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William Priest - Travels in the United States of America
Yours very sincerely.
* * * * *
Philadelphia, 14th August, 1794.
DEAR SIR,
By captain H - - , of the Betsy, who will deliver this letter, I have sent you specimens of the federal
coinage.
When that government was formed, a mint was established, and a coinage issued on a new plan. This
was much wanted, as scarcely three of the states agreed as to the value currency of a dollar. Here it was
seven shillings and sixpence, in South Carolina four shillings and eight pence, at New York eight
shillings, and in the New England states six shillings. According to the new regulations, all
nominal coins are exploded, and the silver dollar, weighing 17 dwts. 6 grs.[Footnote: This is the
exact weight of the spanish milled dollar, which, as well as the divisions, are allowed to pass current;
they consist of the half, quarter, eighth, and sixteenth, also the pistreen, or fifth, and the half pistreen, or
tenth.], is fixed as the standard, divided into one hundred decimal parts; these are of copper, and called
cents. All taxes, duties and imposts, that extend to the whole Union, are levied in these coins
only. The other federal coins, like the english guineas and crowns, never appear on the public
accounts.
Those of gold are eagles, half eagles, and quarter eagles, value ten, five, and two and a half,
dollars: of silver, the half, quarter, tenth, and twentieth of the standard dollar; or fifty,
twenty-five, ten, and five cents: of copper, the half cent, or two hundredth part of a dollar. The
principle on which this coinage is formed is so very simple, that the proportion they bear to each other,
and the standard dollar may be found with the utmost facility. Indeed little else is wanted than the adding
or cutting off figures or ciphers: for instance, the public accounts being kept in two columns, dollars, and
cents; suppose in adding up the latter, you find they amount to 27621, you have only to cut off the two
right hand figures, and their value stands thus; 276 dollars, 21 cents. To reduce eagles to dollars, add a
cipher, and vice versa. To reduce half, and quarter eagles to dollars, you have only to divide by 2 or 4
previous to adding the cipher.
But though the federal government has succeeded in establishing it's coinage, the people cannot
be persuaded (the wholesale merchants, and a few enlightened citizens excepted,) to come into this
scheme; they obstinately insist on buying, selling, and keeping their accounts in the good old
way of their fathers! that is to say, in currency, by pounds, shillings, and pence; and nothing
can be more complex, as they have not a single coin in circulation of the real or
nominal value of any of them. If you are to pay the sum of three shillings and fourpence halfpenny,
(without having recourse to the federal scheme) you must provide yourself with three silver divisions of
the Spanish dollar, viz. the fourth, eighth, and sixteenth, three english halfpence, two of George the
Second, and one of his present majesty[Footnote: Owing to the quantity of counterfeit english halfpence
of the present reign now in circulation in these states, those of king George the Third, whether counterfeit
or not, are depreciated to the 360th part of a dollar.]; the nominal value of which, added together, make
that sum within a very trifling fraction.
I am informed the federal government means to fix the weights and measures by a standard, which, like
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