ex. » I 6 17779 Naval Battle. R. MERSA ET FVGATA ANGLORVM ET BATAV. CLASSE; in ex. AD ORAS ANGLIAE. M'DC'Xc. Victory on destroyed ships. F. D. C. » I 6 17780 Battle of Staffardam. R. DUX. SAB. CUM. FOED. PROFLIGATUS; in AD STAFFARDAM. M'DCLXXXX. Hercules trampling the Centaur under his feet. F. D. C. 17781 The three Victories. R. VICTORIA obsequens; in ex. AD FLORIACUM AD LITTUS ANGLICUM AD STAFFARDAM. M'DC XC. King on throne; in front of him, flying Victory. 17782 A variety. 17783 Fifteen galleys on the Ocean. R. PORTUUM SECURITAS; in ex. QUINDECIM TRIREMES IN OCEANO. M'DC xc. Plan of city and harbour of Havre, with galley on sail. F. D. C. 17784 Conquest of Savoy. P. SABAUDIA SUBACTA; in ex. M'DC LXXXX. Savoy seated at the foot of mountains. F. D. C. 1691. F. D. C. F. D. C. I 6 >> I 6 » 16 » I 6 17785 Taking of Mons. R. TOTA EUROPA SPECTANTE ET ADVERSANTE; in ex. MONTES HANN EXPUG. M DC LXXXXI. Hercules_holding the shield and mural crown of the city of Mons. F. D. C. » 16 17786 Taking of Nice. R. NICEA CAPTA. MDCXCI. Nice frightened at the ruins of her citadel. F. D. C. » I 6 17787 Nice and Mons taken at the same time. R. AB AVSTRO ET AB' AQVILONE; in ex. INEUNTE APRILI. MDCXCI. Two Victories, &c. F. D. C. 17788 Fight of Luze. R. VIRTVS. EQVITVM. PRAETORIANORVM; in ex. PVGNA AD LEVZAM. Horseman to r. trampling over enemy. F. D. Č. 17789 Taking of Montmelian. R. MONSMELIANUS CAPTUS; in ex. M'DC' LXXXXI. Victory writing on shield. F. D. C. 1692. 17790 Taking of Namur. R. NAMURCUM CAPTUM; in ex. SUB OCULIS GERM. HISP. ANGL. BAT. CENTUM MILLIUM'M'DC'XCII. Victory standing above two river-gods. F. D. C. 17791 Battle of Stenkirk. R. VIRTVS PEDITVM FRANCORVM; in ex. PVGNA AD STENKERCAM MDCXCII. Two warriors fighting. F. D. C. F. D. C. A variety with trophies on R. 17792 17793 Action of Pfortzheim. R. FUSO GERMAN EQVITATU PARTIS SPOLIIS CAPTO DUCE; in ex. AD PHORTSEIMIUM WIRTEMBERG M*DC XCII. Trophies, tent, in front of which are two horses. F. D. C. 17794 Fortification of 150 Cities. R. SECURITATI PERPETUAE; in ex. » 16 » I 6 » I 6 1695. 17811 Taking of Dixmuda and Deinsium. R. HOSTIUM AD DEDITIONEM COACTORUM VII MILLIA; in ex. DIXMUDA ET DEINSIUM CAPTA. M'DC XCV. Kneeling soldier surrendering himself. F. D. C. 17812 Dunkirk preserved from an attack of the English. R. DUNKERCA ILLAESA; in ex. M'DC'XCV. The harbour of the city. F. D. C. 17813 Capture of Dutch and English ships. R. INDICAE HOSTIUM OPES INTERCEPTAE; in ex. M'DC XCV. Sailors unloading ships. F. D. C. 1696. 17814 Defeat of the Dutch Fleet. R. INCENS'AUT CAPT'HOST NAV'ONER ́ XXX BELL'III.; in ex. AD TEXELLAM M ́DC XCVI. Holland in attitude of fright, seated on lion prostrate. F. D. C. 17815 Campaign of 1696. P. MARS IN HOSTILI SEDENS; in ex. M ́DC'XCVI. Mars holding shield seated to 1., beside his horse. F. D. C. 17816 Peace with Savoy. R. MINERVA PACIFERA; in ex. PAX SABAUDIAE M DC XCVI. Minerva standing; near her, hymen with torch. F. D. C. 17817 Taking of Ath. R. TENERA GALLIS PATENS; in ex. ATHA CAPTA. MDCXCVII. French soldier presenting a flag to River-god. F. D. C. 17818 Taking of Carthagena. R. HISPANORUM THESAURI DIREPTI; in ex. CAPTA MDCXCVII. Carthagena seated in mournful attitude under palm-tree. F. D. C. 17819 Taking of Barcelona. R. BINIS CASTRIS DELETIS; in ex. BARCINO CAPTA. MDCXCVII. Hercules, at his feet the shield of the city. F. D. C. 17820 Ath, Barcelona and Carthagena taken in the same year. R. VICTORIA COMES FRANCORUM; in ex. M'DC XCVII. Victory attaching three shields to a palm-tree. F. D. C. 17821 France Victorious. R. GALLIA INVICTA; in ex. BELLO PER DECENNIUM FELICITER GESTO'M'DC XCVII. France standing. F. D. C. 17822 Conquests of the King. R. VICTORI PERPETUO; in ex. OB EXPUG. CCCL. URB. AB. AN. M. DC. XLIII AD AN. M'DC'XCVII. Crown above trophies. F. D. C. Peace of Ryswik. R. VIRTVS ET AEQUITAS; in ex. PACATA EUROPA 1697. Equity and valour holding an olive-wreath. F. D. C. R. PATER PATRIAE; in ex. PAX'CVM'GERM HISP'ANGL. ET BATAV. 