I want a cc morgan!!!

There are several reasons...it all relates to the great depression and I don't have the time to type it all here. Basically, dwindling gold reserves due to war combined with economic troubles caused it to fail. In fact, countries who dumped the gold standard earlier than others (ex: Britian) recovered faster economically than others.

Read up on the Great Depression and WWII if you want the full explanation.

 

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A gold or silver standard couldn't possibly ever work again. The coins would have to be so small that it would be impractical. There's just not enough supply to add it in to our current coinage, with as much as they produce these days. Too many people exist now. Requires much higher mintages.

We got bailed out from the last depression once the dollar was devalued and that backing was removed. Nobody at the time realized what was happening. But we do now. Anybody that saved metals through it came out great. Everyone else's money became inflated from then on. Now the added benefit to having no backing is that they can create as much "phony wealth" as they want out of thin air.

But now that we've ran into major problems, a lot of people are talking about the devaluation of the dollar, possibly to a world currency. It will happen out of the blue if they do it. Don't expect any warning. Metals will protect that wealth again. Their fiat currency will be devalued by whatever they decide it will take to get us out of this mess. I bet it's coming.
They don't have gold to take away this time. So it would just have to be a formal devaluation.

BTW, if you were a kid in 1951, the $100 it would have taken you to buy that 1936 proof set would have been worth about $1,000 dollars to a kid today. If you lived back then you probably wouldn't have gotten it anyway. You probably wouldn't have had $5 to spend.

I read a book about a local town nearby that talked about the old days. A clerk working at a gas station in the 50's made about 0.15 an hour. So a week's pay, for a clerk, more or less was about $5. Gas was 0.10 a gallon and a loaf of bread was 0.10. A candy bar was 0.10. That $5 bought a lot. $100-300 in the early 50s was a lot of money for even an adult. That would have been a major purchase. That probably would have covered a couple months worth of bills for an average family.
These days, I pay $81 a month to DirectTV. The lowest package including HD channels.

You could have stashed away that $10 bill in the 50's (which was *worth* soooooo much *MONEY*........2 weeks pay to some people!!), saved it until today and spent it today just like any other $10 bill in 2009. Only if you would have spent it back then, you could have bought and enjoyed 100 gallons of gas. Today, you're lucky if it buys you 4 gallons.

A $10 bill is still a $10 bill. A legal tender, federal reserve note. A $10 bill will get you lunch and a handful of change now.

Some day you might have a kid and he'll ask you why you didn't buy a 2009 gold double eagle high relief when they first came out. Because they were only selling them for $1,200.00. By that time they might be worth 10 grand. Based on the past, I'd say the sky's the limit.

For the most part, the values of things don't change. The dollars it takes to buy them does. We already know the Fed has printed trillions the past 8 years and they plan to print trillions more the next few years. A fool can figure out what's next.

 

Thanks that was actually very informative and helpful, that is very true though. I kinda stray away from the new US mint coins that are so much (besides the fact that they are so much) I fail to see how that it is even a remotely safe investment, so I go for the older coins that even if they did drop in value i would still enjoy having, but thats just me thanks though!:hail:

 

I have a 1882-cc NGC MS63 that I will be upgrading shortly.
Your PM's are off so I could not contact you. Let me know
if you are interested
Mike

 

I am interested im going to try to turn them on

 

It can be a bit of a challenge to find. Click on User CP on the tool bar at the top of the screen. Then, click on "Edit Options" in the left hand column...there is a check on the page that opens.

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thanks jsut did it

 

No problem.

 

But if everything did crash, coins aren't going to be useful. Water, soap, paper, and other such objects will be worth alot more, and be used in trades. Coins will just be metal.

Speedy

 

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Maybe because he is new - it is not allowed to be turned on ???

 

Yeah, but what about the person that has everything they need? When somebody wants to buy something from them? Something has to be used as a recognized store of wealth.

 

True speedy im going to spend all of my money on soap GREAT ADVICE MAN!!!