(also mint parity)
1The ratio between the gold equivalents of currency in two countries.
- These fluctuations are to be halted by taking measures to fix the exchange rate as near to mint par as possible.
- In the effort to correct this problem, Congress subsequently changed the mint parity ratio to 16.5: 1, which overvalued gold at the mint, causing gold to flow in and silver to flow overseas.
- In 1900, for example, the mint parity for the U.S. dollar was $20.67, while that of the British pound was 3 pounds, 17 shillings, 10 ½ pence.
1.1The rate of exchange between two countries based on mint par.
- As time wore on, the wife seems to have made the assumption, most favourable to herself, that the exchange appropriate was mint par rate, and accordingly to have treated herself as entitled to £450 in respect of the 9,000 marks, which, together with the £12, amounted to £462; and this is the first of the sums which the plaintiff seeks to recover.
- The lower species point is obtained by deducting the cost of transferring gold from the mint par of exchange.
- The mint par between these two countries was pound, one of England + 4.866 dollars of America.
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