A Quote by Michael Maloney
Gold and Silver have been the predominant currency for 4,500 years, but they became money in Lydia, in about 680 B.C. When they were minted into coins of equal weight in order to make trade easier and smoother. But it was when coinage first made its appearance in Athens that it truly flourished.
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The Jacksonians were not monetary nationalists; specie was specie, and they saw no reason that foreign gold or silver coins should not circulate with the same full privileges as American-minted coins.
Under the gold standard gold is money and money is gold. It is immaterial whether or not the laws assign legal tender quality only to gold coins minted by the government.
I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin to disintegrate.
The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the People, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuation in the value of paper currency or any other substitute for money intrinsic value that may come into use.
The easiest way to buy silver was to take a paper dollar to the bank and ask for change. So much coinage was disappearing from circulation that the government was forced to remove silver from U.S. coinage beginning in 1965.
Article 1 Section 8 of the Constitution says Congress has the ability to coin money and regulate the currency and doesn't say anything about gold or silver.
Many gold and silver experts will recommend you buy numismatic coins - rare and old coins. If you are not a rare coin expert, I'd encourage you to stay away from them. New investors often pay too much for rare coins that are not really rare.
I went to America in the winter of 1872-73, authorised to secure, if I could, the passage of a bill demonetising silver. It was in the interest of those I represented - the governors of the Bank of England - to have it done. By 1873, gold coins were the only form of coin money.
When I was on tour, people would say "We don't need a value-based currency, we can go out and buy gold and silver with US dollars now." I mean that it is so utterly brain dead, because they miss the whole point: the reason we need to have a gold and silver based currency is to bring discipline to the financial system so the government can't go out and do all sorts of bad things.
Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.
Gold is not overvalued at $500, and gold will not be overvalued at $1,500 or $2,000. The real money is buying gold and putting it away.
When depreciated, mutilated, or debased coinage (or currency) is in concurrent circulation with money of high value in terms of precious metals, the good money automatically disappears.
Money is made at Christmas out of holly and mistletoe, but who save the vendors would greatly care if no green branch were procurable? One symbol, indeed, has obscured all others-the minted round of metal. And one may safely say that, of all the ages since a coin first became the symbol of power, ours is that in which it yields to the majority of its possessors the poorest return in heart's contentment.
Place 5 percent to 10 percent of your total assets in gold bullion and selected gold and silver coins. No one knows with certainty whether the coming depression will be inflationary or deflationary.
I have heard your orators speak on many questions. One among them the so-called vital question of money which is above all things the most coveted commodity but I, as a Jainist, in the name of my countrymen and of my country, would offer you as the medium of the most perfect exchange between us, henceforth and forever, the indestructible, the unchangeable, the universal currency of good will and peace, and this, my brothers and sisters, is a currency that is not interchangeable with silver and gold, it is a currency of the heart, of the good life, of the highest estate on the earth.
Sometimes friends do foolish things. My father told me that true friends are like gold coins. Ships are wrecked by storms and lie for hundreds of years on the ocean floor. Worms destroy the wood. Iron corrodes. Silver turns black but gold doesn't change in sea water. It loses none of its brilliance or colour. It comes up the same. It survives shipwrecks and time.
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