In the January 2016 issue of The E-Gobrecht, a publication of the Liberty Seated Collectors Club, Jim Laughlin reprinted an
interesting 1885 article about the handling of coinage from the San Francisco newspaper Daily Alta California. With permission,
here are short excerpts of Jim's commentary and the article itself. -Editor
The following article is from San Francisco newspaper Daily Alta California in 1885. While this article focuses on gold coins
(containing some rather interesting firsthand knowledge of handling them), it gives some historical perspective of the late Liberty Seated
coin period on the Pacific Coast.
In reading this, one must remember that from 1853 through 1878 silver subsidiary coins (half-dollar, quarter, double-dime, dime and the
silver half-dime) were only legal tender to the amount of $5.00. You could not take your excess amounts of silver coin to the Treasury or
any other federal facility and exchange it for gold coin. So in California a few years before this article was written, silver subsidiary
coin were apparently useless for the banks to take in, as they could not loan the silver coin out again in amounts over $5.00.
It is hard to imagine today but our Liberty Seated subsidiary coins were sold as a commodity, selling at a discount to face value of
from 1 to 3 per cent based on supply and demand. The Commercial sections of the newspaper daily quoted the exchange rate, however, I have
yet to find what minimum amounts were needed to receive that published rate and whether there were additional “per transaction” fees.
Either would make small exchanges of silver for gold that much more expensive.
... twenties are the only coins that you can risk a count on by sizing one stack up with another. We never count but one stack here.
Then all the balance is sized up, with the exception of the last stack, which is counted as a check on the first count.”
“Why can’t that be done with other coins?”
“They get too badly worn to make them come out evenly. In a stack of fives you will often find the difference of an entire piece, and
even tens are so uneven as to make stacking them unreliable.”
The nimble-fingered young man then proceeded to illustrate his meaning with two trays of coin. One tray containing $20,000 in
twenties, $400 to the stack, had the tops of the stacks as level as a billiard table and no one stack was higher or lower than its
fellows to more than the thickness of a piece of cardboard. The other tray, filled with tens and fives, was so uneven as to bear the
resemblance in places of a coin having been removed. This was not due to the minting, he explained, but to the wear of the coin in
circulation. Twenties wear, too, of course, but the average man does not have a pocket full of twenties and they get less wear than their
kindred of smaller denomination. “yes, twenties are the boss coin if you have much of it to handle,” he concluded, and the reporter
thought so, too, as a depositor dumped $2,400 on the counter and the teller picked up $1,600 in one hand and $800 in the other, to convey
it to the trays four feet behind.
“That is a pretty good load, isn’t it?”
“Oh no,” replied the teller cheerfully; “$4,000 is what we called a fair handful.”
“I could take another thousand by laying a couple of rolls on my wrist,” he went on, “but it is seldom necessary. If a deposit amounts
to more than $5,000, I set an empty tray over on the counter and load it there.”
“I should think it would be easier to make two trips of it, where it is but a step from your counter to the trays. It certainly would
take no more time than it would to stack it up the way you do on your hand.”
“My friend, I don’t want to make you feel bad, but I never turn my back to the counter for a single second if there is coin on it. No
matter if you were the only person in sight, and you were my father, it would be just the same. Eternal vigilance is the price of
twenty-dollar pieces in this business.”
After a discussion of how compactly various denominations can be packed in boxes and how much they weigh, the topic turned to bank
robberies, where the knowledgeable clerk took the writer Bret Harte to task for a robbery passage in one of his books. -Editor
I always had a great admiration for Bret Harte, until I read one of his yarns, where I was able to contradict him. One chapter in it
was devoted to the robbery of the stage to Red Dog, and the driver was the hero. When the robbers brought him to a halt he fired the
coach lamps at them, and then jumped on to one of the stage horses with the treasure-box, and after a race of six miles beat them into
the nearest station. The treasure-box, so Bret Harte said, contained $50,000 in gold dust. Now if you can find a man that can ride a
horse bareback over a mountain road, and hold a box weighing 168 pounds, and thus handicapped, beat two well-mounted men fully equipped,
I’ll back him to whip Sullivan. I’m afraid that Bret didn’t figure the weight of coin down very fine when he made the horse and driver do
such a trying feat.”
Artistic license is a necessary evil, but if any writer was in a position to know, it would have been Harte, who once worked as secretary
to the superintendent of the United States Mint at San Francisco.
QUIZ QUIZ: Who can explain the (non-numismatic) reference to "Sullivan"? -Editor
Back issues of The E-Gobrecht can be found online here:
www.seateddimevarieties.com/LSCC.htm
For more information on the Liberty Seated Collectors Club, see:
www.lsccweb.org
Wayne Homren, Editor
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