On Thursday, October 2, 2003, at 01:28 AM, Jim Davidson wrote:
conversion ratio of about $19.39 per ounce, slightly less than the $20 per ounce figure you ordinarily hear about.
Perhaps the balance would represent some exchange fee built into the system? It is an interesting point.
The definition of a dollar was one twentieth of an ounce of gold. One can find that in the 1792 Mint Act, which is googlable.
Actually that's what I find so strange -- I was getting my figures from the 1792 Mint Act (in Jim Ewart's "Money" book). That act explicitly defines Ten Gold Dollars as equivalent to 247.5 grains of pure gold. That means One Gold Dollar is 24.75 grains of pure gold, slightly more than 24 grains which would be exactly one twentieth ounce.
I do not see any place in the 1792 Act where the dollar defined as exactly one twentieth ounce of gold, or 24 grains. It is explicitly defined as 24.75 grains.
Tonight when I get back home I'm going to look in my 1935 original copy of Robeson's "Monetary Mischief" because I vaguely recall him saying something about this explicitly.
-- Patrick
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