1697. France full of gratefulness kneeling at the feet of the King, who his holding an olive-branch. F. D. C. R. SALUS EUROPAE; in ex. PAXTERRA · MARIQUE · F. D. C. PARTA 1697. Peace. Marriage of the Duke of Burgundy. R. TAEDIS FELICIBUS; in ex. 17795 Taking of Furnis and Dixmuda. R. MARS PROVIDUS; in ex. FURNIS ET DIXMUDA CAPT. M.DC. XCIII. Mars holding two shields. F. D. C. 17796 Institution of the Military Order of Saint-Louis. R. VIRTUTIS BELLICAE PRAEMIUM; in ex. ORDO MILIT. S'LUDOVICI INSTITUTUS M DC XCIII. The king investing an officer with the new order. F. D. C. A variety, with the cross of the order on R. F. D. C. 17798 Taking of Rhoda. . RHODA CATALON. ITERUM CAPTA; in ex. MDC XCIII. Hercules and Neptune holding together a mural F. D. C 17800 Battle of Nerwinden. R. CAESA HOST. XX MILL. TORMENTA Bell. CAPT LXXVI. SIGNA RELATA; in ex. DE FOEDERATIS AD NERWINDAM'M DC XCII. Trophies. F. D. C. 17801 Taking of Charleroy. R. SECURITAS IMPERII PROPAGATI; in ex. F. D. C. » I 6 17802 The flourishing Navy. R. SPLENDOR REI NAVALIS; in ex. M'DC' XCIII. France seated on chariot of Neptune. F. D. C. >> 1 6 17803 Rewards of Honour granted to Sailors. R. VIRTUTI NAUTICAE PRAEMIA DATA; in ex. M'DC'XCIII. The King giving a reward to sailor. F. D. C. F. D. C. 17804 Prosperity of the Royal Family. R. FELICITAS DOMUS AUGUSTAE. Busts of the Dauphin and his three sons. 1694. 17805 Battle of Ter. R. VICTORIA CELTIBERICA; in ex. TRANS PYRENAEOS AD TERAM FL. M'DC'XCIII. Victory trampling upon River-god. F. D. C. 17806 Taking of Palamos. R. PALAMO VI CAPTA; in ex. M'DC XCIIII. Palamos chained to a rock. F. D. C. 17807 Defeat of the English at Brest. R. CUSTOS ORAE AREMORICAE; in ex. BATAV. ET ANGL. AD LITTUS AREMORICUM CAESIS. M ́DC XCIV. Pallas. F. D. C. 17808 Taking of Gironna. R. GERUNDA CAPTA; in ex. XXIX. JUNII M'DC XCIV. Hercules trampling under foot Geryon. F. D. C. 17809 Abundance in France. R. ANNONA AUGUSTA ; in ex. FUGATIS AUT CAPTIS. BATAV. NAVIB. M'DC XCIIII. Ceres. F. D. C. 17810 March of the Dauphin of the Pont d'Espierre. R. MILITUM ALACRITAS; in ex. DELPHINI AD SCALDIM ITER. MDCXCIIII. Horseman. F. D. C. MARIA ADELAIS SABAUDIAE LUDOVICO BURGUNDIAE DUCI NUPTA. 1698. 17828 The Camp of Compiègne. R. MILITARIS INSTITUTIO DUCIS BURGUNDIAE; in ex. CASTRA COMPENDIENSIA'M DC XCVIII. Two soldiers near camp. F. D. C. 1699. V. F. » I 17829 Statue of the King. R. OPTIMO PRINCIPI; in ex: LUTETIA*M* DC* XCIX. Equestrian statue of the King. 17830 Homage of the Duke of Lorraine. R. HOMAGIUM LIGIUM LEOP* LOTH DOB DUCAT BARENSEM; in ex. MDCXCIX. The King F. D. C. receiving the homage of the Duke of Lorraine. 17831 New Brisach. R. SECURITAS ALSATIAE; in ex. NEOBRISACUM · M · DC XCIX. The King giving Alsatia the plan of Neubrisach. F. D. C. 1700. » I 6 » I 6 17832 Edict against Vagrants. R. PIETAS OPTIMI PRINCIPIS; in ex. VETITA DESIDIOSA MENDICITAS M'DCC. Piety seated to 1. near altar. F. D. C. 17833 Edict against Luxury. R. PROVIDENTIA SERVATRIX; in ex. SUMPF. D. C. TUARIAE LEGES RENOVATAE M DCC. Providence. 17834 The Chamber of Commerce. R. SEXVIRI COMMERCIIS REGUNDIS; F. D. C. in ex. MDCC. Justice and Mercury. 