 180.450 16 2.071 27,012:254'. 17 3.119 29.999 18 13.335 9.556 13.470 4.791 .979 30.465 L638 1,041.794 19

13.335 16,203. 733 19,369.249 35,980.825 18,528.196 197,239.057 266.052 930,515.723 20 161.132 374,633.856 ?1 8,440.280 2,725,166.808 ??,

13.335 •16,203.733 19,369.249 ,35,980.825 18,528.196 205,840.469 .266.052 4,030,316.387 23 24.018 : 234 738.584 ?'4 37,159.928 25.046 444.564 465) 057.865 ?5 1,207,198.109 ?6 1,305.800 13.745 155.326 257.365 3,068. 507 269.978 429,197.277 ?,7

38,503.081 16,242.524 19,524.575 36,238.190 18,528.196 209,353.774 536. 030 6,132,508.222 28

•

2,548.703 23.596 619,403.840 ?Q 7L596 1,756.131 30 1,614.118 31 89.698 32

2,548.703 95.192 622,863.787 33

41,051.784 16,242.524 19,524.575 36,238.190 18,528.196 209,448.966, 536.030 6,755,372.009 34

566,830.700 35 434,068.135 36 5.000 10.000 10.000 275.000 37 5.000 10.000 10.000 1,001,173.835 38

41,051.784 16,247.524 19,524.575 36,248.190 18,528.-196 209,458.966 536.030 7,756,545.844 39

$848,616. 06 $335,762.89 $403,608.63 $749,109. 67 $383, on. 77 $4,329,694.38 $11,080.56 $139,645,932.74. 40 103.36 206.72 206.72 20,696,099.96 41 848,616.06 335,866. 25 403,608.63 749,316.39 383, on. 77 4,329,901.10 •11,080.56 160,342,032.70 42

342 424 353 397 63 1,618 112 36,002 43 12 358 44 4,784 45 .677 46

342 424 353 397 63 1,630 112 41,821 47

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

848 REPORT ON THE FINANCES. Deposits dnd purchases of silver during

Source and description. Philadelphia. SanFran cisco. ^ Denver. New York.

PURCHASES. Fine ounces. Fine ounces. Fine ounces. Fineounces. 1 Alaska 91.27 1 2,944.33 5.45 763.14 ?, Arizona 157,832.65 1, OOL 24 8.32 3 Cahfornia . 20L70 43,522.11 143.42 4 Colorado 7.13 247,895.12 5 Georgia 24.81 6 Idaho 1 12.14 1,555.12 143.25 • 7 Mlch.lgan 21,435.19 46.34 is, 369.24 8 Montana. 30.71 2,549.16 q Nevada 338,064.11 36,657.84 10 New Mexico 55,763.85 2,039.85 237,541. si 11 North Carolina 6.29 l*? Oregon . .70 642.77 13 South Dakota 16,795.41 ** 82,iis. 07 I 14 Utah .16 15 Washington 8.84 388.88 16 "Wvominfif 58.14 17 Philippine Islands 8,634.38 IS Other ^ - 8.08. 19 Deposit melting room grains and sweep 63L41 234.48 18.74 2,555.62 1 ?0 Total unrefined... 22,420.43 609,666.86 307,907.78 336,292.60 Domestic refined bullion: ?1 Less than 0 992 37,286.35 7,636.04 22 Over 0 992 16,263.56 9,850.30 200.14 252,998.56

23 Total domestic purchases 38,683.99 619,517.16 345,394.27 596,927.20 ?4 ForelGm coin 2,047,761.09 1,178,161.56 970,352.22 594,599.34 ?5 Foreign bullion unrefined...... 262.15 735,271.83 329,238.97 536,902.39 ?6 Foreign bullion refined 45,377.59 27 Jewelers bars, dental scrap, plate, etc.. • 206,328.00 81,149.36 18,473.70 765,735.67 ?8 Philippine assay coins 775.79 29 Total denosit nurchases 2,293,811.02 2,614,099.91 1,663,459.16 2,639,542.19

REDEPOSITS PURCHASED.

30 Domestic coin 1,804.95 2li. 32 291.17 31" Bars stamped by United States Gov 34.21 " '1*583.66 ernment. 39 Surplus mint recoveries 32,570.23 8,102.69 3,900.89 6,200.69 33 Gain on shipments 616.38 34 Hawaiian coin 99.89

35 Total redeposits purchased 34,991.56 8,413.90 4,226.27 6,784.29 36 Total purchases 2,328,802.58 2,622,513.81 1,667,685.43 | 2,546,326.48 |

REDEPOSITS TRANSFERS.

Domestic coin from Treasury: 37 Standard silver dollars 176,985,772.96 126,921,867.73 12,630,757.16 38 Other. 409,712.94 44,262.74 39 Refined bars 2,398,858.41 40 Unrefined bars 1 .229,333.63 i57,649.62 296,466.51 41 Proof bullion ...... 50.00 100.00 100.00 4? Assay coins *.... 448.77

43 Total redeposits transferred 79,794,793.08 1 27,195,514.10 157,149.02 1 12,927,263.67

DEPOSITED IN TRUST.

44 For other governments 724,962.41 45 Philippine coin for recoinage eii, 755.66 | 46 Total In trust 724,962.41 | 617,755.00 1 47 Grand total, fine ounces 82,848,558.07 | 30,435,782.91 1,824,834.45 | 15,473,690.15 Value: 48 Cost of purchases $2,328,297.75 $2,622,476.31 $1,667,451.93 $2,545,878.74 49 Cost of bullion transferred 2,354,905.76 229,383.03 160,051.58 292,116.39 Valiie, subsidiary coining: 50 Of purchases 3,219,357.29 3,625,386.29 2,305,423.09 3,520,064.25 '*> Of coin received for recoinage...... 576, OIL 18 410,16L71 5? Value, face, of dollars received for 100,086,000.00 35,000,000.00 16,483,666.66 I melting.

1 Estimate on basis of known mean abrasion per piece on six million dollars 0.005483674, NOTE.—For number of deposits see preceding table.

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DIRECTOR OF THE MINT. 849

thefiscal year ended June 30, 1919.

New Salt Lake Carson. ^ Boise. Helena. Deadwood. Seattle. Total. Orleans. City.

Fine Fine ounces Fine ounces Fine ounces Fine ounces Fine ounces in e ounce s. ounces. Fineounces. 0.47 0.03 24,71L04 28,515.73 1 .12 159,442.33 ? ' 21.75 15.77 1.11 43,906.52 3 3.53 247,905.78 4 24.81 5 4,937.13 11.25 617.51 48.06 7,324.46 6 34,790.77 7 31.93 "59,994.02 L94 .54 62,608.30 8 202,654.26 .78 333.49 . 18.92 577,729.40 q 180.47 295,525.98 10 6.29 11 • 19,671.22 204. 51 20,519.20 1^ 28,009.85 126,920.33 13 .93 197.74 198.83 14 59.86 132.89 590.47 15 58.14 16 .28 8,634.66 17 53.19 61.27 18 .9.81 77.79 18.05 3.67 .76 6.07 L33 3,557.13 19 9.81 202,753.80 24,720.37 60,342.46 28,010.61 25,693.66 502.02 1,618,320.40 20 44,922.39 ?1 279,312.56 22

9.81 202,753.80 24,720.37 60,342.46 28,010.61 25,693.66 502.02 1,942,555.35 23 10,144.57 4,801,018.78 24 22,865.86 - 2.51 149. 74 1,624,693.45 25 45,377.59 26 5,935.92 32.04 71.84 2,104.91 12,724.38 2,120.35 1,094,676.17 27 ' 775.79 28

38,956.16 202,788.35 24,792. 21 62,447.37 28,010.61 38,567.78 2,622.37 9,509,097.13 29

2,307.44 30 200.39 111.41 1,929.61 31 49,774.50 32 616.38 33 99.89 34

200.39 / UL41 54,727.82 35 39,156.55 202,788.35 24,792. 21 62,447.37 28,010.61 ^ 38,679.19 2,622.37 9,563,824.95 36

116,538,397.85 37 453,97.5.68 38 2,398,858.41 39 682,789.16 40 250.00 41 448.77 4?

120,074,719.87 43

724,962.41 44 617,755.00 45 1,342,717.41 46

39,156.55 202,788.35 24,792.21 62,447.37 28,010.61 ' 38,679.19 ^2,622.37 130,981,262.23 47

$39,156.93 S202,788.35 $24,792.21 $62,447.37 $28,010.61 $38,679.19 $2,622.37 $9,562,60L76 48 3,036,456.76 49 ^i 130.36 280,236.41 34,272.97 86,327.80 38,722.11 53,470.45 3,625.18 13,221,016.20 50 977,172.89 51 151,589,000.00 5?

140325—FI 1919- -54

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850 REPORT ON 1?HE FINANCES.

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

Character of gold deposited.

Surplus Fiscal year ended bullion, Total. June so- Domestic Domestic Foreign Foreign grains, bullion. coin. bullion. coin. jewelers' bars, old plate, etc.

1873 $28,868,570 $27,116,948 $426,108 $518,542 . $774,218 $57,704,386 1874 29,736,388 . 6,27.5,367 3,162,520 9,'313,882 . 654,354 49,142, "511 1875 34,266,125 1,714,311 739,440 1,111,792 724,626 38,556,294 1876... 37,590,529 417,947 1,141,906 2,111,084 681,819 41,943,285 1877 43,478,104 447,340 1,931,163 2,093,261 837,911 48,787,779 1878 48,075,124 . 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 42,254,157 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 m, 833,102 1882 31,298,512 599,357 12,783,807 20,304,811 1,770,166 66,756,653 1883 32,481,642 374,129 4,727,143 1 6,906,084 1,858,108 46,347,106 1884 29,079,596 263,117 6,023,735 9.095.462 1,864,769 46,326,679 1885...... 31,584,437 325,210 11,221,847 i 7,893,218 1,869,363 52,894,075 1886 32,456,494 393,545 4,317,068 5,673,565 2,069,077 44,909,749 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 14,596,885 2,988,751 72,225,498 1889 31,440,779 • • 585,067 2,1396,517 4,447,476 3,526,597 42,136,436 1890.. 30,474,900' 655,475 2,651,932 ' 5,298,774 3,542,014 42,663,095 1891...... 31,555,117 583,847 4,094,823 8,256,304 4,035,710 48,485,801 1892 31,961,546 557,968 10,235,155 14,040,188 3,636,603 61,131,460 1893 33,286,168 792,470 2,47,731 6,293,296 3,830,176 46,449,841. 1894 38,696,951 2,093,615 15,614,118 i 12,386,407 3,118,422 71,909,513 1895 44,371,950 1,188,258 14,108,436 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 2,936,943 147,693,195 1899.. 76,252,487 1,158,308 30,336,560 32,785,152 2,964,684 143,497,191 1900-...;.-. 87,458,836 1,389,097 22,720,150 18,834,496 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 4,284,724 132,580,830 1903-...--.- 96,514,298 960,908 16,331,059 I 8,950,595 4,247,583 127,004,443^ 1904 i 87,745,627 2,159,818 36,802,224 46,152,784 4,892,931 177,753,384 1905 101,618,315 3,404,967 17,645,527 15,141,678 5,568,483 143,378,970 1906-.. 103,838,268 1,514,291 36,317,865 6,648,512 4,790,558 153,109,494 1907 114,215,462 2,754,283 36,656,546 17,221,252 5,731,112 176,580,655 1908- 111, 737,878. .3,989,773 71,774,351 13,684,426 6,231,547 207,415,975 1909..---.-. 119,727,439 3,432,288 16,021,521 1,034,378 5,341,604 145,557,230 1910 104,994,559 3,603,140 15,761,852 405,226 5,626,331 130,371,108 1911 120,310,247 2,949,199 35,673,116 10,066,643 5, 783,886 175,383,091 1912... 119,538,150 3,496,769 20,914,227 2,155,233 6,025,502 151,929,881 1913-....:-. 118,304,953 1,846,880 31,985,879 2,732,439 6,061,727 161,131,878 1914 119,278,957 4,719,876 18,978,572 3,261,967 6,057,184 146,296,556 1915-.- 112,217,239 4,209,612 22,881,854 15,420,256 5,748,959 167,477,920 1916 100,722,159 2,522,290 91,099,419 , 271,541,705. 6,330,201 492,215,7i74 1917 214,355,339 1,906,126 571,448,086 124, 111, 619 8,046,828 909,867,998 1918..-..--. 701,416,485 6,431,236 153,405,687 40,422,147 7,812,167 309,487,722 1919 83,350,336. 24,521,645 34,568,599 15,268 8,907,516 151,363,364 Total, 3,273,407,841 129,990,817 1,573,810,215 977,334,312 174,693,872 6,129,237,057

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT. 851

Deposits of silver.at United States^ mints and assay offices since 1885. •,

Character of silver deposited.

Eiscal • Domestic coin. Foreign coin. Surplus year bullion, ended grains, Total. June Domestic Foreign Philippines. - jewelers' 30— bullion. bullion.- bars, old United Ha Other. States.. waiian. . plate, For Assay etc. recoinage. coin.

Fine Fine Fine Fine Fine Fine Fine Fine Fine ounces. ounces. ounces. ounces. ounces. ounces. ounces. ounces. ounces. 1885 ... 24,943,394 678,741 1,627.619 867,856 336,981 28,454,591 1886 25,101,639 216,015 1,145,017 628,545 361,316 27,452,532 1887 29,293,372 5,848,585 1,127,213 271,166 396,656 36,936,992 1888 28,921,649 1,202,177 1,290,390 67,549 485,190 31,966,955 1889 .29,606,387 394,346 1,063,900 328,276 502,223 31,895,132 1890 29,187,135 466,302 1,852,155 951,162 526,270 32,983,024 1891 50,667,116 637,652 1,767,908 •' 1,970,912 633,073 55,676,661 1892 . 56,817,548 5,036,246 1,556,618 349,652 572,661 64,332,725 1893 56,976,082 5,346,912 1,738,711 505,171 582,728 65,149,604 1894 ... 15,296,815 5,012,060 994,901 522,725 467,958 22,194,459 1895 6,809,626 3,015,905 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 2,208,953 626,085 101,157 473,755 7,324,935 1898 ... 2,116,690 1,243,050 209,987 6,808 249,468 3,826,003 1899 5,584,912 6,060,986 716,077 19,382 484,751 12,866,108 1900 ... 4,977,978 3,587,992 1,088,019 44,704 557,831 10,256,524 1901 2,466,749- 2,613,570 1,306,149 4,250,196 567,647- 11,204,311 1902.... 1,425,060 2,275,090 1,152,023 29,265 575,430 5,456,868 1903 12,523,630 '2,050,225 46i,'686" 1,110,463 21,869 627,108 16, 794,981 1904.:.. 9,991,187 •l,"923,609 148,788 1,361,701 12,560,236 ' 6,901 1,471,963 652,015 18,116,400 1905.... . 4,923,655 1,333,595 3,647 1,906,410 1 7,700,310 3,456 92,995 739,311 .16,703,378 1906.... 2,398,871 959,568 3,895 3,162,507 158,670 2,663 1,287,658 632,544 8,506,377 1907. .. 20,388,163 770,269 2,552,003 4,680,692 99 282,612 636,722 29,310,560 1908. .. 16,114,553 786,085 2,963,399 8,866,622 3,411 134,974 648,007 29,517,051 1909.... 5,375,389 659,935 2,326,847 7,314,573 5,739 21,917 520,715 16,225,115 1910.... 1,547,145 548,821 1,162,240 1,389,545 2,042 13,295 460,935 5,124,023 1911.... 3,220,236 393,906 799,105 620,964 836 6,040 495,013 5,536,100 1912. .. 5,635,513 458,694 '"'447' 957,233 227,127 168 7,934 540,117 7,827,233 1913. .. 3,104,347 280,688 624,215 342,053 236 17,010 . 577,423 4,945,972 1914. .. 9,752,614 589,972 527,233 143,793 80 85,041 572,687 11,671,420 1915.... 7,250,205 491,028 2,130,138 136,179 68 383,439 536,887 10,927,944 1916. .. 9,346,085 569,510 99' 1,860,420 138,024 43 204,470 698,026 12,816,677 1917. .. 7,556,359 6,240,994 62- 2,327,785 149,129 69 816,725 882,893 17,974,016 1918.... 21,155,924 8,176,334 6,780,011 1,910,998 378 7,145,336 964,626 46,133,607 1919. .. 1,944,485 456,732 ".**i66' 1,670,071 617,755 776 4,801,019 1,146,997 10,637,935 Total 520,756,268 75,705,315 618,724 55,527,451 36,856,670 26,965 27,775,956 20,290,475 737,556,924

1 Spanlsh-Flllplno coins.

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852 . REPORT ON'THE FlNANCilS.

Standard silver dollars converted to bullion under the act of Apr. 23, 1918.

Philadelphia San Francisco New York Mint. Mint. assay office. Total.

Sources of coins converted to bullion: . Mint stock i $58,534,554.00 $39,001,000.00 $97,535,554.00 • Transferred from Treasury at Washing ton. 87,686,000.00 25,000,000.00 112,686,000.00 Transferred from subtreasury at New York $26,500,000.00 26,500,000.00 Transferred from mint at New Orleans. 12,400,000.00 10,000,000.00 22,400,000.00 Face value of dollars converted for sale 158,620,554.00 74,001,000.00 26,500,000.00 259,121,554.00 Fine oimcessold the British Government at 3^1 "per ounce 122,527,558.54 57,176,287.40 20,328,479.70 200,032,325. ;64 LossI)y conversion and sale 59,089,228.36 Face value of dollars allocated to Director ofthe Mint for manufacture of subsidiary coin 1,000,000.00 1,000,000.00 Fine ounces obtained for subsidiary coin at $1, 772,997.89 772,997.89 Loss by conversion for subsidiary coin 227,002.11 Subsidiary coining value of bullion ob tained from above 1,000,000 standard dol lars i 1,068,599.12 Seigniorage (profit on comage) on same. 295,601.23 Net profit in converting 1,000,000 standard silver dollars to subsidiary coin 68,599.12 Receipts Incident to the work of conversion. 3,338,215.98 Abrasion on the entire lot, consisting of both circulated and uncirculated coin...' 371,768.97 Melting and other costs reimbursed to mint service appropriations 149,350.75 Incidental costs payable from the receipts.. 2,564.40 Amount available "to meet the expenses of replacement (refining and recoinage) 2,814,531.86

NOTE.—Conversion operations were begun Apr. 24,1918, and discontinued May 10,1919.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT., 853

Recoinage of uncurrent silver coin since 1891.

