1. When 5160 grains of standard gold (i.e., by weight nine-tenths fine, with the other tenth composed of the alloy used in gold coin of the United States) sell in New York for $201.25 has the money "saturation point" been reached or exceeded, and will bullion be taken to the mint or coin melted down or exported? 2. Define legal-tender as applied to money. What is meant by fiat money? 3. Is a United States standard silver dollar commodity or fiduciary money? What determines its value? Of what importance is its legal tender quality? 4. Is the provision of law whereby the fractional silver coins of the United States are of less proportionate silver content than the standard silver dollar necessary to-day? Is it useful? Give your reasons. 5. Under what conditions will "bad money" fail to displace "good money" from circulation? 6. Under what circumstances will money that is not in fact convertible into other money have greater value than the material of which it (the first mentioned money) is made? Give an example from the monetary experience of the United States. 7. In a country which has hitherto had free and gratuitous coinage of gold, the government institutes a seigniorage charge of five per cent. by reducing to that extent the amount of gold put into each coin; the gold withheld by the government is not coined. What will be the effect of this seigniorage charge upon (a) prices in that country, (b) the comparative value of the gold in a new coin and the same weight of uncoined gold? Make your reasoning clear. 8. If a nation's entire money circulation consisting of 1,000,000 coins, all of them debased by a seigniorage charge of 50 per cent., were at once increased by the government's putting into circulation 300,000 pieces of inconvertible paper money, each piece of the same denomination as each coin, what effects might be anticipated on the basis of Gresham's law or otherwise, it being presupposed that the full amount of full weight coin required to conduct the nation's exchanges is only 900,000? Give your reasons.