When the silver dollar was first coined, and indeed up to the present date, the intention was that it should contain about a dollar's worth of silver, or 374 1/4 Troy grains of the pure metal. This amount of silver was supposed to represent permanently 24 3/4 grains of pure gold, and it did so represent its value at one time, and would have continued to do so, had the relative output of both metals been the same.
Our chief mint is in Philadelphia, where is coined all the copper, nickel, silver, and gold money in use.
To imitate these metals, even where the full value is given, constitutes the criminal offence called "counterfeiting."
In former times, some of our older readers will remember them, the Government meant to have the metal in each coin of about its unstamped value in the market.
In those days the cent was as large as our present silver half dollar, and the copper two-cent piece was a monster in the way of coinage.
Now our copper and nickel coins are small and can be carried without testing strength of pockets. They are regarded as money "tokens."
Silver coins that are punched can be refused in the settlement of a debt.
Punched gold coins should always be refused, for they are never of their face value.
Silver coins may be used in the settlement of bills up to $5.00.
Gold coins are, of course, legal tender up to any amount.