No Silver in Your Money, but Save Your Nickels!

By The Professor   follow   Thu, 29 Nov 2012, 6:54am PST   ↑ Like   ↓ Dislike (1)   946 views   7 comments   Watch (1)   Share   Quote  

I bought a monster slice at Cybelles Pizza last night and noticed a Franklin half dollar in the till. I bought it from the cashier. It was a 1961 franklin half dollar in good condition worth about $12 in silver content.

There is no silver in our change.

Current US coins are merely tokens representing the promise to pay a debt.

Except the nickel! The nickel is worth (in copper and nickel content) more than 5 cents. They will debase it soon so save your nickels!

Comments 1-7 of 7     Last »

Patrick   befriend (62)   ignore (4)   Thu, 29 Nov 2012, 7:05am PST   Like   Dislike (1)     Share   Quote   Comment 1

I dream of the day when we buy and sell with 100% pure silver by weight.

No dollars. Just weight of pure silver. You can't debase that.

A dime is about 2.5 grams right now, so we could easily make a 2.5 gram coin of pure silver about that size and at the current rate of about $1/gram, it would be cost about $2.50 to make. But the word dollar should be nowhere on it! Only this: "2.5 grams of pure silver".

The Professor   befriend (4)   ignore (3)   Thu, 29 Nov 2012, 7:18am PST   Like   Dislike (1)     Share   Quote   Comment 2


I dream of the day when we buy and sell with 100% pure silver by weight.

90% is fine by me.

Patrick   befriend (62)   ignore (4)   Thu, 29 Nov 2012, 7:21am PST   Like   Dislike (1)     Share   Quote   Comment 3

100% has the advantage that the density is known.

With 90%, you have to then ask what the other 10% is before you can figure out if your coin's density reflects the expected silver content.

Patrick   befriend (62)   ignore (4)   Thu, 29 Nov 2012, 8:21am PST   Like   Dislike (1)     Share   Quote   Comment 4

Those transactions are credit, not cash.

I have no problem with credit, as long as it can be converted to cash.

Bellingham Bill   befriend (0)   ignore (3)   Thu, 29 Nov 2012, 9:27am PST   Like   Dislike     Share   Quote   Comment 5


No dollars. Just weight of pure silver. You can't debase that.

http://en.wikipedia.org/wiki/Methods_of_coin_debasement

Patrick   befriend (62)   ignore (4)   Thu, 29 Nov 2012, 9:46am PST   Like   Dislike (1)     Share   Quote   Comment 6

That's an interesting link, but weight of silver remains weight of silver.

Clipping or "sweating" would just reduce the weight.

All you have to do is weigh the coin, calculate the density, and maybe electricatl conductivity and sound (yes, the "ping" of a coin" has a certain ability to predict its metal content).

Pure silver coins would be hard to fake. They would be a great boon for makers of scales, densitomiters, and other such devices though.

Bellingham Bill   befriend (0)   ignore (3)   Thu, 29 Nov 2012, 9:53am PST   Like   Dislike     Share   Quote   Comment 7

Yeah, the british currency is named the "Pound" for historical reasons, LOL.

"Peso", same thing.

As a renter in the time of QE3, I am not completely opposed to this honest-money idea, sigh.

We leveraged-up 1995-2005, and now must pay the piper somehow.

Or not.

Watch comments by email

home   top   share   link sharer   users   register   best comments   about   source code  

#housing   #investing   #politics   #economics   #humor  
please recommend patrick.net to your friends