Value of new Fiscalyears. Face value. coin Loss. producible:

1891 $910,047 $861,680 $48,367 1892 7,118,603 6,937,886 180,717 1893 7,618,198 7,381,290 236,908 1894 7,184,472 6,924,753 259,719 1895 : 4,361,761 4,161,821 199,940 1896 4,627,142 4,377,258 249,884 1897 3,197,999 3,048,862 149,137 1898 . 6,109,772 5,820,159 289,613 1899... 8,584,304 8,098,485 485,819 1900 5,261,070 4,950,089 310,981 1901 3,832,281 3,613,022 219,259 1902 3,333,437 3,141,548 191,889 1903. 3,008,748 2,829,891 178,857 1904 2,828,385 2,656,104 172,281 1905 : 1,964,476 1,839,219 125,257 1906 1,414,964 1,322,834 92,130 1907 1,142,184 1,064,826 77,358 1908 1,162,982 1,086,692 76,290 1909 977,321 912,300 65,021 1910 814,362 758,696 55,666 1911 583,538 544,539 38,999 1912 678,458 634,102 44,356 1913 414,035. 388,026 26,009 1914 875,727 815,800 59,927 1915 730,338 678,792 51,546 1916 848,566 787,295 61,271 1917 8,849,678 8,627,860 221,818 1918 ; 714,703 661,636 53,067 1919 . 1,681,292 1,638,954 . 42,338 Total 90,828,843 86,564,419 4,264,424

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

854 REPORT ON THE FINANCES. Coinage of the mints of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin since organization, 1792, to June 30, 1919.

Act authorizing coinage or Total amount Denomination. change in weight or fine Weight Fineness. Pieces. coined to June ness. (grains). 30,1919.

GOLD COINS. 50-dollar piece, Pana ma-Pacific Interna tional Exposition: Octagonal Jan. 16, 1915.. 1,290 900 1,509 $75,450.00 Round do 1,290 900 1,510 75,500.00 Double eagle ($20) Mar. 3, 1849.. 516 900 121,807,106 |2,436,142,120.00 Eagle ($10) , Apr. 2, 1792.. 270 9161 June 28, 1834. 258 899. 225 51,671,485 516,714,850.00 Jan. 18, 1837.. 900 Half eagle ($5). Apr. 2, 1792.. 135 916§ . June 28,1834. 129 899.225 78,249,869 391,249,345.00 Jan. 18,1837.. 900 Quarter eagle ($2.50)... Apr.2, 1792.. 67.5 916§ June 28,1834. 64.5 899.225 17,856,590 44,641,475.00 Jan. 18,1837.. 900 Quarter eagle ($2.50), Jan. 16, 1915.. 900 10,000 - 25,042.50 Panama-Pacific In ternational Exposi tion. ' 3-dollar piece Feb. 21, 1853 (act discontin 77.4 900 539,792 1,619,376.00 uing coinage Sept. 26, 1890). 1 dollar Mar. 3, 1849 (act discontinu 25.8 900 19,499,337 19,499,337.00 ing coinage Sept. 26,1890). 1 dollar, Louisiana Pur June 28,1902 25.8 900 250,000 250,000.00 chase Exposition. 1; dollar, Lems and Apr. 13, 1904. 25.8 900 60,000 60,000.00 Clark Exposition. 1 dollar, Panama-Pa Jan. 16, 1915.. 25.8 900 . 25,034 25,034.00 cific International Exposition. 1 dollar, McIClnley me Feb. 23, 1916. 25.8 900 30,040 30,040.00 morial. Total gold... 290,002,272 3,410,407^569.50

SILVER COINS. Dollar. Apr.2, 1792..: 416 892.4 Jan. 18,1837 (act discontinue 412^ 900 ing coinage Feb. 12, 1873). 1578,303,848 1578,303,848.00 Feb.28,1878 July 14, 1890 Trade dollar 2 Feb. 11,1873 (act discontinu 420 35,965,924 35,965,924.00 ing coinage Feb. 19,1887). Dollar, Lafayette. Mar.3, 1899 412| 900 50,000 50,000.00 Half dollar Apr.2, 1792 208 892.4 Jan. 18,1837 206i 900 429,176,312 214," 588,156.00 Feb. 21, 1853 192 Feb. 12, 1873 3192.9 Half dollar, Columbian Aug.5, 1892 192.9 900 5,060,000 4 2,500,000.00 Half dollar, Panama- Jan. 16, 1915 192.9 900 60,000 30,000.00 Pacific International Exposition. Half dollar, Illinois June 1, 1918.. 192.9 , 900 100,058 50,029.00 Centennial. Quarter dollar Apr. 2. 1792.. 104 892.4 Jan. 18,1837.. 1031 900 501,684,158 125,421,039.50 Feb. 21, 1853. 96 Feb. 12, 1873. 5 96.46 1 Silver dollars coined 1792 to 1805 $1,439,517 Coined from Jan. 18,1837, to Feb. 12, 1873. 6,591,721 Silver dollar coinage under acts of— Apr.2, 1792 8,031,238 Feb. 28,1878 $378,166,793 July 14, 1890 187,027,345 Mar.3, 1891 5,078,472 • 570,272,610 578,303,848 NOTE.—Silver dollar coinage suspended 1805 to 1837 and 1874 to 1878. The bullion value of the .dollar was greater than Its coin value prior to 1878. 2 Coinage limited to export demand, joint resolution July 22, 1876. 3.12^ grams, or 192.9 grains. 4 Total amoimt coined. 6 6i grams, or 96.45 grains.

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DIEECTOB OF, ;THB MINT. 855 Coinage of the mints of the United States, authority for coining, changes in weight and fineness, act discontinuing same, and amount coined for each denomination of coin since organization, 1792, to June 30, i9i9—Continued.

Act authorizuig comage or Weight Total amount Denomination. change in weight or fine Fineness. Pieces. coined to June ness. (grains). 30,^1919.

SILVER COINS—contd. Quarter dollar, Colum-. Mar.3, 1893 96.45 900 40,000 $10,000.00 blan'. 20-cent piece Mar. 3, 1875 (act discontinu 1 77.16 900 1,355,000 271,000.00 ing coinage May 2, 1878). Dime. Apr; 2, 1792 4L6 892.4 Jan. 18, 1837 41i 900 972,253,797 225,379.70 Feb. 21, 1853 .-. 38.4 97, Feb. 12, 1873 2 38.58 Half dime - Apr.2, 1792 20.8 892.4 Jan. 18,1837 20f 900 \ 97,604,388 4,880,219.40 Feb. 21,1853 (act discontinu 19.2 ing coinage Feb. 12,1873). 3-cent piece. Mar. 3,1851 12| 750 Mar. 3,1853 (act discontinu 11.52 900 I 42,736,240 1,282,087.20 ing coinage Feb. 12, 1873). Total silver. 2,664,329,725 1,060,577,682.80

MINOR COINS. 5-cent (nickel). MaylO, 1866 77.16 («) 1,079,028,662 63, 951,433.10 3-cent (nickel). Mar. 3, 1865 (act discontinu 30 (3) 31,378,316 941,349.v48 ing coinage Sept. 26,1890). 2-cent.(bronze). Apr. 22,1864 (act discontinu (<) 45,601,000 912,020.00 ing coinage Feb. 12, 1873). Cent (copper)... Apr.2,1792...., 264 Jan. 14, 1793 • 208 156,288,744 1,562,887.44': Jan. 26,1796 6 (act discontinu ing coinage Feb. 21, 1857). Cent (nickel). Feb. 21; 1857 (act discontinu (5) 200,772,000 007^720.00 ing coinage Apr. 22, 1864). Cent (bronze)...... Apr. 22, 1864 48 |3,448,811,683 489,116.83 Half cent (copper). Apr.2, 1792 : 132 Jan. 14, 1793 104 7,985,222 39,926.11 Jan. 25,1796 6(act discontin 84 uing coinage Feb. 21,1857). Total minor.. 4,969,965,627 93,904,452.96 Total coinage. 7,924,297,624 4,564,889,662.76 I 1 5 grams, or 77.16 grains. 2 2k grams, or 38.58 grains. 3 Composed of 75 per cent copper and 25 per cent nickel. , 4 Composed of 95 per cent copper and 5 per cent tin and zinc. 6 Composed of 88 per cent copper and 12 per cent nickel. 6 By proclamation of the President, in conformity with act of Mar. 3, 1795.

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856 REPORT ON THE FINANCES.

Coinage of gold and silver of the United States, by weight and value, by fiscalyears , since 1873.

Gold. Silver.

Fiscal year ended June 30- Fine ounces Subsidiary Value. Dollars Fine ounces. consumed. coined. coined.

1873. 1,705,187 $35,249,337 2,179,833 $977,150 $1,968,646 1874. 2,440,165 50,442,690 4,.558,526 3,588,900 2,394,701 1875. 1,623,173 33,553^965 7,650,005 5,697,500 4,, 372,868 1876. 1,,846,907 38,178,963 14,22% 851 6,132,050 12,994,453 1877. 2,132-, 283 44,078,199 • 21,239,880 9,162,900 19,387,036 1878. 2,554,151 52,798,980 21,623,702 19,951,510 8,339,315 1879. 1,982,742 40,986,912 21,059,046 27.227,500 382 1880. 2,7i6,630 56,157,735 21,611,294 27,933, 750 8,688 1881. 3,808,751 78,733,864 21,383,920 27,637,955 12,012 1882. 4,325,375 89,413,447 21,488,148 27,772,075 11,314 1883. 1,738,449 35, 936,928 22,266,171 28,111,119 724,, 351 1884. 1,351,250 27,932,824 22,220,702 28,099,-930 673', 458 1885. 1,202,657 24,861,123 22,296,827 28,528,552 320,408 1886. 1,648,493 34,077,380 23,211,226 29,838,905 183,443 1887. 1,083,275 22,393,279 26,525,276 33,266,831 1,099,653 1888. 1,372,117 28,364,171 26,331,176 32, 718,673 1,417,422 1889. 1,235,687 25,543,910 26,659,493 33,793,860 721,686 1890. 1,065,302 22,021,748 28,430,092 35,923,816 892,021 1891. 1,169,330 24,172,203 29,498,927 36,232,802 2,039,218 1892. 1,717,650 35,506,987 11,259,863 8,329,467 . 6,659,812 1893. 1,453,095 30,038,140 9,353,787 5,343,715 7,216,163 1894. 4,812,099 99,474,913 4,358,299 758 6,024,140 1895. 2,125,282 43,933,475 6,810,196 3,956,011 5,113,470 1896. 2,848,247 58,878,490 8,651,384 7,500,822 3,939,819 1897. 3,465,909 71,646,705 18, ,659,-623 21,203,701, 3,124,086 .1898. 3,126,712 64,634,865 12,426,024 10,002,780 6,482,804 1899. 5,233,071 108,177,180 20,966,979 18,254,709 9,466,878 1900. 5,221,458 107,937,110 23,464,817 18,294,984 12,876,849 1901. 4,792,304 99,065,715 26,726,641 24,298,850 10,966,649 1902. 2,998,313 61,980,572 22, 756,781 19,402,800 10,713,569 2,211,791 1903. 45,721,773 19,705,162 17,972,785 8,023,751 1904. 10,091,929 208,618,642 3,869,211 13,396,894 10,101,650 7,719,231 1905. 79,983,692 6,600,068 310 9,123,661 1906. 2,563,976 53,002,098 3,851,730 2,905,340 4,016,368 1907. 79,622,337 9,385,454 1908. 9,541,406 12,974,534, 1909. 5,233,212 197,238,378 11,957,734 16,530,477 1910. 2,301,628 108,180,092 8,024,984 11,093,810 1911. 6,753,022 47,578,875 3,108,753 4,297,567 1912. 616,737 118,925,513 2,311,709 3,195,726 1913. 1,454,067 12,749,090 6,984,479 9,655,405 1914. 1,288,024 30,058,227 2,494,341 3,448,200 1915. 1,960,823 26,625,810 4,514,018 6,240,219 1916. 1,503,3^9 40,533,810 2,425,500 3,353,032 1917. 59,503 31,077,409 2,408,030 3,328,882 1918. 1,230,040 13,211,431 18,263,600 1919. 25,321,344 35,004,450 14,620,649 14,682,079 Total. 127,096,492 2,627,317,596 699,273,379 607,259,120 311,096,306

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858 REPORT ON THE FINANCES.

Coinage of mints of the United States [Coinage of the mint at Charlotte, N. C, from Its organization, 1838, to its suspension, 1861.]

Gold. Calendar years. Total value. Half eagles. Quarter eagles. Dollars.

1838 to 1861 $4,405,135 $544,915 $109,138 $5,059,188

[Coinage of the mint at Carson City from Its

Gold. Silver.

Calendar years. Double eagles. Eagles. Half eagles. Dollars. Trade dollars.

1870 to 1893 $17,283,560 $2,997,780 $3,548,085 $13,881,329 $4,211,400

[Coinage of the mint at New Orleans from Its organization

Gold. Silver.

Calendar years. Double Half Three Quarter eagles Eagles. eagles. dollars. eagles. Dollars. Dollars.

1838 to 1900 .. $16,375,500 $19,804,320 $4,447,625 $72,000 $3,023,157.50 $1,004,000 $144,395,529 1900 12,590,000 1901 720,410 13,320,000 1902 ...... 8,636,000 1903 1,127,710 4,450,000 1904 . . . 1,089,500 , 3,720,000 1905 1906 . . 868,950 1907 1908 1909 171,000 Total 16,375,500 23,610,890 4,618,625 72,000 3,023,157.50 1,004,000 187,111, 529

[Coinage of the mint at San Francisco from

Gold.

Calendar years. Fifty Double Half Tliree Quarter Dol dollars. eagles. Eagles. eagles dollars. eagles. lars.

1854-1900 $929,075,020 $74,122,060 $78,244,540 $186,300 $1,861,255.00 $90,232 1900 49,190,000 810,000 1,645,000 1901 31,920,000 28,127,500 18,240,000 1902 35,072,500 4,695,000 4,695,000 1903 19,080,000 5,380,000 9,275,000 1904 102,683,500 485,000 1905 36,260,000 3,692,500 4,403,500 1906 41,315,000 4,570,000 2,990,000 1907 43,316,000 2,105,000 1908 440,000 598,500 410,000 1909 56,498,500 2,923,500 1,486,000 1910. 42,565,000 8,110,000 3,851,000 1911 15,515,000 510,000 7,080,000 1912 3,000,000 1,960,000 1913 680,000 660,000 2,040,000 1914 • 29,960,000 2,080,000 1,315,000 1915 1 $150,950 11,350,000 590,000 820,000 125,042.50 125,634 1916 15,920,000 1,385,000 1,200,000 1917 1918 Total 150,950 1,459,840,520 143,359,060 140,140,040 186,300 1,886,297.50 115,266

1 Panama-Pacific International Exposition coins.

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DIBECTOE OF THB MINT. '859

froni their organization, by calendar years.

[Coinage, of the mint at Dahlonega, Ga., from its organization, 1838, to its suspension, 1861.]

Gold. Calendar years. Total value. Half eagles? Three dollars. Quarter eagles. Dollars.

1838 to 1861... $5,536,055 $3,360 $494,625 $72,529 $6,106,569

organization, 1870, to its suspension, June 30,1893.]

SUyer. Total coinage.

Total value. Quarter dol Twenty Half dollars. lars. cents. Dimes. Gold. Silver.

$2,654,313.50 $2,579,198.00 $28,658.00 $2,090,110.80 $23,829,425.00 $25,445,009.30 $49,274,434.30

1838, to its suspension, 1861, and from its reopening, 1879, to April, 1909.]

Silver. Total comage.

Total value. Half Quarter Half Three .dollars. . dollars. Dimes. dimes. cents. Gold. Silver.

$28, 720,038 $7,452,250 $3,262,590.60 $812,327.50 $21,600 $44,726,602.50 $184,664,335.10 $229,390,937.60 1,372,000 854,000 201,000.00 15,017,000.00 15,017,000.00 562,000 403,000 562,000.00 720,410.00 14,847,000.00 15,567,410.00 .1,263,000 1,187,000 450,000.00 11,536,000.00 11,536,000.00 1,050,000 875,000 818,000.00 1,127,710.00 7,193,000.00 • 8,320,710.00 558,800 614,000 1,089,500.00 4,892,800.00 5,982,300.00 • 252,500 ' 307,500 340,000.00 900,000.00 900,000.00 1,223,000 514,000 261,000.00 868,950.00 1,998,000.00 2,866,950.00 1,973,300 1,140,000 505,800.00 • 3,619,100.00 3,619,100.00 2,680,000 1,561,000 178,900.00 4,419,900.00 4,419,900.00 462,700 •- 178,000 228,700.00 171,000.00 869.400.00 1,040,400.00 40,117,338 15,085,750 6,807,990.60 812,327.50 21,600 48,704,172.50j 249,956,535.10 298,660,707.60

its reorganization, 1854, to December 31,1917.J

Silver.

Trade Half Quarter Twenty Half Dollars. dollars. dollars. dollars. cents. Dimes. • dimes.

$98,624,073 $26,647,000 $20,575,031.50 $8,322,569.00 ' - $231,000 $4,798,728.80 $119,100 3,540,000 1,280,161.00 464,646.25 516,827.00 2,284,000 423,522.00 18,166.00 59,302.20 1,530,000 730,335.00 381,153.00 207,000.00 1,241,000 960,386.00 259,000.00 61,330.00 2,304,000 276,519.00 80,000.00 1,247,000.00 471,000.00 685,519.90 870,077.00 313,664.00 625,000.00 340,000.00 317,847.00 822,414.00 196,000.00 322,000.00 882,000.00 337,000.00 100,000.00 974,000.00 124,000.00 636,000.00 247,666.66 352,000.00 685,000.00 177,000.00 342,000.00 302,000.00 10,000.00 51,000.00 498,000.00 66,000.00 210,000.00 2 832,000.00 176,000.00 96,000.00 254,000.00 1,627,000.00 3,253,000.00 1,876,000.00 2,733,000.00 5,141,000.00 2,768,000.00 1,930,000.00 109,523,073 26,647,000 366,265,445.50 16,109,534.25 231,000 14,927,218.90 119; 100

2 Includes $30,000 in Panama-Pacific International Exposition coins.

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860 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

[Coinage of the mint at San Francisco from

Minor coinage. Calendar years. Five cents .' Cents. Total.

1854-1900 1900. 1901 1902 . 1903 1904 1905 1906 1907 1908 : $11,150.00 $ii,i56.66 1909. 26,180.00 26,180.00 1910 :. 60,450.00 60,450.00 1911 40,260.00 40,260.00 1912 $11,900.00 44,310.00 56,210.-00 1913 '. 165,700.00 61,010.00 226,710.00 1914 173,500.00 41,370.00 214,870.00 1915 75,250.00 48,330.00 123,680.00 1916 593,000.00 225,100.00 • 818,100.00 1917 : 209,650.00 326,200.00 535,850.00 1918 244,100.00 346,800.00 590,900.00 1 Total 1,473,100.00 1,231,160.00 2,704,260.00

[Couiage of the mint at Philadelphia from ' Gold comage.

Calendar years. Double Eagles. Halfeagles. Three Quarter eagles. dollars. eagles. Dollars.

