'What would it cost, first to manufacture a sovereign, and afterwards to keep it in good condition for all time? The coin is always losing weight by wear, while it passes from hand to hand, and ends by becoming light (after three-quarters of a grain of gold have been lost), and is no longer current. The individual piece has thus a limited existence, and must be withdrawn and replaced by a new sovereign of full weight; that, again, by another in due time; and so on. Now, for what present payment could this succession be maintained? What is the contract price to cover the first construction, and all future restoration?'[3] To put it in another shape. The person who thinks it worth his while to convert his gold bullion into coin, according to this plan, is to pay for the expense of manufacture, and is also called upon to contribute to a reserve fund, by means of which the natural deterioration of the coin he has caused to be put into circulation is to be provided for. The coinage of gold in this country is--and it is well to explain this point at the outset--entirely gratuitous as far as the Government is concerned. That is to say, any person possessing gold bullion of the required purity of standard, may, if he chooses, take that bullion to the Mint. And, in due time, the officers of the Mint will return him--weight for weight--an equal quantity of gold coin. _In due time_, however, means in practice, a considerable delay; and delay in money matters means loss of interest. Hence, it arises, that in the natural course of events, no private person takes gold bullion to be coined, himself. But he carries it to the Bank of England. Now, that great corporation, among other duties to the State, has this particular charge. It is bound to buy all gold bullion of standard fineness offered to it, at the rate of £3 17s. 9d. per oz. These payments are made in bank notes; and as bank notes are immediately exchangeable for sovereigns, the result is, that any one possessing gold bullion of the Mint standard, can at once and immediately turn that bullion into gold coins for the slight cost of 1½d. per oz., or something less than ½d. for every sovereign. This is really buying a sovereign at cost price, for the mere manufacture of a sovereign costs fully a ½d., as will be mentioned further on. What is more, the payment, small as it is, does not accrue to the Government, but is retained by the Bank of England, and is considered as being only sufficient to compensate that institution for the trouble and expense of the operation, including the loss of time, and consequent loss of interest incurred. No provision is made to include the loss by wear, which, though imperceptible at the moment, accumulates in process of time to a large amount. Investigation shows that 100 sovereigns lose 8d. a year by fair usage. If the amount of British gold coin in circulation amounts, as it is supposed to do, to