amc rulz
Forum Supporter
So what about the dollar bill, worth 100 x a penny. Produced in cloth form...explain that one!
why did silver coinage end in the US?
- Thread starter maxxkatt
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- coins lies president johnson silver
Steve
Forum Supporter
So I guess the real question is "why" did it start to cost more to strike than the face value of the coin?.. that's the real problem here
diggin4clad
Elite Member
Zinc pennies and nickels cost more to produce than what their face value is worth but yet they keep on minting them. The government should get rid of the dollar bill and pennies and mint both a one dollar and two dollar coin. Canada finally got around to doing that and it seems to be working just fine.
BottleCapKing
Elite Member
A complicated economics problem, likely. Cost of materials. Cost of labor. It wasn't until JFK that the federal government was able to unionize. That alone artificially inflated the cost of labor. Th 60's were also a pretty temultuous time politically, that always has an effect on the commodities market. Precious metals always get more expensive in times of trouble.
Of course, there was also the issue of the government ending the silver standard in June of 1963. This signified that US legal tender was no longer backed by silver. If currency is no longer backed by silver, why bother minting silver coinage? In the early 60's, silver was flying out of the treasury vaults to due to $5 and $10 silver certificates (Silver was only $1.29 an ounce back then). So, you could get 129 ounces of silver for $100.
The real problem with having a currency no long backed by a precious metal meant the government could print currency however and whenever it so chose. It could not do this before, because for every dollar that existed, there needed to be that value in silver in the Treasury vaults.
Bill_Ace_350
Elite Member
We have plenty of dollar coins.
Many people don't like them.
Personally I don't care. A dollar is a dollar, but 100 $1.00 coins gets pretty heavy and wears out your pockets!
I don't subscribe to the Canada does we should too theory.
amc rulz
Forum Supporter
Cool thread!
amc rulz
Forum Supporter
Technology, supply and demand. I miss Kodak.
GKL
Forum Supporter
Lawful Money Defined
Did a search and found this:
https://www.investopedia.com/terms/l/lawfulmoney.asp
Lawful Money Defined
Lawful money is any form of currency issued by the United States Treasury and not the Federal Reserve System.
It includes gold and silver coins, Treasury notes, and Treasury bonds.
Lawful money stands in contrast to fiat money, in which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts, and banknotes.
Did a search and found this:
https://www.investopedia.com/terms/l/lawfulmoney.asp
Lawful Money Defined
Lawful money is any form of currency issued by the United States Treasury and not the Federal Reserve System.
It includes gold and silver coins, Treasury notes, and Treasury bonds.
Lawful money stands in contrast to fiat money, in which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts, and banknotes.
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Steve
Forum Supporter
Only problem is that an ounce of gold could buy 1 cattle in 1912. 2019 that 1 ounce can still buy 1 cattle.
I propose that the value of silver hasn't increased. Rather the value of the $ has decreased.
People should be angry about the "why". But few people understand it and even fewer give a sh!t.
Let them eat their stealth inflation and '2%
' yearly quoted inflation.
diggin4clad
Elite Member
People don't use the dollar coins because for the most part they're unfamiliar with them. Discontinue the dollar bill and they'd get used to them. Back in the day people carried around those Morgan and Peace dollars and they were a lot heavier than the dollar coins we have today.
How many people would be walking around with 100 of the dollar coins in their pockets?
It wouldn't be a "Let's follow Canada" reason to discontinue pennies and dollar bills, it would be a sensible way to cut costs of producing our money.
Steve
Forum Supporter
What happens when the steel or other base metal used becomes worth more than $1?
FreeBirdTim
Elite Member
The government has never learned that you can't force something on the American people. When I was in school in the 1970's, we had the metric system shoved down our throats because we were going to go over to that system very soon. It's 40 years later and all we measure with the metric system are liters of soda. We still pump gas by the gallon, buy milk by the gallon, buy sugar by the pound and so on. Americans are too set in their ways to let the government force anything on them.
And that is why the U.S vaults are full of Susan B. Anthony dollars, Sacagawea dollars and the latest set of presidential dollars. No one forces anything on us if we think it's a bad idea. Dollar coins are a bad idea and will never take, period. Which would you rather have on you, 15 dollar bills or 15 dollar coins? No brainer, in my opinion.
And that is why the U.S vaults are full of Susan B. Anthony dollars, Sacagawea dollars and the latest set of presidential dollars. No one forces anything on us if we think it's a bad idea. Dollar coins are a bad idea and will never take, period. Which would you rather have on you, 15 dollar bills or 15 dollar coins? No brainer, in my opinion.
KOB
Forum Supporter
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Lol... I remember that too. In school , studied the metric system because by 1976 we were all converting over to it. LIARS.....
amc rulz
Forum Supporter
D4C, everything thing I’ve heard/read is that silver dollars never circulated much, millions minted and they sat in bank vaults. Similar to the Ike dollar and Kennedy half. I’m a child of the 60’s/70’s and I can count on one hand the times I received a Ken back in change...
amc rulz
Forum Supporter
Then the gov loses money minting them, no big deal to them.
diggin4clad
Elite Member
I'm a child of the 50's and 60's and can remember when Walkers and Franklins circulated freely. They stopped circulating after the price of silver went up. The Kennedy didn't circulate much because the 64's were hoarded as a memento of his death and people just got in the habit of not using them.
