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<p>[QUOTE="Conder101, post: 668504, member: 66"]Fractional Currency by Neil Carothers, the laws regarding redemption and recoinage of worn coins, and pay close attention to the comments 900fine made. I've made comment to you myself about the exportation factor and recoinage in other countries.</p><p><br /></p><p> As he said you also have to understand the recoinage done here. Like you said these were the first ones that really circulated and they circulated for a long time compared to the bulk of the Liberty heads. Circulation means wear and wer means weight loss. The legal tolerances were tight and underweight coins were redeemed and recoined. (Coins under the legal weight did not have to be accepted at face value and buyers could be forced to accept a lower value based on the actual weight. Sellers on the other hand wanted full weight coins and the government would accept them at full value for redemption, absorbing the cost themselves. So there was incentive on both the buyers and the seller to redeem underweight coins.)</p><p><br /></p><p> And of course gold coins were always a ready source of raw material for artisans in the jewelry trade. Need some gold for what you are creating, get some at the bank, melt it and add copper to get to the fineness you desire.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 668504, member: 66"]Fractional Currency by Neil Carothers, the laws regarding redemption and recoinage of worn coins, and pay close attention to the comments 900fine made. I've made comment to you myself about the exportation factor and recoinage in other countries. As he said you also have to understand the recoinage done here. Like you said these were the first ones that really circulated and they circulated for a long time compared to the bulk of the Liberty heads. Circulation means wear and wer means weight loss. The legal tolerances were tight and underweight coins were redeemed and recoined. (Coins under the legal weight did not have to be accepted at face value and buyers could be forced to accept a lower value based on the actual weight. Sellers on the other hand wanted full weight coins and the government would accept them at full value for redemption, absorbing the cost themselves. So there was incentive on both the buyers and the seller to redeem underweight coins.) And of course gold coins were always a ready source of raw material for artisans in the jewelry trade. Need some gold for what you are creating, get some at the bank, melt it and add copper to get to the fineness you desire.[/QUOTE]
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