Scenario

Scenario: someone in late 1800's has saved a lot of coins, silver dollars, halves, quarters and dimes. Say 100 dollars in silver. He/she wants to exchange all this for gold coins. How can he do that? Where does he go, the local bank? Will anyone exchange that?

 

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I don't believe anyone would have been required to exchange gold for silver.

 

I would guess a bank.

 

Are you talking a one-to-one face value exchange?

 

I would imagine a bank would be the place to go as well.

 

Yes, someone with like 100 Morgans asking for 5 x $20 Gold coins.

 

Dude. If you've got a working time machine, you can do way better than hauling chunks of metal back and forth.

 

You can find the answer to this question in Roger Burdette's book, From Mine to Mint. LOL!

Chris

 

My guess would be a bank...Gold was legal US currency back then. You would just have to find it. I'm guessing most large banks could have accommodated this.

 

Well my intention was to bring back few rolls of BU 1909 S VDB to give one as a gift to everyone, but you are off the list...they're just chunks of metal to you

 

Until 1933 you could. Then Roosevelt made gold coins illegal to own as currency.

 

And I'll never forget my great-grandmother telling me how she exchanged her $5 indian collection for face value out of patriotism.

 

My Dad is still holding my great grandmother's $10 gold liberty. I guess she was bit less patriotic back then, lol

 

You could keep a small amount of gold.

 

Each person in a family could keep $100 face value gold coinage under the Executive Order. This worked out to an enormous amount of money per person based upon contemporary wages.

 

Wasn't the point of this order to reclaim the gold bullion held in large quantities by people of enormous wealth and businesses...not the savings of the average individual. Using an online inflation calculator (which isn't the most accurate thing)...$100 in 1929 is about $1360 today.