In the United States, this term has reference to the profit arising from the coinage of bullion. As the Government does not purchase gold bullion, but coins it for private account, there is no profit on such coinage, the face value of the coins being the same as their bullion value. There is, however, a profit on the coinage of silver dollars based on the present ratio of sixteen to one; therefore, when silver bullion is purchased and coined there is a profit arising from such a transaction, as the commercial value of silver is at the present time far below the coinage value. " Seigniorage " is, therefore, the profit arising from the difference between the face value of the coin and the commercial value of the metal which it contains.
Sell at the Opening. An order to sell immediately after the opening of the stock exchange at the best price obtainable.