FEDERAL MONEY.

FEDERAL MONEY is the coin of the United States, established by Congress in 1786. The Gold Coins are the Eagle, Half Eagle, and Quarter Eagle. The Silver Coins are the Dollar, Half Dollar, Quarter Dollar, Dime, and Half Dime. The Copper Coins are the Cent, and Half Cent. Mill is only imaginary, there being no coin less than a half cent. The denominations of Federal Money are Eagles, Dollars, Dimes, Cents and Mills.

In keeping accounts, and in reading Federal Money, eagles and dimes are not named ;-eagles being read tens, &c. of dollars ;and dimes, tens of cents. Dollars are separated from cents by a point or comma ;-all the figures at the left hand of the point are dollars-the two first at the right hand are cents, and the third is mills. When there is a fourth figure, it represents tenths of mills-the fifth, hundredths of mills, &c. Thus, $25,7525 are read twenty-five dollars, seventy-five cents, two mills, and five tenths of a mill. ·'

* By an act of Congress it was resolved, that there should be

Pure. 247,5 grs.

Standard.

270 grs.

coins; viz.

2. The half Eagle

123,75

135

(1. The Dollar

Any sum in Federal Money may be read either in the lowest denomination, or partly in the higher, and partly in the lowest; thus, $54,321 may be read 54321 mills, or 5432 cents 1 mill, or 543 dimes 2 cents 1 mill, or 5 eagles 4 dollars 3 dimes 2 cents 1 mill; all which denominations may be easily distinguished by the decimal point, thus-Eag. dol. di. cent. mill.

The method best adapted to practical purposes, and which has been sanctioned by a law of the United States, is the decimal form of expression by a decimal point, making the dollar the money unit. Dollars, therefore, will occupy the place of units, and the less denominations will be decimal parts of a dollar, and distinguished by the decimal point.

57. What is Federal Money?. -58. What are the different denominations ?59. What denominations are named in keeping accounts?60. How are dollars separated from cents?- -61. What are the figures at the left, and at the right of the point?

E

Note 1. To write any number of cents less than ten-Write a figure representing the number of cents, then write a cipher at the left hand in the ten's place. Five cents are written thus-,05.

2. To write any number of mills less than ten, when there are no cents in the sum-Write a figure representing the number of mills, then write two ciphers at the left hand in the places of cents. Five mills are written thus-,005.

3. Parts or fractions of a cent are sometimes used instead of mills and tenths of a mill; as,12 cents for ,125.-,064 cents for ,0625.

As Federal Money increases in a tenfold proportion, the rules for addition, subtraction, multiplication and division of simple numbers, are applied to Federal Money. The rules for the operations in Decimals are also strictly applicable. [See Decimal Fractions.]

REDUCTION OF FEDERAL MONEY.

The method of changing or reducing the denominations of Federal Money is very simple, and needs perhaps no illustration, were the scholar always presumed to comprehend the preceding observations. In any case, the following concise rules will be easily understood.

RULES.

1. To reduce dollars to cents: Add two ciphers to the given number.

2. To reduce dollars to mills: Annex three ciphers to the given number.

3. To reduce any sum of several figures to the lowest denomination mentioned: Read the whole sum in the lowest denomination.

4. To reduce cents to dollars: Cut off the two right hand figures of the given number, which will be cents-those remaining on the left are dollars.

5. To reduce mills to dollars: Cut off the three right hand figures; those at the left are dollars-the two first on the right are cents, the third mills.

EXAMPLES.
Given No. Reduced.

}$25=2500 cents.
}$25-25000 mills.

$12,24=1224 cents.
$12,245=12245 mills
,125 125 mills

62. How do you write a number of cents less than 10 ?-63. How is a less number of mills than 10 written? -64. How are dollars reduced to cents and to mills?- -65. How do you reduce cents or mills to dollars ? ·

REDUCTION OF OTHER CURRENCIES TO FEDERAL MONEY, &c.