17835 >> I 6 Advent of the Duke of Anjou to the throne of Spain. R. CONCORDIA FRANCIAE ET HISPANIAE; in ex. M DCC. France and Spain. F. D. C. R. PHILIPPUS DUX ANDEG‘LUD'DELPH ́F'LUD MAG NEP' HISP ET IND REX; in ex. M'DCC. Bust of the Duke. F. D. C. Departure of the King of Spain. R. PROFECTIO PHILIPPI V HISPANIARUM REGIS; in ex. IV'DECEMBRIS M'D'CC. Horseman to r. F. D. C. 17838 Battle of Cremona. R. VIRTUS DOLI VICTRIX, in ex. CREMONIA SERVATA I'FEBRUARII'M D'CCII, French warrior slaying a GerF. D. C. 17839 Action of Luzara. R. VIRTVS AVITA; in ex. PHILIPPUS V HISPA NIARUM REX LUDOVICI MAGNI NEPOS DE GERMANIS AD LUCE RIAM MANTUAE'XX*AUGUSTI M DCCII. Crowned horseman to r. F. D. C. 17840 Battle of Friedlingen. TRAJECTO RHENO; in ex. DE GERMANIS AD FREDELINGAM * XIV · OCTOBRIS M DCC II. Trophy beside a River-god. F. D. C. man. 17843 Action of Ekeren. R. JUNCTIS AUSPICIIS; in ex. GALLI ET HISPANI DE BATAVIS AD EKERAM'XXX'JUNII'M DCCIII. Victory. F. D. C. 17844 Taking of Brisach. R. EXPEDITIO DUCIS BURGUNDIAE; in ex. BRISACUM CAPTUM VII SEPTEMBRIS MDCCIII. The Duke of Burgundy on horseback to 1. F. D. C. 17845 Battle of Spire and Taking of Landau. R. VICTIS AD SPIRAM HOSTIBUS; in ex. LANDAVIA CAPTA · XVII·SEPTEMBRIS · M · DCCHI. France crowned by Victory seated under a palm-tree with Landau who presents to her a mural crown. F. D. C. 17846 The Chamber of Commerce. R. FIRMATA CONSILIO COMMERCIA; in ex. IX VIRI BOTHOMAGENSES' COMMERCIIS REGUNDIS M'DCCIII. F. D. C. Mercury. 1704. 17847 Taking of Verceil. R. VERCELLAE CAPTAE; in ex. XX JULIIM DCC IV. Nemesis standing. F. D. C. 17848 Naval Action of Malaga. R. ORAE HISPANICAE SECURITAS; in ex. ANGLORUM ET BATAVORUM CLASSAE FUGATA AD MALAGAM' XXIV'AUGUSTI’M'DCCIV. Spain seated to 1.; above, flying Victory. F. D. C. 17849 Taking of Ivree. R. EPOREDIA CAPTA; in ex. XXIX SEPTEMBRIS M'DCC IV. Ivree kneeling before France standing to r. 1705. >> I 6 >> 1 6 » 1 6 » I 6 » I 6 » 1 6 F. D. C. » I 6 17853 Battle of Almanza. R. ADSERTUM PHILIPPO V HISPANIARUM IMPERIUM; in ex. HOSTIBUS AD ALMANZAM CÆSIS XXV APRIL M'D'CC' VII. Spain seated to r. F. D. C. » 16 17854 The Fortifications of Stolhoffe forced. R. PATEFACTI GERMANIÆ ADITUS; in ex. VALLO STOLLOFFENSI DISJECTO XXII MAII MDCCVII. Mars. F. D. C. 17855 Raising of the Siege of Toulon. R. PULSIS AD VARUM HOSTIBUS; in ex. TELO OBSIDIONE LIBERATUS. XX. AUGUSTI. M'DCC VII. Toulon seated to 1. F. D. C. 17856 Taking of Ilerda. R. NOVA GLORIA; in ex. ILERDA EPUGNATA' XI NOV M DCCVII. Mars planting a standard on rocks; Ilerda at his feet. F. D. C. » 1 6 1708. 17857 Taking of Tortosa. R. AUXILIORUM PRÆSTANTIA; in ex. DERTO- 1710. 17858 Birth of Louis XV. R. NOVUM REGIÆ STIRPIS INCREMENTUM; in ex. LUDOVIC. LUD. BURG. DUC. FIL. LUD. DELPH. NEP. LUD. » I 6 » I 6 » I 6 » 1 6 MAG. PRON. NAT. XV. FEBR. MDCC'X. France holding the young Prince on her lap. F. D. C. 17859 Battle of Villaviciosa. R. VICTORIA REDUX; in ex. HOstes deleTI AD VILLAM VICIOSAM. X. DECEMBRIS M'DCC X. Victory flying to Spain reclining to left. F. D. C. » I 6 "The Pu-Money was in circulation for a long period, viz., from the sixth to the third century B. C. inclusive. In common with the Knife-Money, it was superseded only when the round metallic currency of the Ts'in dynasty was issued after 221 B. C. The dates cannot be ascertained otherwise than from the occasional references which appear in history about some of the names of places inscribed on the pieces. For instance, the currencies which respectively bear the names of Wu, Yang-Yh, Tsin-Yang, Ping-Yang, &c., cannot but be older than the years 340, 316, 302, 234 B. C., &c., since those towns were thenceforth either destroyed or differently named. While those of Ko-Yh, Siang-Yuen, &c., must be later than 560, 320 B. C., &c., which are the dates of the