Coinage value of a Troy pound of gold or silver 0

[RWB]

Back when gold and silver circulated there were routine questions about their values. These were especially common during the 1890s. The letter transcribed below is posted because it includes both gold and silver coinage values beginning in 1792.

Treasury Department, Bureau of the Mint,

Washington, D.C.,  August 16,1899

 Hon. D. K. Watson,

Mountain Lake Hotel,

Mountain Lake, Virginia.

 Sir:

In reply to your letter of the 14th instant, you are respectfully informed that the coining value of one pound of gold under different acts of Congress wherein any change in weight or fineness was made in gold coins of the United States is as follows:

 COINING VALUE ONE POUND TROY OF PURE GOLD.

 Act of April 2,1792........................... $  232.7272+

   "       June 23, 1834...........................   248.27586+

   "       January 18, 1837........................ 248.06202+

 Under all coinage acts from 1792 up to the present time the coining value in silver dollars of a pound of pure silver has remained $15.5151+. The act of 1853 reduced the weight of silver contents of fractional silver coins, and under that act the coining value in such coin of one pound of pure silver would be $16.656+.

The weight of silver contents of subsidiary coin was slightly increased by the Act of 1873 and would make the coining value of a pound of pure silver in such coin $16.5889+.

 Respectfully yours,

[Signature] George E. Roberts,

Director of the Mint.

Edited November 23, 2023 by RWB

[Mike Meenderink]

In other words thats how much as individually minted coins their monetary system value would be?

[RWB]

Let's make it real simple. Under the Act of June 23, 1834, one Troy pound of gold would produce coins with a face value of $248.27586+. This was accomplished by reducing the weight of gold in a dollar unit.

[Henri Charriere]

To any Newbies, guests or lurkers loitering about... bear in mind a troy pound of silver or gold weighs 12 troy ounces.  Copper, a non-precious metal, is weighed in avoirdupois ounces in units of 16 per avdp lb.

[RWB]

On 1/24/2024 at 10:33 PM, Henri Charriere said:

To any Newbies, guests or lurkers loitering about... bear in mind a troy pound of silver or gold weighs 12 troy ounces.  Copper, a non-precious metal, is weighed in avoirdupois ounces in units of 16 per avdp lb.

Here's a handy explanation.

https://www.free-bullion-investment-guide.com/troy.html