NoOp wrote:
On 05/10/2008 06:03 PM, John W Kennedy wrote:
On May 10, 2008, at 4:38 PM, Michael Adams wrote:
Can you immagine the size of one dollar gold coins nowadays, You'd
have
to have holes in them so you could thread them into love beads.
The pre-depression gold dollar was already smaller and thinner than a
dime, so small you had to lick your finger to pick it up. At today's
gold prices, a $20 dollar gold piece would roughly meet that
description. Even a silver dollar would be smaller than a dime.
Sorry, I couldn't resist after reading this the other day:
http://seattletimes.nwsource.com/html/politics/2004402326_watch09.html
<quote>
Friday, May 9, 2008 - Page updated at 12:00 AM
Capital Watch
Steel-based coins clear House vote
WASHINGTON — The House voted for cheaper change Thursday, the kind that
would make pennies and nickels worth more than they cost to make and
save the country $100 million a year.
The unanimous vote advanced the legislation to the Senate, but its
prospects are muddled by objections from the Bush administration and
some lawmakers.
The bill would require the U.S. Mint to switch from a zinc and copper
penny, which costs 1.26 cents to make, to a copper-plated steel penny,
which would cost 0.7 cents to make, according to statistics from the
Mint and Rep. Zack Space, D-Ohio, one of the measure's sponsors.
It also would require nickels, made of copper and nickel and costing 7.7
cents to make, to be made primarily of steel, which would drop the cost
to below its 5-cent face value.
</quote>
This is an excellent example of how our current monetary system is
devaluing our money. Here is another example: The current value of silver
is about $17 per Troy ounce. The current silver dollar is one Troy ounce
of .999 fine silver. With the price of gas about $4 per gallon, you can
buy a little over four gallons with that silver dollar. Before 1964 our
coins contained silver. In the early 1960's you could buy a little over
four gallons of gas for one silver dollar. What has changed? The world
market no considers the Federal Reserve dollar to be worth the same as it
was forty years ago. That is the result of using worthless paper or fiat
money.
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