1793 to 1900 $622,641,300 $218,387,890 $157,644,766 $1,357,716 $23,023,902.50 $18,223,438 1900 37,491,680 2,939,600 7,028,650 168,012.50 1901 2,230,520 17,188,250 3,080,200 228,307.60 1902.... 625,080 825,130 862,810 334,332.60 1 75,0001 1903 5,748,560 1,259,260 1,135,120 603,142.50 1175,000 1904 • 125,135,940 1,620,380 1,960,680 402,400.00 2 25,000 1905 . 1,180,220 2,010,780 1,511,540 544,860.00 2 35,000 1906..... 1,393,800 1,654,970 1,744,100 441,225.00 1907 36,495,620 14,433,790 3,130,960 841,120.00 1908 88,568,200 3,749:860 4,999,430 1,412,642.50 1909 3,225,640 1,848,630 3,135,690 1,104,747.50 1910.... 9,643,340 3,187,040 3,021,250 1,231,706.00 1911 3,947,000 5,055,950 4,575,695 1,760,477.50 1912 . .. 2,996,480 4,050,830 3,950,720 1,640,492.50 1913 3,376,760 4,420,710 4,580,495 1,805,412.50 1914 1,906,400 1,610,600 1,235,625 600,292.50 1915 3,041,000 3,510,750 2,940,375 1,515,250.00 1916 ^26,626 1917 * 10,014 1918 '* Total 849,637,540 287,654,320 206,538,106 1,357,716 37.458,322.60 18,563,478

1 Louisiana Purchase Exposition. 2 Lewis and Clarke Exposition.

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DIEECTOE OF THE MINT. 861 their organization, by calendar years—Continued,

its organization, 1854, to Dec. 31,1918—Continued.]

Total coinage. Total value. Gold. Silver. Minor.

$1,083,579,407.00 $159,317,602.30 $1,242,896,909.30 51,645,000.00 5,801,634.25 57,446,634.25 78,287,600.00 2,784,990.20 81,072,490.20 44,462,500.00 2,848,488.00 47,310,988.00 33,735,000.00 2,521,716.00 36,256,716.00 ;i03,168,500.00 2,660,519.00 105,829,019.00 • 44,'356,.O00.00 2,403,-619.90. 46;> 759/51-9.90 48,875,000.00 1,183,741.00 50,058,741.00 45,421,000.00 1,282,847.00 46,703,847.00 1,448,500.00 1,340,414.00 $11,150.00 2,800,064.00 59,908,000.00 1,319,000.00 26,180.00 61,253,180.00 54,526,000.00 1,098,000.00 60,450.00 55,684,450.00 23,10^, 000.00 1,235,000.00 40,260.00 24,380,260.00 4,960,000.00. 1,204,000.00 56,210.00 6,220,210.00 3,380,000.00 363,000.00 226,710.00 3,969,710.00 33,355,000.00 772,000.00 214,870.00 34,341,870.00 12,981,026.50 1,104,000.00 123,580.00 14,188,608.50 '18,505,000.00 1,881,000.00 818,100.00 ' 21,204,100.00 7;862,000.00 535,850.00 8,397,850.00 9,839,000.00 590,900.00 10,429,900.00

1,745,678,433.50 208,822,371.65 2,704,260.00 , 1,957,205,066.15

its organization, 1793, to Dec. 31,1918.]

Silyer coinage.

Quarter Trade Dollars. Half dollars. Twenty Dimes. Half dimes. Three cents. dollars. dollars. cents.

$5,107,524 $236,558,010 $93,763,709.00 $43,487,230.25 $11,342 $24,716,379.80 $3,948,791.90 $1,260,487.20 3 8,880,912 2,381,456.00 2,504,228.00 1,760,091.20 6,962,813 2,134,406.50 2,223,203.25 1,888,047.80 7,994,777 2,461,388.50 3,049,436.00 2,138,077.70 4,652,755 1,139,377.50 2,417,516.00 1,950,075.50 2,788,650 1,496,335.00 2,397,203.25 1,460,102.70 331,383.50 1,242,062.50 1,455,235.00 1,319,337.50 914,108.75 1,995,8-10.60 1,299,287.50 1,798,143.75 2,222,057.50 677,272.50 1,058,136.25 1,060,054.50 1,184,325.00 2,317,162.50 1,024,085.00 209,275.50 561,137.75 1,152,055.10 703,271.60 930,136.75 1,887,054.30 775,350.00 1,100,175.00 1,935,070.00 94,313.50 121,153.25 1,976,082.20 62,305.00 1,561,152.50 1,736,036.50 69,226.00 870,112.60 562,045.00 304,000.00 400,000.00 4,067,000.00 6,146,000.00 6,655,000.00 5,523,000.00 5 3,367,029.00 3,560,000.00 2,668,000.00

5,107,624 267,837,917 119,919,028.00 78,227,297.25 11,342 63,173,379.40 3,948,791.90 .1,260,487.20

8 Includes 50,000 Lafayette souvenir dollars. < McKinley memorial dollars. 6 Includes $50^029 Illinois Centennial coins.

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862 REPORT ON THE FINANCES.

Coinage of the mints of the United States from

[Coinage of the mint at Philadelphia froin 1 Minor coinage. Calendar years. Five cents. Three cents. Two cents.

1793 to 1900 - $17,444,363.35 $941,349. 48 $912,020.00 1900 1,362,799.75 1901 : 1,324,010.65 1902 1,574,028.95 1903 ...... 1,400,336.25 1904 . . 1,070,249.20 1905 1,491,363.80 1906 . . 1,930,686.25 1907 1,960,740.00 1908 1,134,308.85 1909 579,526.30 1910 1,508,467.65 1911 . . . 1,977,968.60 1912 . 1,311,835.70 1913 . . . . , : 3,042,61L96 1914 1,033,286.90 1915 1,049,363.50 1916 3,174,903.30 1917 2,5'7L20L45 1918 : 1,604,315.70. • o' Total • 48,546,368.10 941,349.48 912,020.00

[Coinage at the mint at Denver fro m

Gold coinage. •

Calendar years. Double eagles. Eagles. Half eagles. Quarter eagles.

1906 $12,405,000 $9,810,000 $1,600,000 1907 16,845,000 10,300,000 4,440,000 1908 ^ 20,265,000 10,465,000 740,000 1909 . . 1,050,000 1,215,400 17,117,800 1910 . .". 8,580,000 23,566,400 968,000 1911 . .' . 16,930,000 301,000 362,500 $139,200 1912 . 1913 . 7,870,000 1914 9,060,000 3,435,000 1,235,000 1,120,000 1915 1916 • 1917 1918 • Total... .' 93,005,000 59,092,800 26,463,300 1,259,200

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIEECTOE OF THE MINT. 863 their organization, by calendar years—Continued. its organization, 1793, to Dec. 31,1918—Continued.]

Minor coinage. Totalcolnage.

Cents. Half cents. Gold. ' Silver. Minor.

$13,347,409. 39 $39,926.11 $941,279,Oil. 50 $408,852,474.15 $32,685,068.33 $1,382,816,553.98 668,337.64 47,627,942.50 15,526,687. 20 2,031,137.39 65,185,^767.09 796,111.43 22,727,277.50- 13,206,470.55 - 2,120,122.08 38,053,870.13 873,767. 22 2, 722,352.50 15,643,679. 20 2.447.796.17 20,813,827.87 850; 944.93 8;82i;082..50 10,'159,724.00 2.251.281.18 21V232,087.'68 613,280.15 129,144,400. 00 8,142,290.95 1,683,529.35 138,970,220.30 807,191.63 5,282,400.00 3,028,661.00 2,298,555.43 10,609,616.43 960,222.55 5,2.34,095.00 4,229,286. 85 2,890/908.80 12,354,290.65 1,081,386.18 54,901,490.00 5,319,488.75 3,042,126.18 63,263,104.93 323,279. 87 98,720,132. 50 2,795,463.25 1,457,588.72 102,973,184.47 1,150,682.63 9,314,707. oO 4,525,552.50 1,730,208.93 15,570,468.93 1,468,012.18 17,083,335.00 1,922,468.35 2,976,479. 83 21,982,283.18 1, Oil, 777. 87 15,339,122. 50 3,520,461. 55 2,989,746.47 21,849,330.52 681,530.60 12,538,522.^50 3,810,595.00 1,993,366.30 18,342,483.80 765,323. 52 14,183,377.50 2,191,528.95 3,807,935.47 20,182,841.92 752,384. 32 ,5,252,817.50 3,359,523.00 . 1,785,671. 22 - 10,398, on. 72 290,921. 20 11,007,375. 00 1,501,382.50 1,340,284.70 13,849,042.20 1,318,336.77 20,026.00 4,831,000.00 4,493,240.07 9,344,266.07 1,964,297. 85 10,014.00 17,324,000.00 4,535,499.30 21,869,513. 30 2,881,046.34 9,595,029.00 4,485,362. 04 14,080,391.04

32,606,244. 27 39,926.11 1^401,209,481.50 539,485,766. 75 83,045,907.96 2,023,741,156.21

February, 1906, to Dec. 31, 1918.]

Silver coinage. Minor coinage. • Totalcolnage. Total value. ,' Half Quarter Five Dimes. Cents. • Gold. Silver. Minor. dollars. dollars. . cents.

$2,014,000 $820,000 $406,000 $23,815,000 $3,240,000 $27,055,000 1,928,000 621,000 408,000 31,585,000 2,957,000 34,542,000 1,640,000 1,447,000 749,000 31,470,000 3,836,000 35,306,000 ' 1,278,500 95,400 19,383,200 1,373,900 20,757,100 375,000 349,000 33,114,400 724,000 33,838,400 347,540 233,400 1,120,900 $126,720 17,732,700 1,701,840 $126,720 19,561,260 1,150,400 1,176,000 $423,700 1043110 • 2,326,400 527,810 2,-854,210 267,000 362,700 474,650, 158,040 7,870,000 629,700 . 632,690 9,132,390 761,500 1,190,800 195,600 11,930 14,850,000 ' 1,952,300 207,530 17,009,830 1 585,200 923,500 378,475 220,500 1,508,700 598,975 2,107,675 507,200 1,635,200 26,400 668,650 359,560 2,168,800 1,026,210 3,195,010 1,352; 700 1,933,400 940,200 495,540 551,200 4,228,300 1,046,740 5,273,040 1,926,520 1,845,000 2,287,480 418,100 ' 478,300 6,039,000 896;400 . 6,-935,400 11,718,560 12,236,200 8,729,180 3,052,715 2,010,360 179,820,300 32,683,940 5,083,075 217,567,315

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

864 REPORT ON THE FINANCES.

Combined coinage of the mints of the United States, by

Gold coinage.,

years. Quarter Fifty Double Eagles. Half Three Dollars. dollars. eagles. eagles. dollars. eagles.

1793-95 $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 6,530.00 1803. 89,790 167,530 1,057.50 1804 97>950 152,375 8,317.50 1805. 165,915 4,452.50 1806 320,465 4,040.00 1807 420,465 17,030.00 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. 268,615 • 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 124,565 7,000.00 1828 140,145 1829 287,210 8,507.50 1830. 631,765 11,350.00 1831 , 702,970 11,300.00 1832. 787,436 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. . 382,480 802,746 , 191,622.50 1840 473,380 1,048,530 153,572.50 1841. 656,310 380,945 54,602.50 1842 1,089,070 656,330 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 1,863,580 98,612.50 1849. 6,775,180 1,184,645 111,147.50 $936,-789 1850 $26,225,220 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 44,860,520 2,811^060 3,689; 635 3; 283,827.50 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 1,896,397.50 1,657,016 1855 25,046,820 1,487,010 1,257,090 171,465 ,600,700.00 824,883 1856 30,437,560 1,429,900 1,806,665 181,630 1,213,117.50 1,788,996 1857 28,797,600 481,060 1,232,970 104,673 796,236.00 601,602 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 I860 22,584,400 278,830 352,365 42,465 164,360.00 51,234 1861 74,989,060 1,287,330' 3,332,130 18,216 3,241,295.00 527,499 1862 18,926,120 234,950 69,825 . 17,355 300,882.50 1,326,865 1863 22,187,200 112,480 97,360 15,117 27,075.00 6,250 19,958,900 60,800 40,640 8,040 7,185.00 5,950 1865 27,874,000 207,050 144,635 3,495 62,302.50 3,725 1866 30,820,500 237,800 253,200 12,090 106,175.00 7,180 1867 23,436,300 121,400 179,600 7,950 78,125.00 5,260 1868 18,722,000 241,550 288,625 14,625 94,062.50 10,525 1869 17,238,100 82,850 163,925 7,575 84,612.50 5,925

Carried for ward 560,502,480 54,819,680 67,470,880 1,149,123 26,065,402.50 19,040,007

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT. 865

denominations and calendar years, since their organization.

Silver coinage.

Trade Quarter Twenty dollars. Dollars. Half dollars. dollars. cents. Dimes. Half dimes. Three cents.

$204,791 $161,572.00 $4,320.80 72,920 $1,473.50 $2,213.60 611.50 7,776 i,*959."66" 63.00 2,526.10 2,226.35 327,536 2,755.00 423,515 220,920 2,176.00 1,200.00 54,454 16,144.50 3,464.00 1,696.50 41,650 14,945.00 1,097.60 650.50 66,064 15,857.50 3,304.00 1,892.60 19,570 78,259.50 1,684.50 826.50 321 105,861.00 30,348.60 12,078.00 780.00 419,788.00 51,531.00 525,788.00 55,160.76 16,500.00 684,300.00 702,905.00 4,47L00 638,138.00 635.60 601,822.00 6,618.00 814,029.60 620,951.50 519,637.50 42,160.00 17,308.00 23,575.00 5,000.76 607,783.50 .•980,16L00 90,293.60 1,104,000.00 • 36,000.00 376,661.00 31,861.00 94,268.70 652,898.50 54,212.75 118,661.20 779,786.50 16,020.00 10,000.00 847,100.00 4,450.00 44,000.00 1,752,477.00 1,471,583.00 42,000.00 51,000.00 2,002,090.00 2,746,700.00 1,000.00 121,500.00 1,537,600.00 26,500.00 • 12,500.00 1,856,078.00 ' 77,000.00 61,500.0... . . 0 2,382,400.00 51,000.00 62,000.00 2,936,830.00 99,500.00 77,135.00 62,135.00 2,398,500.00 80,000.00 52,250.00 48,250.00 2,603,000.00 39,000.00 48,500.00 68,500.00 3,206,002.00 71,500.00 63,500.00 74,000.00 2,676,003.00 488,000.00 141,000.00 138,000.00 1,000 3,273,100.00 118,000.00 119,000.00 95,000.00 1,814,910.00 63,100.00 104,200.00 113,800.00 1,773,000.00 208,000.00 239,493.40 112,750.00 300 1,748,768.00 122,786.50 229,638.70 108,285.00 61,005 1,145,054.00 153,331.75 253,358.00 113,954:25 173,000 356,500.00 143,000.00 363,000.00 98,250.00 184,618 1,484,882.00 214,250.00 390,750.00 58,250.00 165,100 3,056,000.00 403,400.00 152,000.00 58,260.00 20,000 1,885,500.00 290,300.00 7,250.00 32,600.00 24,600 1,341,500.00 230,500.00 198,5Q0.00 78,200.00 169,600 2,257,000.00 127,500.00 3,130.00 1,350.00 140,750 1,870,000.00 275,600.00 24,500. op 63,700.00 16,000 1,880,000.00 36,600.00 45,150.00 63,400.00 62,600 1.781,000.00 85,000.00 113,900.00 72,450.00 47,600 1,341,500.00 150,700.00 244,160.00 82,250.00 1,300 301,375.00 62,000.00 142,650.00 82,050.00 $185,022.00 1,100 110,565.00 68,265.00 196,550.00 • 63,025.00 559 905 00 46,110 2,430,354.00 4,146,566.00 1,327,30L00 785,251.00 342,000.00 33,140 4,111,000.00 3,466,000.00 624,000.00 365,000.00 20,130.00 26,000 2,288,726.00 857,350.00 207,500.00 117,600.00 4,170.00 63,500 1,903,500.00, 2,129,500.00 703,000.00 299,000.00 43,740.00 94,000 1,482,000.00 2,726,500.00 712,000.00 433,000.00 31,260,00 5,998,000.00 2,002,250.00 .189,000.00 258,000.00 48 120.00 636,500 2,074,000.00 421,000.00 97,000.00 46,000.00 10,950.00 733,930 1,032,860.00 312,360.00 78,700.00 92,950.00 8 610.00 78,500 2,078,950.00 1,237,650.00 209,650.00 164,050.00 14,940.00 12,090 802,175.00 249,887.60 102,830.00 74,627.60 10,906.50 27,660 709,830.00 48,015.00 17,196.00 6,923.00 643.80 31,170 518,785.00 28,517.60 26,907.00 4,523.50 14 10 47,000 593,450.00 25,075.00 18,550.00 6,675.00 255.00 49,626 899,812.50 11,381.25 14,372.60 6,636.26 681 75 60,325 810,162.50 17,156.25 14,662.60 6,431.25 138.75 182,700 769,100.00 31,500.00 72,626.00 18,295.00 123.00 424,300 725,950.00 23,150.00 70,660.00 21,930.00 163.00

5,053,440 95,509,284.50 21,727,878.00 8,376,184.10 4,529,818.90 1,281,762.90

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

866 • REPORT ON THE FINANCES.

Combined coinage of the mints of the United States, by

Gold coinage. Calendar years. .Double Half Three Quarter Fifty Eagles. Dollars. dollars. eagles. eagles.' dollars. eagles.

B r 0 u g h t| forward $560,502,480 $54,819,680 $67,470,880 $1,149,123 $26,065,402.50 $19,040,007 1870...... 22,819,480 164,430 143,550 10,605 51,38,7.50 9,335 1871 20,466,740 254,650 245,000 3,990 68,375.00 3,930 1872 21,230,600 244,500 275,350 6,090 52,575.00 3,530 1873 55,456,700 173,680 754,605 75 512,562.50 125,125 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 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 3,330 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 5:040 1883 24,980,040 2,595,400 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 13,875,560 4,815,270 9,065,030 2,730 2,217.50 12,205 22,120 10,621,600 18,282,160 3,426 10,220.00 6,016 1887. 5,662,420 8,706,800 9,560,435 18,480 16,705.00 8,543 1888. 21,717,320 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 . 22,032.60 1891. 25,891,340 1,956,000 .1,347,065 27,600.00 1892. 19,238,760 9,817,400 5,724,700 6,362.50 1893. 27,178,320 20,132,450 9,610,985 76,265.00 1894. 48,350,800 26,032,780 5,152,275 10,305.00 1895. 46,163,120 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 10,154,475 60,412.50 1899. 73,593,680 21,403,520 16,278,645 68,375.00 1900. 86,681,680 3,749,600 8,673,650 168,012.50 1901. 34,150,520 46,036,160 21,320,200 228,307.50 1902. 35,697,580 5,520,130 5,557,810 334,332.50 6 75,000 1903. 24,828,560 7,766,970 10,410,120 503,142.50 5 175,000 1904., 227,819,440 2,709,880 2,445,680 402,400.00 6 25,000 1905., 37,440,220 5,703,280 5,915,040 544,860.00 6 35,000 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 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 34,863,440 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., 11,926,760 5,080,710 6,620,495 1,805,412.50 1914.. 40,926,400 7,025,500 3,785,625 1,720,292.50 1915.. $150,950 14,391,000 4,100,750 3,760,375 8 1,540,292.50 '25,034 1916.. 15,920,000 1,385,000 1,200,000 10 20,026 1917., 10 10,014 1918..

