Posted on 11/16/2007 7:30:20 PM PST by traviskicks
Hey, I’ll gladly pay $50 a pop for all the gold eagles you’ll send me!!!!
The greater point is, I think, that it’s foolish and pointless to stamp a dollar value on any PM coin. A silver or gold coin in the end (barring rare numismatic value) is worth what that day’s spot price of that metal is, be it in Euros, Yen, collapsing dollars etc.
Would the Liberty/Ron Paul guys be selling those $20 coins for $20 next year, if the spot price of silver was $30 an ounce? Of course not.
Methinks thats the price the Feds will pay for them when they confiscate them. Fur zee gut of zee Homeland, comrade.
The response will be the same in either case.
The bid might be $50 but my counter offer will only cost me 20 cents and be moving at 2300 fps.
Yep, bingo. They might come for the silver and gold, and get the copper and lead instead.
I just think it’s silly to stamp a dollar price on a silver or gold coin, when the world spot value changes daily.
It’s like declaring the tide on a dock to be a certain height: the tide won’t listen!
The coins were not actual silver or gold, but were supposed to be backed by it.
Yes, it would be more likely to have the money backed by gold.
Yet, gold coins in circulation would gradually be accepted at their face value since Gold would fluctuate very little if the dollar were not being inflated.
But that would likely take a number of years of transition, getting people used to the coins and developing confidence in them.
Do the anti-gold bugs understand the stupidity of their position. Not only can't you inflate it, you can't even tax it. LOL. Meanwhile, "hey hey, Bernanke, how many bills did you print today."
Actually, the market sets the value. If I take a bar of gold to a car dealer and say “ I will trade this bar for that car”, and he takes the deal, I haven’t used legal tender to buy the car, and apparently, he felt the deal was good enough to sell me the car. I could trade him property, or a vintage Volkswagen. If I took a Ron Paul dollar into the Dollar Store, they don’t have to take it, but they could. I don’t see that this is all that bad.
IMHO, the real issue here is that the Federal Reserve Banking system doesn’t like any competition. Since these were associated with a presidential candidate, they became an open target to any masked attacker using the federal law enforcement as their weapon without regard for the legitimacy of the coinage.
It would still be a mistake to stamp a dollar value on PM coins. Eventually, as we have seen over and over, the banksters will be back to their tricks. Just call the coins what they are: a certain weight of silver or gold, period. That’s what our founding fathers attempted in the Coin Act of 1792, but because they also gave these coins the name “dollar,” it gave the banksters room, over time, to convert from gold and silver backed notes to worthless fiat.
You are probably correct.
People would start to think in terms of weight and purity instead of having to depend on a stamped on designation.
What I was thinking of was Rothbards view of free banking with banks competing with one another.
In that situation the quality of the coin (or banknote) would represent the Banks reliability.
Thanks for posting. Interesting, informative, educational discussion from this and other threads on this topic. Thanks to all contributors. BTTT!
I want some of these Australian coins with the word “KOOK” on them, since I’m being called a ‘kook’ by people that are somehow fearful of my support of Ron Paul.
I think “us ‘kooks’ should stick together”, as my crazed friend Fred Mertz told to me recently.
He who laughs last laughs best.
That's absolutely false.
The medallions are pure silver or gold, and were produced and assayed by the Sunshine Mint in Coeur d'Aleine Idaho.
It's the negotiable warehouse receipts that you're thinking of which are redeemable for the silver or gold under Uniform Commercial Code Section 7.
Please don't spread this kind of confusion, the government's doing a good enough job of it already.
The "spot value" is the price of a 500-ounce ingot for cash purchase with immediate delivery. So what does that have to do with the value of a one-ounce deep-cameo proof?
The idea for these was to allow them to mingle in the economy with Federal Reserve Notes like "downtown dollars" or "Disney dollars" - if they don't have a face value, and you can't easily accept them in a transaction or give them out as change with willing customers, then it's too much of a hassle to deal with them, and they stay in the drawer instead of in people's pockets or on countertops where people can find the web address and go find out more about the debauching of the US dollar by the Federal Reserve system.
That's absolutely false. The medallions are pure silver or gold, and were produced and assayed by the Sunshine Mint in Coeur d'Aleine Idaho.
That was the impression I got from the article.
an organization of "sound money" advocates that for the past decade has been selling what it calls Liberty Dollars, a private currency it says is backed by silver and gold stored in Idaho, with a total of more than $20 million in circulation, according to the group.
Now, the article did say that there were actual silver and gold coins, but I don't think these would have gotten them in trouble, since they had real value.
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