3. MONETARY SYSTEMS AND RATES OF EXCHANGE 
In view of the constant fluctuations in the rates of exchange be- 
tween currency of the United States and that of various foreign 
countries, the actual expense to the American shipper or citizen 
involved in the payment of the fees shown in this report which are 
expressed in foreign currency will vary from time to time. For this 
reason it has been considered desirable to include information which 
will make apparent the costs expressed in United States currency. 
To make the situation more fully apparent, there has also been in- 
cluded in this report a brief statement of the monetary systems of 
the principal countries. 
The information as to the exchange rates during 1927 and in the 
early months of 1928 was furnished by the Federal Reserve Board, 
and the data respecting the monetary systems were supplied by the 
office of the Director of the Mint. 
MONETARY SYSTEMS 
In the following tables the equivalent values in United States 
money are based on the monetary standards which have been adopted 
by the different countries, or, by reason of failure to maintain stand- 
ards adopted by law, upon the standards under which actually oper- 
ating. The value of silver coins is based on the average United States 
equivalent value of a fine ounce of silver in London, with exchange 
at par for the five-year period 1912-1916—%0.60. 
UNITED STATES AND TERRITORIES 
UNITED STATES 
lold 
Denomination 
Value in 
7.8. money 
Double eagle ($20) 
Eagle ($10). ___-- 
14 eagle ($5). -.- 
14 eagle ($2.50)--- 
| dollar 1. _ 
$20. 00 
10. 00 
5. 00 
2 50 
1 00 
1 Monetary unit (no longer coined) 
Silver 
Denomination 
Dollar_ - oo. 
Half dollar__.._ 
Quarter dollar. 
Dime. ..____. 
Value in 
IT. 8S. monev 
$1. 00 
. 50 
. 25 
. 10 
Minor coins 
Denomination 
Nickel 
Beents. ooo. 
Bronze 
1 cent. 
i (}7 
Value in 
(7. S money 
$0 05 
01