Total... 150,950 12,436; 142,120 516,714,850 391,249,345 1,619,376 44,666,517.50 19,864,411

1 Includes $475,000 In Columbian coins. 2 Includes $2,025,000 In Columbian coins. 3 Includes $10,000 in Columbian coins. * Includes 50.000 Lafayette souvenir dollars. "-> Louisiana Purchase Exposition.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE IMINT. 867

denominations and calendar years, since their organization—Continued.

Silver coinage.

Quarter Twenty Trade Dollars. Half dollars. J")lnies. ' dollars. dollars. cents. Half dimes. Three cents,

$5,053,440 $95,509,284.50 $21,727,878. ,376^ 184, $4,529,818.90 $1,281,762.90 445,462 829,758.50 23,935. 52^ 150. 26,830.00 120.00 1,117/136 1,741,655.00 53,255. 109, 371, 82,493.00 127.80 1,118,600 866,775.00 68,762. 261, 045. 189,247.50 58.50 $1,225,000 296,600 1,593, ISO. 00 414,190. 443, 329. 51,830.00 18.00 4,910,000 1,406,650.00 215,975. 319, 151 6,279,600 5,117,750.00 1,278,375. $265,598 ,406, 570. 6,192,150 7,451,575.00 7,839,287. 5,180 ,015, 115. 13,092,710 7,540,255.00 6,024,927. 102 , 735, 051, 4,259,900 22,495,550 726,200.00 849,200. 120 187,,88 0 1,541 27,560,100 2,950.00 3,675. 1;,510 . 1,987 27,397,355 4,877.50 3,738. 3,,735 . 960 27,927,975 5,487.50 3,243. 2,,497 . 1,097 27,574,100 2,750.00 4,075. 391,,110 . 979 28,470,039 4; 519.50 3,859. 767,,571 . 28,136,875 2,637.50 2,218. 393,,134 . 28,697,767 3,065.00 3,632. 257, 711. 31,423,886 2,943.00 1,471. 658, 409. 33,611,710 2,855.00 2,677. 573, 838. 31,990,833 6,416.50 306,708, 721, 648. 34,651,811 6,355.50 3,177, 835, 338. 38,043,004 6,295.00 20,147. 133, 461. 23,502,735 100,300.00 1,551,150, 304, 671. 6,333,245 1 1,652,136. 50 2,960,331, •695, 365. 1,455,792 2 4,002,896.00 2,583,831. 759, 219. 3,093,972 3,667,831.00 2,233,448. 205, 099. 862,880 2,354,652.00 2,255,390. 225, 088. 19,876,762 1,507,855.00 1,386,760. 318, 581. 12,651,731 2,023,315.50 2,524,440. 287, 810. 14,426,735 3,094,642.50 3,497,331. 015, 324. 15,182,846 4,474,628.50 3,994,211. 409, 833. 425,010,912 5,033,617.00 3,822,874. 477, 918. 22,566,813 3,119,928.50 2,644,369. 507, 350. 18,160,777 . 4,454,723.50 4,617,589. 795, 077. 10,343,755 3,149,763.50 3,551,516. 829, 405. 8,812,650 2,331,054.00 3,011,203, 540, 102. 1,830,863.50 2,020,562. 480, 754. 5,426,414.50 2,248,108, 976, 504. 5,825,587.50 3,899,143, 453, 704. 5,819,686.50 4,262,136, 309, 954. 2,529,025.00 4,110,662. 448, 165. 1,183,275.50 936,137. 625, 055. 1,686,811.50 1,410,535. 359, 954. 2,610,750.00 1,277,175. 453, 070. 663,313.50 493,853. 027, 062. 558,305.00 2,388,652. 136, 865. 91,486,425.00 1,969,612. 658, 045. 1,065,200.00 2,095,200. 720, 400. 10,751,700.00 9,464,400. 196, 200. "10,434,549.00 8,173,000. 865; 480.

35,965,924 578,363,848 215,674,685.00 124,238,039.50 271,000 95,727,879.70 ;0,219.40 1,282,087.20

6 Lewis and Clark Exposition. 7 Panama-Pacific International Exposition coins. 8 Includes $25,042.50 In Panama-Pacific International Exposition coins. . 9 Includes $30,000 in Panama-Pacific International Exposition coins. 10 McKinley .Niemorlal dollars. 11 Includes $60,029 Illinois Centennial half dollars.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

8.68 REPORT ON THE FINANCES.

Combined coinage ofthe mints ofthe United States, by

Minor coinage. Calendar years. Five cents. Three cents. Two cents.

1793-1795 1796 : 1797 1798 1799 1800 1801 1802 1803 • 1804 1805 1806 1807 ; 1808 1809 1810 1811 1812 1813 1814 •. 1815 1816 .... : 1817 1818 1819 1820 1821 1822 1823 1824 1825 :... 1826 1827 1828 1829 : 1830 1831 1832 1833 1834 •--'. 1835 1836 1837 1838 : 1839 1840 . - - :::::::::::::: 1841 1842 1843 1844 1845 1846.. - 1847 1848 1849 : 1850 ; 1851 1852 1853 1854 1855 : 1856 1857 : 1858 il859 • I860 1861 11862 1863 1864 $396,950.66 1865. : $341,460.00 272,800.00 1866 $737, i25.66 144,030.00 63,540.00 1867 .• .• 1,545,475.00 117,450:00 58,775.00 1868 :. 1,440,850.00 97,560.00 56,075.00 1 1869 819,750.00 1 48,120.00 30,930.00 ,

Carried forward 1 4,643,200.00 | 748,620.00 1 879,070.00 1

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT. 869

denominations and calendar years, since their organization—Continued.

Minor coinage. Total coinage. Total vailue. Cents. Half cents. Gold. Silver. Minor.

$10,660.33 $712.67 $71,485.00 $370,683.80 $11,373.00 $453,541.80' 9,747.00 577.40 77,960.00 77,118.50 10,324.40 165,402.901 8,975.10 535" 24 128,190.00 14,550.45 9,610.34 152,250.79' 9,797^)00 205,610.00 330,291.00 9,797.00 545,698.00' 9,045.85 60.83 213,285.00 423,515.00 9,106.68 645,906.68. 28,221.75 1,057.65 317,760.00 224,296.00 29,279.40 571,335.40> 13,628.37 422,570.00 74,758.00 13,628.37 510,956.37 34,351.00 7L83 423,310.00 58,343.00 34,422.83 516,075.83 24,713. 53 489. 50 258,377.50 87,118.00 25,203:03 370,698.53 7,568.38 5,276.56 258,642.50 100,340.60 12,844.94 371,827.94 9,41L16 4,072.32 170,367.50 149,388.50 13,483.48 333,329.48 3,480.00 1,780.00 324,505.00 - 471,319.00 5,260.00 SOI, 084.00 7,272.21 2,380.00 437,495.00 597,448.75 9,652.21 1,044,595.96 11,090.00. 2,000.00 284,665.00 684,300.00 13,090.00 982,055.00 2,228.67 5,772.86 169,375.00 707,376.00 8, OOL 53 884,752. 53 14,585.00 1,075.00 501,435.00 838,773. 50 15,660.00 1,155,868.50 , 2,180.25 315.70 497,905.00 608,340.00 2,495.95 1,108,740.95 10,755.00 290,435.00 814,029.50 10,765.00 1,115,219.50 4,180.00 477,140.00 620,951.50 4,180.00 1,102,271.50 3,578.30 77,270.00 561,687.50 3,578. 30 642,535. 80 3,175.00 17,308.00 20,483.00 28,209.82 28,575. 75 28,209.82 56,785. 57 39,484.00 607,783.50 39,484.00 647,267.50 31,670.00 242,940.00 1,070,454.50 31,670.00 1,345,064.50 26,710.00 258,615.00 1,140,000.00 26,710.00 1,425,325.00 44,075.60 1,319,030.00 501,680. 70 44,075.50 1,864,786.20 3,890.00 189,325.00 825,762.45 3,890.00 1,018,977.45 20,723.39 88,980.00 805,806.50 20,723.39 915,509. 89 72,425.00 895,550.00 967,975.00 12,620.00 93,200.00 1,752,477.00 12,620.00 1,858,297.00 14,611. 00 315.00 156,385.00 1,564,583.00 14,926.00 1,735,894.00 15,174. 25 1,170.00 92,245.00 2,002,090.00 16,344.25 2,110,679.25 23,577. 32 131,565.00 2,889,200.00 23,577.32 3,024,342.32 22,606.24 3,030.00 140,145.00 1,575,600.00 25,638.24 1,741,381.24 14,145.00 2,435.00 295,717.50 1,994,578.'00 16,580.00 2,306,876.50 17,115.00 643,105.00 2,495,400.00 17,115.00 3,155,620.00 33,592.60 11.00 714,270.00 3,175,600.00 33,603.60 3,923,473.60 23,620.00 798,435.00 2,579,000.00 23,620.00 3,401.065.00 27,390.00 770.00 978,550.00 2,759,000.00 28,160.00 3,765,710.00 18,551.00 600.00 3,954,270.00 3,415,002.00 19,151.00 7,388,423.00 38,784.00 705.00 2,186,175.00 3,443,003.00 39,489.00 5,668,667.00 21,110. 00 1,990.00 4,135,700.00 3,606,100. 00 23,100. 00 7,764,900. 00 55,583.00 1,148,306.00 2,096,010.00 55,583.00 3,299,898.00 63,702.00 1,809,765.00 2,333,243.40 63', 702.00 4,206,710.40 31,286. 61 1,376,847.50 2,209,778. 20 31,286.61 3,617,912.31 24,627.00 1,676,482.50 1,726,703.00 24^627.00 3,426,812.50 15,973. 67 1,091,857. 50 1,132,750.00 15,973.67 2,240,581.17 23,833. 90 1,829,407.50 2,332,750.00 23,833. 90 4,185,991.40 24,283.20 8,108,797. 50 3,834,750.00 24,283. 20 11,967,830,70. 23,987. 52 5,427,670.00 2,235,550.00 23,987.52 7,687,207. 52 • 38,948. 04 3,756,447.50 1,873,200.00 38,948.04 5,668,595. 50 • 41,208.00 4,034,177.50 2,558,580.00 41,208. 00 6,633,965; 54 61,836. 69 20,202,325.00 2,374,450. 00 61,836.69 22,638,611.69 64,157.99 3,775,512. 50 2,040,050.00 64,157.99 5,879,720.49 41,785.00 199.32 9,007,781.50 2,114,950.00 41,984.32 11,164,695.82 44,268.44 199.06 31,981,738.50 1,866,100.00 44,467. 50 33,892,306.00 98,897. 07 738.36 62,614,492. 50 774,397.00 99,635.43 63,488,524.93 50,630. 94 58,846,187.50 999,410. 00 50,630.94 57,896,228.44 66,411.31 648.47 39.377,909.00 9,077,571.00 67,059.78 48,522,539. 78 42,361.56 276. 79 25,915,962.50 8,619,270. 00 42,638.35 34,577,870.85 15, 748. 29 282. 50 29,387,968.00 3,501,245.00 16,030.79 32,905,243.79 26,904. 63 202.15 36,857,768. 50 5,142,240.00 • 27,106. 78 42,027,115.28 177,834. 56 175. 90 32,214,040.00 5,478,760.00 178,010.46 37,870,810. 46 246,000. 00 22,938,413.50 8,495,370.00 246,000 00 31,879,783.50 364,000. 00 14,780,570.00 3,284,450. 00 364,000.00 18,429,020.00 205,660.00 23., 473,654.00 2,259,390. 00 205,660. 00 25,938,704.00 101,000.00 83,395,530.00 3,783,740.00 101,000.00 87,280,270.00 280,750. 00 20,875,997. 50 1,252,516.50 1 280,750.00 22,409,264.00 498,400.00 22,445,482.00 809,267. 80 498,400.00 23,753,149.80 529,737.14 20,081,415.00 609,917.10 I 926,687.14 21,618,019.24 354,292.86 28,295,107.50 691,005.00 968,552.86 29,954,665.36 98,265.00 31,435,945.00 982,409. 25 1,042,960.00 33,461,314.25 98,210. 00 23,828,625. 00 908,876. 25 1,819,910.00 26,657,41L 25 102,665. 00 19,371,387.50 1,074,343.00 1,697,150.00 •22,142,880.50 64,200.00 17,582,987. 50 1,266,143.00 963,000.00 19,812,130.60

:0,577.44 39,926.11 729,047,572. 50 136,478,368.40 10,891,393.55 876,417,334.45.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

870 REPORT ON THE FINANCES.

Combined coinage of the mints of the United States, by

Minor coinage.

Five cents. Three cents. . Two cents.

Brought forward $4,543,200.00 $748,620.00 $879,070.00 1870 " 240,300.00 40,050.00 17,225.00 1871 28,050.00 18,120.00 14,425.00. 1872 301,800.00 25,860.00 1,300.00 1873 227,500:00 35,190.00 1874 176,900.00 23,700.00 1875 104,850.00 6,840.00 1876 126,500.00 4,860.00 1877 1878 117.50 70.50 1879 1,455.00 1,236.00 1880 997.75 748.65 1881 3,618.75 32,417.25 1882 573,830.00 769.00 ' 1883 . . . 1,148,471.05 318.27 1884 563,697.10 169.26 1885 73; 824.50 143.70 1886 • 166,514.50 - 128.70 1887 763,182.60 238.83 1888 • 536.024.15 1,232.49 1889 794,068.05 646.83 1890 812,P63.60 1891 84i;717.50 1832 • 584,982.10 1893. . 668,509.75 1894 270,658.60 1895-• 498,994.20 18% 442,146.00 1897 1,021,436.75 1898 626,604.35 1899 1,301,451.55 0 1900 ' 1,362,799.75 1901 1,324,010.0.3 1902 1,574,028.95 1903 1,400,336.25 1904 1,070,249.20 1905 1,491,363.80 1906 1,930,686.25 1907 1, 960,740.00 190S • . 1,134,308.85 1909 579,526.30 1910 1,508,467.65 1911 1,977,968.60 1912 1,747,435.70 1913. 3,682,961.95 1914 1,402,386.90 1915 - 1,503,088.50 1916 4,434,553.30 1917 3,276,391.45 1918 2,266,515.70

Total 53,072,183.10 941,349.48 912,020.00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT. 871

denominations and calendar years, since their organization—Continued.

Minor coinage. Total coinage. Total value. Cents. Half cents. Gold. Silver. Minor.

$4,680,577. $39,926.11 $729,047,572.50 $136,478, 368.40 $10,891,393.65 $876,417,334.45 • 52,750. 23,198,787.60 1,378. 255.50 350,325.00 24,927,368.00 39,295. 21,032,685.00 3,104; 038.30 99.890.00 24,236,613.30 40,420. 21,812,645.00 2,504, 4S8.50 369; 380.00 24,686,513.50 116,765. 57,022,747.50 4,024, 747.60 379,455.00 61,426,950.10 141,875 35,254,630.00 6,851, 776.70 342,475.00 42,448,881.70 135,280. 32,951,940.00 15,347, 893.00 246,970.00 48,546,803.00 79,440. 46,579,452.50 24,503, 307.50 210,800.00 71,293,560.00 8,525. 43,999,864.00 28,393, 045.50 8,525.00 72,401,434.50 57,998. 49,786,052.00 28,518, 850.00 58,186.50 78,363,088.50 162,312, 39,080,080.00 27,569, 776.00 165,003.00 66,814,859.00 389, 649. 62,308,279.00 27,411, 693.75 391,395.95 90>111,368.70 392,115. 96,850,890.00 27,940, 163.75 428,151.75 125.219,205.50 385,811. 65,887,685.00 27,973, 132.00 960,400.00 94,821,217.00 455,981. 29,241,990.00 29,246, 968.45 1,604,770.41 60,093,728.86 232,617. 23,991,756.50 28,534, 866.15 796,483.78 53,323,106.43 117,653. 27,773,012.50 28.962. 176.20 191,622.04 56,926,810.74 176,542. 28,945,542.00 32,086', 709.90 343,186.10 61,375,438.00 452,264. 23,972,383.00 35,191, 081.40 1,215,686.26 60,379,150.66 374,944. 31,380,808.00 33,025, 606.45 912,200.78 6.5,318,615.23 488,693 21,413,931.00 35,496 683.15 1,283,408.49 58,194,022.64 571,828. 20,467,182.50 39,202; ;.20 1,384,792.14 . 61,054,882.84 470,723, 29,222,005.00 27, 518, 856.60 1,312,441.00 58,053,302.60 376,498, 34,787,222.50 12,641, 078.00 961.480.42 48,389,780.92 466,421, 56,997,020.00 8,801, 739.05 1,134,931.70 66,933,690.75 167, 521. 79,546,160.00 9,200, 350.85 438.177.92 89,184,688.77 383,436. 59.616,357.50 6,698; 010.25 882,430.56 66,196,798.31 390,572. • 47,053,060.00 23,089, 899.05 832.718.93 70,975,677.98 504,663. 76,028,485.00 18,487, 297.30 .1,526,100.05 96,041,882.35 498,230. 77,985,757.50 23,034, 033.45 1,124,835.14 102,144,626.09 536,000. • 111,344,220.00 26,061, 519.90 1,837,451.86 139,243,191.76 668, .337. 99,272,942.50 36,345 321.45 2,031,137.39 137,649,401.34 796,111. 101,735,187.50 30,838; 460.75 2,120,122.08 134,693,770.33 873,767. 47,184,852.50 30,028, 167.20 2,447,796.17 79,660,815.87 850,944. 43,683,792.50 19.874, 440.00 2,251,281.18 65,809,513.68 613,280. 233,402,400.00 15; 695, 609.95 1,683,529.36 250,781,539.30 807,191. 49,638,400.00 6,332, 1.80.90 2,298,555.43 58,269,136.33 960,222. 78,793,045.00 10 651, 087.85 2,890,908.80 92,335.041.65 1,801,386, 131,907,490.00 13,178, 435.75 3,042,126.18 148,128,051.93 334,429, 131,638,632.50 12,391, 777.25 1,468,738.72 145,499,148.47 1,176,862, • 88,776,907.50 8,087, 852.50 1,756,388.93 98,621,148.93 1,528,462, 104,723,735.00 3,744, 468.35 3,036,929.83 111,505,133.18 1,178,757. • 56,176,822.50 6,457, 301.55 3,156,726.47 65,790,850.52 829,950, 17,498,522.50 7,340, 995.00 2,577,386.30 '27,416,903.80 984,373, 25,433,377.50 3,184, 228.95 4,667,335.47. 33,284,941.92 805,684, 53,457,817.50 6,083, 823.09 2,208,071.22 61,749,711.72 559,751. 23,968,401.50 4,114, 082.50 2.062,839.70 30,146,323.70 1,902,996, 18,525,026.00 8,880, 00 6,337,550.07 33,743,376.07 10,014.00 29,412: 300.00 6,118,089.30 36,540,403.30 2,841,697. 5,972,662.04 3,706,146. 25,473: 029.00 31,445,691.04 35,847,764.27 39,926.11 3,410,407,569.50 1,056,393,682.8 90,813,242.96 4,657,614,495.26

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

a,72 REPORT ON THE FINANCES.

