What's In Your Pocket?This article, originally written in 2008, was updated on January 24, 2011 and again on April 13, 2019.
January 25, 2008
The United States Mint has just announced the availability of the $50.00 gold coin. Under the U.S. Constitution, the congress has the power "to coin money, and regulate the value thereof." (Article 1, section 8). Under the authority of congress, an Act of April 2, 1792, (1 Story's L. U. S. 229) was enacted stating “That there shall be from time to time, struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values, and descriptions…” Today, not even the “copper penny” is made with copper because of its expense.; Copper was removed completely from pennies in 1982. Here are a couple of pictures of the new coin (be sure to continue reading after the pictures):
During the Civil War, there was a shortage of “real money”, so Lincoln authorized the issuance of paper money (green backs). There is NO Constitutional provision for the printing of money. This was not an oversight. The Founding Fathers had already experienced the evils of paper, fiat money. In order to get around the unconstitutionality of paper money, each bill was imprinted with either “gold certificate” or “silver certificate” which allowed the bearer to exchange the paper money for silver or gold. In the case of a dollar bill, a bearer would be given a real silver dollar in exchange. For a $20 bill, the bearer would be given a $20 gold coin. A picture of a “silver certificate” dollar bill is shown below. Note the header and footer of the bill:
In 1913, the unconstitutional institution, the Federal Reserve Bank was established. Please note that the Federal Reserve Bank is NOT a branch of the Federal Government, but a private corporation. The Federal Reserve Bank’s only association with the United States Treasury is that the Federal Reserve Bank lends money to the U.S. Treasury. This money is in the form of a Federal Reserve Note. As you can see below, the bearer of one of these unconstitutional fiat paper notes will not receive gold or silver (as mandated by the Constitution) in exchange for the paper.
Still have some silver or gold certificates? Too bad, congress has declared that they may no longer be redeemed for gold or silver. The last silver and gold coins minted at face value were in 1963, leaving even the coins that are minted to be unconstitutional minted (remember, coins must be minted in gold, silver or copper).
So, this new $50 gold coin is a good deal! Just go to your bank, plunk down a Ulysses S. Grant $50 bill and get a brand, spanking-new $50.00 gold coin. Wouldn't’t that be nice! You would have to plunk down
almost 9 over 9almost 17 Benjamin Franklin’s ($850 $1,300$1,660) to get one of these coins. This was the price in December 2008. As of April 13, 2019, these coins, if you could find them, are going for more than $1660. One of the problems with fiat currency is that it causes inflation. So, how much is that George Washington Dollar that’s in your pocket? Silver dollars from the U.S. Mint start at$36.00 $45.95$55.95 each. Do the math. It is worth less thanone of those unconstitutional nickels plus onetwo of those unconstitutional pennies that are jingling around in your pocket (sixtwo cents). Math: $1.00 Dollar Bill divided by $55.95 = $0.02! Did you really think that the value of products we buy has really increased that much? No, it is INFLATION.
Our paper money used to be backed by gold in Fort Knox. Today, it is backed by “The full faith and credit of the U.S. Government”. In today’s economy, how much “faith” do you have in the government? The AAA credit rating of the U.S. Government is about to take a hit (http://www.ft.com/cms/s/0/40f3a2be-bfa9-11dc-8052-0000779fd2ac.html) (requires subscription).
Update 07/25/2011: The US [paper] dollar, which turned 150 this week, is finally starting to act its age (requires subscription). In 1861, people getting paid in the untried new paper currency initially were wary, sending its value sharply lower versus specie. The phrase “not worth a Continental” showed their scepticism about fiat currency.
Did you know that all the personal income tax collected by the Federal Government goes only to paying the interest on loans, and no money towards the principle? The more the Feds spend, the more inflation we have. Here are some interesting links if you want to find out more about the situation we are in:
http://en.wikipedia.org/wiki/Federal_Reserve_Note
https://www.history.com/news/8-things-you-may-not-know-about-american-money
And they wonder why people don’t save more money!
Mike
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