A quite different method of estimating the circulation has been adopted by Mr. F. J. Atkinson.[67] His method is direct; and consists in a calculation or estimate of the additions to the currency and the losses from export, melting, etc., year by year, from 1831 when the modern coinage first began. Some of the items in the calculation are definitely known, but others, the amount annually melted, for example, are almost entirely a matter of guesswork. The fact that his calculations contain altogether a great number of separate guesses does not prevent his final result from being a guess too. For the period previous to the closing of the Mints some of his estimates for the amount melted seem very low, and this may possibly explain why his final results yield a much higher total for the circulation than those of Mr. Harrison and Mr. Adie. In recent times, _i.e._ since the closing of the Mints, and specially since the new equilibrium which was reached in 1900, Mr. Atkinson’s method is much more satisfactory than for earlier years and, since the doubtful items are in these later years a far smaller proportion of the whole, much less likely to lead us wrong. For the earlier years, therefore, I am inclined to prefer Mr. Harrison’s conclusions; but I think they can be brought up to date by a year–to–year method resembling Mr. Atkinson’s. The increase in Mr. Atkinson’s estimate during the ’nineties is due to the fact that, as his figures purport to exclude rupees in hoards, he must make large allowance for the coins from this source then entering into circulation. The actual figures are as follows:— ESTIMATE OF THE RUPEE CURRENCY IN CRORES (10,000,000) OF RUPEES