It is, of course, impossible to state with certainty what proportion of coins struck at any mint at any time remain in existence afterwards. Some coins are called in, some are lost, others find their way to the melting-pot: it is impossible to say how many continue to circulate. One thing, however, is certain, that whatever casualties of this nature any coins are exposed to, British coins feel to the fullest extent. The rapidity of circulation in Great Britain tends to great deterioration from wear and tear. The absence of seigniorage causes our coinage to be relatively undervalued in proportion to other gold coins.[6] Even supposing British coins to remain current as long as those of other nations, they are certainly less numerous. They are probably far less frequently hoarded. The coinage returns from 1851 to 1866 inclusive show the relative proportions even more clearly than the earlier statements. Our Mint was less fertile during that time, than either the Mints of France or the United States. YEARS 1851 TO 1866. Great Britain struck in gold coins £91,000,000 The United States 131,600,000 France 197,400,000 ----------- 420,000,000 The amount of gold coin in a country is very far from being an indication, either of its wealth or of its business transactions; but these figures suffice to show that the sovereign does not hold the pre-eminence frequently ascribed to it. Even if the proceeds of the Sydney Mint are added in, the sovereign will still be found in the minority. The Sydney Mint was established in 1855. The coinage has been as follows:-- Average Years. Coinage. per annum. 7 years 1855 to 1861 £ 8,438,162 £1,205,451 5 " 1862 to 1866 11,889,838 2,377,967 ----------- £20,328,000