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No Silver in Your Money, but Save Your Nickels!

By The Professor   2012 Nov 29, 6:54am   ↑ like   ↓ dislike (1)   1,016 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!

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1   Patrick (209/209 = 100% civil)   2012 Nov 29, 7:05am  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

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".

2   The Professor   2012 Nov 29, 7:18am  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  


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

90% is fine by me.

3   Patrick (209/209 = 100% civil)   2012 Nov 29, 7:21am  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

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.

4   Patrick (209/209 = 100% civil)   2012 Nov 29, 8:21am  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

Those transactions are credit, not cash.

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

5   Bellingham Bill (12/12 = 100% civil)   2012 Nov 29, 9:27am  ↑ like   ↓ dislike   quote   top   bottom   home   share  


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

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

6   Patrick (209/209 = 100% civil)   2012 Nov 29, 9:46am  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

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.

7   Bellingham Bill (12/12 = 100% civil)   2012 Nov 29, 9:53am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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.

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