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Date: Fri, 14 Aug 2009 09:46:07 -0700
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From: Randy Clark <centsitive@gmail.com>
Subject: Re: When Counterfeits are Displaced
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The reason I thought this interesting is threefold.
First, it discusses the loss of good silver in
exchange for counterfeit coppers, which is an
interesting economic effect I hadn't considered.
If the counterfeits are domestic it might be less
of an issue, but for imported counterfeits I can
see that would be a big problem over time.
Second, I had not considered the impact of
sweeping out counterfeit coppers - in terms of
mechants getting stuck holding "the bag" with
an inventory of counterfeits no longer accepted,
or at least devalued. That must have been seen
to some extent in Connecticut with their new
coppers ... probably MA, NJ, VT as well. But
I don't have proof the counterfeilt coppers
already in circulation were no longer accepted.
Last, this article is reported in CT, but originated
in Philly. Who was the "ingenious man" referred
to in Philadelphia and where did he end up ?
-rc
On Thu, Aug 13, 2009 at 9:33 PM, Randy Clark<centsitive@gmail.com> wrote:
> From the August 15, 1785 American Mercury Newspaper, Hartford, CT.
>
> Philadelphia (Aug 2)
> The vast increase of counterfeit coppers
> in this state, though it may, at the first
> view, appear an object of small moment,
> merits the attention of the community,
> particularly the trading world. The
> immense profit made by the traffic of
> bringing over this vile trash, is so strong
> an inducement, that unless proper steps
> are taken to prevent it, the remaining silver
> money of the country will be drained away
> for it, at one third of its value. It will then
> become necessary for the legislature to
> interfere: their circulation will probably
> be stopped, and every person will suffer
> the loss of as many of them as remain in
> his hands. It frequently happens, on a
> new copper coinage for Ireland, when the
> base coin, which had been in circulation,
> becomes generally refused, that individuals,
> in retailing branches of business, lose
> twenty, thirty, forty, fifty, sixty and sometimes
> even a hundred pounds, by the quantity remaining
> with them. There is an ingenious man in this
> city, who understands perfectly well the
> management of a mint, and if properly
> encouraged, could, with a very small sum
> of money, commence a copper coinage,
> which would be equal to genuine British
> coppers, and besides be giving employment
> to several working people,would save the
> country the sums of money at present
> drawn away for coppers, as well genuine
> as counterfeit.
>
> -rc
>
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