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The supposition of Sir Hercules Robinson that because Mexican Dollars were at a high premium for years, they must always continue to do so, has been entirely refuted by later experience. On the opening of trade with Japan, unchopped Mexican Dollars were the only coins taken at the Treasury. The effect has been that large quantities were imported and melted, so that the Chinese who are generally quite willing to trade with lumps of Silver as with coin, realized the premium on their Mexicans and made large profits in their trade operations. At the present moment, the Mexican Dollar instead of being at a premium is at an absolute discount in China as regards its intrinsic value - nor do I see any immediate prospect of this state of things being materially altered, because the Japanese, having more intercourse with the world, are no longer inclined to rate the Mexican Dollar above its true value – and propose the immediate establishment of a mint.
On the other hand, the adoption of a Silver Standard and conducting their currency in Sycee has placed the Dollars in circulation more in line with the requirements of India, and the opening up of direct communication with Mexico by Steamers, which was expected to commence via California, has also been a factor.