Method of Computing the Value of a Silver Dollar from New York Quotations.

Rule.—Multiply the price per ounce by .77 1/8.

The New York quotations, as given in the financial columns of the daily press, make allowance for changes from the London prices, due to the rate of exchange, etc.; but the quotations are for pure silver, that is, for silver 1,000 fine:

Since the New York quotations are given for silver 1,000 fine, but since our coins are made of silver 900 fine, the quotation should be multiplied by only 9/10 of the actual weight of the coins. The 859 3/8 ounces less 1/10 is 773.4375; and to multiply this last number by the quotation would give the value of 1,000 silver dollars. But the value of one dollar can be found by multiplying the price by 773.4375/1000 or approximately, by .77 1/8.