These circular notes are exchanged for the money of the country in which they are presented for payment; but French gold is always useful, and fetches full value abroad. In exchanging, one generally gets the benefit of the exchange, subject to a fractional deduction. The usual exchange in France for a sovereign is 25 francs 10 centimes;[4] but this is seldom got, and in some places, such as Biarritz and Mentone, the bankers only give the 25 francs nett, and in other places slightly more or slightly less according to the state of the exchange. At a bank in Cannes a friend exchanged Bank of England notes simultaneously with my exchanging a circular note for £10. While I obtained 7½d. (75 centimes) of premium, he got nothing, because the banker said there was always much more trouble about Bank of England notes, which required registration. Eighteen months later, however, I found in Paris, oddly enough, that Bank of England notes were at a premium, while circular notes were at a discount. At Cannes, in 1877, I had occasion to cash a bank draft on London received from one of the colonies, and found that nominally the allowance was greater than upon circular notes; but as the banker charged a commission, it practically reduced the exchange to about the same amount. Another notable circumstance was, that while at Mentone the bankers would give nothing beyond the 25 francs, at the neighbouring town of Nice the bankers always gave exchange varying from 75 centimes to 1 franc per £10. At Pau I found that while the correspondent of the bank only gave ½ franc per £10, another banker gave 1 franc, and upon an exchange of £50 even a shade more. Again, at Montreux, in Switzerland, I obtained 1 franc 25 centimes per £10, and within little more than a week afterwards at Biarritz, in accordance with invariable practice, nothing beyond the 25 francs per £. The same difference occurred in two other places. Within a similar short space, I changed in Paris and got 25 francs per £. Within a day or two afterwards, I had to change other notes at Interlachen, and received 25 francs 10 centimes. The only explanation I ever got for these anomalies was that given at Biarritz, the banker there saying, that at Montreux they were near the Italian border (in fact, a long way off from it), and could make more money out of the notes. But this was obviously an unsatisfactory reason, and certainly could not explain the position of matters at Mentone, which is within two miles of the Italian frontier.