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We note the introduction of a new metal into the

coinage of Europe. The Belgian penny (ten centimes) is now made of nickel. It is a bad coin, looks exactly like a fat franc, is very greasy, and is constantly passed for the silver piece it resembles. The Mints of Europe are all trying to get a better penny, but without much sue- cess. A silver coin, with its centre stamped out, so as to leave a fiat ring with the inscription and with milled edges, would be just as easy to make with existing machinery, and far easier to carry.

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