CASE I.

To reduce Lawful Money, or the Currency of New-England, Virginia, Kentucky, and Tennessee, to Federal Money-the dollar being 6 shillings.

RULE. As the value of a dollar is equal to three-tenths of a pound, when pounds are given to be changed, annex three ciphers to the sum, and divide the whole by 3; the quotient is the answer in cents.

When pounds and shillings are given, to the pounds annex half the number of shillings and two ciphers, if the number of shillings in the given sum be even; but if the number be odd, annex half the number, and then 5 and one cipher, and divide by 3; the quotient is the answer in cents.

When there are shillings, pence, &c. in the given sum, annex for the shillings as before directed, and to these add the farthings

66. How is lawful money changed into the federal currency?——67. How, when there are different denominations, as pounds, shillings, pence, &c.?

in the given pence and farthings, observing to increase their number by one when they exceed 12, and by two when they exceed 37, and divide as before.

EXAMPLES.

1. Change £21 8s. 44d. to Federal Money.

3)21419

71393 cts.

4 is annexed to the pounds for half the shillings, and 19 for the farthings in 4d. and excess of 12.

Ans. 71 dolls. 39 cts.

2. Change £721 8s. 114d. to Federal Money. 3)721497 240499 cts.

In this example, 4 is annexed to the pounds for half the even shillings, and 47 for the farthings in 11 d. and excess of 37, and then 5 is added to the figure next to half the shillings, making it 9 in place of 4 for the odd shilling.

Ans. 2404 dolls. 99 cts.

3. Change £24 11s. 7 d. to Federal Money.

4. Change £2001 1s. 3 d. to Federal Money.

Ans. $81 94.

CASE II.

Ans. $6670 213.

To reduce New-York and North-Carolina Currency to Federal Money-the dollar being 8 shillings.

RULE. Add a cipher, and divide by 4.*

Note. If there are shillings, penee, &c. given in any case, they must always be reduced to the decimal of a pound, and annexed to the given pounds before dividing by 3; and in all such cases three figures must be cut off at the right hand for deeimals of a dollar.

EXAMPLES.

1. Reduce £44 New-York currency to Federal Money.

4)440

110

Ans. $110.

2. Reduce £24 12s. to Federal Money.

Ans. $61 50.

* As a dollar is equal to four-tenths of a pound, dividing pounds, or pounds and decimals of a pound, by 4, must, evidently, give dollars, cents and mills.

68. What is your rule for changing New-York currency, &c. to Federal money?

CASE III.

To reduce Pennsylvania, New-Jersey, Delaware, Maryland and Ohio Currency to Federal Money-the dollar being 7s. 6d. RULE.-Multiply by 8, and divide the product by 3, the quotient will be the answer.

EXAMPLE.

Reduce £243 New-Jersey to Federal Money.

8

3)1944

648 federal money.

CASE IV.

Ans. $6-18.

To reduce South-Carolina and Georgia Currency to Federal Money -the dollar being 4s. Sd.

RULE.-Multiply by 30, and divide the product by 7, the que tient will be the answer.†

EXAMPLE.

Reduce £300 South-Carolina and Georgia to Federal Money.

300
30

7)9000

1285,71,4 federal. Ans. $1285,71,4,.

CASE V.

To change Sterling to Lawful Money—the dollar being 4s. 6d. RULE. Add to the Sterling-the sum will be Lawful.

*As a dollar is equal to three-eighths of a pound, dividing by, or which is the same, multiplying by 8 and dividing the quotient by 3, must give dollars, cents and mills.

7

30

As a dollar is equal to seven-thirtieths of a pound, dividing by or which is the same, multiplying by 30 and dividing the quotient by 7, must give dollars, cents and mills.

69. What is the rule for changing Pennsylvania, &c. to the same currency ?- 70. How is Georgia and South-Carolina currency changed ?- -71. How is sterling reduced to lawful money?