STOCK OF MONEY IN THE UNITED STATES JUNE 30, 1919. On June 30, 1919, the stock of domestic coin in the United States was $1,773,839,984, as shown by the following table:

Official table of stoch of coin in the United States June 30, 1919.

Items. Gold. Silver. Total.

Estimated stock of coin, June 30,1918 .. $1,336,780,596 $731,372,510 $2,068,153,106 Coinage executed, fiscal year 1919 14,682,079 14,682,079 Total 1,336,780,696 746,054,589 2,082,835,185 Less: United States coin withdrawn from monetary use, face value, fiscal year 1919 .24,830,937 192,051,298 216,882,235 Net exports, United States coin, fiscal y6ar 1919 85,625,872 2,887,094 88,512,966 Unitea States coin used in the arts, estimated fiscal year 1919 3,500,000 100,000 3,600,000 Total 113,966,809 195,038,392 308,995,201 Estimated stock of coin in the United States, June 30, 1919... 1,222,823,787 551,016,197 1,773,839,984

NOTE.—The nuinber of standard sliver dollars coined to June 30,1919, was 570,272,610, which, added to the Hawaian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and the ntmber returned in Government transports, 496,859, equals 571,419,469. Since July 1,. 1898, the number of standard silver dollars exported in transports has been 2,495,000, and since 1883 the number melted to June 30,1919, has been 260,323,340, and the number of Hawaiian dollars melted to June 30, 1919, has been 455,370. a total disposition of 2^63.273,710, leaving in the United States on June 30,1919,308,145,759 standard silver aollars and 242,870,438 dollars in subsidiary coins.

Bullion in mints and assay offices June'30, 1919.

Bullion. Value.

Gold... $1,802,919,189 Silver.. 17,313,400 Total. 1,820,232,589

Basic metallic stoch June 30, 1914, 1915, 1916, 1917, 1918, and 1919.

Coin and bullion. June 30,1914. June 30,1915. June 30,1916. June 30,1917. June 30, iOlS. June 30,1919."

Gold $1,871,611,723 $1,973,330,201 $2,450,516,328 $3,018,964,392 $3,075,339,748 $3,112,320,547 Sliver 753,563,709 758,039,421 763,218,469 772,908,391 746,747,094 568,329,597 Total 2,625,175,432 2,731,369.622 3,213,734,797 3,791,872,783 3,821,086,842 3,680,650,144

NOTE.—According to a statement of the Comptroller ofthe Currency, " The general stock of money in the United States in June, 1918, was reported at $6,741,000,000, of which $360,300,000 was in the Treasury as assets of the Government and $1,001,300,000 was held by the Federal reserve banksand Federal reserve agents against issues of Federal reserve notes, a total of $1,361,600,000, or 20.20 per cent of the general stock being thus held. Of the remaining 79.80 per cent of the money of the country, the coin and other money in the national and other reporting banks aggregated $882,700,000; with tne Federal reserve banks, $2,006,200,000; these two Items aggregating 42.86 per cent of the to.tal stock of money. The remaining 36.94 per cent, or $2,490,500,000, outside of the Treasury and the banks, was presumably in the pockets of the people or hoarded."

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

DIRECTOR OF THE MINT. 875 Location of moneys of United States June SO, 1919.

In national In other banks Money. In Treasury. and Federal andin Total. reserve banks. circulation.

METALLIC. Gold bullion . ... $1,802,919,189 $86,577,571 $1,889,496,760' Silver bullion 17,313,400 17,313,400' Gold coin 712,673,702 i"83,711,746 $426,438,340 1,222,823,787 Silver dollars 227,391,235 11,025,000 69,729,524 308,145,759' Subsidiary silver coin 10,983,939 35,612,019 196,274,480 242,870,438- Total metallic 2,771,281,465 216,926,335 692,442,344 3,680,650,144 PAPER. Treasury notes (old issue) 8,839 1,745,i 161 1,754,000' United States notes (act July 14,1890).. 13,818,465 93,861,925 239,060,626 346,681,016 National-bank notes ^ ... 93,429,866 72,016,646 740,557,200 906,943,712- Federal reserve notes 44,227,988 . 3 174^137^000 2,319,892,937 2,538,257,925 Total notes 151,485,158 340,886,671 3,301,266,924 3,793,636,653: Gold certificates 69,336,858 423,940,230 311,839,261 Silvtr certificates 23,212,706 47,814,082 121,334,213 Total certificates 92,549,563 471,754,312 433,173,474. Grand total . 7,474,286,797.

1 Includes $10,825,000 gold clearing-house certificates. 2 Licludes Federal reserve bank notes, except In national banks. 8 Includes Federal reserve bank notes. Ownership of gold and silver in the United States June 30, 1919.

Silver coin and bullion. Total gold Gold coin and silver Ownership. and bullion. Silver Subsidiary Silver . Total coin and dollars. coin. bullion. silver. bullion.

United States Treasury (free).. $141,411,417 1$35,030,235 $10,983,939 .$17,313,400 $63,327,574 $204,738,991 United States Treasury (re served against United States notes and Treasury notes) . 152,979,026 152,979,026 United States Treasury (for cer tificates outstanding) 805,116,349 192,361,000 192,361,000 997,477,349 Federal reserve banks (gold settlement fund) .1,416,086,099 1,416,086,099 National and Federal reserve banks 169,464,316 11,025,000 35,612,019 46,637,019 206,101,335 National banks (for clearing house certificates) 10,825,000 10,826,000- Private banks and individuals 426,438,340 69,729,524 196,274,480 266,004,004 692,442,344 Total 3,112,320,547 308,145,759 242,870,438 17,313,400 568,329,597 3,680,650.144

1 Treasury notes are secured by the silver dollars here stated as free, as well as by the gold reserve. Cash holdings of nonnational banhs. Eeports to the Comptroller of the Currency of 21,175 reporting banks, other than national banks, as of June 29, 1918, show cash holdings as follows: ' Gold coin $68, ,378, 760 Silver coin 20,005, 66a Minor coin. 3, 530, 584 TJnited States notes, etc 184, 507, 351 National bank notes 8,195, 585 Federal reserve notes 20,406, 347 Gold certificates 37,829,060 Silver certificates 26, 652,036 Unclassified cash - 144,364,037 Total , 513, 869, 423

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

874 REPORT ON THE FINANCES.

Estimated stoch of gold and silver in the United States and the amount per capita at the close of each fiscalyear since 1873.

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

1873. 41,677,000 $135,000,000 $6,149, $3.23 $0.15 $3.38 1874. 42,796,000 147,379,493 10,355: 3.44 .24 3.65 1875. 43,951,000 121,134,906 19,367; 2.75 .44 3.18 1876. 45,137,000 130,056,907 36,415: 2.88 .81 3.69 1877. 48,353,000 167,501,472 56,464: 3.61 1.21 4.89 1878. 47,598,000 213,199,977 88,047; 4.47 1.85 6.32 1879. 48,868,000 245,741,837 117,526, 5.02 2.40 7.42 .1880. 50,155,783 • 351,841,206 148,522; 7.01 2.96 9.92 1881. 51,316,000 478,484,538 175,384^ 9.32 3.41 12.77 1882. 52,495,000 506,757,715 203,217, 9.65 3.87 13.53 1883.. 53,693,000 542,732,063 233,007, 10.10 4.34 14.42 1884.. 54,911,000 545,500,797 255,568, 9.93 • 4.65 14.54 1885.. 56,148,000 588,697,036 283,478, 10.48 5.05 15.58 1888.. 57,404,000 590,774,461 312,252, 10.29 5.44 15.73 1887.. 58,880,000 854,520,335 352,993, 1L15 6.00 17.13 1888. 59,974,000 705,818^,855 386,611, 1L76 6.44 18.25 18"89.. 61,289,000 680,083,505 420,548, 11.09 6.88 17.90. 1890., 62,622,250 695,563,029 463,211, 11.10 7.39 18.45 1891. 63,975,000 646,582,852 522,277, 10.10 8.16 18.29 1892.. 65,520,000 664,275,335 570,313, 10.15 8.70 18.86 1893-. 66,946,000 597,697,685 615,861, 8.93 9.20 18.13 1894.. 68,397,000 627,293,201 624,347, 9.18 9.13 18.31 1896.. 69,878,000 636,229,825 625,854, 9.10 8.97 18.07 1896.. 71,390,000 599,597,964 628,728, 8.40 8.81 17.21 1897.. 72,937, QOO 696,270,542 634,509, 9.56 8.70 18.25 1898.. 74,522,000 861,514,780 637,672, 20.12 639,286, 11.56 8.56 1899.. 76,148,000 932,865,505 12.64 8.40 21.04 1900.. 647,371, 21.87 76,891,000 1,034,439,264 661,205, 13.45 8.42 1901.. 77,754,000 22.97 1902.. 1,124,652,818 670,540, 14.47 •8.50 23.55 1903.. 79,117,000 1,192,395,607 677,448; 15.07 8.48 23.83 1904.. 80,847,000 1,249.552,756 682,383, 15.45 8.38 24.55 1905.. 81,867,000 1,327,672,672 688,401 16.22 8.33 24.55 1906.. 83,259,000 1,357,881,186 687,958; 16.31 8.24 25.52 1907.. 84,662,000 1,472,995,209 705,330 17.40 8.12 25.23 1908.. 86,074,000 1,486,056,632 723,594; 17.03 8.20 26.73 1909.. 87,498,000 1,615,140,575 733,250, 18.46 8.27 26.70 1910.. 88,926,000 1,640,567,13] 727,078; 18.45 8.25 26.15 1911-. 90,363,000 1.635,424,513 732,002, 18.10 8.05 26.44 1912.. 93,983,000 1,753,134,114 741,184 18.65 7.79 26.70 1913-. 95,656,000 1,812,856,241 745,585; 18.95 7.75 26.83 1914.. 97,337,000 1,866,619,157 753,563, 19.17 7 66 26.51 1915.. 99,027,000 1,871,611,723 758,039, 18.90 7.61 2712 1916.. 100,725,000 1,973,330,201 763,218, 19.59 7.53 31.37 1917.. 102,431,000 2,450,516,328 772,908, 23.92 7.45 36.41 1918.. 104,145,000 3,018,964,392 745,747, 28.99 7.42 36.09 1919.. 105,869,000 3,075,339,748 568,329, 29.05 7.04 34.20 107,600,000 3,112,320,547 28.92 5.28

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DIRECTOR OE THE MINT. 875

STOCK OF MONEY IN THE UNITED STATES DECEMBER 31, 1918. On December 31, 1918, the stock of doinestic coin in the United States was $1,952,200,379, as shown by the following table:

Official table of stoch of coin in the United States Dec. 31, 1918.

Item. Gold. bilver. Total.

Estimated stock of coin Dec. 31,1917 $1,353,7'75,082 $786,546,308 $2,140,321,390 Coinage executed, calendar year 1918 25,473,029 25,473,029 Total - : 1,353,775,082 812,019,337 2,165,794,419 Less: United States coin w thdrav\^n from monetary use, face value, calendar V3ar 1918 14,776,947 167,253,579 182 030 526 Net exports. United States com, calendar year 1918 25,688,425 2,275,089 27;963;514 United States coin used in the industrial arts, estimated, calendar year 1918 . . * 3,500,000 100,000 3,600,000 Total 43,965,372 169,628,668 213,594,040 Estimated stock of coin In United States Dec. 31,1918 1,309,809,710 642,390 669 1,952,200,379

NOTE.—The number of standard silver dollars coined to Dec. 31, 1918, was 570;272,610 which, added to the .Hawaiian dollar coinage, 600,000, plus the number imported, from the Philippme Islands, 150,000, ^nd the number returned in Government transports, 496,859, equals 571,419,469. Since .Tuly 1, 1898, the number of standard silver dollars exported In transports has been 2,495,000, and since 1883 the number melted to Dec. 31, 1918, has been 166,980,058, and the number of Hawaiian dollars melted to Dec. 31, , 1918, has been 455,322, a total disposition of 169,930,380, leaving In the United States on Dec. 31, 1918, 401,489,089 standard silver dollars and 240,901,580 dollars in subsidiary coins.

Location of moneys of United States Dec. 31, 1918.

Outside of Money. In Treasury. Treasury. Total.

.MetalUc: Goldbullion i$l,776,539,512 2 $78,877,000 $1,855,416,512 Silver bu^Uon I 13,746,674 13,746,674 Gold coin 775,602,510 534,307,200 1,309,809,710 Silver dollars 317,677,548 83,911,541 401,489,089 Subsidiarv silver coin .. 3,331,153 237,570,427 240,901,580 Total ; 2,886,697,397 934,666,168 3,821,363,565 Paper: United States notes (old Issue) . ...'. 8,900,116 337,780,901 3 346,681,016 Treasury notes (act July 14,1890) 4,893 1,803,107 1,808,000 National-bank notes ^ 29,993,381 821,679,359 851,672,740 Federal reserve notes 34,528,148 2,630,662,112 2,665,190,260 Total .... 73,426,537 3,791,925,479 3,865,352,016 Gold certificates 885,313,084 Sliver certificates 264,817,940 Total certificates 1,150,131,004 Total stock of money 7,686,715,581

^ In mints and assay offices. 2 In Federalreserve banks. 3 There Is reserved $152,979,026 in gold against United Statesnotes and Treasury notes of 1890 outstanding. Treasury notes are also secured by silver dollars in the Treasury. < Includes Federal reserve bank notes.

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.876 REPORT ON THE FINANCES. Monetary stoch of gold in the United States.

Coin in national End of year. Coin In Bullion in banks. Coin in cir Total stock Treasury. Treasury.i Comptroller's culation. of gold. repor t.i

Fiscal year June 30: 1873 $55,518,667 $15,669,981 $3,818,086 $30,000,000 $105,006,634 1874 60,972,107 9,539,738 5,636,086 39,607,488 115,655,419 1875 45,382,484 . 8,258,706 3,710,682 31,695,660 89,047,532 1876 41,91<2,168 9,589,324 3,225,707 44,533,218 .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 39,767,629 176,419,684 1879 129,920,099 5,316,376 21,530,846 53,601,228 210,368,549' Calendar year: 18792 95,790,430 61,999,892 98,104,792 46,843,424 302,738,53a 1880 61,481,245 93,789,622 92,184,943 150,085,854 397,541,664 1881 84,639,865 88,726,016 101,115,387 210,775,833 485,257,101 1882 119,523,136 51,501,110 75,326,033 234,205,711 480,555,99a 1883 152,608,393 65,667,190 73,447,061 228,296,821 520,019,465- 1884 171,553,206 63,162,982 76,170,911 215,813,129 526,700,227 1885 76,434,379 72,938,221 96,741,747 313,346,322 558,460,669' • 1886 187,196,596 81,431,262 97,781,405 223,199,865 589,609,128- 1887 182,618,963 123,145,136 99,162,377 245,145,579 650,072,055 1888 227,854,212 97,456,289 78,224,188 246,218,193 649,752,882- 1889 246,401,951 67,265,944 84,416,468 235,434,571 633,518,934 1890 226,220,604 67,645,934 80,361,784 274,056,833 648,284,155- 1891 196,634,061 83,575,643 91,889,690 253,765,288 625,864,582- 1892 156,662,452 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 91,781,176 47,106,966 151,117,047 248,787,867 538,793,056 1895 83,186,960 29,443,955 147,308,401 242,644,697 502,584,013 1896.... 121,745,884 54,648,743 161,828,060 251,010,816 589,233,493. 1897 152,488,113 45,279,029 187,608,644 252,419,033 637,794,819 1898 141,070,022 140,049,456 263,888,746 286,891,578 831,899,801 1899.... •.... 257,306,366 143,078,146 203,700,670 293,387,672 , 897,472,764 1900 ,.. 328,453,044 153,094,872 199,350,080 307,870,474 988,768,470' 1901 417,343,064 123,735,775 190,172,340 318,388,468 1,049,639,647 . 1902 458,159,776 159,971,402 178,147,097 324,252,498 1,120,530,773 1903 478,970,232 209,436,811 170,547,258 332,730,989 1,191,685,290 1904 647,261,358 49,187,017 195,111,219 325,261,922 1,216,821,516 1905 662,153,801 101,183,778 196,680 998 327,549,686 1,287,568,263- 1906 737,677,337 156,542,687 188,096,624 376,006,767 1,458,323,415- 1907 788,467,689 162,937,136 203,289,045 457,995,462 1,612,689,332 1908 924,316,981 111,041,339 209,185,761 411,605,432 1,658,149,513. 1909.. 934,803,233 97,347,289 213,990,955 392,507 842 1,638,649,319 1910 982,586,379 120,726,077 227,977,678 378,745,080 1,710,035,214 1911 ,001,413,292 183,088,870 235,184,404 379,941,280 1,799,627,846 1912 995,209,422 258,857,946 240,452,237 385,717,711 1,880,237,316- 1913..:... , 987,678,101 303,585,254 232,798,904 380,631,886 1,904,694,145 1914 1 880,954,878 304,354,958 168,660,282 451,128,764 1,805,098,882- 1915 ,042,818,106 643,424,187 118,415,762 494,796,127 2,299,454,182- 1916 906,491,238 1,294,802,847 120,396,000 545,275,456 2,866,965,541 1917 697,301,630 1,688,745,498 61,660,000 612,913,452 3,042,520,580 1'918 775,502,510 1,776,539,512 64,963,144 548,221,056 3,165,226,222' > Includes Federal reserve bank holdings for 1918. 2 Six months ending Dec. 31,1879.

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DIEECTOB OP THE MINT. 877

Highest, lowest, and average price of silver bullion in London, and the United States equivalent value of a fine ounce each month.

CALENDAR YEAR 1918.

United States eqmva- Average , lent monthly Average value of New monthly a fine York Month. Highest. Lowest. Average. exchange ounce, price of New based on fine bar York on average silver London. monthly price and average ounce. rate of exchange.