building of these towns. It is the same with the important currency of An-Yang, which received only this name in 257 B. C. On the other hand, it seems that we certainly have an indication of date for the currency of Kwan Tchung, capital city of Ts'in, in the historical statement that in 337 B. C. metallic pieces of money were issued for the first time in the state of Ts'in by the King Hwei Wen. An examination of the specimens confirms to a certain extent the fact that this sort of money was current for several centuries. For instance, the piece from Kou belongs to the time when the regular pattern with a reverse was not yet generally adopted. So, too, with the specimen from Tun Liu, which has a reverse, but as yet no rim, while that from Ko-Yh, which cannot be older than 560 B. C., has a rim without the usual lines which ornament the reverses of later date. "The inscriptions are generally the work of unskilled hands, and sometimes present insurmountable difficulties in decipherment. They are obviously written in the simplified and current writing of the people, often in defiance of the rules of calligraphy which a governmental mintage would have respected; so far they are very interesting in the history of writing. The shapes of the Pu-Money are distinguished by the squareness, roundness, or sharpness of the lower double parts, or the roundness of the upper sides. These characteristics form a convenient means of classification. They are degenerated from the old patterns of the Spade-Money. Their name Pu, which means spread out', was used in olden times for this money in the Ts'i State, i. e. W. Shantung, a region already pointed out as conspicuous in the infancy of Chinese "The weights of these pieces are rather irregular; but their sizes indicate a regular scale of 1650, 1815, 1980. "Historically the geography of the Pu-Money is full of significance. Confined as it is to the region corresponding to the modern provinces of Shansi, E. Shensi, N. Honan, E. and S. Tchihli, N. Kiangsu, and Shantung, the collection confirms the still small area at that time of the Chinese agglomeration. The pieces which bear several names are interesting from another aspect. They disclose a system of monetary relations between several towns at some distance from one another, which is most suggestive of associations in trade. The names of some fourteen places, probably as many marts, appear on the legends. Their relative positions in Shantung, Shansi and Honan indicate old trade-routes. Catalogue of Chinese Coins in the Brit. Museum, by Terrien de Lacouperie, PH. D., LITT. D. (LOVAN). 17867 An-yang. A city in Shantung, State of Kicï. Issue of about 450 B. C. -yang An, R. Three perpendicular lines, without inscription. Size 45 × 30 mm. B. M. Cat. no 30. V. F. An-yang was so called in 257 B. C., when conquered from the state of Wei by Tchao Siang Wang of Ts'in. It is so called in Tchang-tch fu, (lat. 36° 07', long. 114o 30'), in Honan. 17868 Similar; variant of legend on obv. 46 × 29 mm. 17869 Similar; F. D. C. » I 6 BARCINO IN F. D. C. » I 6 17870 Similar; 17871 Similar; 17872 Similar; 17873 Similar; 17863 Peace of Rastadt. R. UBIQUE PAX; in ex. FOEDUS RASTADIENSE. VI. MARTII. M'DCC XIV. The Temple of Janus closed. >> F. D. C. » I 6 17864 Spanish Victories. R. VICTORIA CELTIBERICA; in ex TRANS PYRENAEOS AD TERAM VL*M*DCC XIIII. Victory standing on River-god. F. D. C. 45 X 29 mm. 52 X 30 mm. 47 X 30 mm. 46 × 30 mm. F. F. F. >> F. >> 45 X 30 mm. 4830 mm. R. Mediocre. 