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Why do govt's still mint PMs? - Page 2
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Thread: Why do govt's still mint PMs?

  1. #11
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    Quote Originally Posted by emt1581 View Post
    Something else I didn't know..or rather, had a feeling about but couldn't put my finger on. Why would they make something worth $1000 or $15 have a $1 face value?? Still don't understand why they put ANY face value on it instead of just making them silver rounds.

    Thanks!

    -Emt1581
    Interestingly enough, Ron Paul was part of the Gold Commission back in the 80's that, among other things, worked to get a gold bullion coin minted by the US Mint to challenge the S. African Krugerrand. He argued that the coin ought not have a face value, but was overruled.

  2. #12
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    Quote Originally Posted by argent_pur View Post
    Interestingly enough, Ron Paul was part of the Gold Commission back in the 80's that, among other things, worked to get a gold bullion coin minted by the US Mint to challenge the S. African Krugerrand. He argued that the coin ought not have a face value, but was overruled.
    Yeah I just don't get the purpose? I mean are there any idiots who actually walk into banks and try to deposit/cash these things??? Otherwise the face value would seem to serve no purpose other than when the dollar USED to be strong and would mean something in foreign markets (as maybe more reliable).

    Thanks!

    -Emt1581

  3. #13
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    Well, Ron Paul advocated not putting a face value on them because he wanted people to think of money as a weight instead of a name. TPTB, conversely, wanted the opposite.

    I saw a woman pay for a lotto ticket last year with a Silver Eagle. In my coin roll hunting expeditions, several tellers have told me stories of young kids bringing in ASE's, likely from parents' or grandparents' stash, to convert them to cash. The tellers simply split 'em up.

    You may have heard of the guy in Nevada who paid his employees in ASE's to drastically lower his tax bill. Of course, he was accosted by the IRS for that. The final outcome of this case is TBD, but in any case...though AGE's and ASE's are "technically" legal tender, it just shows that the gov't can break its own rules when it serves its purpose.

  4. #14
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    Quote Originally Posted by argent_pur View Post
    Well, Ron Paul advocated not putting a face value on them because he wanted people to think of money as a weight instead of a name. TPTB, conversely, wanted the opposite.

    I saw a woman pay for a lotto ticket last year with a Silver Eagle. In my coin roll hunting expeditions, several tellers have told me stories of young kids bringing in ASE's, likely from parents' or grandparents' stash, to convert them to cash. The tellers simply split 'em up.

    You may have heard of the guy in Nevada who paid his employees in ASE's to drastically lower his tax bill. Of course, he was accosted by the IRS for that. The final outcome of this case is TBD, but in any case...though AGE's and ASE's are "technically" legal tender, it just shows that the gov't can break its own rules when it serves its purpose.
    ...and the sheeple pretty much just bend over and take it. I'm convinced that the gov. has become FAR too powerful and basically do whatever it wants at this point. The people are so easy to brainwash that it's scary!! Seriously, give the morons a tax rebate or hand out of some kind and it's like giving a 3 year old candy!!!...Shuts them up and makes them obey.

    -Emt1581

  5. #15
    akak Guest

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    Quote Originally Posted by emt1581 View Post
    ...and the sheeple pretty much just bend over and take it. I'm convinced that the gov. has become FAR too powerful and basically do whatever it wants at this point. The people are so easy to brainwash that it's scary!! Seriously, give the morons a tax rebate or hand out of some kind and it's like giving a 3 year old candy!!!...Shuts them up and makes them obey.

    -Emt1581
    Emt, you see things far too clearly ..... get ready for an extended stay as a "guest" of the federal government at one of their "relocation camps" in the near future!


  6. #16
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    Quote Originally Posted by akak View Post
    Emt, you see things far too clearly ..... get ready for an extended stay as a "guest" of the federal government at one of their "relocation camps" in the near future!

    Molon Labe!!

    Or in the words of the great Al Bundy.... Let's Rock.

    -Emt1581

  7. #17
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    Default US Coinage

    United States Constitution

    Article I, Section 8 (a totally amusing section number, my emphasis), paragraph 1 and 5 state:

    (1) "The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;"

    and continues to paragraph 5,

    "To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;"

    So it appears that the, "value" of coinage must be stated somewhere and has historically been on the coin. It makes no difference in law if it is an out of line evaluation, just that it is required to be a stated value. Thus any mythical number on the silver and gold would fill the bill, the same way that a fiat currency has a stated value in dollars that means nothing.

    BTW, as I understand it, there is a requirement that all Silver and Gold coinage produced at the US Mint to be coined must be obtained from inside the USA. Last year, with demand so high, the one producer (contractor Sunshine Mining) ran a bit short and in spite of other US Manufacturers submitting samples of 999, the mint stuck with Sunshine, partially self creating a supply shortage.

    As an amusing aside, Howard Hughes bought out Sunshine mining when he was still around and also bought up large tracts of mining rights around Nevada as well as the casinos. That was around 1964 and well before the 1980's. Think he knew something?

  8. #18
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    As correct as you are Smokey, I'd have to say that at the time the Constitution was written, a dollar was not a thing in itself, as it is today, but was defined by a certain weight in gold or silver. Probably semantics, but still...

  9. #19
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    EMT read this http://www.plata.com.mx/mplata/artic...idarticulo=122

    You might want to look at some of the other hundreds of essays on the nature of money and precious metals used as money.. The Author Salinis Price is one of, if not the, top thinker in on Money and PM's.
    Hi Ho Silver ... Away

  10. #20
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    Quote Originally Posted by PSUDave View Post
    ...... I know there is the law that says they must produce enough product to meet public demand, but if they wanted everyone in paper, why wouldn't they just change the law? ....
    What would signal the public more that the US economy is tanking?

    To all of a sudden quit what has been described over the years as a very successful government program. At a time when most people are questioning the economic well-being of the Country.

    Talk about starting a Panic Buying Spree.
    Just as well take those fiat notes to the bathroom or fireplace just like the Germans had to after WWI and II.

    JMO,
    Gb

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