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WEIGHT, FINENESS, AND VALUE OF FOREIGN COINS,

As determined by U. S. Mint Assays, and proclaimed Jan.1, 1874, by the Secretary of the Treasury.

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1. The weight is expressed in fractions of an ounce troy, agreeing with the terms used in the United States mints.

If it is desired to have the weight of any piece in grains, regard the thousandths of an ounce as integers, take their half, from which deduct four per cent. of that half, and the remainder will be grains. 2. The fineness is expressed in thousandth parts, i. e., so many parts of pure gold or silver in 1000 parts of the coin. The old carat system is generally abandoned (except for jewelry), but it may be worth while to say that 414 thousandths equal one carat,

3. The valuation of gold is a direct calculation from weight and fineness, at the legal rate of 25.8 grains, 900 fine, being equal to one dollar; or $20.672 (nearly) per ounce of fine gold.

Foreign coins, if converted into United States coins, will be subject to a charge of one-fifth of one per cent.

4. For the silver there is no fixed legal valuation as compared with gold. The value of the silver coins is computed at the rate of 120 cents per ounce, 900 fine, payable in subsidiary silver coin, that having been the mint price when the assays were made.

The gold value of silver is to be found in the bullion markets; at present it is about 113 cents per ounce, 900 fine.

5. These tables generally give the one principal coin of each country, from which the other sizes are easily deduced. Thus, when the franc system is used, there are generally gold pieces of 40, 20, 10, and 5 franes, all in due proportion. But in silver the fractional coins are very often of less intrinsio value than the normal coin, proportionally. These are seldom exported.

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*The doubloon (doblon, or more properly onza, though not really an ounce Spanish) is now generally discontinued. These figures answer as well for the doubloon of Peru, Chili, Bolivia, &c., and therefore, this item stands for all. Popayan pieces were rather inferior.

The sovereigns coined at Melbourne and Sydney, in Australia, and distinguished only by the mint marks M and S, are the same as those of the London mint. Sovereigns generally are up to the legal fineness, 9161⁄2 (or 22 carats).

The last coinage of mohurs was in 1862.

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INVOICE CURRENCIES.

SECTION 2838 of the Revised Statutes (see Part I, paragraph 1840), provides that "all invoices of merchandise subject to a duty ad valorem shall be made out in the currency of the place or country from whence the importation shall be made, and shall contain a true statement of the actual cost of such merchandise, in such foreign currency or currencies, without any respect to the value of the coins of the United States, or of foreign coins, by law made current within the United States, in such foreign place or country."

Invoices of free goods, or of goods paying strictly specific duty, may be made out in the currency of the United States, or that of any other country where its value is fixed by our laws. (R. R., pt. iv, Art. 25.)

In ascertaining the value of imports for the assessment of duties, the currency of the invoice must be converted into money of the United States according to the rates of value ascertained and made known in pursuance of law; the standard gold dollar being the unit of the money of account of the United States. (Tr. Regs., Acts 345 and 993.)

"Where the standard value of a foreign currency has been proclaimed by the Secretary of the Treasury in the manner provided by law, or, not having been so proclaimed, has been fixed by a special enactment, that value is to be taken in all cases in estimating customs duties, unless collectors have been otherwise instructed, or unless a depreciation of the value of the foreign currency expressed in an invoice from the standard of that currency shall be shown by consular certificate thereto attached."* (Ibid., Art. 993, as amended June 29, 1874, S. S., 1870.)

Where the standard value of a foreign currency has not been so proclaimed, an invoice expressed in such currency must be accompanied by a consular certificate, showing its value in standard gold dollars of the United States. (Ibid.) "When silver is the legal standard of a foreign currency and represents the unit of account, its value is to be reduced to the basis of gold on the assumption that the ratio of 15 to 1, or such other ratio as may be from time to time established, represents the relative values of silver and gold." (Ibid., Art. 994.) Invoices of Swiss goods made out in the "franc federal," do not require the consular currency certificate. (Ibid., Art. 995.)

"In the absence of the required currency certificate, the goods will be admitted to entry on the usual appraisement, but the importer will be required to give bond to produce such certificate, whether the import be subject to duty or not, and the final liquidation of duties will be delayed until the filing of the certificate or the expiration of the bond." (Ibid., Art. 998.)

German thalers have ceased to be the unit of value in Germany, excepting Bavaria and Wurtemberg, and the mark has been substituted. All invoices of goods subject to a duty ad valorem, imported from Germany, other than from Bavaria and Wurtemburg, should be made out in marks, and such invoices representing other currencies should be rejected. (S. S., 2262.)

An invoice made out in the currency actually paid may be received by a collector of customs, if it contains also a true statement of the actual cost of the merchandise in the currency of the country whence the goods were imported, and in all other respects complies with the laws and regulations governing the subject. (S. S., 2536.)

* See ante, Part I, paragraph 1865, for statutory provision as to depreciated currency.

VALUES OF FOREIGN MONEY OR CURRENCY,

UNDER STATUTES PRIOR TO THE ACT OF MARCH 3, 1873.

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The mark has been adopted as the unit or basis of calculation of money for the whole German empire, excepting Bavaria and Wurtemberg, and is of the value of % of the thaler, or 23 cents U. S. money. Syn. Ser., 1153, 2262. But see table, ante. p. 5.

Dollars and cents of Prince Edward's Island, same value as our own.-Circular June 20, 1872.

+ Pounds sterling are now rated at $4.86.65 under the Act of March 3, 1873.

VALUE OF CURRENCIES BY USAGE,

Prior to Treasury Regulations of January 1, 1874.

(In the absence of a Consular Certificate of the actual value of Exchange.)

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