Rensselaer Union, Volume 8, Number 8, Rensselaer, Jasper County, 11 November 1875 — Light Sovereigns. [ARTICLE]

Light Sovereigns.

The Bank of England clips every light sovereign that comes into tlie bank. The weighing of every sovereign is accomplished quickly; they weigh 3,000 in an hour with one machine. Mr. Palmer, the Deputy-Governor, informed the House of Commons Select Committee of last session on banks of issue that last year the Bank of England weighed coin to the amount of £23,100,000, and rejected £840,000, or about 3. 6 per cent., as being light gold. For this last amount the bank paid tlie value,, making a deduction for the deficiency of weight, which is generally about 3u. or 4d. per light sovereign. It was stated to tlie committee that boxes of correctlyweighed gold, sent by the Bank of England to Scotland, trequently came back without having been opened, and Mr. Palmer stated that there is then some reduction for light weignt. He explained this by adding that the mere shaking of the sovereigns on the journey will make a slight difference. Mr. Hodgson, M. P., a bank director, stated that in a box of 5,000 sovereigns the number which would be found to have turned tlie point would generally be about eight if they have not been disturbed; and he added: “ You are aware that the sovereign which is in your pocket at eight o’clock in the morning is not the eame sovereign at twelve o’clock at night.” After this rather alarming announcement it is satisfactory to find Mr. Hodgson stating also that the charge for light weight on the eight deficient sovereigns would be about 2d. per coin, making only 16d. on the box of £5,000: so that, says he, “it really amounts to nothing.” —London Times.