but as they would have had a seignorage of five percent to pay upon the coinage, their loss upon the whole transaction would, in the same manner, have been exactly two percent.
If the seignorage had been only one percent and the gold currency two percent below its standard weight, the bank would in this case have lost only one percent upon the price of the bullion; but as they would likewise have had a seignorage of one percent to pay, their loss upon the whole transaction would have been exactly two percent in the same manner as in all other cases.
If there was a reasonable seignorage, while at the same time the coin contained its full standard weight, as it has done very nearly since the late re-coinage, whatever the bank might lose by the seignorage, they would gain upon the price of the bullion; and whatever they might gain upon the price of the bullion, they would lose by the seignorage. They would neither lose nor gain, therefore, upon the whole transaction, and they would in this, as in all the foregoing cases, be exactly in the same situation as if there was no seignorage.