Coin toss

“ The penny itself is a matter which leads one into thought. The vastness of mind which has been brought to bear on the production of the coin is itself worthy of consideration. Before any coin can be sanctioned by the realm, it has to go through the ordeal of Her Majesty's Government, and after all has been done to the satisfaction of the authorities, a little bit of copper—though now, for the good of our pockets, mixed with an alloy—is made to minister to our wants in ways which I hope to lay before you as plainly and shortly as possible. ”

“ If French coinage should appear too high a price for the interest of other branches of British trade, a question I shall not here determine, let us impose at least as much as to keep our guineas out of the melting pot, and banish all the old coin which throws us into such confusion. ”

“ On this occasion I addressed a letter to a noble Lord, who was then Chancellor of the Exchequer, suggesting what appeared to me the proper remedy for this evil. I proposed that, with a view to the general [Pg 234] reform of the coins of the realm, all the deficient gold coins should in the first place be called in and recoined, and that in future the currency of the gold coin should be regulated by weight as well as by tale, and that the several pieces should not be legal tender if diminished below a certain weight. ”

“ The intention of coinage, for circulation, being to ascertain the quantity of the fine metals in every piece, and not to represent the effigies of the sovereign, we see a manifest difference every where between the impressions struck upon medals, and those of the current coin: in the first, the head is raised, in the last, it is purposely made flat. ”

“ The power 'to coin money' is, in my judgment, inconsistent with and repugnant to the existence of a power to make anything but coin a legal tender. To coin money is to mould metallic substances having intrinsic value into certain forms convenient for commerce, and to impress them with the stamp of the government indicating their value. Coins are pieces of metal, of definite weight and value, thus stamped by national authority. ”

“ A REAL ESTATE MAN ASKS A QUESTION.
"I want to know," said Mr. George H. Rozet, a real estate dealer, here interrupting Coin, "why you say silver is demonetized, when it is in circulation every day and handled by us as money?"
"We have seen," replied Coin, "how the commercial value of the two metals were parted. By the same laws that produced this result, silver was made redeemable in gold, and ceased to be redemption money. Silver now circulates like paper money, both redeemable in gold. It is now subsidary coin or token money. ”

“ I have known very few persons in my time, who seemed thoroughly to understand what a fine coin was. It is not sufficient that it is well-preserved or even fleur de coin; for it may have been badly struck, or it may be damaged by a flaw or by the cleaner. It should be well struck, perfectly preserved, and unsophisticated. If there is a tone or patina, that should be pure and uniform.
The value and force of condition in coins are not fully recognisable, till one is fortunate enough to accumulate a body similar in style and rank. ”

“ The expence, therefore, of providing the metals should be thrown upon those who want coin; and the mint should be obliged to convert gold and silver into coin, upon the demander’s paying the coinage.
This coin loaded with the price of coinage, never will be sent abroad to pay a foreign balance; never will be locked up in banks, which will have little occasion for it. It will, therefore, remain in circulation, and serve those purposes for which the inhabitants think fit to employ it. ”

“ If, therefore, 'money,' in the phrase 'to coin money,' could be considered as embracing other substances beside those precious metals, alone in use throughout all the world as coin, none the less would it remain that to utter promises to pay money would not be 'coining,' or 'to coin money.'
I cannot find that before the passage of this legal-tender act it had ever been supposed by any court, or by any judge of any court, or by any commentator or statesman, that this power 'to coin money' had reference to anything but a metallic currency. ”

“ I suppose, that the statesman perceiving that the constant circulation of the coin insensibly wears it away, and reflecting that the value of it is entirely in proportion to its weight, and that the diminution of the mass must be an effectual diminution of the real riches of his country, shall call in the metals and deposit them in a treasure, and shall deliver, in their place, a paper money having a security upon the coin locked up. ”

“ It is Alfred's silver penny struck in London mint. The character of a coinage is quite conclusive evidence in national history, and there is no great empire in progress, but tells its story in beautiful coins. Here in Alfred's penny, a round coin with L.O.N.D.I.N.I.A. struck on it, you have just the same beauty of design, the same enigmatical arrangement of letters, as in the early inscription, which it is "the pride of my life" to have discovered at Venice. ”

“ A HALF-DALER PIECE, WHICH MEASURES THREE INCHES SQUARE.
Amongst the most civilised races gold and silver coin, or "bank-notes," secured by deposits of gold and silver or by Government guarantees, are the recognised media of exchange. Modern coinages exhibit many specimens of beautiful and artistic moneys, and the notes—bills, as they are called in America—issued by the Bank of England, the French, United States, and other Governments, are, if not exactly artistic, wonderfully ingenious devices for baffling the skill of the forger. ”

“ By putting the tips of the fingers under the vest and pressing a lever, a coin dropped into the hand, and the performer was thus enabled, from time to time, to show a half-dollar and throw it into the hat. The other times he merely pretended to catch a coin, and put his closed empty hand over the mouth of the hat, and "made believe," as the children say, to drop the money in. ”

“ One of the members present then takes from his pocket what he announces as one of the rarest coins in existence—passes it around the table. Coin travels back and forth, every one examining it, and the conversation goes to another topic, say the influence of the automobile on domestic infelicity, or some other such asininely intellectual club topic—you know? All at once the owner calls for his coin.
"The coin is nowhere to be found. Every one looks at every one else. ”

“ The coin left in the sleeve can be secretly got away by dropping the arm and allowing it to fall into the hand and then pocketed.
AN ORIGINAL COIN SWINDLE
Palm a halfpenny in your right hand and ask a friend (be sure he is your friend) to lend you a shilling. Pick up a glass, invert it, and place the borrowed shilling on its bottom. Then ask your friend whether the coin is on the top or bottom of the tumbler. He will naturally look surprised at such a question; and you then say,—“Ah, I see you know the trick.” ”

