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Do you think the coin shortage is a legit Fuck up???
2020 Jul 14, 6:28am 800 views 2 comments
by Misc follow (2)
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Onvacation
2020 Jul 14, 7:11pm
Onvacation
2020 Jul 14, 7:11pm
Misc says
The current melt value of a US nickel is $0.041 and the melt value of a quarter is $0.040. So a quarter is intrinsically less valuable than a nickel. Modern coins are just a metallic representation of fiat money; tokens.
Money was silver and gold at the beginning of our country. It had intrinsic value outside of the coin's face. In 1963 the US stopped making coins out of silver and went to base metal. A decade later we went off the gold standard. Inflation took off. I remember buying a candy bar for a nickel in 1970. Now it costs a buck fifty.
Today's money only has value because it is backed by the "full faith and credit of the US government"; fiat. Lately the government has been creating a lot of money. Maybe they know that soon even the debased value of our coinage will be worth more than the face value.
Save your pennies and nickels.
Do you think the coin shortage with the attendant refusal of some businesses to deal with coins at all is a legit Fuck up or do you think this is a first step towards a cashless society???
The current melt value of a US nickel is $0.041 and the melt value of a quarter is $0.040. So a quarter is intrinsically less valuable than a nickel. Modern coins are just a metallic representation of fiat money; tokens.
Money was silver and gold at the beginning of our country. It had intrinsic value outside of the coin's face. In 1963 the US stopped making coins out of silver and went to base metal. A decade later we went off the gold standard. Inflation took off. I remember buying a candy bar for a nickel in 1970. Now it costs a buck fifty.
Today's money only has value because it is backed by the "full faith and credit of the US government"; fiat. Lately the government has been creating a lot of money. Maybe they know that soon even the debased value of our coinage will be worth more than the face value.
Save your pennies and nickels.
Since I believe that crime is about to skyrocket, put me down for us going to a cashless society fairly quickly.