Interesting “demand” for 5-cent nickel coins 0

[RWB]

There’s nothing unusual about this little brokerage letter ordering nickels from the Philadelphia Mint – except, the demand for coins by Sept 23 – and the order is dated Sept 19.

 The mint was required to accept only legal tender for minor coins. Thus, the check for $200 had to clear and be paid in cash to the mint before coins could be shipped. Obviously, in 1872 this was not going to happen. So the check was returned, as noted on the abstract page.

Follow-up –

In 1897 failure of a Philadelphia bank caused major administrative problems for the mint. This led to a change in Treasury coin distribution policy in 1900. More, later.

Edited September 13, 2023 by RWB

[Moxie15]

That would seem like an extraordinary amount of 5 cent coins in 1872. I tried to look up weekly pay for 1872 and wound up here 

https://babel.hathitrust.org/cgi/pt?id=nyp.33433075932602&seq=1

on page 101 of the annual report of the Commissioners of Emgiration of the State of New York for the year ending ... 1870 is listed the weekly pay of a Goldsmith as $20 to $30. This looks to be a well paid profession, well above many professions listed, makes me wonder why would this company on Wall Street need enough nickels to pay a  Goldsmith for 10 weeks.

[RWB]

The amount requested is not especially unusual. Banks, brokers, railway companies and some tradesmen kept supplies of 5-cent coins for sale to workers.  People took transit (railways) to and from work and common fares were 5-cents one way, cash only. Contemporary newspapers  were 1 or 2 cents, so large amounts of "pennies" were also needed.

Mint archives contain literally thousands of letters ordering minor coins from the Philadelphia Mint. Coins were also available from Sub-treasuries but only in cities that had these offices. Large city banks also placed minor coin orders for their rural correspondent banks.

This letter is unusual because of the unrealistic deadline and return of payment if not fulfilled. Most banks merely asked for immediate shipment (which meant about a week).

[Henri Charriere]

《 Can you make out what the handwritten notation below the "signature" of Svenson, Perkins & Co. reads? 》

[RWB]

"C. Chambers". Probably the company cashier or chief clerk. That was the business level of most persons making coin orders.