50×30 mm. Obv. V. F. F. 4629 mm. Obv. V. F. F. 17877 P'ing-Yang. Capital of Han State. S. W. Shansi 419-375 B.C. -yang Ping. R. Similar to preceding. Size 44 × 26 mm. B. M. Cat. no 20 P'ing-yang was made the capital of Han in 419.B.C. It subsequently belonged to the state of T'chao, and was conquer 66 66999 ༢༢༠༢འ 7 6 F. » 8 » ༢༠༠༠ "The pratice of using metal knives in barter began as well as for all other metal implements of daily use in remote antiquity. But the relative convenience of their shape for carrying, because of the ring of the handle, did no doubt somewhat facilitate the spreading of the custom. "The introduction of the Knife-money in the state of Ts'i, conterminous with the Shantung peninsula, is attributed, in a rather legendary way, to the following circumstances, circa 650 B.C. At the eve of an expedition, the soldiers of the Duke Hwan, of Ts'i, proved dissatisfied with the stringent regulations on weights and money which had previously been enacted by the Prime Minister Kwan-tze. Their General, afraid of their being disloyal, granted to them the authorization of making use of their metal knives for barter. The people were delighted with the innovation, which was giving them a more convenient medium of exchange, and adopted it eagerly. Hwainan tze, who died in 122 B.C., and to whom we are indebted for the preceding story, says, that in his time, they were still faithful to the practice, and despite the changes and modifications which had happened in the currency, they continued to cast Knife-money similar to the patterns of former times. This is apparently the explanation of the peculiar deformation of the inscriptions which were no longer understood, and present in some cases an unusual degree of difficulty in decipherment. In 135 B.C. all private casting of money was strictly forbidden. "The legends of several types of the Knife-money are more interesting than those of many in the other series. The formula Tsi fan wang tze kiu hwa (928-944) which indicates that this currency when returned will be again reviving (i. e. repaid), is highly suggestive of the information required to show the newly restored money in the state of Ts'i. And when the habit was well established there was no more use for such explanations, and the legends were successively reduced to four and three characters. "Those of the associated-names-series offer some more information on the interesting fact that associations of traders or guilds of towns issued money, a fact disclosed in other series. The most interesting exemplify a currency issued for the travelling merchants between Tsih-moh in the Shantung peninsula, and Kwantchung, the capital of the state of Ts'in, in Shansi. "The geography of the Knife-money, except the above case, is limited to the Shantung peninsula and conterminous region. 23 Ming Series. 317-228 B.C. Length about 5 1⁄2 inches = 140 mm. "Ming or Ming yh was in the state of Tchao (Tchihli) during the period of the Civil wars. In 281 B.C. Tchao Siang Wang of Ts'in conquered the town with the help of the King of Wei. 17879 Left Class. Angular back inscription with characters for Ming, the name of the city. R. tso " left", yh 2nd of denary cycle. left, ts'ib, right, "kung, "work. seven. 66 left, tai," eminent. right, "yh, " left," erh, 66 "2nd of denary cycle. two. left, "kiu, "nine. " left," luh, "six. 17880 Right Class. R. yu right", ting 4th of denary cycle. right, "yh, "2nd of denary cycle. " F. one. "below. san, 66 seven. "" one. "three. left, left, "luh," six. 17899 R. C. Inscription indistinct. 