Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Would You Accept Old US Gold And Silver Coins As Money?
Would you accept as payment, use, circulate and save old, or newly-minted US gold and silver coins as money?
Assume the following hypothetical exchange rate and assume the old coins are 'junk' and without numismatic value, or newly minted coinage was issued by the US Treasury as the Constitution demands.
Constitutional US Coin vs. Today's Fake Money Buying Power
Silver Dime (1/10 oz.) $3.50
Silver Quarter (1/4oz.) $8.75
Silver Half-Dollar (1/2oz.) $17.50
Silver Dollar (1oz.) $35.00
Gold $1.00 (1/10oz.) $100.00
Gold $2.50 (1/8oz.) $200.00
Gold $5 (1/4oz.) $400.00
Gold $10 (1/2oz.) $800.00
Gold $20 (1oz.) $1600.00
Would you prefer to use the above coinage, or the current notes of Federal debt issued by the Federal Reserve bank?
In other words, a haircut would cost 35 cents, a trip to the grocery store would cost one gold dollar and a new car would cost $400?
15 Answers
- 10 years agoFavorite Answer
YES!
The problem is we don't have enough. And will be faced with the same shortage of money. You got to change the system before it can function, get rid of the FED RESERVE, IRS and BIG GOV!
Money no matter how you look at it equals debt. Without debt there is no money
Imagine everyone paid off all their debts, nothing owed!
There would be no money in circulation, not only that, no body could do this to begin with , because physical money only amounts to some 4%. the rest is all digital transactions.
How far we really went
Source(s): Zeitgeist Addendum FED Reserve on Monetary System and how it works - ?Lv 710 years ago
Yes because I'm coin collector. I've collected all the Morgan dollars of the 1800s and the Peace dollars of the early 1900s, plus numerous other coins dating back 2000 years.
I'd prefer to trade in actual gold and silver instead of coins because coins have a value beyond the metal it's made of that most people wouldn't know.
- Anonymous10 years ago
Yes I would. Let the Government crash themselves with their distributive paper money property liberal policies. Mean time the rest of us could be like FU! .. What are they going to do make us cut our coins in half for taxes? Nope, the people should have their own damn economy while the government can have theirs.
- coldfuseLv 710 years ago
I would gladly accept a 50 cent silver Kennedy half dollar in payment for something that costs 50 cents!
And in college I was dumb enough, and addicted to cigarettes enough, to have spent a Kennedy half to buy a pack of cigarettes when cramming for finals.
Does 50 cents for a pack of smokes in college date me as "ancient?"
- How do you think about the answers? You can sign in to vote the answer.
- Matt HLv 610 years ago
Bahahaha. I am a libertarian through and through. But I am not imbecilic enough to accept Ron Paul's ridiculous Gold-Standard policies. Any economist in the world will tell you how stupid the Gold Standard is. Plus, there isnt enough gold in the world to even back up America's 15 trillion dollar economy, let alone all the other economies in the world.
If you want an unstable, inflexible economy that is unable to deal with recessions and depressions, then by all means, let us return to the Gold Standard.
There is a reason why no Tier One nation is on the Gold Standard.
- Anonymous10 years ago
Yes.
- ?Lv 610 years ago
Yeah, sure. Would love to get gold as payment.
Source(s): ...better than getting paid in Trident Layers gum.... - Anonymous10 years ago
Because gold and silver are relatively soft metals they would wear down rather quickly and become less valuable. How would you account for that?
- r1b1c*Lv 710 years ago
Actually in the US you cant LEGALLY accept anything other the officially minted US currency. Doing so carries a penalty.