I originally purchased this Morgan back in the sixties for $1.00 and sold it for $44.00 yesterday

Gresham's Law ??

egads
Current ASEs facevalue is $1.00
Gold/Platinum Eagles .. $2.50, $5, $10, $20, $50, $100
are people melting those down ?

The "law" was defined to identify the transition from PM based coinage to other metal based coinage in the 1500s (or something like that for th English Shilling) for the gov't to increase their profit on making money. Of course the US early coinage to today was similar especially after FIAT movements.

Of course, with the example of the ASE, AGE, APEs etc the value is NOT the face value, but the PM value. And Gresham's law never takes into account more modern things, such as Numismatic valuations.

Either or .. it is an old, outdated concept and not a law.

 

Log in or Sign up to hide this ad.

I was a kid in the early 1960's and thought it was neat to hold an 80-year old coin.

 

If I got a circulated one in change at face value? Darn skippy.

Old? Sure. Outdated? I don't know -- even copper cents, with their tiny individual value, seem to be dwindling from circulation.

 

I prefer to buy high and sell low. How else will you guys get those bargain stories to tell?

 

Whatta mean "Oh Danny Boy?" Father Ray Kelly - Danny Boy (Lyric Video)

 

To answer where I had "gone" would quickly devolve into politics of the most "political" kind. Suffice it to say I was up to my ears helping lawyers in a famous (infamous?) recent Pennsylvania recount case understand why their case was pure garbage. I am kind of a specialist in election law in Pennsylvania, to the point that every two years, one of Pennsylvania's preeminent election lawyers invites me to present at a Continuing Legal Education seminar near Philly. This year, my presentation was on the utter folly of said recount petition.

 

Hey, thank you Onofrio. I watched a few of them. The Jackie Evenka dubbing over military burials made me cry.

 

I love you.

 

Don't forget to include in your calculation how the US Gov't removes old money from circulation, how Brinks may (etc, in another thread) remove silver coinage from recirculating.
Vending machines helped pushed standard coinage in circulation (ie, remove the old stuff), and your CoinStar machines removing money into the junk bin.

There's nothing that prevents, nor prevented the mint from creating coinage the size of IHC other than they were still basing valuation on PMs. They *could* still make IHC .. could, but they don't.

These "laws" also tend to exclude manufacturing costs.
If you make something and sell it for less than your manufacturing costs ... well, you won't be doing so good financially. This is why the Shilling reduced PMs in the first place thus causing the PM based valuation differentiation.

You *should* be able to use a ASE as ONE Dollar. It states it right on the coin. You Can take it to the bank and received One Dollar for it.
Recall the threads of convenience stores getting old coinage used for face value. It still have face value to some people.

And then you have the collectors of coinage, which the "law" actually also may ellude to, which is more of a modern past time. Think of all the penny collectors out there .. then maybe, possibly correlate some of it to old pennies being reduced in circulation.

Does that "law" include these modern situations.
Or is it a tad outdated ?

 

My point, Doug, is that numismatists are far better at repeating pithy little "laws" than they are at checking original sources and doing their own research.

 

Speaking of focusing on a special case ("numismatists") instead of the general principle ("people")...

 

When the case was withdrawn from Commonwealth Court, the lawyers I had been helping withdrew at that time. Another lawyer pushed it to U.S. District Court in Philly. He was doing it for the money.

 

Not by me, it ain't, and never will be.

 

Jeff, I find numismatists are MORE prone to this problem than even the Average Joe. I use the intellectual laziness of many coin people to my regular advantage. In coins, I believe none of what I hear, and only half of what I see.

 

I'm making an entire numismatic career out of doing the research legwork many refuse to do for themselves. Now, if only I could find a way to get paid for it....

 

It's called buying and selling based on superior knowledge. It doesn't make itself available every day, or even on every transaction, but over time, superior knowledge from more thorough research pays dividends. And it IS like dividends, too. It can occasionally be a windfall, but more often "a little something extra". Lagniappe, right, Onofrio?