96 GOLD.— Coinage.
as tlie number of actual grains of gold contained ina troy pound in excess of the amount represented bythe report in carats, grains, and eighths.
It has been stated above that the standard alloy ofthe English gold coinage contains 11 parts of goldto 1 of copper, or, in other words, 22 parts of goldto 2 of copper; it is therefore said to be 22 caratsfine. When assays are reported on this system,which is called the “ trade ” system, the actualamount of gold is not given; but the metal is de-scribed as so much better or worse than standard,to indicate which the letter B or W is prefixed.Thus, suppose an assay be given as
Cts. Grs. Eighths. Excess grains.
B 1 3 5 + 3-5,
it means that it actually contains 23 cts. 3 grs. 5eighths and 3-5 excess grains in the total amount of24 carats. The percentage composition of such analloy would be 99 - 66 per cent, of pure gold and033 per cent, of alloying metal (generally copper orsilver).
Although the above method of reporting isclumsy and complicated, it is found to be very con-venient when- masses of metal varying in weight andcomposition have to be alloyed and mixed, so as tobring all to a definite composition, and is on thisaccount still partially retained in the Mint. It has,however, been very generally replaced by the followingmore uniform system, in which decimal fractions areemployed, and which has the advantage of beingequally applicable to gold and silver. Upon thissystem fine gold or silver is termed 10000, and thereport upon any sample of alloy simply indicates thenumber of parts of pure gold or silver in 1000which the sample contains. Unfortunately theEnglish standard does not admit of expressing theamount of gold in a terminating decimal, the nearestconvenient fraction being 916-66 of gold in 1000 ofalloy. In France the standard is conveniently ex-pressed by 900 of gold to 100 of copper. Thisdecimal standard admits of the ready comparison ofgold alloys with other chemical compounds, becausein analytical investigations the results are alwayssought with reference to the percentage or centesi-mal composition of the substance under examination;but when the composition is given in carats, grains,&c., in the case of gold, or in ounces, pennyweights,&c., in the case of silver (a method which will befound described under Silvek), it is necessarythat these should be converted before such compari-sons can be made. The following table, which givesthe values of the divisions used in the old methodexpressed in decimal fractions, will be found con-venient for effecting any required conversion in thecase of gold. As an example of its use, suppose itbe required to convert the above trade report intoits equivalent on the decimal system—
23 carats are equivalent to.... 958'22 thousandths.
3 carat grains,. 31-25 “
5 eighths,. 6-51 “
3-5 excess grains,. 0-61 “
996-59
Carats.
Decimal Equivalent.
Carat Grains.
Decimal Equivalent.
1
41-667
1
10-417
2
83-333
2
20-833
3
125-000
3
31-250
4
166-667
4
41-667
5
G
208-333
250-000
Eighths.
Decimal Equivalent.
7
8
291-667
333-333
1
1-302
9
375-000
2
2-604
10
416-667
3
3-906
11
458-222
4
5-208
12
500-000
5
6-510
13
541-667
6
7-812
14
583-333
7
9-115
15
625-000
8
10-417
16
17
666-667
708-333
Excess Grains.
Decimal Equivalent.
18
750-000
1
0-174
19
791-667
2
0-347
20
833-333
3
0-521
21
875-000
4
0-694
22
916-667
5
0-868
23
958-222
6
1-042
24
1000-000
7
1-215
1
7-5
1-302
Coinage — History .—Although it is not proposedhere to give an elaborate history of coinage, yet itmay not be uninteresting briefly to sketch the lead-ing facts in the history of money from the earliesttimes of which any records exist, and to give someaccount of the coinage of Great Britain , which willbe followed by a description of the manufacture ofmoney as at present carried on in the Royal Mint.
The use of coined money is by no means so ancientas might be supposed, unless it be true, as stated,that in the collection of Chinese coins in the ParisMint there is one which dates as far back as 1700B.C. ; for the invention of true coins appears to havetaken place about the seventh or eighth century B.c.Before this time payments were made by means ofpieces of silver or gold, which are not supposedto have borne any impression whatever, or to havebeen of any definite weight. The weight used asan unit seems to have been such that it representedthe value of some property frequently bought orsold. Thus in the book of Job the word “ kesitah,”meaning a “ lamb,” is translated “ a piece of money.”Doubtless' this amount of silver represente'd thevalue of a lamb ; and, indeed, in an ancient Egyp-tian painting we have a representation of ring moneybeing weighed against weights made in the form ofa lamb. Personal ornaments were also frequentlymade of a definite weight, in order that they mightbe used as a medium of exchange, and are called“jewel-money.” The “ring money” mentionedabove was made of gold or silver wire bent in acircle (about 2 or 3 inches in diameter); but theends were not united, in order that they might bejoined into a continuous chain.
The honour of having first invented coined moneypassing by tale and not by weight has been given tovarious nations of antiquity; it seems most pro-bable, however, that the Greeks were the real in-ventors, as theirs is the only coinage in which agradual progress can be traced. As Homer mentionsthat an ox was exchanged for a “bar of brass” of a