“ To Change a Coin.—Sometimes, in order to bring about a desired result, it is necessary to change, or in conjurers' parlance to "ring," a borrowed and marked coin for a substitute of your own. There are many ways of effecting this, but having once mastered the various "palms" the student will readily invent means for himself. The following, however, is the one generally adopted by conjurers:
Borrow a coin and have it marked. Then take it between the fingers and thumb of the left hand, as in "Le Tourniquet" (Fig. 5) , having previously secreted the substitute in the palm of the right. ”

“ Should the right hand be chosen, you may, with some caution, remark:—"Well, it's just as well to have the right one, but still I left it to you."
All that remains for you to do now is to make believe, in the most dramatic manner possible, that the coin is travelling up the body, along the arm, and into the chosen hand, whence you let it fall on to a table or chair. Should the coin fall on the ground, you will be careful not to expose the one on your back when picking it up. ”

“ It proves in the most conclusive way, the injury which will surely come when by present acts of coinage and of legal tender, our gold coin has been driven from the country, and our standard of value becomes a silver dollar of light weight and of uncertain value. ”

“ Almost immediately they all rise again: one holds up at arm's length above the water the recovered coin, and then puts it into his mouth for safe-keeping. Coin after coin is thrown in, and as speedily brought up; a shower of small silver follows, and not a piece is lost. ”

“ When the gold or silver has all gone from circulation, and an equal quantity of paper has taken its place, suppose that a still further issue is superadded. The same series of phenomena recommences: prices rise, among the rest the prices of gold and silver articles, and it becomes an object as before to procure coin in order to convert it into bullion. There is no longer any coin in circulation; but if the paper currency is convertible, coin may still be obtained from the issuers, in exchange for notes. ”

“ Every mark, letter, number and bit of decoration is deeply cut in the metal. Even the "reeding," or roughened edge, is stamped sharply, and we can tell just what the coin is by feeling of it with the finger, even in the dark. This last step finishes the work. The money is made, coined and ready for exchange in the shop and market. Sometimes you may have noticed that coins, like the nickel five-cent and the silver twenty-cent piece, have smooth edges. ”

“ Just as gold coin is prevented from permanently retaining its function of coin by the legal provision of the loss of weight which demonetizes it, so are the silver and copper tokens prevented from passing from their spheres of circulation into that of gold coin and acquiring the character of money by the provision of the maximum amount for which they are legal tender. ”

“ The adjustment of the monetary circulation to the needs of trade has given rise to composite money systems, in which, whatever may be the standard, gold, silver, and paper are usually combined. Under a single gold standard paper is generally used for larger payments, while silver is used for the smaller. Both are representative money in such cases. Silver is issued as token coinage. A token coin is one whose bullion value is less than its face value and whose legal power to pay debts is limited. ”

“ In that state, and assuming no charge to be made for coinage, the value of money will conform to the value of the bullion of which it is made. A pound-weight of gold or silver in coin, and the same weight in an ingot, will precisely exchange for one another. On the supposition of freedom, the metal can not be worth more in the state of bullion than of coin ”

“ Whereas the silver coins of the realm have, by long use and other circumstances, become greatly diminished in number and deteriorated in value, so as not to be sufficient for the payments required in dealings [Pg 243] under the value of the current gold coins, by reason whereof a great quantity of light and counterfeit silver coin and foreign coin has been introduced into circulation within this realm, and the evils resulting therefrom can only be remedied by a new coinage of silver money.... ”

“ Let the charge of coinage be fairly reckoned; and the kingdom informed of it, as well as of the price of copper. Let the coin be as well and deeply stamped as it ought. Let the metal be as pure as can consist to have it rightly coined (wherein I am wholly ignorant) and the bulk as large as that of king Charles II. And let this club of ten gentlemen give their joint security to receive all the coins they issue out for seven or ten years, and return gold and silver without any defalcation. ”

“ The process is already so far advanced that few people besides travelers and sports now-a-days carry upon their persons or in their homes the equivalent of more than five to ten dollars in money. What is to be the outcome? Will all coinage ultimately degenerate to a mere matter of tokens? Will all other kinds of money disappear between the covers of a check book? Will bank vaults become in the end the only place where one can get a sight of one hundred dollars in coin at a time? ”

“ Absence of extreme hardship A new coinage material must not inflict a demonstrably serious hardship on a particular group or industry. The coin machine industry could claim a hardship if new coins did not work in its machines. Cents are used in counting, sorting, and coin-wrapping machines, some toll booths and vending machines, change-maker, parking meters, and cash register dispensers. Any new material cent must be useful in most of the present machines. ”

“ If we were unable to keep both metals circulating side by side when there was a slight discrepancy of only two or three cents in their intrinsic value, does any intelligent or sane man believe for a moment whether he is a student of Coin's Financial School or not, that if we throw open our mints to the free and unlimited coinage of 52-cent dollars, that they would not at once drive out of circulation the $630,000000 of gold, now constituting more than one-third of our circulating medium? ”

“ Whether, in case the wisdom of the nation shall think fit to alter our coin, without erecting a national bank, the rule for lessening or avoiding present inconvenience should not be so to order matters, by raising the silver and depressing the gold, as that the total sum of coined cash within the kingdom shall, in denomination, remain the same, or amount to the same nominal value, after the change that it did before? ”

“ Should you desire to regain possession of the coin, have the outside pocket made communicating with an inner one on the same side of the coat; when, having shown the right hand unmistakably empty, you produce the coin thence, in a magical manner. ”