VALUE OF A LIMITED COIN 35 
This will happen because the metallic contents of the 
coin will then be worth more than the value at which 
the coin js rated and circulates, and the cheapest 
source of supply to any one who wants the metal 
for industrial purposes will be the coinage. Thus if 
silver went up to more than 66d. the oz. troy, instead 
of buying silver in the bullion market manufacturers 
of silver goods in this country and elsewhere would 
as far as possible get what they wanted by melting 
English silver cc’as, which as coins are only worth 
66d. the oz.tr~v, and which they could therefore get 
at that price in sm 1 qri~-tities, and at a very little 
more than that --ice in large quantities. The silver 
coinage would .isappear, and every one would be 
inconvenienced till some substitute equally good was 
discovered : in some countries this inconvenience has 
actually occurred. The way to prevent it is for the 
Government to take time by the forelock and issue 
a lower weighted (or more alloyed) silver coinage 
before the depletion of the coinage begins, and to 
draw in as fast as possible the old heavier (or purer) 
coin. If this is done sufficiently promptly a balance 
of silver will remain in the hands of the Government 
and no one will be hurt.1 
There is no necessity for a whole series of coins of 
this character to contain the same proportion of 
metal to their coin value, and it is often convenient 
that they should not. This was recognized when to 
make them more portable evr nennies were made 
less than dont?! 4 won Ta half-pennies, and 
the princir’ ’ to coins of higher 
denomir ce is too small 
and the * merican dollar 
are ‘ - 
r 
© paragra. 1 wes written the price of silver rose 
great!" 2nd in the sess’ ‘2 «) parliament authorized the 
issue of silver coins all- ner cent. 
A ftp +h,