1918. January • 45 ^ 43i 44.3509 $4.7527 $0.94950 $0.93927 February 43i 42^ 42.7480 4.7536 .91646 .89514 March... . . 46 42i 43.7000 4.7533 .93568 .92728 April 49i 45l 47.2150 4.7545 1.01120 .98394 May 48.9950 4.7550 1.04942 1.00003 June 48m1 48m1 48.8750 4.7641 1.04664 1.00010 July...: °. 4&H 48H- 48.8125 4.7533 1.04512 1.00000 August : 49^ 48S 49.0671 4.7557 1.05112 1.00692 September. . 49^ 49^ 49.5000 4.7549 1.06022 1.01492 October 49^ 49^ 49.5000 4.7492 1.06022 1.01500 November 49^ 48i 49.0108 4.7577 1.05033 1.01600 December •. 48f 48^ 48.4755 4.7575 1.03883 1.01587 Average .47.5208 4.7543 1.01769 .98446

FISCAL YEAR 1918-19.

1918. July 4&B 48H 48.8125 $4.7533 $1.04512 $1. OOOOO August 49^ 49.0671 4.7557 1.05112 1.00692 September. 49^ 49.5000 4.7549 1.06022 1.01492 October 49J 49i 49.5000 4.7492 1.06022 1.01500 November. 49^ 48f 49.0108 4.7577 1.05033 1.01500 December.. 48f 48^V 48.4755 4.7575 1.03883 1.01587 1919. January... 48,^ 48,^ 48.4375 4.7580 1.03812 1.01558 February.. 4&^ 471 48.0398 4.7578 1.02955 1.01500 March 50 47f 48.1106 4.7105 1.02064 1.01475 April 4< 48.8859 4.6511 1.02420 1.01500 May 4{ 61.7887 4.6577 1.08658 1.08020 June 64^ 53 53.8958 4.6113 1.11922 1.11402 Average.. .49.4604 4.7229 1.05223 1.02686

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878 REPORT ON THE FINANCES.

Highest, lowest, and average price of bar silver in London, per ounce British standard (0.925), since 1833; and the equivalent in United States gold coin, of an ounce 1.000 fine, taken at the average price and par of exchange, to and including 1917; thereafter taken at the average price of bar silver, per ounce 1.000 fine, in New Yorh.

TTicrhpc-f Low Aver Value of a Low Aver Value of a Calendar Highest est age Calendar est age fine ounce quota fine ounce quota quota at average years. quota quota at average years. tion . quota tion. tion.. tion. quotation. tion. tion. quotation.

Pence. Pence. Pence. Dollars.' Pence. Pence. Pence. ' Dollars. 1833. 591 58J 59^V 1.297 1876. '58^ 53J 1.16414 1834. 60| 59^- 59H 1.313 1877. 58} m53} 54H 1.20189 1835. 60 59i 59ii 1.308 1878. 55} 52I 1.15358 1836. 60^ 59f 60 1.315 1879. 5Si 51} 1.12392 1837. 59 59A 1.305 1880. ^5H1 52}- 1.14507 1838. m 59^ • 59^ 1.304 1881. 52I 501 .51-1 1.13229 1839. m60f 60 .60^ 1.323 1882. 52f 50 51H 1.13562 1840. 60^ 1.323 1883. 50xV 50r\ 1.10874 1841. m60| 59f 60T\m - 1.316 1884. ilf 49h 50H 1.11068 1842. 60 59} 69TV 1.303 1885. 50 481 48r«u 1.06510 1843. • 59f 59 69,\ 1.297 1886. 47 • 42 451 .99467 1844. 59^ 59i 59^ 1.304 1887. m 43} .97946 1845. 591 58J 59i 1.298 1888. 44 V 41f t^ .93974 1846. 60^ 59 59^ 1.300 1889. 441 .93511 1847. 60| 58i 1.308 1890. 54f w t^ 1.04634 1848. 60 58^- 59" 1.304 1891. 48^ 43^ 0 1849. 60 59^ •59f 1.309 1892. 43f .371 tu^ .87145 1850. 6U 59i' 61^V 1.316 1893. 38a 30^' 35A .78030 1851. 61f 60 61 1.337 1894. 31f 27 28|| .63479, 1852. 611 591 60^ 1.326 1895. 31| 27vV 29U .65406 1853, 611 60 61^ 1.348 1898. 31U 29| 30^-1 .67565 1854: 611 60i 6U 1.348 1897. 29^ 231 .60438 1855. 61 60 6.1T'. 1.344 1898. 28| 25 26^^ .59010 1856. 62- 60^ 61/^ 1.344 1899. 29 26f 27TV .60154 1857. 62i: 61 61f 1.353 1900. 30} 27 28/* .62007 1858. 61^ 61A 1.344 1901. 29A 24|t 27,^ .59595 1859. 62^- m 62^ 1.360 1902. 26xV 24TV .52795 1860. 62i- m61i 61H 1.352 1903. 28i 2m 24f .54257 1861. 63^ 60H 1.333 1904. 2^^ 2124THV 26^i .57876 1862. 62i m61 1.346 1905. .61027 1803. 613 61 61-1 1.345 1908. 33r ir fof .67689 . 1864. 62^ 60: 61-; 1.345 1907. 32rV 24} 30A .66152 1865. 61f 60. . 1.338 1908, 27 22 24il .53490 1866. 62| 60^ 'M' 1.339 1909, 2AI 23A 23|J .62016 1867. 61i 60i 1.328 1910, 26} 2Sr\ 24^ .54077 1868. 61| 60i f4^ 1.326 1911 26J 245^- .53928 1869. 61 60 60,^ 1.325 1912 29^ 28TV .61470 1870. 60f 60i 1.328 1913, 29| 26TV 27A .60458 1871. 61 m\\ . 1.326 1914. 27'L 22^ 25} .55312 1872. 61J ir eo.'mw 1.322 1915, 27^ 22^ 23 .51892 1873. 511 59tV 1.29769 1916, 37i •26ii 31i .68647 1874, f^ 57i 53,^ 1.27883 1917, 55 35H 40Ti .89525 1875, Sli 55^ 561^ 1.24233 1918 m .42i 47H .98446

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DIRECTOR OF THE MINT. 879

Average commercial ratio of silver to gold each calendar year since 1687.

[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 cablegrams from London to the Bureau ofthe Mint, from 1897 to 1917 from daily London quotations, and since from dally New York quotations.]

Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio. Years. Ratio.

1687 14.94 1726-.-. 15.15 1765.-- 14.83 1804... 16.41 1843... 15.93 1882... 18.20 1688 14.14 1727.... 15.24 1766... 14.80 1805... 15.79 1844... 15.85 1883... 18.64 1689 15.02 1728..-. 15. 1 1767... 14. J 5 1806.-- 15.52 1845... 15.12 1884... 18.61 1690 15. < 2 1729.... U.{2 1708... 14.80 1807... 15.^3 1846... 15.90 1885..i 19.41 1691 14.98 1730..-- 14.81 1769... 14. "2 1808... 16.(18 1847... 15.80 1886... 20.78 1692 14.92 1731-... 14. < 4 1770... 14. (52 1809... 15.96 1848... 15.85 1887... 21.10 1693 14.83 1732-... 15. (9 1771... 14.(56 1810... 15.77 1849... 15.78 1888... 22.00 1694 14:87 1733-.-. 16. 8 1772... 14.52 1811... 15.63 1850... 15.70- 1889... 22.10 1695 15.02 1734-... 16.; 9 1773..- 14. (52 1812... 16.11 1851... 15.'6 1890... 19.75 1696 15.00 1735.--- 15.'1 1 1774..- 14.62 1813.. 16.25 1 1852... 15.59 1891... 20.92 1697 15.20 1736.... 15.18 1 1775... 14.72 1814'.. 15.04 I 1853.- 15.33 1892... 23.72 1698 15.(7 1737.... 15.(2 1776... 14.55 1815... 15.26 1854... 15. J 3 1893... 26.49 1699.. .. 14.94 1738...- 14.91 1777... 14.54 1816... 15.28 1855.-- 15.38 1894... . 32.56 1700.. .- 14. a 1739--.. 14.91 1778... 14.68 1817.... 15.11 1856... 15.38 1895... 3L60 1701.. -- 15. (7 1740--.. 14.94 1779... 14.80 1818... 15. i 5 1857... 15.27 1896.-. 30.59 1702... . 15.52 1741.... 14.<2 1780... 14.72 1819... 16.33 1858... 15.38 1897... 34.20 1703.- .. 15. ] 7 1742... 14. {5 1781 .. 14.78 1820... 15.62 1859... 16.19 1898... 35.03 1704.. .. 15.22 1743..-- 14.^5 1782... 14.42 1821... 15.95 1880... 15.29 1899... 34.36 1705 15.11 1744.--- 14.87 1783... 14.48 1822... 15. JO 1861... 15.50 1900... 33.33 1706.. .. 15.27 1745--.- 14.98 1784 .. 14.70 1823... 15.84 1862... 15.35 1901 .. 34.68 1707 15. ^ 4 1746.... 15.13 1785 -- 14. f 2 1824... "15.82 1863.. 15. J 7 1902... 39.15 1708.. .. 16.41 1747.... 15.26 1786 -. 14.96 1825... 15.70 1864... 15.37 1903 .. 38.10 1709..... i6.a 1748--.. 15. ]1 1787... 14.92 1826... 15.76 1865... 15.^4 1904... 35.70 1710.--. 15.22 1749..-. 14.J0 1788.-- 14.65 1827... 15.74 1866 .- 15.43 1905... 33.87 1711 15.29 1760---. 14.55 1789 -- 14.75 1828 .- 15.78 1867... 15.67 1906... 30.54 1712.. .. i5.a 1751 14. J 9 1790 .. 15.(4 1829.-- 16.78 1868... 15.59 1907... 31.24 1713.- .- 15.24 1752.... 14.54 1791... 15.(15 1830... 15. J 2 1869... 16.60 1908... 38.64 1714.- .. 15.: 3 1753... - 14.54 1792... 15.] 7 1831.-- 15.72 1870 -. 15.57 1909... 39.74 1715.. .. 15. ] 1 1754.... 14.48 1793 .. 15.(10 1832... 15.73 1871... 15.57 1910... 38.22 1716.. .. 15.09 1755--.- 14.68 1794... 15.:;7 1833... 15.93 1872... 15.63 1911... 38.33 1717.. .. 15.: 3 1766.... 14. H 1795 -- 15.55 1834... 16.73 1873... 15. {'3 1912... 33.62 1718.. .. 15. :i 1757.... 14.87 1796 1. 15.65 1835... 15.?i6 1874... 16.: 6 1913... 34.19 1719.- .- 15.09 1758.... 14.85 1797 .. 15.41 1836... 15.72 1875... 16.64 1914... 37.37 1720 15.(4 1759.... 14.15 1798 .. 15.59 1837... 15.83 1876... 17.75 1915... 39.84 1721 15.05 1760---- 14.14 1799... 15.74 1838..: 16.85 1877... 17.20 1916... 30.11 1722 15.] 7 1761.... 14.54 1800... 15-. 68 1839... 15.62 1878... 17.92 1917... 23.09 1723 15.20 1762.... 15.27 1801... 16.46 •1840... 15.62 1879.-- 18.39 1918... 2L00 1724 15. ]1 1763.... 14. {9 1802... 16.26 1841... 15.70 1880... 18.(5 1725 15.11 1764.... 14.70 1803... 15.41 1842... 15.87 1881... 18.25

Bullion value ofthe silver dollar \371^ grains of pure silver] at the annual average price of silver each year since 1837.

Calendar year. Value. Calendar year. Value. Calendar year. Value. Calendar year. Value.

1837 $1,009 1858 .... $1,039 1879 $0.86928 1900 $0 47958 1838 L008 1859 1.052 1880 .88564 1901 .46093 1839 1.023 I860 1.045 1881 .87575 1902..: 40835 1840. 1.023 1861 1.031 1882 .87833 1903 .41960 1841 1.018 1862. 1.041 1883 .85754 1904 44763 1842 L007 1863 L040 1884 .85904 1906 .47200 1843 1.003 1864 1.040 1885 .82379 1906 .. . 52353 1844. 1.008 1865 L035 1886 .76931 ' 1907 .51164 1845 1.004 1866 1.036 1887 .75755 1908 . . 41371 1846... .; 1.005 1867 L027 1888 . 72683 1909 .40231 1847 LOII 1868 1.025 1889 .72325 1910 41825 1848 1.008 1869 1.024 1890 . 80927 1911 .41709 1849 1.013 1870 .... L027 1891 .76416 1912 . . - 47543 1850 L018 1871 1.025 1892 .67401 1913 .46760 1851 1.034 1872 1.022 1893 .. .60351 1914 42780 1852... 1.025 1873 1.00368 1894 .49097 1915 .40135 1853 L042 1874 . .98909 1895 . . .50587 1916 53094 1854 1.042 1875 .96086 1896 .52267 1917.. .69242 1855 1.039 1876 . .90039 1897 .46745 ^918 76142 1856 L039 1877 . 92958 1898 .45640 1857 1.046 1878 .89222 1899 ... . .46525

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880 REPORT ON THE FINANCES.

VALUES OF FOREIGN COINS. The following values, calculated by the Director of the Mint, were proclaimed by the Secretary of the Treasury under the provisions of section 25 of the act of August 27, 1894, as the basis for estimating the value of foreign merchandise exported to the United States during the quarter beginning October 1, 1919:

Value In terms Legal of Country. standard. Monetary no It. LTnited Remarks.i States money.

Argentine Republic — Gold.".... Peso $0.9648 Cm-rency: Depreciated paper, con vertible at 44 per cent of face value; exchange rate about $0,425. Aus tr ia-Hungar y ...do.--... Krone .2026 Exchange rate about $0.0226=1 krone. Belgium Gold and Franc ... .1930 Member Latin Union; gold is actual silver. standard. Exchange value $0,115 Bolivia Gold Bolivia]a o .3893 12|^bolivianos equal 1 pound sterling Exchange rate about $0.33. Brazil ...do Milreis'. .6462 Currency: Government paper; ex change rate about $0,255 to the milreis. British colonies in Aus ...do Pound s terling —.. 4. 8665 tralasia and Africa. Canada ...do Dollar 1. OOOO Central American States: Costa Rica.. ...do Colon .4653 Exchange rate $0.25=1 colon. British Honduras ...do Dollar - 1.0000 Nicaragua Cordobi I 1.0000 Exchange rate $0,995. Guatemala: Currency, Inconvertible ...do paper: enchangerate about $0.40. Guatemala Honduras: Currency, bank notes; ex- Hondiu'as Peso .8078 • change rate about $0.55. Salvador. Salvador: Currency, bank notes con vertible into silver on demand; ex- •Silver.... . change rate about $0.48. Chile . do... --. .3650 Currency: Inconvertible paper; ex change rate about $0,195. Gold Amoy 1.3236 Canton 1.3196 Cheefoo 1. 2659 Chin Kiang. 1. 2930 Fuchau 1. 2243 The tael is a unit of weight; not a Haikwan 1.3468 coin. The customs unit is the (custohis). Haikwan tael. The values of other Hankow L2384 taels are based on their relation to Tael-.. Kiaochow.. 1. 2826 ' the value of the Haikwan tael. Nankin 1. 3098 The Yuan silver dollar of 100 cents Is China Silver.... Niuchwang. . 1.2412 the monetary unit of the Chinese Ningpo 1.2726 Republic; itis equivalent to .644-1- Peking 1. 2904 of the Haikwan tael. Shanghai... 1. 2090 Swatow 1. 2227 Takau 1.3320 Tientsin.... 1.2826 Yuan .8673 Dollar. Hongkong.. .8705 British .8705 Mexican .8769 Colombia Gold ....do.. .9733 Currency: Government paper and gold; exchange rate about $1.01 to 1 gold peso. Cuba . do Peso LOOOO Denmark ...do Krone .2680 E xchange rate $0.22= 1 krone. Ecuador ...do Sucre - - .4867 Exchange rate $0.40. Egypt Pound( 100 piasters). 4.9431 The actual standard Is the British ...do pound sterling, which Is legal tender for 97^ plasters. Finland ...do Markka .1930 Exchange rate $0.0575=1 markka. France Gold and Franc'.. .1930 Member Latin Union; gold Is actual, silver. standard. Exchange value $0,115. Germany Gold..... Mark .2382 Exchange rate about $0,045=1 mark. Great Britain...... do Pounds terling 4.8665 Exchange value $4.20. Greece ..." Gold and Drachm a :. .1930 Member Latin Union; gold Is actual silver. standard. Exchange value $0.17. 1 The exchange rates shown under this heading are recent New York quotations and are given merely as an Indication ofthe values of currencies which are fluctuating in their relation to legal standards.

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DIEECTOE OF THE MINT. 881

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

Haiti Gold Gourde $0.2500 Currency: Inconvertible paper; ex change rate approximately $0.20. India (British).. ...do Rupee .3244 (15 rupees equal 1 pound sterling.) Exchange rate $0.43. Indo-China Silver.... Piaster .8720 Italy (Grold and Lira .1930 Member Latin Union; gold is actual silver. standard. Exchange value $0.1025. Japan Gold Yen .4985 Exchange value $0.5075. Liberia ...do ... Dollar 1. OOOO Cmrency: Depreciated silver token coins. Customs duties are collected In gold. Mexico ...do...... Peso... .4985 Exchange value silver peso $0.92; gold peso $0.50. Netherlands ...do Guilder (florin) .4020 Exchange value $0,375. Newfoundland. ...do Dollar... LOOOO Norway .do Krone . . .2680 Exchange rate $0.2325=1 krone. Panama ...... do Balboa 1. OOOO Paraguay -..do Peso (Argentine) , .9648 Currency: Depreciated Paraguayan paper currency. (Cmrency: Silver circulating above /..do Achrefi .0959 Persia . .. \Silver.... Kran . 1487 <1 Itofs silve metallir krac nvalue approximatel; exchangye $0,179value. Peru Gold Libra 4.8665 Exchange rate about $4.80. Philippme Islands ...do Peso : '. .6000 Exchange rate about $0.4925. Portugal ...do Escudo 1.0805 Ourrency: Inconvertible paper; ex change rate about $0.50. Roumania ...do Leu .1930 Exchange rate about $0.0575=1 leu. Russia ...do Ruble... .5146 Santo Domingo ...do Dollar 1. OOOO Serbia ...do Dinar.. .1930 Exchange rate about $0.07=1 dinar. Siam ...do Tical .3709 Spain.. Gold and Peseta .1930 Valuation Is for gold peseta; currency silver. is notes of the bank of Spain, ex change value approximately $0.19. Straits Settlements ... Gold Dollar .5678 Exchange rate $0.56. Sweden ...do Krona .2680 Exchange rate $0,246=1 krona. Switzerland.. ...do...... Franc. .1930 Member Latin Union; gold is actual standard. Exchange value $0.18. Turkey , . ...do . ... Piaster .0440 (100 plasters equal to the Turkish £.) Exchange rate about $1.50= 1 Turk ish £. Uruguay ...do Peso 1.0342 Exchange rate $1.03. Venezuela ...do Bolivar .1930 Exchange rate about $0,194. Changes in the values offoreig n coins during 1919.

• • Value , 1919. Country. Monetary unit. Jan. 1. Apr. 1. July 1. Oct. 1.

