WEEK #545 HAPPY NEW YEAR EVERYONE!!
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This weeks First and Second place winners will be picked at random…

 

The question must be answered by Saturday at midnight EST

 

[font:Century Gothic]QUESTION:

 

What was the total legal exchange value in USA dollars of the Philippine 20-centavos coins struck at the San Francisco Mint in 1917? [/font]

 

GOOD LUCK!!!

 

This week’s winner will win 100 Greatest U.S. Coins, Third Edition by Jeff Garrett

 

There will also be a runner up prize given to a selected player with the correct answer.

 

REMINDER: The Numisma-Quest ends on Saturday at midnight EST. Entries after that time will not be valid. See the Trivia info post for more details

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3,150,655 20c coins struck in 1917 at SF

 

Exchange rate was 2 peso = 1 USD

 

As 20c was 1/5 of a peso it was equivalent to a dime.

 

Thus the total legal exchange value was $315,065.55.

 

Cool question!

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Coinage of Philippine 20 Centavo coins by the United States mint at San Francisco totaled 3,150,656 and was valued by the Assay Commission at $630,131.20.

 

As an aside, there were 19,186,173 coins produced for the Philippines in 1917 and the mint charged $122,564.20 to produce them.

 

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Let's see, there were 3,150,655 20-centavo coins struck at San Francisco, which would be 630,131 pesos. And since the peso was pegged to the dollar at a 1-for-1 ratio prior to the devaluation resulting from the Gold Reserve Act of 1934, I will guess the US dollar value was also $630,131.

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On March 2, 1903 the U.S. congress approved a measure entitled "An Act to Establish a Standard of Value and to Provide a Coinage System in the Philippine Islands", which placed the Islands on a theoretical gold standard, with a silver Peso as the unit to be coined. The official rate of exchange was established as two Philippine Pesos for one U.S. dollar. Subsidery coins were authorized in Half Centavo, One Centavo, Five Centavos, Ten Centavos, Twenty Centavos, and Fifty Centavos denominations.

 

Since there are 100 Centavos in a Philippine Peso Twenty Centavos would have an exchange value equal to Ten U.S. Cents ($ .10). Although the size, weight and fineness of Philippine silver coins was reduced in 1907 the rate of exchange remained the same from 1903 through 1946.

 

Ergo the Reduced Size and Weight Twenty Centavos produced at the SanFrancisco Mint in 1917 would have had an exchange rate equal to Ten U.S. Cents.

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There were 3,305,000 20-centavos struck. (from mint directors 1918 fiscal year report).

 

4 grams each with .750 silver

 

converts to 425,032 troy ounces

 

equals roughly 318,775 oz silver at $1/

 

$318,775 exchange value

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QUESTION:

 

What was the total legal exchange value in USA dollars of the Philippine 20-centavos coins struck at the San Francisco Mint in 1917?

 

Answer: $315,065.50

 

This week’s winner nunfa0 has won a copy of, 100 Greatest U.S. Coins, Third Edition by Jeff Garrett

 

No runner up this week!

 

Thank you for playing and please stop by this Friday for the PMG Numisma-Quest question

 

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