Page:The Economic Journal Volume 1.djvu/753

 CIRCULATION OF THE RUPEE 731 It will be observed that, of the coinages from 1874 to 1890, the percentage present in any given year of any given coinage is on the average less by 7'355 per cent. the next year. The similar shrinkage of the earlier issues is on the average 5'407 per cent. The mean of these two rates is 6'381. I therefore assume the future rate to be 6'5 per cent. The following table shows the number of years in which, at this rate, these mintages would disappear; the diminution of a mintage to '01 of its original amount being taken as equivalent to its disal)pearance. TXBLE E. Your. Coinage in ror(. Showing the disappearance of the various mintages. 4 5 6 7 Percentage present in the cir- culation of 1890, in lakhs. Number of Year of taineag disappear- disappear. ance. Amount Amount yearly that has  disappear- disappeared ing, in 1890 in lakhs. 1 in lakhal Remarks. I 1874 ...... 4'352 67 1941 6'421 i 102'736 11877 ...... 13-480 5-55  1971 14-340 ,186-420 ! 1879 ......, 8'872 3-35 87 1966 10-197 112'167 1880.. + 7-218 3-25 86 1966 8-393 83-930 1881 -559 '45 57 1938 '980 8-820 1 -- : 1882.. 7-148 ,4'05 89 1971 8'031 64'248 1883 ...... 2-314 1-1 70 1953 3'305 22'135 1884 ...... 8-848 2'85 84 1968 5'771 34-626 1885 9'903 6'15 96 1981 10'315 51-575 1886 ...... 5'202 4 87 1973 5'979 23'916 __ 1887 8'860 97 1984 9-134 27'402 1888. 7'076 5-1 93 1981 7-608 15'216 ..... 1889 ...... 7-466 8-95 89 1978 8'888 8'388 Total ... 104.150 ... 112.412 998-516 I Column 6 is calculated by dividing the entries in column 2 by those in column 4; and column 7 is compiled from column 6. The figures in column 7 re underrated; for the mortality is greatest in the infancy of  mintage, s Tble I) shows, nd this higher rte ffects  lrger body. Accordingly, 175'19 crores is probably n estimate fr in excess of the truth. This fc cn be more clearly seen, if the sme reasoning is exhibited in  form which closely resembles Jevons's method. He com- lnenced by ssuming that the whole of the coinage of 1863 nd 1864 ws in circulation in 1867. My tbles on pges 723, 724 show with exactness when the coinage of ny year probably con- tributed its lrgest proportion to the circulation, nd for the pur- poses of the following table it has been assumed with Jevons that he whole of that year's coinage was then in circulation: