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<p>[QUOTE=&quot;Conder101, post: 3440128, member: 66&quot;]One thing to add.&nbsp; Jarvis was not really looking for funding for the contract in Europe, he was looking for more copper.&nbsp; His contract called for coining 300 tons of copper but he only had 37 tons on loan from the government.&nbsp; He was trying to find someone in Europe willing to supply him the needed copper on credit.&nbsp; But no one would extend him that much credit, nor would they extend the credit to the new and somewhat shaky&nbsp; US government.</p><p><br /></p><p>Then there was the matter of that 37 tons of copper borrowed from the Government.&nbsp; The deal was it was to be paid for in the form of Fugios turned over to the government.&nbsp; But while Jarvis was in Europe his firm only made the first installment payment of 400,000 coins, about 6.25 tons.&nbsp; When Jarvis got back all the rest of the copper was gone!&nbsp; Where did it go?&nbsp; Well the firm was able to make a loot more profit for themselves by coining it into the lighter weight Connecticut coppers.&nbsp; They got a lot more coins per ton of copper, and then more profit since they skipped out and didn&#039;t pay for the copper they used.&nbsp; Jarvis got back to find he had no mint, no coins, no copper, no way to make good on his contract, and a government that wanted to know where their coins were.&nbsp; So he did what to him was the only sensible thing......he fled the country.</p><p><br /></p><p>Oh and the reason King had to default on his dept to the government was because in 1790 there was the Great Copper Panic, and the value of all the copper coins in circulation plummeted.&nbsp; Coppers which had bee trading at 14 to 16 to the shilling dropped to around 40 to the shilling.&nbsp; That made the fugios worth much less than what King owed for them.[/QUOTE]</p><p><br /></p>

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