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Ynnad's Last 20 Posts
| Questions About A Counterfeit Bill I Found
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Ynnad
Valued Member
United States
67 Posts |
 Posted 03/21/2023 07:38 am
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I had a counterfeit penny one time. Just for fun I drove about 40 miles to the nearest Secret Service office and presented it. They kept it but then they gave me an official Receipt for Contraband. I thought that was way more cool than a counterfeit penny and I still have it.
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| | Forum: US Paper Money and Banknotes |
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| 80 % Canadian As Bullion
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/11/2023 9:35 pm
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| 8.31 % gross receipts (sales) tax on everything in Santa Fe. Makes me avoid buying here unless it's a really good deal. Even KITCO out of Montreal charges this for anything shipped here. Fortunately, I can have it shipped to one of my other addresses where sales taxes don't apply to bullion. |
| | Forum: Precious Metals and Bullion - Gold, Silver, Copper, Platinum |
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| 80 % Canadian As Bullion
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/10/2023 10:45 am
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I am thinking of buying 2 rolls (40 coins) of AU to BU Canadian dollars dated 1965 and earlier this afternoon. What do you all think of 80 % silver Canadian coins as a way of storing bullion? Canadian coins are recognized world-wide but the silver content of just 80 % might make some buyers hesitate when it comes time to sell.
I am really only buying these just because I like them and will probably never sell them. I was just wondering what the prevailing opinion is of 80 % as bullion.
By the way, I am only going to pay $13.20 apiece for them. Do you all think that is reasonable price? |
| | Forum: Precious Metals and Bullion - Gold, Silver, Copper, Platinum |
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| Circulation Of National Bank Notes
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/06/2023 3:43 pm
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| Just to be really, really pedantic, I believe that before the "Riegle Community Development and Regulatory Improvement Act" of 1994 (which relieved the Treasury from the obligation of maintaining United States Notes), obsolete National Bank Notes were redeemed with United States Notes as required by section 3 of "an Act fixing the amount of United States Notes, providing for redistribution of the national bank currency and for other purposes" of 1874 and not Federal Reserve Notes as DoubleEagle20 has stated. |
| | Forum: US Paper Money and Banknotes |
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| Circulation Of National Bank Notes
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/05/2023 9:05 pm
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| As far as I know, Congress has never explicitly defined the term "lawful money." As all federal coins, notes, and certificates, were issued pursuant to laws enacted by Congress, they are implicitly "lawful money." The Trade Dollars are a possible exception but even those were theoretically made legal tender by the Coinage Act of 1965. There are several federal court cases that recognize Federal Reserve Notes, United States Notes, and perhaps others as "lawful money." If you are really interested, I can give you cites for those cases later if you wish but not tonight. It's almost my bedtime and I still have to cook supper. National Bank Notes were not necessarily legal tender until a law passed by Congress in 1933. However, in my opinion, that does not mean they were not "lawful money" before that law was passed. "Lawful money" and "legal tender" are closely related but distinct concepts. |
| | Forum: US Paper Money and Banknotes |
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| Circulation Of National Bank Notes
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/05/2023 5:43 pm
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It is my understanding that "lawful money" is whatever the U.S. Congress says it is. The mention of "... make any Thing but gold and silver Coin a Tender ..." in Article 1, Section 10 of the Constitution is a limitation on the powers of the states and not a limitation on the powers of the federal government.
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| | Forum: US Paper Money and Banknotes |
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| Circulation Of National Bank Notes
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Ynnad
Valued Member
United States
67 Posts |
Posted 03/05/2023 10:40 am
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I would like to learn more about the circulation of National Bank Notes. Although I am mostly interested in the small size National Bank Notes, discussion of the earlier large size National Bank Notes is welcome.
1. Did National Bank Notes tend to circulate in areas close to their bank of issue or did their use in commerce quickly disperse them all across the United States? Would someone in a small town in Arizona find it unusual to be given a National Bank Note from some small town in Maine? Did ordinary people even pay any attention to the bank of issue?
