10.
or purse, or wrapped in paper, nor is it passed about to anything like the extent that silver coin is in Europe. Be this as it may, the fact remains that silver coins are as yet practically unworn, Chinese are great hoarders of coins. The popularity of our five-cent pieces varies very greatly as they are commonly used as little presents to children and servants, and thousands of them are made into buttons. It would probably be difficult for a speculator on the mainland to buy any quantity of these coins at profitable rates.
15.
Let it be supposed, however, that in the course of another 2 years there will be, on the mainland of China, thousands of five- and ten-cent pieces in the same condition as old sixpences and shillings in England, merely discs of silver, with perhaps light vestiges of the original design of the coins. Let it be further supposed that a speculator has brought up $100,000 worth of these, and proposes to flood this Colony with them, forcing them on the Treasury, as coin at a discount is always forced upon it.
16. It appears to me that the only course open to the Government would be to decline to recognise any coin which could not be shown to have been issued from the Treasury here. This would practically amount to refusing to receive all worn coins except in very rare cases.
17.
If it were once known that the Hongkong Government was receiving at par value coin which purported to be tokens worn out on the mainland, it should be at once inundated with the tokens which had never been in or near Hongkong at all. There has already been some trouble with spurious ten-cent pieces so well made as almost to defy detection by ordinary means.