Could ASE's be made into $100 face circulating coins?

WingedLiberty1957

I mean American Silver Eagles are ALREADY legal tender money in the US with a face value of One Dollar. So you could spend them for $1.

Is there some sort of law or other "fly in the ointment" preventing the USMint from stamping "One Hundred Dollars" on American Silver Eagles starting in say 2013 and having them circulate as legal tender coinage?

I guess there could be confusion on the face value on Silver Eagles minted before 2013 -- since they would have "One Dollar" stamped on them. So I suppose this change would need to coincide with a major design change to mitigate confusion by the banks and public.

I just think it would be VERY COOL if there was a CIRCULATING silver "dollar" (really a silver hundred dollar) coin.

What exactly is preventing this from happening?

It would be interesting to take some other old classic coin design and turn it into a circulating one hundred dollar silver coin that people could get from their bank at "face" value that could be spent at any time for their acquisition cost.

Baley

Nothing "cool" ever circulates; it gets withdrawn, if not by hoarders according to Gresham's law, then by "collectors" who put it in a coffee can, junk drawer, 2x2, album, or plastic capsule because it's different.

GeorgeKellogg

Aside from other considerations, ASEs are .999 fine silver, which is too soft for a circulating coin. As a minimum, the metallic composition would have to be changed to .900 fine.

WingedLiberty1957

I could happily live with a circulating 90% silver coin!!

I guess I wonder why the mint even bothers stamping "One Dollar" on ASE's ... nobody is going to spend them for $1

Why didn't they stamp "One Hundred Dollars" to begin with (seems like an arbitrary decision).

lkeigwin

I would love to see a $100 circulating coin. Counterfeiters would love it too.
Lance.

Zoins

I doubt they would circulate right now as people would simply hoard the silver coins in exchange for paper money or clad at face value.

If there is a loss of faith in the US dollar, perhaps the currency would have to become backed by one or more metals again.

messydesk

<< <i>I guess I wonder why the mint even bothers stamping "One Dollar" on ASE's ... nobody is going to spend them for $1 >>


More absurd is the "Quarter Dollar" denomination on the 5 oz. hockey pucks.


<< <i>Why didn't they stamp "One Hundred Dollars" to begin with (seems like an arbitrary decision). >>


Because Congress made the law that way.

Overdate

<< More absurd is the "Quarter Dollar" denomination on the 5 oz. hockey pucks. >>

Well, it does provide protection against silver dropping below five cents per ounce.

I was starting to collect these, but quit after I accidentally spent one.

LindeDad

Well they put $1 on a piece of copper and it doesn't circulate and the $100 coin is Platinum which has never circulated.

Simple fact is coins don't circulate if you keep them locked up.

Jcarney

<< <i>What exactly is preventing this from happening? >>



The fact that we're on a fiat monetary system?

jmski52

I remember a time when coins made of 90% silver were actually used as money. It was the darnest thing you ever saw.

bronco2078

They have invested 50 years time in breaking the link between silver and money and its worked out pretty well for them. They aren't going to undo all that hard work

BryceM

<< <i>I remember a time when coins made of 90% silver were actually used as money. It was the darnest thing you ever saw. >>



Back then gas was 15 cents a gallon, a quarter would buy a hamburger, fries, and a drink, a dollar would get you a nice diner.

Funny. The silver content of those coins would buy the exact same things today.

A gas station was recently selling gas at 20 cents a gallon - if you paid with pre-64 silver coins. It was a good deal for the gas station really.

Fountainhead

<< <i>Is there some sort of law or other "fly in the ointment" preventing the USMint from stamping "One Hundred Dollars" on American Silver Eagles starting in say 2013 and having them circulate as legal tender coinage? >>



Yes, there is. After the U.S. went off the gold standard forty years ago the agreement hammered out through the World Bank and IMF was that participating nations shall never again use precious metal for circulating coinage; all coins were now to be "fiat" money, just like paper currency.

Bullion coins, of course, usually have value far in excess of their face and are not considered circulating. But an exception was made for limited-mintage commemorative coins. That's why the Canadians can mint millions of $20 silver coins containing $8 of silver which are sold at face value; the limit order is a maximum of three coins per household.

noow

Be extra careful not to lose your coins in vending machines...

GrumpyEd

The nice thing is you could stack them and never worry about the value going below what you paid and just hope silver passes $100 someday.

The downside is paying $100 an oz and that it might not exceed that for a long time and getting no interest while you wait.

LotsoLuck

adamlaneus

if you had a hundred dollar coin, you would also need smoething to spend it on or the idea would fail.

like a coin operated gasoline pump. that might work.