A math problem from 1876

tjkillian

I was reading a math book from 1876 and I found this math problem. For me, I found it quite interesting, the last part that is.

M.S. Smith, Detroit Michigan, importer of watches, etc., received an invoice of 3 cases of Swiss watches, costing 22800 francs; duty 25%; cost of transportation 35 francs; commission to agent in Geneva 2 1/2%. What was the cost in greenbacks, gold being 112 1/2?

From appendix:

Value of Foreign Coins in U.S. Money (gold) as proclaimed by the Secretary of the Tresury January 1, 1875
Switzerland Franc G & S .19,3

FrattLaw

<< <i>I was reading a math book from 1876 >>



You must really get another hobby!



Otherwise -- interesting question. I doubt most kids now even know where Switzerland is, no less they make great watches.

Michael

coppercoins

No clue what the question is. I don't see where it can be answered with the information given. It doesn't tell you what 112 1/2 means...per ounce? per pound? It also doesn't tell you how to calculate Francs into dollars, from what I can read of their vague hints. The overall cost would be 29,105 SFr. How that calculates into dollars is a complete mystery.

If their 19,3 means there are 19.3 SFr to a dollar, then the final answer should be $1,508.03 - but I have no idea how the 112 1/2 calculates into the equation.

tjkillian

<< <i>No clue what the question is. I don't see where it can be answered with the information given. It doesn't tell you what 112 1/2 means...per ounce? per pound? It also doesn't tell you how to calculate Francs into dollars, from what I can read of their vague hints. The overall cost would be 29,105 SFr. How that calculates into dollars is a complete mystery. >>



Ok, I shall help you. The interesting part is that a greenback did not equal gold, i.e. a $10 gold piece would cost $11.25 in paper. Next, the Swiss franc cost $0.193, in gold. The franc's value was tied to a gold dollar. Its value was dictated by the Secretary of the Tresury.


Tom

Conder101

Ok I wasn't sure about the francs to dollars convertion. With that explaination I come up with $6319.43 in greenbacks

cladking

Through most of the 19th century, I believe, the franc was pegged at 20c to the dollar.

I wonder what the .7c discrepancy is.

JrGMan2004

<< <i>

<< <i>I was reading a math book from 1876 >>



You must really get another hobby!



Otherwise -- interesting question. I doubt most kids now even know where Switzerland is, no less they make great watches.

Michael >>

Of course they know about the watches!! Don't you know that there is a thriving black market in the public High Schools?!

MacCrimmon

I'm assuming that greenbacks were discounted at 112.5 to 100. Meaning you received $88.89 in gold for $100 in greenbacks.

So, I agree with Conder101's number.

kieferscoins

I would have failed school back then.

Cameron Kiefer

coppercoins

What was the cost in greenbacks, gold being 112 1/2?

So it assumed I would understand this jargon, which I didn't. No such thing exists today that I know of. The conversaion would have been simple if it had been at least somewhat explanatory as to what that statement was saying.

tjkillian

Condor101 got it right, congratulations. I just thought it was cool to learn that greenbacks (paper currency) did not have the same value as gold. I knew that during the war of northern agression paper was worth significantly less, but this was 11 years after the crushing defeat of those brave southern boys.

Tom