Central American States: Guatemala Honduras ^Silver peso.. 0.7234 0.7234 0.8019 0.8078 Salvador China Silver tael, Amoy. 1.1859 1.1859 L31399 1.3236 Do.. Silver tael, Canton , 1.1823 1.1823 1.31004 1.3196 Do Silver tael, Cheefoo 1.1342 1.1342 1.25676 1.2659 Do... Silver tael. Chin Kiang 1.1586 1.1585 1. 28359 1.2930 Do Silver tael, Fuchau 1. 0970 1.0970 1.21546 1.2243 Do Silver tael, Haikwan (customs).... 1. 2066 1.2066 1.33699 1.3468 Do Silver tael, Hankow 1.1096 1.1096 1.22942 1.2384 Do Silver tael, Kiaochow . . 1.1492 1.1492 1. 27332 1.2826 Do.-. : Silver tael. Nankin 1.1735 1.1735 1.30027 1.3098 Do.. Silver tael, Niuchwang 1.1121 1.1121 1.23225 1.2412 Do Silver tael, Ningpo 1.1402 1.1402 1.26334 1.2726 Do Silver tael, Peking 1.1561 1.1561 1.28101 1.2904 Do Silver tael, Shanghai L0832 L0832 1.20024 1.2090 Do Silver tael, Swatow 1.0965 1.0955 1.21379 1.2227 Do Silver tael, Takau. 1.1934 1.1934 1.32231 1.3320 Do ... Silver tael, Tientsin. . . 1.1492 1.1492 1. 27332 1.2826 Do SOver dollar (Yuan) .7771 .7771 .8610 .8673 Do . .. Silver dollar, Hongkong .7800 .7800 .8642 .8705 Do Silver dollar, British . .7800 .7800 •.8642 .8705 Do... Silver dollar, Mexican.; .7857 .7857 .8706 .8769 Indo-China Silver piaster .... .7812 .7812 .8665 .8720 Persia Silver kran .1332 .1332 .1476 .1487 140325—FI 1919

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00 Monetary stocks of the principal countries of the world. 00 to. END OF CALENDAR YEAR 1916. [Stated in United States dollars.]

Gold stock. Per capita.

Monetary- Metalhc Country. Monetary unit. stock, im- Silver Paper cir Popula standard. In banks stock. culation. tion. Un classified. In circula classi and pubhc Total. Gold. Silver. Paper. treasuries. tion. fied metal.

North America: Thousands. Thousands. ' Thousands. Thousands. Thousands. Thousands. Thousands. UnitedStates Gold Dollar $2,860,976 $2,866,976 $765,944 1 $1,387,482 105,015 $27.30 $7.29 • $13 21 Canada do do... 174,064- 174,064 2,246 329,833 8,075 21.56 .28 40 80 o Mexico do Peso British Hondm'as do Dollar... 8 8 148 176 40 .26 3.70 4 40 Guatemala Silver Peso 242 242 130 170,482 2,119 .11 .06 80 45 Honduras do do. . 30 30 422. 333 562 .05 .75. 59 Nicaragua Gold Cordoba 1,807 704 2 57 Panama do-... Balboa.. r,505 400 3.75 Salvador Silver r Peso 163 163 2,743 5,458 1,268 .13 2.16 4 30 South America: Argentina Gold do 283,328 283,328 627,259 8,068 35.13 77 77 Bohvia do BoUviano 5,096 5,096 158 14,976 2,890 1.76 '"".'oe' 5.18 Curacao do Florin 109 109 5 241 55 1.98 .09 4 40 Guiana, British ...... do Pound sterling 60 60 1,110 977 298 .20 3.75 3 30 Guiana, Dutch . .... do Florin .. 115 115 159 432 86 1.34 1.85 5 02 > Paraguay. do Peso 454 454 120,600 1,000 .45 l'?0 60 Peru do Libra 8,763 8,763 662 11,216 5,800 1.51 "**."ii' 1 93 O Uruguay 2 do Peso 33,245 33,245 1,963 37,808 1,346 24.60 1.46 28 09 •pr; Venezuela do.... Bolivar 3,474 3,474 2,027 2,707 2,816 1.23 .72 96 W Europe: Austria-Hungary do...... Krone 58,754 58,754 11,852 2,206,030 52,368 1.12 .23 42 13 Belgium .....do Franc Bulgaria do Lev Denmark do.... Krone... 42,880 42,880 402 76,380 2,921 14.68 .14 26 15 Finland 2 do Markka 80,346 3,269 24.58 France do Franc 652,886 652,886 56,920 3,219,012 39,700 18.45 1.69 81 08 Germany.2 do Mark... .. 613,298 613,298 3,966 1,959,900 : 67,810 9.04 .08 28 90 Great Britain2 do Pound sterling 406,141 406,141 1,069,925 46,089 8.81 . 23 21 Italv do Lira 310,485 310,485 26,603 1,221,619 36,546 8.49 "".'73' 33.43 Netherlands; do Guilder 236,216 236,216 44,613 311,283 6,583 35.88 6.78 47 29 Norway do Krone 39,083 39,083 5,146 67,388 2,509 15.58 2.05 26 86 Portugal2 do Escudo 9,247 9,247 .S,527 151,678 5,958 1.55 .59 25.46 Eomnania2, ..,.,d9..,.. Leu. ..,,...,.... .22 23 38 280,181 7,508 37. 32 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fiscal Year Ended June 30, 1919

Russia 2 do Ruble 758,396 758,396 57,425 4,479,419 178,905 4. 24 .32 25 04 Spain do Peseta 241,423 241,423 239,521 455,493 20,500 11.78 11.68 22 22 Sweden . .do Krona 52,190 52,190 884 111,895 5,713 9.14 .15 19 59 Switzerland do Franc 66,585 66,585 10,215 103,548 3,880 17.16 2.63 26.69 Turkey. . . . . do Pound • Asia: • China'< Silver Tael, dollar. 6,384 6,384 122,509 129,907 336,042 .02 .36 39 Chosen (Korea) Gold Yen 1,217 3 1,220 3,246 23,244 16,913 .07 .19 1 38 Formosa (Taiwan) --..-do do 7,246 1,645 3 8,891 12,388 3,711 2.40 3 34 India do Rupee 42, .352 42,352 65,024 266,549 315,156 .13 "".'2i' 85 Indo-China Silver Plaster.. 24,000 33,368 16,990 1.41 1 96 Japan Gold Yen 228,412 228,412 66,511 260,012 55,965 4.08 1.19 4 64 Netherlands, Indies 2 Gold Guilder.. 29,576 29,576 9,761 62,950 47,956 .62 .20 1 31 Persia Silver Kran Siam 2 Gold Tical. 4,565 - 17,274 8,266 .55 2 09 Straits Settlements do Dollar 1,621 1,621 10,224 38,934 714 2.27 14. .32 54.57 Africa: Mombasa .-...do Rupee 3,254 4,038 .87 Madagascar do.... Franc 15 15 1,043 135 3,257 .01 .32 04 Morocco, French do Peseta 3,880 1,076 5,000 .77 .22 South Africa do Pound sterling 27,566 27,566 2,429 16,702 6,465 4.26 .37 2 59 o Tunis do Franc 2,972 2,972 1,382 9,650 1,781 1.66 .77 5.42 Australasia do.-.- Pound sterling 241,748 241,748 486 227,203 5,976 40.45 .08 38.02 o Total 7,452,386 2,102. 7,454,488 1,555,372 19,608,532 1,449,027 5.14 1.07 13.53 '^ o 1 Gold and silver certificates not included, as they represent those metals, dollar for dollar. 3 Reported as cash, bullion, and foreign money. 2 State bank figures only. ' Partial returns only. NOTE.—Flgiu-es given represent each country's stock at the end of the year, except where otherwise indicated. Population figures are from the Statistical Abstract ofthe United States, 1917. Blanks indicate no figures available rather than no stock. Practically no gold was reported as In actual circulation. Gold held abroad, as follows, not included in above figures: France, $326,765,932; Russia, $1,046,978,810. g

00 00 00

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00 Monetary stocks ofthe principal countries of the uorld—Continued. oo: • END OF CALENDAR YEAR 1917. [Stated In United States dollars.]

Gold stock. Per capita.

Monetary MetaUic Country. Monetary unit. stock, un- Silver Paper cir Popula standard. In banks culation. tion. Un . classified. In circula stock. classi and public Total. Gold. Silver. Paper. treasuries. tion. fied metal.

North America: Thousands. Thov,sands. Thov,sands. Thousands. Thousands. Thousands. Thousands. UnitedStates Gold Dollar 83,042,521 S3,042,521 $794,678 1$2,326,900 105,015 $2-8.97 $7.57 $22.16 Canada ..do . .- do 195,171 195,171 21,687 465,8.59 8,075 24.17 2.69 57.69 Mexico ...do Peso British Honduras .. do Dollar. 3 3 165 481 41 .07 4.02 11.73 Costa Rica. : -.do. Colon 1,379 1,379 364 4,844 431 3.20 .84 11 24 Dominican Republic...... do Dollar 1,500 725 2.07 Guatemala. ..^. Silver Peso 20 20 120 123,000 2,119 .01 .06 58.05 Honduras ..do .... do. 1,500 476 562 2.67 85 Nicaragua. Gold Cordoba - 8 2,109 704 .01 3.00 South America: Argentina .. do. Peso 307,439 .307,439 554,463 8,066 38.12 68.74 Bolivia ..do Boliviano. Brazil do Milreis.. 24,408 24,408 483,023 26,542 .92 18 20 Chile .-do. Peso 18,250 18,2.50 3,641 5.01 Colonibia. do Dollar. . $9,000 9,000 5,071 1.77 > Ecuador ...do Sucre 3,723 3,723 1,574 6,078 2,000 1.86 .79 3.04 Paraguay .-do Peso 289 289 120,600 1,000 .29 120.60 o Peru do Libra.. 27,907 27,907 33,914 5,800 4.81 6 85 Uruguay s -.do- . .. Peso... 41,995 41,995 2,487 44,053 1,346 31.20 '**i.*85' 32:73 Venezuela ...do Bolivar $6,812 152 152 30 3,324 2,816 "$2." 42' .05 .01 L18 Europe: Austria-Hunearv ..do. .- Krone 57,761 57,761 ° 11,447 3,735,883 52,368 1.10 .22 71 34 Belgium.....-?.:.:-.:. ...do Franc Bulgaria .. do.. .. Lev.. 12,394 . 154,400 4,753 2.61 32 49 Denmark ...do.-...: Krone 46,611 46,611 660 90,548 2,921 15.96 .23 31.00 Einlands ...do Markka 182,385 147,973 . 3,269 '"55:79" 45.27 France 2 .. do Franc 639,428 639,428 47,710 4,348,042 39,700 16.10 1.20 109.52 Germany ..do. Mark . 673,109 2 573,109 2 35,730 4,311,653 67,810 8.45 .53 63 69 Great Britain ...do Pound sterling 620,479 620,479 260,358 1,448,897 46,089 13.46 5.65 81.44 Italy ...do Lira 294,612 294,612 62,739 1,981,115 36,546 8.08 L44 64.21 Luxembourg .. do Franc .: 2,171 260 8.35 Netherlands .. do Guilder 280,690 280,690 47,463 868,935 6,583 42.64 7.21 56 04 Norway ...do Krone 31,249 31,249 6,476 87,448 2,509 12.45 2.18 34.85

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Portugal 2 .... . do Escudo 9,261 9,261 13,590 208,678 5,958 1.55 2.28 35.02 Roumama 2 ..do. . .. Leu 32 378,535 7,508 50.42 Russia 3 2 -. do Ruble 667,041 667,041 8,936,251 178,905 3.73 49.95 Spain ...do Peseta 379,614 379,614 233,377 612,990 20,500 18.52 'ii.3S 29.90 Sweden • .. do Krona 65,515 65,515 2 429 153,490 5,713 1L47 .07 26.87 Switzerland ..do Franc 69,025 69,025 10,115 135,544 3,880 17.79 2.60 34.93 Turkey ;..do Pound Asia: Ceylon ...do Rupee 3,382 -3,382 5,474 17,313 4,262 .79 1.28 4.06 China •^ Silver Tael, dollar 172,071 9,321 336,042 .51 .03 Chosen (Korea) Gold Yen 14,350 33,58.1 16,913 .85 1.99 Formosa (Taiwan) .. do .... do 19,633 16,309 3,711 5.29 4.39 India 5 .. do-' Rupee 86, .S84 86,884 76,878 351,353 315,156 .28 .24 1.11 Japan ...do.- .. Yen 335,430 26,741 362,171 74,542 457,273 55,965 6.47 1.33 8.17 Netherlands, Indies 2 .--do Guilder 35,110 35,110 7,249 67,546 47,956 .73 .15 1.41 Persia ;.. Silver Kran Siam Gold Tical 41,909 27,850 8,266 5.07 3.37 Straits Settlements...... do Dollar . . . 3,767 49.534 714 5.28 69.37 Africa: . Belgian Congo --do- . Franc 68 97 155 5,029 2,930 ° 15,000 .01 .34 .20 Eeypt - ...do Egyptian O pOLUld 5,655 5,655 32,772 152,244 12,566 .45 2.61 12.12 H Morocco, French . -. do Peseta 5,657 780 5,000 1.13 .16 O South Africa .. do Pound sterling 42,244 42,244 22,671 6,465 6.53 3.51 Australasia .. do do 230,641 230,641 265,732 5,976 38.59 46.47 Total 235,574 8,136,767 36,127 8,172,894 1,987,087 32,747,619 1,493,218 .16 5.47 L32 21.93

1 Gold and silver certificates not included, as they represent those metals, dollar for dollar. < Partial returns only. 2 state bank figures only. 6 Government currency department only. 3 Dates other than end of year: Russia, October, 1917; Uruguay, .April, 1917. NOTE.—Figures given represent each country's stock at the end of the year, except where other\\'ise indicated. Blanks indicate no figures available, rather than no stock. Popu lation figures are from the Statistical Abstract of the United States, 1917. Gold held abroad, as follows, not included in above figures: Argentina, $53,309,419; Brazil, $19,466,000 British Honduras, $250,000; Ceylon, $2,546,649; Egypt, $15,831,811; France, $393,160,300; Indi'a, $3,396,147; Netherlands, $18,614,610; Russia, $1,188,211,000.

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Monetary stocks ofthe p>fincipal countries ofthe world—Continued. OC OO END OF CALENDAR. YEAR 1918. [Stated in United States dollars.]

• Gold stock. Per capita. Metallic Monetary Monetary unit. stock, un In banks Silver Paper cir Popula Country. standard. stock. culation. tion. Un classified. and public In circula Total. classi treasuries. tion. fied Gold. Silver. Paper. metal.

• 7i. North America: Thousands. Thousands. Thousands. Thousands. Thousands. Thousands. Thousands. United States Gold Dollar - S3,165,226 S3,165,226 $656,137 ^$.3,865,352 105,015 $30.14 $6.25 $36.81 Canada do do $60,927 130,900 130,900 4 224,501 8,075 "$7:.55' 16.21 27 80 O Mexico .- do . Peso 250,000. ' 15,502 16.13 British Honduras 'do Dollar 3 3 165 481 41 .07 4.02 11 73 H Costa Rica -.do.. - Colon 1,415 1,415 697 6,409 431 3.28 1.62 14.87 O Dominican Republic ...do Dollar 100 $300 400 400 1,400 725 .55 .56 1.95 Guatemala Sliver Peso 240,000 2,119 113.26 Haiti Gold Gourde- 500 200 700 150 2,500 .28 .06 Honduras Silver Peso 1,000 562 1.78 Nicaragua Gold Cordoba . - . •. . 1 2,960 704 4.20 Salvador Silver Peso 757 757 3,621 12,009 1,268 .60 2.86 9.47 South America: 'Vrgentina Gold do 321,869 321,869 500,75V 8,066 39.90 62.08 Bolivia -- do Boliviano.- -. 13,684 2,890 4.73 Brazil. do Milreis 27, 301 27,301 16,389 551,509 26,542 1.02 .62 20.78 > Chile .-do-.- - If eso 4,702 4,702 0,661 3,641 1.29 1.83 Colombia ...... do Dollar 4,519 4,519 6,249 9,908 5,071 .89 1.23 1.95 Ecuador do Sucre 3,713 3, 713 427 5,790 2,000 1.85 .21 2.90 Paraguay .--do Peso An 482 120,599 1.000 .48 120.60 Ul Peru do I ibra 15,669 16,598 32,267 424 24,862 5,800 5.56 "".'67' 4.29 Uruguay .. do Peso 51,094 51,094 1,346 37.96 Venezuela do Bolivar 6,866 5,272 12,138 9,608 4, .345 2,816 4.31 3.38 1,54 Europe: Austria-Hungary ---do Krone 53,186 53,186 11,548 S, 713,016 52,368 1.02 .23 166.38 Belgium 2 -: do. ... Franc . 51,346 51,346 5,460 906,367 7,658 6.70 .71 118.35 Bulgaria do Lev Denmark .. do Krone 51,992 51,992 057 120,000 2,921 17.80 .22 41.08 Finland . ..do - Markka 223,147 3,269 68.26 France do Franc 664,017 664,017 6.1,432 5,838,173 39,700 16 73 1.55 147.06 Germany .. do Mark 538,808 538,808 4,764 9,093,047 67,810 7.95 .07 134.10 Great Britain-. .-.do : Pound 3,003 719,558 719,558 2,188,134 46,089 '"".'67' 15.61 47.48 Italy ...do T ira 234,109 234,109 15,028' 2, 677,682 30,546 6 41 "":4i" 73-27 Luxembourg ...do Franc 125 4S3 •608 1,255 5 63,796 260 2.34 4.83 245.37

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Netherlands ...do-.-.-. Guilder 277,957 . 277,957 49.6()5 470,536 6, .583 > 42 29, 7.54 71.48 Norway •--do Krone...... 38,747 38,747 6,164 116,902 2,509 15.44 2.45 46.59 Portugal .. do- -- Escudo 8.608 8, 608 40,646 . 0.958 1.44 6.82 Roumania 2 do Leu. 1 1 37 480,405 7,508 63.99 Russia :::do:::::' Ruble . . """411," 606' 28,4.32,814 178 905 .2.30 158.93 Serbia do 13,703 5,790 19.493 13.993 4,622 4.22 3.03 Spain ...do Peseta 4:38,582 438; 562 220'. 289 645,536 20,500 21.39 10.75 31.49 Sweden .-do- . - Krona - - 76,574 76,574 12,282 220,194 5,71.S 13.40 2.15 38.54 Switzerland ...do Franc SO,730 80,730 40,553 189,930 3,880 20.81 10.45 48.95 Turkey ...do Pound . 703,530 21,274 33.07 Asia: Ceylon do Rupee 835 835 4,941 17,591 4,262 .20 1.16 4.13 China 6 Silver Tael dollar 31,358 336,042 .09 Chosen (Korea) 2 Gold Yen 23,889 57,589 16,913 1.41 3 41 Formosa (Taiwan) 2 ...do-..:-, do 34,092 .20,492 3, 711 9.19 5.62 India 7 .--do-..-.- Rupee 64, 489 64,489 111, 145 477,1.57 315,156 .20 .35 1.51 Japan .- do. . Yen 368, 009 23,390 391, 399 91,247 666,061 55,965 6.99 1.63 11.90 Netherlands, Indies 2 .. --.do Guilder 43.423 43.423 6.779 79.449 47.956 .91 .12 1.66 Persia Silver Kran Siam Gold Tical - . 4.1,532 35,891 8,266 5.02 4.34 3 Straits Settlements .--do Dollar 1,629 1, 629 15, 634 64,995 ,714 2.28 21.90 91.03 Africa: Belgian Congo .. do Franc Egypt.-.-. •--do E g y ]) t i a n . pound 3,821 3,821 35, 555 234,551 12,566 .30 2.83 18.67 Morocco, French . do Peseta 24,638 860 5,000 4.93 .17 South A.frica ..-do Poiind sterling . 33:3,313 33,313 30 30,506 6,465 5.15 4.71 Australasia ...do do • 246,422 246,422 588, 467 5,976 41.24 98.47 Total :. ... 7S3,511 7, 739,890 57,227 •7,797,113 1,54G, 460 68,942,384 1,529,179 51 5.10 .1.01 45.08

^ Gold and silver certificates not included, as they represent those metals, dollar for dollar. 5 All except $4,246,000 are German marks. 2 state banlc figures only- 6 Shanghai stock only. g 3 Does not include metallic reserve in G overnment Treasury. 7 Government Currency Department only. 4 Bank notes only. 9 NOTE.—Figures given represent each country's stock at the end ofthe year, except where otherwise indicated. Population figures are from the Statistical Abstract of the United States, 1917. BlanVs indicate no figures available, rather than no stock. Gold held abroad, as follows, not Included in above figures: Argentina, $96,062,428; British Honduras, $250,000; Ecuador,'$4,986,545; Egypt, $15,831,811; France, $393,160,300; Haiti, $-500,000; Straits Settlements, $21,479,207. • - NOTE.—Further information concemirg the monetai*y stocks of the United States rriay be foimd on pages 872 to 876.

