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 Replies: 47 / Views: 3,826 |
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Member
United States
917 Posts |
I voted never , I rate them a slight notch higher than gas station tokens.Some people love them,they are bright and sparkly I suppose..there is that.
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Pillar of the Community
United States
632 Posts |
Does anybody else think that Presidential dollars (or even sac dollars for that matter) with full luster will ever hold a premium? Those coins are almost garenteed to tarnish and tarnish fast. At least that has been my experience with them. |
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Pillar of the Community
United States
6326 Posts |
Nod2003.....When I posted this yesterday..... https://goccf.com/t/48688Quote:And by the same "theory pondering"....... when will the Presidential dollars be considered a "Classic" ? ....hmmmmm ? ....... Start a "Poll" for THAT one ! ....  I thought I was only KIDDING ! .....Oh......and I voted 100-150 years. I do believe we will eliminate the paper $1.00 FRN like JB said, and then the circulation of these Pres. Dollars and the new Native Dollars will be driven up considerably. If this happens in the next 25 years and our population grows to nearly a Billion people 75 years after that......yeah......then they'll be a "Classic" in about 100 years or so. There won't be enough "Proof Sets" to go around for a Billion people ! .....  ..  Complete and total "obsoletion" due to the "electronic age" ......as GO says just scares me ! ...for MANY many many reasons !.. 
Edited by eaglefoot
06/16/2009 08:46 am
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Pillar of the Community
United States
2600 Posts |
Hey condor101. Actually, both the Morgan and Peace dollars make the suggested requirement of having been in circulation and thus experiencing wear which lowers the mint state coins available plus the Pitman Act. On top of this, there is a addicting effect with precious metals. Of course, copper may well be a precious metal one of these days. Jim |
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Bedrock of the Community
United States
17884 Posts |
Just a very small number of them actually circulated, just as only a small number of the modern dollars have actually circulated as well.
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Pillar of the Community
United States
2734 Posts |
A few months ago, I remember reading about talk of a Chinese-based "world reserve currency" concept that was based on a Copper Standard. Which makes some sense, because even persons in third world countries could buy and hold copper bullion much easier than gold or silver. China could sell copper bullion to its people. Look at all the people they have. If one billion people bought one troy oz. of copper each.... Their wealtheir citizens could buy 1000 oz. copper bars, much as our wealtheir citizens can buy 1000 oz. silver bars. And what if a Copper Standard raised copper's value in proportion to gold and silver? Then even US and Europe metal investors could jump on that big copper rally! 100 years ago, people would have passed out from laughter at the idea of hoarding Morgan dollars for their silver content! Edited by DNA
06/16/2009 8:27 pm
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Pillar of the Community
United States
3098 Posts |
Quote:
China could sell copper bullion to its people. Look at all the people they have. If one billion people bought one troy oz. of copper each....
Their wealtheir citizens could buy 1000 oz. copper bars, much as our wealtheir citizens can buy 1000 oz. silver bars. Not really... the government itself wouldn't. And however keen the copper standard sounds, it will never work. By statically tagging a currency to a metal basically shoots any growth in the economy because money will be stagnant. Without easy money, there can not be any loaning, borrowing, etc to fund growth, and money would just be dead. Plus, I bet you government will have to change it all the time, and when another recession comes about, the standard would once again be abandoned (the reason why Roosevelt abolished the gold standard in 1933 and increased the price of gold form $20.67/oz to $35/oz - to stimulate growth with more money) |
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Moderator
 United States
188440 Posts |
We got off of the gold standard for a good reason. The value of our economy was growing much faster than the amount of gold available to back it up.
I am not saying what replaced it is better. On paper, the Federal Reserve is a better system. In practice, well, you see what we have going on now.
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Pillar of the Community
United States
615 Posts |
I agree the Fed is better in theory, but in theory is just that. I disagree with the amount of the metal limiting growth as this isn't founded in fact. You can always reset the fixed price to increase supply of dollars. There isn't enough of it argument is just PR for the against movement. I think a better against argument is saying that you are trapping a lot of valuable resources in a vault. I mean that copper could have a use in the economy other than being the backing of the money supply.
The bad side of the Fed is that it doesn't limit government spending growth. This is very anti poor and middle class. It is interesting to me that the party for the poor is very poor spending. Inflation hurts the poor much worse than it hurts the rich. I bet you never heard a pro athlete fussing over $4 gas, but regular people fussed about it all the time. Why? Bc inflation hurt regular joes a lot more than the rich.
A system that is fixed is more low/middle class friendly than the current system. The current system is very pro rich(the get a lot of the benefit of the spending due to the indirect effects).
So it is up to you which one you like better. Both are good and bad.
-SWUSC
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Pillar of the Community
 United States
3294 Posts |
Maybe a food backed currency is the best answer. You can usually grow more food, and food has inherent use.
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Pillar of the Community
United States
6326 Posts |
 ........ ........And I am growing a nice crop of tomatoes this year !......cucumbers too ! Anybody want some and I'll undercut the prices of your local grocery store plus the gas to and from to get there ! ........ ........ |
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Pillar of the Community
United States
2734 Posts |
The one thing that hasn't been tried is to have a dedicated world reserve currency fixed to a metal Standard, but continue the fiat currency system for individual nations.
The proposed Chinese currency would be a dedicated world reserve currency, not their domestic currency (the Renminbi, valued in Yuan units). In other words, the Dollar, Euro, GB Pound, Yen, Renminbi, etc. could still float around all they wanted to, but the world's reserve currency would be bullion-stabilized (unlike the Dollar).
Even 'gold bugs' have to concede that there were clear benefits for
individual nations going off the Gold Standard (as well as demerits,
as we are seeing now), but a metal Standard might be just the ticket for a world reserve currency that is not tied to any one nation.
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Pillar of the Community
United States
3098 Posts |
One more thing... what the Chinese and the Russians proposed was the SDR, IMF's Special Drawing Rights, which in itself is just another basket of fiat currencies.
Now... what is this metal-backed currency plan? I've never heard of it.
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Pillar of the Community
United States
2734 Posts |
The copper-standard world reserve currency is an idea being floated around China by some of their politicians and financial bigshots.
No, there was not a plan for the government to sell copper bullion in China, that would be sold by private companies (some of whom are backers of this proposal!). China is after all pretty capitalistic nowadays...
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Pillar of the Community
United States
6326 Posts |
"topic hijack" ! ........ ..... Edited by eaglefoot
06/19/2009 09:35 am
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Replies: 47 / Views: 3,826 |
First Page
Posted 06/16/2009 12:49 am