2. The small size notes stated "The [name of bank] will pay to the bearer on demand [amount] dollars" and "Redeemable for lawful money of the United States at the United States Treasury or the bank of issue." Large size notes had the same or similar text. Was there a formal procedure for redeeming notes, either at the bank of issue or at the treasury? I don't see why that would be necessary. A bank or treasury employee could simply say, "Sure Mr. Bearer, I just happen to have [amount] dollars right here." and give the bearer the same note right back.
3. What happened when an issuing bank closed? What was the process for withdrawing the notes from circulation? I would guess they would eventually have to make their way back to the United States Treasury. Was there a process to expedite their way back to the treasury? Would this even be necessary?
4. How did Gresham's Law affect circulation of National Bank Notes? If the average person had a wallet full of Federal Reserve Notes, Federal Reserve Bank Notes, United States Notes, Gold Certificates, Silver Certificates, and National Bank Notes, which would he or she try to get rid of, i.e. spend, first? Would the average person even think about that?
5. Were some people more reluctant to accept National Bank Notes than other paper money? Of course, there were and still are people who don't like any form of paper money.
6. Were any particular national banks somehow considered to be "bad luck", "good luck", or "special" and therefore their bank notes received special attention?
7. How long after their discontinuance in the 1930s did the notes regularly appear in circulation?
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| | Forum: US Paper Money and Banknotes |
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| Project 100k - Circulating Two Dollar Bills The Next Round
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Ynnad
Valued Member
United States
67 Posts |
Posted 02/18/2023 1:49 pm
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| A few weeks ago I was checking out at Walmart. My total was 48 dollars and some change. I just happened to have a homemade 50 dollar strap of twos in my pocket. I gave the cashier 50 dollars in twos. She counted them several times and kept getting a total of 51 dollars. I tried to explain that 51 was an odd number and they were all twos so it couldn't be 51. She did not comprehend. She finally counted them one more time and got 50. She gave me the correct change, I thanked her, and left. The people behind me in line were giggling and appeared to be amused rather than being annoyed by the delay. |
| | Forum: US Paper Money and Banknotes |
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| Weight Of Circulated Gold Coins
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Ynnad
Valued Member
United States
67 Posts |
Posted 02/11/2023 10:21 am
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| I am examining an accumulation that a co-worker might sell to me. It includes an 1847 U.S. Ten Dollar gold coin. The coin appears genuine, is non-magnetic, does not react with concentrated nitric acid, and "rings" when dropped on a hard surface. The weight of an uncirculated coin of this type should be 16.718 g. This coin would grade Very Fine. It weighs 16.4692 g. Is a 1.5 % reduction in weight typical for this coin or should I be suspicious? |
| | Forum: Main Coin Forum |
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| My Completed Dansco 8176 Eisenhower Album
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Ynnad
Valued Member
United States
67 Posts |
Posted 01/22/2023 11:43 am
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| I see that Dearborn included a couple of commemorative dollars in his set. What do the people on this forum think? Should a "complete" Eisenhower set include the 2015 small, "golden" Eisenhower dollars as well? Of course, it's Dearborn's set and he can do whatever he wants. |
| | Forum: Main Coin Forum |
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| Received A $2 Bill In Change For The First Time In A While
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Ynnad
Valued Member
United States
67 Posts |
Posted 12/02/2022 09:20 am
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| I like to spend twos, dollar coins, and halves. Every now and then I will ask the clerk if they are going to use them for change or will they just go to the bank at the end of the day. Sometimes they will say they are going to keep them for themselves. But I've never had a clerk say they are going to give them back out as change. Does anyone else ask the clerks this question? |
| | Forum: US Paper Money and Banknotes |
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| National Currency As Legal Tender
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Ynnad
Valued Member
United States
67 Posts |
Posted 11/21/2022 6:52 pm
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| U.S. coins and currency, including fractional notes and National Currency, are legal tender for public and private debts. An offer to purchase merchandise or deposit money into an account is not a debt. |
| | Forum: US Paper Money and Banknotes |
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| Weird Stamp On $100 Bill
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Ynnad
Valued Member
United States
67 Posts |
Posted 11/15/2022 6:16 pm
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You have enough there to buy at least 3 or maybe almost 4 silver Maple Leafs if you shop around. Why be satisfied with $100 U.S. when you could have $15 or $20 Canadian?
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| | Forum: US Paper Money and Banknotes |
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