Special Consular Reports

VALUES OF FOREIGN COINS AND CURRENCIES.'

The following statements show the valuation of foreign coins, as given by the Director of the United States Mint and published by the Secretary of the Treasury, in compliance with the first section of the act of March 3, 1873, viz: “That the value of foreign coins, as expressed in the money of account of the United States, shall be that of the pure metal of such coin of standard value," and that "the value of the standard coins in circulation of the various nations of the world shall be estimated annually by the Director of the Mint, and be proclaimed on the 1st day of January by the Secretary of the Treasury.”

In compliance with the foregoing provisions of law, annual statements were issued by the Treasury Department, beginning with that issued on January 1, 1874, and ending with that issued on January 1, 1890. Since that date, in compliance with the act of October 1, 1890, these valuation statements have been issued quarterly, beginning with the statement issued on January 1, 1891.

The fact that the market exchange value of foreign coins differs in many instances from that given by the United States Treasury has been repeatedly called to the attention of the Bureau of Foreign Commerce. An explanation of the basis of the quarterly valuations was asked from the United States Director of the Mint, and under date of February 7, 1898, Mr. R. E. Preston made the following statement: "When a country has the single gold standard, the value of its standard coins is estimated to be that of the number of grains fine of gold in them, 480 grains being reckoned equivalent to $20.67 in United States. gold, and a smaller number of grains in proportion. When a country has the double standard, but keeps its full legaltender silver coins at par with gold, the coins of both gold and silver are calculated on the basis of the gold value.

"The value of the standard coins of countries with the single silver standard is calculated to be that of the average market value of the pure metal they contained during the three months preceding the date of the proclamation of their value in United States gold by the Secretary of the Treasury. The value of the gold coins of silver-standard countries is calculated at that of the pure gold they contain, just as if they had the single gold standard.

"These valuations are used in estimating the values of all foreign merchandise exported to the United States. The value of the Indian rupee, although calculated according to law at the value of the pure metal contained therein, has a commercial value above the value of the silver bullion; consequently the value for customs purposes is determined in each case by the consular certificates attached to the invoice of exports from that country to the United States."

The following statements, running from January 1, 1874, to January 1, 1899, have been prepared to assist in computing the values, in American money, of the trade, prices, values, wages, etc., of and in foreign countries, as given in consular and other reports. The series of years are given, so that computations may be made for each year in the proper money values of such year. In hurried computations, the reductions of foreign currencies into American currency, no matter for how many years,

are too often made on the bases of latest valuations. When it is taken into account that the ruble of Russia, for instance, fluctuated from 77.17 cents in 1874 to 37.4 cents in April, 1897, such computations are wholly misleading. All computations of values, trade, wages, prices, etc., of and in the "fluctuating-currency countries" should be made in the values of their currencies in each year up to and including 1890, and in the quarterly valuations thereafter.

To meet typographical requirements, the quotations for the years 1876, 1877, 1879, 1881, 1882, and 1891-1895 are omitted, these years being selected as showing the least ductuations when compared with years immediately preceding and following.

To save unnecessary repetition, the estimates of valuations are divided into three classes, víz: (A) Countries with fixed currencies; (B) countries with fluctuating currencies, and (C) quarterly valuations of fluctuating currencies.

A.-Countries with fixed currencies.

The following official (United States Treasury) valuations of foreign coins do not include "rates of exchange."

Gold-Argentine ($4.82,4) and Argentine; silver-peso and divisions.

Gold-20 crowns ($4.05,2) and 10

crowns.

Gold-10 and 20 franc pieces;

silver-5 francs.

Gold-5, 10, and 20 milreis; silver-, 1, and 2 milries.

.do

Chile

.....do

Gold-peso;

Venezuela

Gold-escudo ($1.25), doubloon
($3.65), and condor ($7.30); sil-
ver-peso and divisions.
Gold-2, 5, 10, and 20 colons; sil
ver-5, 10, 25, and 50 centisimos.
Gold-doubloon ($5.01,7); sil-

ver-peso (60 cents).
Gold-10 and 20 crowns.

Gold-10, 20, 50, and 100 piasters;

silver-1, 2, 10, and 20 piasters. Gold-10 and 20 marks ($1.93 and $3.85,9).

Gold-5, 10, 20, 50, and 100 francs; silver-5 francs.

Gold-5, 10, and 20 marks.

Gold-sovereign (pound sterling) and half sovereign.

Gold-5, 10, 20, 50, and 100 drachmas; silver-5 drachmas. Silver-gourde.

Gold-5, 10, 20, 50, and 100 lire; silver-5 lire.

Gold-1, 2, 5, 10, and 20 yen.

Gold-10 florins; silver-, 1, and 2 florins.

Gold-$2 ($2.02,7).

Gold-1, 2, 5, and 10 milreis.

Gold-imperial ($7.71,8),

rial ($3.80), and 1 rubel; silver-4,, and 1 ruble.

Gold-25 pesetas; silver-5 pese

tas.

Gold-10 and 20 crowns.

Gold-5, 10, 20, 50 and 100 francs; silver-5 francs.

Gold-25, 50, 100, 200, and 500 piasters.

divisions.

impe

silver-peso and

Gold--5, 10, 20, 50, and 100 boli vars; silver-5 bolivars.

In 1874-75 the gold standard prevailed.

The gold standard was adopted Oct. 1, 1892. (See Consular Reports, No, 147, p. 623.) Values are still, however, frequently expressed in the florin or gulden, which is worth 2 crowns, or 40.6 cents. Gold standard adopted Oct. 1, 1897. (See Consular Reports No. 201, p. 259.)

See note to table of fluctuating currencies.

For an account of the adoption of the gold standard, see Review of the World's Commerce, 1896-97, p. 254.

The law of August 2 of that year

The silver standard prevailed in Austria-Hungary up to 1892. (see Consular Reports, No. 147, p. 623) established the gold standard. The Egyptian pound became fixed in value at $4.94.3 in 1887.

The Netherlands florin fluctuated up to the year 1880, when it became fixed at 40.2 cents.