17900 L. C. 17901 L. C. 17902 L. C. 66 These coins are all guaranteed genuine, and formed part of the collection of Henry Kingman Esq. of Tientsin, China. FINE KOSSUTH HUNGARIAN NOTES 22 ༢༢༢༢ ༢ Dated at New-York 2nd February 1852. Hungarian Fund. On demand one year after the establishment in fact of the Independent This New Edition of Boyne's Tokens is the most perfect work hitherto published on the subject. The Editor, by the aid of the principal authorities in each county, has been enabled to record all the tokens known to the present time, thus augmenting the work very considerably as compared with the former edition. Eleven copious indexes have been prepared as follows: Surnames, Christian Names, Localities, Places, Shapes, Values, Trades, Devices, Peculiarities. TWENTY-FIVE COPIES only have been printed on LARGE PAPER, of which only four remain for sale to Subscribers at £ 6 6s. Supplied by Spink & Son, 1 & 2 Gracechurch Street, London. Published by Elliot Stock 62 Paternoster Row, London. SPINK & SON NUMISMATISTS & MEDALLISTS (ESTABLISHED 1772) 1 & 2, Gracechurch Street, Cornhill LONDON, E. C. And at 17 & 18, Piccadilly, W. Protat brothers, printers, Mâcon (France.) 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Sollte jedoch ein Abonnent dasselbe nicht regelmässig erhalten, so bitten wir, uns gefälligst Anzeige davon zu machen, um weitere Unregelmässigkeiten zu verhüten. mismatische Circular" betreffen (gleichviel Alle Mittheilungen, welche dieses "Nu ob sich dieselben auf den literarischen Teil oder auf das Verzeichnis der Münzen, &c. zum Verkauf beziehen), sollten an unser City Etablissement, 1 & 2, Gracechurch. Street, Cornhill, London E. C., gerichtet werden, von wo aus Briefe und Aufträge sofortige Erledigung finden. Jede Münze oder Medaille wird zur Ansicht gesandt. Bestellungen werden nach Reihenfolge des Einganges effectuirt und Nichtconvenirendes zurückgenommen. Porto rückwärts zu lasten der Herren Besteller. Uns unbekannte Herren Sammler werden. um Gestattung Postnachnahme oder um Aufgabe genügender Referenzen ersucht. A BRITISH DOLLAR By R. S. GUNDRY. It is a curious illustration of the difficulties caused by the widening gulf between silver and gold, that Hong Kong and the Straits Settlements should be suffering from a dearth of currency; and scarcely less curious, perhaps, that it is only after fifty years of possession in the one case and seventy in the other, that we are about to provide them with a British coin. In the early days of European intercourse with China the Carolus dollar was adopted as a medium of exchange; and it is scarcely an exaggeration to say that the world was scraped, at one time, of these dollars to pay the Chinese for their tea and silk. But as the greater part of this money remained in the interior, a scarcity gradually ensued which grew into a dearth it became necessary to invent another coin, and circumstances led to the adoption of the Mexican. The Chinaman hates a new coin. Conservative though he be, however, he is amenable to circumstances, and accepts the latter now as willingly as he did its predecessor. The coin which served for our commercial relations with China came naturally to be used in Colonies whose population and connection are largely Chinese; and so it has come about that the Mexican dollar is now legal tender in the Straits Settlements and Hong Kong, and circulates freely throughout the adjacent districts. A very much more elaborate story might, of course, be told of the causes which entailed these conditions and currency changes, but the above may serve to give an outline of the situation. Mexican dollars could obviously, however, not be obtained from Mexico without paying for them, and the mode of payment seems to have been chiefly in British goods. Deriving a large revenue from the seigniorage on its dollars, Mexico discourages the