On Thursday, October 2, 2003, at 04:33 PM, Patrick Chkoreff wrote:
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.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.
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.
The author's name is actually George Buchan Robinson. Only thing I saw was some talk about the gold dollar being defined as 23.22 grains, and that yields another figure I've seen before, about $20.67 per ounce.
So is the gold dollar 24.75 grains, 24 grains, or 23.22 grains? In other words, is an ounce of gold $19.39, $20.00, or $20.67? I still don't know the true story here -- maybe your hunch about built-in exchange fees has some merit.
-- Patrick
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