VALUABLE SILVER.

Sun (Christchurch), Volume VII, Issue 1956, 22 May 1920, Page 11

VALUABLE SILVER.

COINAGE MELTED DOWN. ["And all the drinking vessel* of Kin* Solomon were of cold, and all the vessela of the house of the forest of Lebanon were of pure gold: none vert of silver; it was not anything accounted of in the days of Solomon."—II Chronicles ix, 20.] "Times have changed since these words were written of Kins; Solomon when the Queen of Sheba came to visit him in his glory and splendour. But it has taken 3000 years to bring about the change." says the "Daily Mail." "Silver is very much 'accounted' just now. Why, some of the Georgian silver t|" no special make realised at a recent sale £l(i 10/- per ounce, nearly four times the normal price of gold! "Within the last 50 years bar silver has been as low as 1/10 per ounce, but to-day it is about 6/5 per ounce. "The melting down of silver coinage pays, and it is being done extensively in the East End of London. It is almost impossible to trace or to prevent. An ordinary silversmith with his melt-ing-pot to hand has only to throw in the silver coins as he would trinkets which he wishes to melt down.

"The standard for our silver coinage'' was established so long ago as 1300 by Edward I. It was ll'oz 2<lwt of pure silver and 18dwt of copper to the pound' (troy). This standard continued in force until the year 1542, from which time the coinage was debased more or less until 1559, when the old standard of lloz 2d\vt was restored. It has been retained for the silver coinage ever since. Silver or this standard is called 'sterling.' "Thyr-re was a time in the history of this country when the silver coin of the realm was used for conversion by the silversmiths of the day into all kinds of vessels for daily use. This was towards the end of the 17th cevtury. "Tho effect was similar to what will take place if silver retains its present value. Silver coins became scarce. To save them, Parliament enacted in 1696 that no plate-worker should make any article of silver of less fineness than lloz lOdwt of tine silver in every pound (troy). The plate of this extra fineness is known as 'Britannia standard.' Tho fixing of this standard saved the silver coinage, as it did not pay to melt the coins down. It was only compulsory for 23 years, as the silver was found too soft, for general use. The old sterling standard was restored in 1719, since which date the use of both standards has been permitted to the manufacturer. "Neither pure gold nor pure silver is ever used by the smith for his wares, nor is it used by the Mint for coinage. Tho pure metal is much too soft 'Cor either purpose. Gold is mixed with an 'alloy' of either silver or copp'.r or an admixture of both."