export of bar silver; and as she has no other commercial exports to speak of, she paid for her imports practically in dollars which were transmitted to London and sold here for re-export to the East. Recently, however, as the appreciation of gold has hindered trade, the transaction has become more difficult. Declining to perceive that the value of her silver has fallen, but holding, rather, that it is gold which has gone up, Mexico has been unwilling to give a higher silver price for goods, has curtailed her demand and, like Japan, started manufactories of her own. So that the supply of Mexican dollars has been steadily falling off. The Straits Settlements met the difficulty, in a measure, by legalizing the Japanese yen; but Hong Kong has, for various reasons, deemed it unadvisable to follow the example; and, as the stringency increased, the question very naturally arose why these Colonies should continue to be dependent for their currency on foreign countries and should not rather have a British dollar. The conception is not altogether new. An attempt to introduce a British dollar was made, in Hong Kong, in 1866, but failed partly for want of Imperial support, and partly because the Mexican was, at the time, the cheaper coin. The cost of the mint was found to bear too heavily on the Colonial treasury, and an opportunity was taken of selling the plant to Japan, which was just then beginning her reforms and was willing to produce round instead of oblong coins. The unit of Chinese account is, as every one knows, the tal which means simply a Chinese ounce of pure silver; and Mr. (now Sir Thomas) Wade suggested to the Hong Kong Government, that it should base its new coinage on that standard. It is not impossible that, if the idea had found favour, Hong Kong taels would be now current in China. Dollars, however, formed the Colonial and commercial currency at the time, and to dollars it was resolved to adhere the outcome being that, when the Hong Kong dollar was given up, the Mexican remained in possession of the field. Still, this first British dollar was not abandoned without regret; and there have been, ever since, intermittent expressions of a desire for its revival. The project found active expression, for instance, in the Straits in 1886-7, but subsided again in presence of a calculation that the Mexican was still a cheaper coin. But after the fresh blows dealt to silver by the closing of the Indian mints and the repeal of the Sherman Act, these conditions began to change. For the reasons already explained, the supply of Mexicans began to fall off and their market value to increase. The absorption of these coins in the East is something enormous - it was estimated, I believe, in 1886 at 4,000,000l.; and prospects of a financial crisis began to be enter tained. The agitation for a British dollar which should be independent of these extraneous influences began to be revived in earnest. The Hong Kong Chamber of Commerce appointed a Special Committee, composed of leading merchants and bankers, who reported that the scarcity of the circulating medium was highly inconvenient and might at any moment become dangerous; and that it was imperatively necessary that immediate action should be taken in the direction of the coinage and legalisation of a British dollar." Appeals were made to the London, Shanghai, and Singapore Chambers of Commerce, and to the "China" and "Straits Associations, for support; and all these various bodies eventually combined in recommending the project to the consideration of Her Majesty's Government. For it was of the essence of the proposal, this time, that the new