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Message:: [QUOTE="medoraman, post: 1680403, member: 26302"]I never stuck one word into your mouth. This is your post. You stated point blank that fiat would "fail" if everyone had a metal alternative. FRN is backed by bonds, pretty much the definition of fiat money. FRN's did not fail, in fact people PREFERRED THEM. This is evidenced by very well worn paper money from the period, and our records of the money taken out of circulation because it was too worn to still be used, versus the LACK of worn gold coins, even though gold wears much faster than coins today. Silver was freely available, and anyone who preferred them could use them. However, silver dollars also did not circulate nearly to the extent of paper money. Gold did not circulate, FRN's DID. Gold certificates would have been backed by gold, but again it appears gold and silver certificates circulated at par with US notes and FRN's. All of them circulated MUCH more than gold did. As to premiums on junk silver, I see it for sale online right this second for very slightly over 21x face. Its a touch high, but like I said they usually run a touch higher in downward movements. People rush to buy at the new "deal" of a price, though you have to be careful trying to "catch a falling knife". Btw, the premiums on bullion ASE's seem about $1 higher than normal right now too. I am not trying to put words in your mouth any more than you attempt to do to me.[/QUOTE]