As for silver dollars not circulating and sitting in bank vaults...there are plenty of Morgan and Peace dollars that are NOT in mint condition so they must have been used somewhere.
GKL
Forum Supporter
Even the definition of "lawful money" shows "Federal Reserve Notes" are not considered "lawful money"
https://www.investopedia.com/terms/l/lawfulmoney.asp
Lawful Money Defined
Lawful money is any form of currency issued by the United States Treasury and not the Federal Reserve System.
(see above link for complete definition)
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The SBA dollars were especially despised by blind people, who often mistook them for quarters because of the reeded edge same as a quarter’s, and being basically the size of a quarter. Which is why the presidentials have a smooth edge even tho they’re basically the same size as a quarter.
They should get rid of the penny AND the nickel. They're so worthless most people don't even pick them up off the ground. They've been obsolete for years. You can't buy anything with them. When was the last time to bought something for less than a dime? Does it really matter if that candy bar is 86¢ or 90¢? Without them you'll have more room for those millions of $1 coins they already have made. A dollar is the new quarter just like the $50 is the new $20. Best of all we can find them. Instead of a good clad day being $6-8 it could be $20-40. When I was a kid I could metal detect a good spot and get as much money as mowing a neighbours lawn. Now I'm lucky to find enough to buy a 6 pack.
Mud-puppy
Forum Supporter
"Why did silver coinage end in the US?".................. Marketing!
When you can convince a person that the fruits of their labor is worth some scraps of paper and non-PM metallic discs, why mint the real deal? Its hard to mine and mint silver coins! Let them trade their Life for paper scrip! Hey, its easy and profitable! Efficient too!
That was Step One! Then, you eventually convince a populace that the fruits of their labor can be tallied with electrons, even better! We can mint these all day long without the need for machinery! Step Two, Plastic cards!
Then ya see, for your own good and security, lets go biometric! A simple swipe of your implanted hand or forehead chip wallet to make a purchase! Who needs pockets! Heck, my stupid little dog has an implanted chip even! In case he gets lost or stolen or something... As far as I know, I dont have one yet, and I get lost all the time!..
Its very easy to create or take 'money' from people as long as its electronic! A guy dont dare try to take phyzz from a guy face to face...Its problematic and burdensome, especially from relatively spry old guys who might fight back...Simples to do from a keyboard though..You can take everything a guy has mostly, or at least pin him down real good for compliance...
I challenge you all to go observe the checkout at your local Sams Club this weekend...only 1 out of ten is pulling paper...9 are popping card, and theres a few using the phone scan....
Give it a year, and there wont be any cash transactions, maybe a few old dinosaurs popping plastic, and the rest scanning phone or using the biometric hand scan Sams Club feature...
Wallets, pockets, and purses will go by the way of buggy whips and thimbles..Nobody will have a penny to their name except electronically...Try finding a fresh dropped lost electronic farthing with your fancy 'metal detector'! Nobody is carrying a knife or a cig lighter anymore let alone a thimble!! I dare you to find somebody carrying a thimble let alone knowing what it is!! Ask around this weekend..Nobody under 50 even knows what a thimble is!
Just recently, in the past month or so, here in Michigan, you CANNOT buy a cig lighter in the State unless you are over 21...! Nobodies got fire or money or a button in their pocket or anything...
When you can convince a person that the fruits of their labor is worth some scraps of paper and non-PM metallic discs, why mint the real deal? Its hard to mine and mint silver coins! Let them trade their Life for paper scrip! Hey, its easy and profitable! Efficient too!
That was Step One! Then, you eventually convince a populace that the fruits of their labor can be tallied with electrons, even better! We can mint these all day long without the need for machinery! Step Two, Plastic cards!
Then ya see, for your own good and security, lets go biometric! A simple swipe of your implanted hand or forehead chip wallet to make a purchase! Who needs pockets! Heck, my stupid little dog has an implanted chip even! In case he gets lost or stolen or something... As far as I know, I dont have one yet, and I get lost all the time!..
Its very easy to create or take 'money' from people as long as its electronic! A guy dont dare try to take phyzz from a guy face to face...Its problematic and burdensome, especially from relatively spry old guys who might fight back...Simples to do from a keyboard though..You can take everything a guy has mostly, or at least pin him down real good for compliance...
I challenge you all to go observe the checkout at your local Sams Club this weekend...only 1 out of ten is pulling paper...9 are popping card, and theres a few using the phone scan....
Give it a year, and there wont be any cash transactions, maybe a few old dinosaurs popping plastic, and the rest scanning phone or using the biometric hand scan Sams Club feature...
Wallets, pockets, and purses will go by the way of buggy whips and thimbles..Nobody will have a penny to their name except electronically...Try finding a fresh dropped lost electronic farthing with your fancy 'metal detector'! Nobody is carrying a knife or a cig lighter anymore let alone a thimble!! I dare you to find somebody carrying a thimble let alone knowing what it is!!
Ask around this weekend..Nobody under 50 even knows what a thimble is! Just recently, in the past month or so, here in Michigan, you CANNOT buy a cig lighter in the State unless you are over 21...! Nobodies got fire or money or a button in their pocket or anything...
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