coin should be made legal tender in the Straits Settlements as well as in Hong Kong, in order to give it a broader reputation and a broader foothold from whence it may make way, like the Mexican, through the adjacent territories. The next question was that of value, and it was decided to advocate a coin exactly equal in weight and fineness to the Mexican, which has practically inspired the value of all recent coinage in Eastern Asia. The occasion was a tempting one for giving the new coin a calculable relation to the rupee, and a suggestion was thrown out that this object might be attained by giving it a value of Rs. 2. There would be no advantage, obviously, in such a course, so long as the dollar follows the fortunes of silver and the rupee is inflated by contracting supply; but there are some who believe that the present currency troubles are only an interlude, and that when the rupee is replaced on a silver level it would be convenient to have the currency of our Eastern dependencies on an interchangeable basis. The rupee being 180 grs., 916 fine 165 pure, a coin worth Rs. 2 would (at the preferable rate of 900 fine) be 412 grs. = 37r pure. The Mexican, which is somewhat roughly minted, is 416 to 417 grs., '900 fine 374 to 376 pure; so that a Rs. 2 coin would be worth about 1 per cent. less than the Mexican. = Some hold that this would be fatal to its acceptance by the Chinese, while others contend that, as the Mexican is nearly 1 per cent. worse than the Carolus, there is no reason why a British dollar 1 per cent. worse than the Mexican should not supplant the Mexican as the Mexican supplanted its predecessor. What was more certain was that such a proposition would entail delay, while the Colonies are starving for coin. Such a change could not be made without much reference and consideration, and there might be delay in getting the new coin into circulation even if it were adopted; whereas a British dollar exactly equal in intrinsic value to the coins it was designed to supplant offered no such difficulty. A British dollar 416 grs. '900 fine 375 pure would be the exact equivalent of the old Hong Kong dollar, of the Japanese yen, of the average Mexican, and, I believe, of the new Chinese dollar which has been lately created by the Provincial Government of Canton-with all of which it would come into contact and concurrence. Another question was the design; and this, with a people so conservative as the Chinese, had more than artistic significance. The old Hong Kong dollar recommended itself chiefly by its ugliness. The only good thing about it was the Queen's head; and that constitutes a financially objectionable feature for the simple reason that every change of sovereign would mean, in the eyes of Chinamen, a new kind of coin which would have to recommence the struggle for existence. The other dollars enumerated have all a national emblem-the Canton dollar a dragon, the Mexican an eagle, the Japanese a rising sun-and it was considered that we could not do better than follow this example. It is proposed, accordingly, that the new British dollar shall bear the Imperial Arms on the obverse, and its value, expressed in English, Chinese, and Malay on the reverse. The purpose is that it shall be minted in Bombay, and shall follow the fortunes of silver with an open mint. Bankers or others who want currency for the East will tender so much silver bullion and receive it back in the shape of British dollars, minus a small percentage for the work performed. The project has thus been worked out in all its details, and is understood to have at length gained the assent of the several Depart |