Local value of small silver coins in southern states - 1842
RogerB
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March 31, 1842
R.M. Patterson
to
Walter Forward, Sec Treasury
Regarding suggestion of Charles E. Wetherill to stop coinage of half dollars and dollars.
Excerpt:
You are aware that a great proportion of the silver coinage, both here (Philadelphia) and New Orleans, is now in dimes and half dimes, for which the demand is very great, in consequence of their passing current in the Southern States, for eights and sixteenths of a dollar, so as to yield a profit of 25 percent. Certainly no regulation is at the present time necessary for increasing the proportion of small silver coinage.
That's a considerable profit simply for accommodating common use of Mexican bits. Thoughts?
1
Comments
It represents a lot of faith in U.S. money. Interesting. Presumably this was a temporary condition.
The complete letter and many others of interest will be found in RG104 Entry 216 vol 06, available on-line at the Newman Numismatic Portal (NNP).