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Trivia: How old is the U.S. Dollar?

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
Lets see who gets this one right. When was the U.S. Dollar created?

Comments

  • FistFullOfDollarsFistFullOfDollars Posts: 359 ✭✭✭
    What does this have to do with PRECIOUS METALS?

    This question should be posted here


    I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>What does this have to do with PRECIOUS METALS?

    This question should be posted here >>





    Precious metals are priced in DOLLARS last time I checked. So in order to undestand more about the "value" of a precious metal, it might be helpful to understand exactly what it is that these metals are valued against.

    Make any sense to you?
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The US dollar that we currently know was born 8/15/71...age: 39 yrs - 2.8 months. Doesn't really matter much what came before it since earlier versions are no longer in existence other than as collectibles, etc.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>The US dollar that we currently know was born 8/15/71...age: 39 yrs - 2.8 months. Doesn't really matter much what came before it since earlier versions are no longer in existence other than as collectibles, etc.

    roadrunner >>





    Leave it to RR to spoil all the fun! image

    Of course, he is correct.
  • CiccioCiccio Posts: 1,405 ✭


    << <i>The US dollar that we currently know was born 8/15/71...age: 39 yrs - 2.8 months. Doesn't really matter much what came before it since earlier versions are no longer in existence other than as collectibles, etc.

    roadrunner >>



    RR, can you please detail your answer?
    What does it mean that earlier versions are no longer in existence?
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I don't think my answer is necessarily the real one. It's one of them. As far as when the original US dollar denominated in "x" grains of silver came into existence I'd have to go a googling to get the date and year right. 1793?

    The dollar prior to 1971 was backed by some sort of hard asset. Silver dollars, old classic 1795-1933 US gold coins, 1792-1971 US silver coins, US gold certificates, Silver certificates, etc are all examples of the dollar in some format. None of those circulate today other than as collectibles or bullion related items. All examples of an old time dollar system now long gone.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>

    << <i>The US dollar that we currently know was born 8/15/71...age: 39 yrs - 2.8 months. Doesn't really matter much what came before it since earlier versions are no longer in existence other than as collectibles, etc.

    roadrunner >>



    RR, can you please detail your answer?
    What does it mean that earlier versions are no longer in existence? >>




    I can help you with this one. In 1970, a dollar in your pocket was backed by gold....in 1971, that exact same dollar was now backed by nothing. So even though the paper nor ink nor physical design changed at all on that dollar, its entire premise changed drastically...thus evolving that 1970 dollar into some new creature. And since we talk about dollars in the current sense of what they are, the dollars in your pocket......regardless of when they were physically printed....were actually born in 1971.
  • CiccioCiccio Posts: 1,405 ✭
    Thank you for the explanation, roadrunner.
    Your answer now makes perfect sense to me. image
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    The gold/silver standard needed to be checked here?????
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