YEAR AT THE MINT.

Dominion, Volume 6, Issue 1611, 30 November 1912, Page 13

YEAR AT THE MINT.

RECORD GOLD ISSUE. ill though the total output of the Boyal Mint (London) in 1911 was less than in the previous year, the production of coin was on a prodigious scale, no fewer than 146,091,879 pieces being issued, of a currency value of close upon .£96,000,000. In his annual report, the deputy-master and comptroller states that there was again a heavy demand for Imperial coins, of whioh nearly 121,000,000 were 6truck, or about a million less than the exceptionally high total for 1910. A. smaller issue of bronze accounts for. this slight decline. Coinage in the precious metals established a new record. Over 36,000,000 gold pieces wore issued, an increaso of 8,750,000, while the 6ilvor coins struck reached a total of nearly 44,000,000. The huge volume of iiho Imperial coinage, and particularly tihe heavy work entailed by the gold issues, rendered it impossible for the department to undertake much of the colonial work offered, and largo orders, especially for nickel-bronze coins,, had to be declined. Nevertheless, upwards of 25,000,000 colonial pieces were produced. How the year's production compares in value with that of 1910 is shown in the subjoined table: 1910. ' 1911. Gold £25,300,000 £33,132,828 Silver .... 2,520,591 2,381,246. Bronze 151,452 140,305 Totals J227.972.043 .£35,654,379 The issue of gold coin in 1911 was more than two and a. half times as large as the average output in the preceding ten years. As many as 57,095,652 gold , coins were received and weighed at the Bank of England. The percentage of light sovereigns and half-sovereigns - was lower than in 1910. The total amount of gold coin held by the banks of the United Kingdom on June SO, 1911, was £54,009,977-the highest figure recorded for five years. ■' Worn silver withdrawn from circulation involved a loss of .£43,202 7s. 4d., or 8.29 per cent. As in previous years, however, a very handsome profit was made on the silver ooinage. The weight of bullion purchased (at a cost of <£657,153 19s. 9d.) was 6,350,904.20 ounces, representing an issue value of ,£1,746,498 13s. 2d., and .the cross profit obtained, therefore, was £1,089,344 1 13s. 5d., equivalent to 1G5.76 por cent. The weight of worn coin received 1 (nominal value .£581,102 195.) amounted to 1,937,820.30 ounces, equal at the Mint coining Tate of ss. 6d. per ounce to £532,900 lis. Bd.The-total expenditure for metal, therefore, was £1,238,256 18s. 9d., from which coin was produced of the nominal value of £2,279,399 4s. 10d., so that-there was a profit on tho purchases of bullion and ■worn coin together at the (rate of 84.08 per cent. Bronze coins issued inoluded 25,860,000 pennies, 12,842,400 halfpennies,,and 5,568,000 farthings, the whole -weighing upwards of 327 tons.' From a table appended to i the report, it appears that the world's coinages in 1911 reached the colossal total of 1,457,885,904 pieces, of the aggregate value of £95,713,716. The annexed figures for the prinoipal producing countries 6how that the British Empire easily heads the list: Coins. Value. British Empire ... 400,528,441 £48,771,758 United States 205,620,273 13,706,424 Germany 169,760,219 7,705,379 Russia 143,262,473 833,903 Austria-Hungary 102,234,270 3,640,067