VI.: Why coin and bullion of the same metal and fineness, are not always of the same value, or will not exchange in equa

23. Silver and gold with us, are measured by the ounce troy; and the legal rate of an ounce of either of these metals in coin, is called the mint price; that is, silver being the standard, and the coinage with us being free; the number of pence that an ounce troy of standard silver is cut into, is called, though perhaps improperly, the mint price of silver; and the number of pounds, shillings and pence, with such a fraction as may happen, that falls to the share of the ounce troy of gold, according to the legal rates of guineas, is called the mint-price of gold. Thus, because 62 shillings are cut out of a pound troy of silver; 62 pence, or 5s. 2d. is said to be the mint price of silver: And 44½ guineas being, by the indentures of the mint, cut out of a pound troy of gold, and guineas now passing at the rate of 21 shillings; this makes the present mint price of gold with us, to be 3l. 17s. 10½d. the ounce. In both cases, the fineness is understood to be according to the established standard; viz., the silver to be 11 oz. 2 dwts fine, and the gold 11 oz. or 22 car. fine.

If the importers of bullion into the mint, pay a certain rate for the coinage, as in other countries; the rate which they pay is to be deducted from the mint-price above stated, and the residue is then the mint-price. Ex. gr. If the importers of bullion into the mint paid, suppose, two-pence an ounce for coining silver; the mint price of silver bullion, would be then five shillings an ounce; and at this rate it would frequently be in our market, if no other cause interfered.