Posts Tagged ‘currency’
US Mint – US Federal Reserve
In this episode of Cheap Family Travel Tips (www.cheapfamilytraveltips.com), Nick, Regan, Maggie, and Kate visited the US Mint and US Federal Reserve in Denver, Colorado. The United States Mint is where US coins are minted and USA coins and coin sets are made, including US mint gold coins, and we took a US Mint Denver tour to see how the coins are made. US currency is no longer backed by US mint gold bullion, but the US Mint makes millions of coins for circulation every year. We also visited the US Federal Reserve, and our self-guided tour explained what is the Federal Reserve. The US federal government operates the Federal Reserve and monitors the way currency is circulated, the US banking system, and it identifies counterfeit currency. We learned a lot about United States money, and all the kids walked out with a bag of shredded dollar bills!
Bullion & Coin Blogs
My case for Gold and Silver. Can it be used as currency?
[Just let me know what you think]
In 1913, half an ounce of Gold was worth 10 Dollars (One Eagle). If you had in your possession half an ounce of Gold, you had ten dollars. (As defined in the April 2nd, 1792 Coinage Act)
There was a difference back then, however – 10 dollars was worth something.
What was worth 1 dollar (3/4 of an ounce of Silver) in 1913, was worth over 100 dollars (paper) in 2009.
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But can a Gold Standard be sustainable?
Now, if we use Ten Eagles(5 ounces of gold-0) today to buy something that is worth 0 in "paper" money, then no, it is not sustainable.
But that’s not the case. We would need 3/4 of an ounce of silver () to buy something that is worth 0 in paper money.
The point is to restore the value of the dollar. You would need less dollars to buy more. You would be paid less money, but your money would be more valuable.
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Now, it is very important to understand the word "inflation" and why prices go up. The economic definition of "inflation" for hundreds of years, up until the 1980′s, was defined as:
"2. an increase in the amount of money in circulation, resulting in a relatively sharp and sudden fall in its value and rise in prices"
After the 80′s, it has been changed to simply:
"2. A general increase in prices and fall in the purchasing value of money."
The new definition is false, and it distorts the market. Inflation doesn’t just happen nor is it solely the act of raising the price of goods – it is created.
Currency is like a product; a very rare item is worth more than a very common item.
In simplest form, say for the sake of argument, you have in your possession a rare baseball card, and you are thinking of selling this card for 0. Every other card is worth , but this card is unique – it’s rare.
Now, given the event that the baseball card company decides to print billions of baseball cards, just like the one you wanted to sell, and added them to the normal circulation of baseball cards. You will no longer be able to sell that baseball card for 0 – it has become a common item.
~Further information~
Act of April 2nd, 1792 – "The Coinage Act"
Dollars: To contain three hundred and seventy one grains of pure, or four hundred and sixteen grains of standard silver
Half Dollars; each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains of pure, or two hundred and eight grains of standard silver.
Quarter Dollars; each to be one-fourth the value of the dollar or unit, and to contain ninety-two grains of a grain of pure, or one hundred and four grains of standard silver.
Dimes; each to be of the value of one tenth of a dollar or unit, and to contain thirty-seven grains of pure, or forty one grains of standard silver.
Half Dimes; each to be the value of one twentieth of a dollar, and to contain eighteen grains of pure, or twenty grains of standard silver.
Eagles; each to be of the value of ten dollars, or units, and to contain two hundred and forty-seven grains of pure, or two hundred and seventy grains of standard gold.
Half Eagles; each to be of the value of five dollars and to contain one hundred and twenty-three grains of pure, or one hundred and thirty-five grains of standard gold.
Quarter Eagles; each to be of the value of two dollars and a half a dollar (.50), and to contain sixty-one grains of pure, or sixty-seven grains of standard gold.
~~Even further information~~
Purchasing power in the United States of Gold and Selected Currencies: http://www.aier.org/images/stories/research/ch_p5.pdf
If the link above doesn’t work, click on this image link: http://img221.imageshack.us/img221/1255/dollarsha.png
@Scott Stevenson,
How much Silver is there?
First of all, Gold would not have to cover each and every dollar. Gold, along with silver and other precious metals would all be used to make legal dollars as defined in the Coinage Act.
Not every person would use an Eagle, half eagle, or quarter eagle for a transaction. And in fact, since everything would be cheaper, the lower valued coins would be used more often.
Of course, all of this is first met with the legality of Competing CUrrencies, the discontinuing of printing more money, the discontinuing of trillion dollar wars/policing of the world and trillion dollar deficits and trillion dollar welfare programs.
If our government continues things like this: http://money.cnn.com/news/storysupplement/economy/bailouttracker/
or like this: http://costofwar.com/en/
then we will never see recovery of our economy, nor our currency.
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email me at: longtimef@live.com with the subject "gold" if you’d like to continue this discu
Bullion & Coin Blogs
Unboxing/ reveiw 5 grain .999 silver bar & gem proofs coins
Here are two envelopes i received of some stuff i purchased some nice must see stuff remember guys invest, subscribe, like,comment, ask question.
Bullion & Coin Blogs
WHY GOLD BUYERS MELT GOLD COINS SOMETIMES – CASH FLOW!
Sometimes gold dealers will melt the more obscure coin coins. Why? Two reasons. Cash flow and safety. Gold dealers tie up plenty of cash just with the mandatory holding periods for their area. Holding on to gold coins too long can tie up way too much cash flow, and expose a dealer to excess risk.
Bullion & Coin Blogs
Buying Gold in Thailand
www.thailawforum.com This is the first video from Thailand Law Forum discussing the gold industry in Thailand and the value of gold, including the high value placed on gold in Thai culture. Also discussed is the nature of gold demand in Thailand against the backdrop of the global economy and the financial crisis, and the method of standardizing gold and setting gold rates and the price of gold in Thailand. Tips are provided on things to look out for when purchasing or selling Thai gold, how to buy gold, as well as where to buy gold. We visit several stores in Bangkok where one can find gold jewelry, gold bullion bars and gold bullion coins to invest in. http www.chaninatandleeds.com www.thailawforum.com
Bullion & Coin Blogs
Steve Deeds From Morgan Gold On IRA’s
About Steve Deeds Owner and President of Morgan Gold During a career that has spanned five decades, Steve Deeds has risen to become one of the most well-known and highly respected experts in the United States coin market of the 21st century. He began his career as a professional numismatist in 1963 when, as a high school student, he managed a local coin shop in his home town of Inglewood, California. Steve developed such an interest in the coin market that, while still in his teens, he decided to open his own business to sell coins to the collecting public. In 1972 Steve moved to New York City and opened a coin dealership on the corner of 57th Street and 6th Avenue. At the height of the boom that followed upon the heels of the government’s lifting the ban on private ownership of gold, his coin sales surpassed the 0 million mark in a single calendar year, 1973, (in 2010 this would be 8 million adjusted for inflation). Returning to California by the mid-1970s, Steve partnered with two other professional numismatists in the acquisition and sale of what was, at that time, the largest rare coin transaction in history: the LaVere Redfield Hoard containing more than half a million uncirculated Morgan and Peace Silver Dollars. Following his success with the Redfield Hoard, Steve became one of the pioneers in the recovery of United States gold coins that the federal government had sent to Europe to help fund the Allied effort during both world wars. He continues to be …