The amount of coinage in each year varies, according to the fluc tuations of internal and foreign trade. In some years it barely reaches 1,500,0001., while in others it has exceeded 12,000,000/. During the last twenty years it has averaged something over 5,000,0001. annually.
From the money, when completely finished, two pieces are to be taken from every 15 lbs. weight of gold, and two, at least, from every 60 lbs. weight of silver, one for the private assay within the Mint, and the other for the trial of the Pia.
Preparations are now being made for changing the character of the English copper money. The coins are not only very heavy, but they are absurdly unequal. One-fifth of the whole quantity is on an average 60 years old ; and the pence then coined are at the rate of 16 to the pound, whereas those of later date are mostly 24 to the pound. The copper coinage at presentin circulation is supposed to be about 3500 tons, worth 380,000/. as mere copper, but 800,000/. as coins. It is now intended to replace the whole of these with bronze coins, consisting of 95 parts copper, 4 of tin, and 1 of zinc. They will be so much lighter than the coins now existing that the government expect a profit beyond all the minting expenses, while the public will probably be well satisfied with the change. A bronze penny or halfpenny will be a token, issued for more than its intrinsic value ; but where the government keeps good faith, no harm will result. The decided satisfaction expressed in France at the new bronze coinage has influenced the English govern ment in this matter. lf, as is stated, there are to be 48 bronze pennies to the pound, the weight of each will be only one-third of that of the massive old " ring" pence of George reign, and one-half of that of the smaller pennies ; and the coins will be useful for weighing, at 3 to the ounce. At the present time (July, 1860), Mr. Leonard Wyon is preparing the dies, and Messrs. Boulton and Watt the machinery, for this new bronze coinage. A partial adoption of the decimal system concurrently with this change has been strongly urged, but no such plan seems to be intended.
A few words will suffice relating to colonial and foreign mints. The Royal Mint, on Tower Hill, makes the coins for most of the colonies ; but the colonists have a voice in determining the denominations and values of the coins. The Canadian legislature adopted the decimal system of coinage in 1856, and had entirely new moneys minted to carry out the change. There are twenty-cent, ten-cent, and five-cent
pieces in silver, and one-cent pieces in bronze. The sizes and weights have been very ingeniously adjusted, so as to make the coins useful as weights and measures, as well as moneys : thus, the cent pieces are exactly one inch in diameter, and weigh exactly 100 to the pound avoirdupois ; they pass current for exactly 100 to a United States dollar, and 24 to an English shilling. The Calcutta Mint, for the service of a vast population in India, has for many years been one of great magnitude; but in 1859 it underwent such augmentations as rendered it the most important in the world ; it has at least double the coining power of the London Mint. There are also large mints at Bombay and Madras. Australia, after the discovery of gold in that country, wished to have a mint for coining. Each colony applied in 1851. The government expressed willingness, under proper con ditions for security, the colonies to pay the whole expense. The Master of the Mint prepared an estimate showing that 10,000/. would be required for a building and machinery sufficient to coin 5,000,000 pieces annually, and that a larger outlay would ensure a yet larger ratio of increase in productive power. New South Wales, accepting the terms, transmitted 10,000/. in 1852 for the commencement of operations. Machinery was sent out iu 1854, and the Sydney Mint commenced work in 1855; it coined about 450,000 OM of gold into 'sovereigns and half-sovereigns in a year and a half, and more powerful machinery has since been sent out. In California there is a mint with great producing power, which has undergone gradual enlarge ment to adapt it to the wants of the gold-diggers and dealers of that country. The United States government has had experimental pieces minted in a mixed metal of copper and nickel; but they are very inferior in appearance to bronze. In France, the coinage is not managed by the government, but by a peculiar company, who are paid by the state at the rate of 1 j francs for coining 1 kilogramme of silver money, and 6 francs for 1 kilogramme of gold, the proportion between the number of large coins and that of small being matter of stipulation. In 1S57 the French withdrew their copper coins,' and replaced them with lighter and better stamped coins in bronze. realising a very considerable profit by the change, on account of the much smaller quantity and value of metal in the new coins than the old.