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Buying silver bullion for the Mints

RogerBRogerB Posts: 8,852 ✭✭✭✭✭
edited October 27, 2017 7:01AM in U.S. Coin Forum

This is a typical letter noting the purchase of silver bullion under the Act of July 1890 for use in coinage. Silver prices were set daily based on the previous day's London closing rate, and the Treasury entertained offers from banks and brokers. It is especially interesting that payment was to be made in Treasury Notes. The Treasury Note (1890-1893) was issued in payment for silver bullion bought by the Treasury. It could be redeemed in either silver or gold coin.

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    291fifth291fifth Posts: 23,942 ✭✭✭✭✭

    You mean they didn't set up in hotels and advertise to the public! Think of the money they could have saved.

    All glory is fleeting.
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    rickoricko Posts: 98,724 ✭✭✭✭✭

    Great... Thanks Roger... I am really enjoying these 'letters' from the past.... Cheers, RickO

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    rickoricko Posts: 98,724 ✭✭✭✭✭

    Great... Thanks Roger... I am really enjoying these 'letters' from the past.... Cheers, RickO

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    moonshinemoonshine Posts: 1,039 ✭✭

    that is so cool! thanks for sharing. Loved the olden handwriting too.

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    tyler267tyler267 Posts: 1,234 ✭✭✭✭

    Now that is interesting, thanks for posting

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    JBKJBK Posts: 14,762 ✭✭✭✭✭

    Is that the original letter or a file copy. (I assume file copy, as it is all in the same handwriting and I doubt that on the original the Director would have written it all out himself). Just curious. Content is fascinating also.

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    RogerBRogerB Posts: 8,852 ✭✭✭✭✭
    edited October 27, 2017 5:13PM

    This and other letters are "fair copies" made by a clerk from the original. Mint Directors rarely wrote their own letters in this period.

    See the thread "For collectors of gold Railway Mail Service medals" for more details.

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    RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    Silver bids accepted were between $1.07 and $0.96 during most of the year. The silver could not be derived from melted US or foreign coins.

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