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00 World production of gold and silver, 1917 and 1918. 00 00

Calendar year 1917. Calendar year 1918.

Country. Gold. Silver. Gold. Silver.

Kilos, Ounces, Kilos, Ounces, Value. Kilos, Ounces," Value Value. Kilos, Ounces, Value fine. fine. fine. fine. ($0.89525).i fine. fine. fine. fine. ($0.98446).2

North America: United States 126,017 4,051,440 $83,750,700 2,231,428 71,740,400 $64,225,593 103,290 3,320,784 $68,646,700 2,109,179 67,810,100 $66,756,331 - Canada - 22,980 738,831 15,273,000 691 176 22,221,300 19,893,619 22,100 710,527 14,687,900 662,040 21,284,600 20,953,837 Mexico 13,542 .435,375 9,000,000 1,088,647 35,000,000 31,333,750 26,316 813,895 16,824,700 1,944,541 62,517,000 61,545,486 O Total.... - 162,539 5,'225,'646 108,023,700 4,011,251 128,961,700 11.5,452,962 150,706 4,845,206 100,159,300 4,715,760 151,611,700 149,255,654 ^. Central American States and West Inches-. 4,698 151,026 3,122,000 73,701 2,369,500 2,121,295 5,116 . 164,475 3,400,000 90,202 2,900,000 2,854,934 o South America: Argentina 7 223 4,600 902 29,000. 25,962 6 193 4,000 778 25,000 24,612 Bohvia 8 242 5,000 75,739 2,435.000 2,179,934 8 242 5,000 75,739 2,435,000 2 397 160 • H Brazil. 4,4.51 143,093 2,958,000 778 25.000 22,381 4,213 135,4.50 2,800,000 778 25,000 24,612 Chile 1,1.52 - 37,041 765,700 53,393 1,716; 600 1,536,786 1,151 37,007 765,000 59,098 1,900,000 1,870,474 Colombia.'. . 7,523 241,875 5,000,000 10,109 325,000 290,956 7,322 235,417 4,866,500 10,109 325,000 319 949 Ecuador . 1.336 42,947 887,800 1,400 45,000 40,2S6 1,204 38,700 800,000 1,244 40,000 39 378 Peru 1,887 60,667 1,254,100 337,928 10,864,400 9,726,354 1,881 60,469 1,250,000 336,925 10,800,000 10,632; 168 Uruguay 15 484 10,000 15 484 , 10,000 > Guiana- British 781 25,107 519,000 1 602 19,350 400,000 o Dutch 670 21,527 445,000 I 249 8,(X)0 7,162 \ 485 16,-586 322,^)0 249 8,000 7,876 French 2,164 69,587 1,4.38,500 1,655 ^ 53,212 1,100,000 Venezuela r 958 30,810 636,900 103 3,300 2,954 712 22,891 473,200 93 3,000 2,953 Total 20,952 .673,603 13,924,600 480,601 15,451,300 13,832,775 19,254 619,001 12,795,900 484,013 15,661,000 15,319,182 Europe: Austria-Hungary 226 7,256 150,000 46,656 1,600,000 1,342,875 271 8,708 180,000 54,433 1,750,000 1,722,805 France 1,053 33,862 700,000 752 24,187 500,000 Great Britain - - - 8 242 6,000 . 2,348 75,500 67,591 1,555 50,000 49,223 Greece 10,886 350,000 313,338 10,886 350,000 344,561 Italy 1 34 700 15,132 486,500 435,539 34 1,103 22,800 15,552 500,000 492 230 Norway 9,173 294,900 264,009 8,404 270,200 266* 001 - Russia •- 27,084 870,750 18,000,000 15,552 500,000 447,625 18,056 680,500 12,000,000 12,442 400,000 393!784 Serbia 622 20,000 17,905 622 20,000 191689 Spain.; 88,647 2,8.50,000 2,651,463 96,423 3,100,000 8,051,826 Sweden , 15 484 16,666 1,089 35,000 31,334 i6 484 10,000 980 31,600 31,010

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Turkey .. 12,442 -400,000 358,100 12,442 400,000 393,784 Total 28,387 912,628 18,865,700 202,547 -6,511,900 5,829,779 19,128 614,982 12,712,800 213,739 6,871,700 6,764,914 Austraha: New South Wales 2,556 82,170 1,698,600 2,707 87,046 1,799,400 Northern Territory 11 339 7,000 Queensland 5,577 179,302 3,706,500 4,148 133,355 2,756,700 South Australia • 222 7,145 147,700 223 7,160 148,000 Victoria 6,253 201,042 4,155,900 4,940 158,825 3,283,200 Western Australia 30,181 970,317 20,058,200 27,263 876,511 18,119,100 New Zealand 6,215 199,803 ' 4,130,300 4,160 133,733 2,764,500 Tasmania 465 14,948 309,000 327 10,531 217,700 Papua 278 8,945 184,900 271 8,707 180,000 Total 51,758 1,664,011 34,398,100 311,042 10,000,000 8,952,500 44,039 1,415,868 29,268,600 311,042 10,000,000 9,844,600 Asia: British India— Burma / 55,792 1,793,700 1,605,810 - 485,114 10,028,200 / 61,291 1,970,600 1,939,878 Other. 1 16,270 523,069 10,''812,800 t 8, .554 275,000 246,194 1 15,089 \ 8,398 270,000 265,804 O China 5,417 174,155 3,600,100 1,972 63,400 56,759 5,417 174,150 3,600,000 2,177 70,000 68,912 H Chosen (Korea) 5,061 162,724 3,363,800 824 26,600 23,724 4,965 159,637 3,300,000 809 26,000 25,596 O East Indies- British 1,226 39,425 815,000 1,106 35,556 735,000 Dutch 3,067 9^,622 2,038,700 12,442 400,000 358,100 2,763 88,836 1,836,400 12,442 400,000 393,784 O Federated Malay States 515 16,563 342,400 619 16,704 . 345,300 Formosa (Taiwan) " 1,627 52,303 1,081,200 1,232 39,600 35,452 773 24,850 613,700 837 26,900 26,482 Indo-China 75 2,419 50,000 30 1,000 895 75 2,419 50,000 30 1,000 985 Japan 7,041 226,380 4,679,700 221,204 7,111,700 6,366,760 7,683 246,998 5,105,900 205,300 6,600,400 6,497,830 W Total 40,299 1,295,660 26,783,700 302,050 9,710,900 8,693,684 38,390 1,234,264 25,514,500 291.284 9,364,800 9,219,271 Africa: Belgian Congo 3,195 102,734 2,123,700 3^ 10,300 9,221 3,473 111,650 2,308,000 327 10,600 10,337 British West Africa (Gold Coast) 11,452 368,168 7,610,700 10,2S6 329,095 6,803,000 Egypt 99 3,183 65,800 28 900 806 89 2,854 69,000 26 800 788 French West Africa 47 1,500 31,000 47 1,500 31,000 Madagascar. : 832 26,742 -552, SOO 622 20,000 17,905 828 26,606 550,000 622 20,000 19,689 Portuguese East Africa 374 12,026 248,600 37 1,200 1,074 373 11,997 248,000 37 1,200 1,181 Rhodesia 25,948 834,232 17,245,100 6,594 212,000 189,793 19,638 631,357 13,051,300 5,466 175,700 172,969 Transvaal, Cape Colony, and Natal.... 280,510 9,018,387 186,426,600 29,179 938,100 839,834 261,847 8,418,377 174,023,300 27,294 877,500 863,864 Total 322,457 10,366,972 214,304,300 36,780 1,182,500 1,058,633 296,531 9,533,436 197,073,600 33,770 1,085,700 1,068,828 Total for world-..". 631,090 20,289,546 419,422,100 5,417,972 174,187,800 155,941,628 573,164 IS, 427,232 380,924,700 6,139,810 197,394,900 194,327,383

1 Average United States equivalent value of a fine ounce in London, -with exchange at par. 2 Average price, per ounce 1.000 fine, of bar silver in New York. 00 00

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Production of gold and silver in the uorld since tht discovery of Amtrica. GO CO O [From 1493 to 1885 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the productlonls the annual estimate of the Bureau of the Mint.]

i • Gold. Sliver. Percentage of production.

Annual average for period. Total for period. Annual average for period. Total for period. i By w eight. By value. Period. i Coining value Fine oimces. Value. Fine ounces. . Value. Fineounces. Coining value. Fineounces. In standard j Gold. Silver. Gold. Silver. sliver dollars. I

1493-1520 186,470 $3,855,000' 5,221,160 $107,931,000 1,511,050 .$1,954,000 42,309,400 $54,703,000 ! 11 89 66.4 33.6 1521-1544 230,194 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 o 1545-1560 273,596 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 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. o 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 1.7 98.3 22 78 • 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 o 1621-1640 266,845 5,516,000 5,-336,900 110,324,000 12,654,240 16,381,000 253,084,800 327,221,000 2.1 97.9 25.2 74.8 1641-1680 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 6,154,000 5,954,180 123,084,000 10,834,550 14,008,000- 216,691,000 280,166,000 . 2.7 97.3 30.5 69.5 H 1681-1700 346,095 7,154,000 6,921,895 143,088,000 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 . 8,24.3,260 170,403,000 .11,432,540 14,781,000 228,650,800 295,629,000 3.5 96.5 36.6 73.4 w 1721-1740 013,422 12,681,000 12,268,440 253,611,000 13,863,080 17,924,000 277,261,600 358,480,000 4.2 95.8 41.4 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 4.4 .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 t2j 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 571,563 11,815,000 5,715,627 ,118,152,000 28,746,922 37,168,000 287,469,225 371,677,000 1.9 98.1 ^24.1 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 74.7 o 1821-ia30 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 07 1831-1840-.-.. 652,291 13,484,000 6,522,913 134,841,000 19,175,867 24,793,000 191,758,675 247,930,000 3.3 98.7 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 6.6 93.4 • 52.9 47.1 1851-1855 6,410,324 1.32,513,000 :32,051,621 682,566,000 28,488,597 38,824,000 142,442,986 184,169,000 18.4 81.0 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 81.8 78.1 - 21.9 1861-1865 5,949,582 122,989,000 29,747,913. 614,944,000 35,401,972 45,772,000 177,009,882 228,861,000 14.4 85.6 72.9 27.1 1866-1870 6,270,086 129,614,000 31,350,430 648,071,000 43,051,583 .55,633,000 215,257,914 278,313,000 12.7 87.3 70 30 1871-1875-..-- 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 91.9 58.5 41.5 1878-1880 5,54.3,110 . 114,586,000 27,715,550 572,931,000 78,775,602 101,851,000 393,878,009 509,256,000 6.6 93.4 53 47 1881-1885 4,794,755 99,116,000 23,973,773 495,582,000 92,00.3,944 118,955,000 460,019,722 594,773,000 5 95 45.5 54.5 1886-1890 5,461,282 112,895,000 27,308,411 564,474,000 108,911,431 140,815,000 544,557,155 704,074,000 4.8 95.2 44.5 55.5 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 55.6 1898-1900 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 45.4 1901-1905 15,606,730 322,619,800 78,033,650 1,613,099,100 167,995,408 217,206,200 839,977,042 1,086,030,900 8.5 91.5 59.8- 40.2 1906 19,471,080 402,503,000 165,054,497 213,403,800 10.5 89.5 65.3 34.7 1907 19,977,260 412,966,600 184,206,984 238,166,600 9.8 90.2 • 63.4 36.6

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1908 .... 21,422,244 442,837,000 • 203,'l3l, 404 262,634,500! ' 9.5 i 90.5 i 62.8 ! 37.2 1909 21,965,111 454,059,100 212,149,023 274,293,700 9.4 ; 90.6 ! 62.3 37.7 1910 22,022,180 455,239,100 221,715,673 286,682,700 1 9 , 91 61.4 38.6 1911 22,348,313 461,980,500 226,192,923 292,451,500 9 1 91 1 63.3 .36.7 1912 22,549,335 466,136,100 224,310,654 290,017,800 10 1 90 i 60.2 39. S 1913 • 22,249,596 459,939,900 223,907,843 289,497,000 ' 9.9 1 90.1 ' 62.9 37.1 1914 21,240,416 439,078,260 168,452,942 217,797,743 1 11.2 j 88.8 i . 66.8 33.2 1915 22,674,568 468,724,918 184,204,745 238,163,710 11 i 89 1 66.3 33.7 1916 21,970,788 454,176,500 168,843,000 218,302,060 11.5 j 88.5 ; 67.5 32.5 1917 20,289,546 419,422,100 174,187,800 225.212,509 10.4 ^ 89.6 1 65.1 34.9 1918 18,427,232 380,924,700 197,394,900 255; 217,648 8.5 1 91.6 59.9 40.1

Total.. 841,599,968 17,397,417,278 12,222,260,479 15,802,518,570 6.4 1 93.6 1 52.4 47.6 1 1

9 O 6

00 CO

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892 REPORT ON , THE PINANCES.

Production of gold and silver in the world since 1860.

[The aimual 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. Silver.

Calendar years. Commercial Fine ounces. Value. Fine ounces. value.

1860. 6,486,262 $134,083,000 29,095,428 $39,337, ooa 1861. 5,949,582 122,989,000 35,401,972 46,191,000 1862. 6,949,582 122,989,000 35,401,972 47,651,000 1863. 5,949,582 122,989,000 36,401,972 47,616.000 1864. 5,949,682 122,989,000 35,401,972 47,616,000 1865. 5,949,582 122,989,000 35,401,972 47,368,000 1866. 6,270,086 129,614,000 43,051,583 57,646,000 1867., 6,270,086 129.614,000 43,051,683 57,173,000 1868., 6,270,086 129,614,000 43,061,683 57,086,000 .1869., 6,270,086 129,614,000 43,051,583 57,043,000- 1870., 6,270,086 129,614,000 43,051,683 57,173,000 1871., 5,591,014 115,577,000 63,317,014 83,958,000 1872.. 5,691,014 116,577,000 63,317,014 83,706,000

Total. 78,766,630 1,628,252,000 547,997,231 729,663,000 1873. 4,653,675 96,200,000 63,267,187 82,120,800 1874., 4,390,023 90,750,000 55,300,781 70,674,400 1875. 4,716,663 97,600,000 62,261,719 77,678,100 1876., 5,016,488 103,700,000 67,753,125 78,322,600 1877., 6,612,196 113,947,200 62,679,916 76,278,600 1878., 5,761,114 119,092,800 73,385,451 84,540,000 1879., 5,262,174 108,778,800 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 89,925,700 1882.' 4,934,086 .101,996,600 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 81,567,801 90,785,000 1885.. 5,245,672 108,435,600 91,609,959 97,518,800 1886.. 5,135,679 106,163,900 93,297,290 92,793,500 1887.. 6,116,861 105,774,900 96,123,686 94,031,000 1888.. 5,330,775 110,196,900 108:827,606 102,185,900 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. 6,320,194 130,650,000 137,170,000 135,600,200 1892. 7,094,266 146,651,500 153,151,762 133,404,400 1893. 7,618,811 157,494,800 165,472,621 129,119,900 1894. 8,764,362 181,175,600 164,610,394 104,493,000 1895. 9,615,190 198,763,600 167,500,960 109,545,600 1896. 9,783,914 202,251,600 157,061,370 105,859,300 1897. 11,420,068 236,073,700 160,421,082 96,262,700 1898., 13,877,806 286,879,700 169,055,253 99,742,600 1899. 14,837,775 306,724,100 168,337,452 101,002,600 1900., 12,315,135 254,576,300 173,591,364 107,626,400 1901., 12,625,527 260,992,900 173,011,283 103,806,700 1992., 14,354,680 296,737,600 162,763,483 86,264,700 1903., 15,852,620 327,702,700 167,689,322 90,552,200 1904., 16,804,372 347,377,200 164,195,266 95,233,300 1905.. 18,396,451 380,288,300 172,317,688 106,113,700 1906.. 19,471,080 402,503,000 165,054,497 111, 721,100 1907.. 19,977,260 412,966,600 184,206,984 121,577,100 1908.. 21,422,244 442,837,000 203,131,404 108,655,100 1909.. 21,965,111 454,059,100 212,149,023 110,364,400 1910.. 22,022,180 455,239,100 221,715,763 119,727,000 1911.. 22,348,313 461,980,500 226,192,923 122,143,800 1912.. 22,549,335 466,136,100 224,310,654 137,883,800 1913.. 22,249,596 459,939,900 223,907,845 135,246,400 1914.. 21,240,416 439,078,260 168,452,942 93,174,691 1915.. 22,674,568 468,724,918 184,204,745 95,687,526 1916.. 21,970,788 444,176,500 168,843,000 115,905,654 1917.. 20,289,546 419,422,100 174,187,800 155,941,628 1918.. 18,427,232 380,924,700 197,394,900 194,327,383

Total 548,755,521 11,333,783,478 6,516,331,628 4,872,268,282

Grand total. 627,522,151 12,962,035,478 7,064,328,859 5,601,831,282

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