Mint Bits - February 1878 - updated. Transcription added 1 1

[RWB]

A newspaper filler from March 1878.

Edited December 18, 2021 by RWB

[DWLange]

That's a lot of useful information in a very compact format.

The most interesting item to me is the last, in which it's revealed that the decline in demand (and thus minting) of five-cent pieces was due to the issue of so many dimes during the Specie Redemption years of 1875-78. Nickels were not coined for circulation at all during 1877-78, and only tokens numbers were produced 1879-81. It wasn't until 1882 that demand picked up for them and large coining resumed.

It's also notable that mention was made of a very recent increase in the demand for cents. Clearly, there was very little in 1877, when fewer than a million were coined for circulation, but mintages increased starting 1878, the time of this article.

Thanks, Roger.

[RonnieR131]

 Thank you very much Mr. Burdette for all the time you spend researching our numismatic past and cherry picking interesting articles for us to read and learn from them. I agree with Mr. Lange, a lot of useful information in a very compact format. That time period of the last half century of the 1800 makes me fantasize of what daily commerce on a small scale was like. An example would be a nine year old getting four 3 cent coins for his or her birthday, and them taking a long time to decide how to make it stretch at the local candy store. They don't want to spend it all in one place, so they get 7 or 8 cents worth of candy and get Indian head pennies as change. What a wonderful day!

[RWB]

Agree. The newspaper gives no source for the information except "Mint Statistics." Yet it has a lot of very useful content that someone took the time to compile. The dime comment, and info on where certain denominations were in circulation is unusually informative. I checked the 1877-1879 Director's Reports but did not find anything relating to the clipping.

The earliest dateline I found is Feb 9, and the article, in a longer form, is attributed to the Philadelphia North American newspaper.

Edited December 18, 2021 by RWB

[RWB]

Here is the Feb 16, 1878 version from the Carbondale Daily News (Carbondale, Pennsylvania), Saturday Feb. 16, 1878 · Page 1.

Here is a compete transcription of the above.

The United States Mint.

Items of Interest to Business Men and the People Generally.

 

The two cent pieces were abolished five years ago.

There are five time as many one cent pieces used as threes.

Less than $10,000 of one cent piece were coined last year [1877].

No fives or threes (nickle [sic]) were coined last years for circulation.

The old-fashioned silver doll has not been made for five years.

The shipping of silver coins from the mint began about a year a ago.

Silver is purchased at the min to a limited extent. It is paid for in gold.

Nickle [sic] and bronze coin are only made in the United States mint in this city [Philadelphia].

The Easters, Middle, and Western States take most of the nickle [sic] and bronze coins.

Double eagles are being made for the depositories because they are more salable.

No silver is coined in subsidiary coin for depositors. The government coins for itself, alone.

In the South the people are now using one cent pieces, and threes and fives very extensively.

Five times as many five cent pieces as ones are sent away, and five times as many ones as threes.

There is no coinage charged in gold. The only charge is for parting, refining, and toughening.

No silver is exchanges for notes at the mint. This is done by transfers which come through Washington.

Two weeks ago nearly $300,000 in gold dollars were made for the sub-treasury department of New York.

There are lying in the depositories and vaults of the sub-treasury in this city nearly $300,000 in five cent nickle [sic] pieces.

Five cent pieces are circulated considerably in New Orleans. Pennies were recently sent to that city, which were the first ever called for.

The largest number of early orders for small coins came from the southeast. Recent orders are chiefly from this section of the country.

A large amount of the $38,000,000 in small coins circulated within the year were manufactured during the same period, and consequently the coins are new.

The government has issued over $38,000,000 of small silver coins since the redemption of fractional currency began, and the market is fairly glutted with them.

The demand for one cent pieces has increased within the last three or four months, and the demand for fives has decreased. This is due to the issue of so many dimes.

In brisk times the mint pays out from three to five thousand dollars a day for the accommodation of people making change and for shipment through the country.

No Trade dollars have been made this year [1878]. Several millions were coined in 1877. Their coinage was suspended in December. They were only coined to a limited extent for circulation.

Nickle [sic] and bronze are kept at par by redeeming them in greenbacks. They are deposited in the mint in sums of not less than twenty dollars, receipted for, and checks sent to the depositor.

No silver five cent piece have been made for five years. In fact, they have been abolished as well as the silver three cent pieces. The nickle [sic] threes are still issued, although but few are used.

Froj five to then thousand dollars of eagles, half eagles, and three dollar pieces are made every year in order to keep up the history of the coin. About $2,000 of ones are made for the same purpose.

The mint shipped over the country in 1876 about $500,000 in small coins, consisting of one, three, and five cent pieces. They went chiefly West and East. In 1877, only about $386,000 in these small coins were shipped.

The authorities at the mint can feel the pulse of business by the amount of coin sent in for redemption. If business is falling off the redemption is larger. When it is steady the redemption moves along at the rate of about $500 a day.

The greatest demand for silver coins is for the half dollar. The quarter dollars is the second favorite ad the dime is the third and last in the list. The demand for half dollars is twice as great as for quarters, and five times more halves are required than dimes.

When business is brisk in the city, about seven or eight hundred dollars a day in change is required for nickel and bronze. The railroad companies are demanding more than usual on account of the six-cent fares. This demand, however, has fallen off somewhat within the past few days.

More Trade dollars were coined from April 1873, to December 1877, than there were of the dollar of the fathers for the eighty-one years proceding [sic]. The Trade dollar was intended for the China trade, and nearly all that have been coined have gone to China, Japan, and India.

            North American.

 

Edited December 18, 2021 by RWB

[Henri Charriere]

On 12/18/2021 at 1:30 PM, RWB said:

Here is the Feb 16, 1878 version from the Carbondale Daily News (Carbondale, Pennsylvania), Saturday Feb. 16, 1878 · Page 1.

 

The old-fashioned silver doll has not been made for five years.

The decline of the U.S. Mint dates to this time. They never should have stopped making silver dolls.  😉 

[RWB]

On 12/18/2021 at 6:42 PM, Quintus Arrius said:

The decline of the U.S. Mint dates to this time. They never should have stopped making silver dolls.  😉 

Spoons!

They made silver commemorative spoons !