Should We Bring Back Larger Denomination Coins?? $5, $10, $20...
lope208
Posts: 1,960 ✭
I'll be the first to admit that I don't know too much about classic gold.
I don't even own an example yet (although I plan to change that in 2009).
But a study of the denominations that were minted shows an interesting fact:
unlike unpopular coins from the 19th century like the 2 and 20 cent coins,
gold issues were minted for a LONG time...a few of them in excess of 130 years.
Now, one could assume based upon the number of nice, circulated pieces available
today that these coins were commonly used in commerce and circulated fairly well.
If we could circulate denominations of this size in the 1800's, why can't we bring
them back today? Not all of them, but at least maybe a $10 and a $20 coin. Maybe
they could be made out of silver once again. Would it work if they were clad? Or
do you think it would have to have some amount of precious metal for people to take
seriously? Isn't it time to stop wasting money on billions of dollar coins and begin
producing larger value coins again?
Let's hear some viewpoints.
I don't even own an example yet (although I plan to change that in 2009).
But a study of the denominations that were minted shows an interesting fact:
unlike unpopular coins from the 19th century like the 2 and 20 cent coins,
gold issues were minted for a LONG time...a few of them in excess of 130 years.
Now, one could assume based upon the number of nice, circulated pieces available
today that these coins were commonly used in commerce and circulated fairly well.
If we could circulate denominations of this size in the 1800's, why can't we bring
them back today? Not all of them, but at least maybe a $10 and a $20 coin. Maybe
they could be made out of silver once again. Would it work if they were clad? Or
do you think it would have to have some amount of precious metal for people to take
seriously? Isn't it time to stop wasting money on billions of dollar coins and begin
producing larger value coins again?
Let's hear some viewpoints.
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0
Comments
please cease and desist.
The modern age, with credit cards, debit cards, instant transfer and personal checks pretty much means that commerce does not need currency in these denominations.
Banks can call each other on the phone rather than send hard cash via stage coach or train.
And i'm pretty sure that the government likes trackable electronic transfers over untrackable currency at these levels.
I'd love to see larger denomination coins; I am resigned to the fact that they would be made of copper.
If the government is unwilling to print paper money over $100, I suspect there is little hope for a coin of an even higher value.
Fortunately, there are plenty of those old gold coins around.
Perhaps in time the population will lose enough trust so that a precious metal goes back into a coin. But that sort of loss of trust will come with all sorts of unpleasant baggage, as in total economic collapse must occur first. Trust is important for a whole bunch of reasons and if we lose it, we lose much of the power of our economic engine. Too bad the crooks at the highest levels do not grasp this.
The major problem would be ith counterfeiting though this could probably be suppressed a lot.
Hoard the keys.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
<< <i>i think there is a law in the USA about common sense ideas.
please cease and desist. >>
Agree. They would be mass produced by counterfeiters---especially the Chinese.
Worry is the interest you pay on a debt you may not owe.
<< <i>I think that I have read on here before that Eagles and Double Eagles weren't commonly seen in day to day commerce. >>
yeah, I believe even back then they didn't circulate too much. But then again, back then 10 and 20 dollars was a lot! The average weekly wages in the early 1880's (I'm using that example because that's what I know) was about 10-16$. So imagine spending a coin that's worth your weeks pay! It would have to be about a 200$ coin. lol
<< <i> But then again, back then 10 and 20 dollars was a lot! The average weekly wages in the early 1880's (I'm using that example because that's what I know) was about 10-16$. So imagine spending a coin that's worth your weeks pay! It would have to be about a 200$ coin. lol >>
Fortunately, I think many of the collectors and dealers on these forums make more than $200/week. That would be an annual salaray of --stand by-- $10,000/Year!
<< <i>I would enjoy 5,10,20 or 25 and 50 coins but twill never happen. >>
Never say never. Given enough inflation, they'll be back -- but made out of aluminum.
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>I think the Kennedy and the golden dollars should have their decimal points moved over 1 place. Make the Kennedy $5 and the Sacs and Prezs $10. Then they would actually matter because they actually buy something. >>
...and make it retroactive!
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<< <i>
<< <i>i think there is a law in the USA about common sense ideas.
please cease and desist. >>
Agree. They would be mass produced by counterfeiters---especially the Chinese. >>
Just curious, how is this any different from what they could be doing now? With all the Prez designs,
couldn't they just as easily reproduce them and make hundreds of thousands of dollars worth?
The metal content in a Prez dollar is currently worth about $0.025. Tell me that it wouldn't be profitable
for the Chinese to counterfeit our dollars?
commoncents123, JrGMan2004, Coll3ctor (2), Dabigkahuna, BAJJERFAN, Boom, GRANDAM, newsman, cohodk, kklambo, seateddime, ajia, mirabela, Weather11am, keepdachange, gsa1fan, cone10
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siliconvalleycoins.com
<< <i>
<< <i>
<< <i>i think there is a law in the USA about common sense ideas.
please cease and desist. >>
Agree. They would be mass produced by counterfeiters---especially the Chinese. >>
Just curious, how is this any different from what they could be doing now? With all the Prez designs,
couldn't they just as easily reproduce them and make hundreds of thousands of dollars worth?
The metal content in a Prez dollar is currently worth about $0.025. Tell me that it wouldn't be profitable
for the Chinese to counterfeit our dollars? >>
I think there would be a lot more incentive to mass counterfeit a $10 or $20 coin than a $1 coin.
Worry is the interest you pay on a debt you may not owe.