Message:

<p>[QUOTE=&quot;kaparthy, post: 3052959, member: 57463&quot;]I get the point. My attraction for numismatics began with Ayn Rand. It took me a long time to get past &quot;I just want bullion&quot; to understanding the objective nature of numismatic value. That said, those big, beautiful Morgan Dollars were also just &quot;debt notes.&quot; Silver cost 50 cents an ounce and was issued at $1.29. </p><p><br /></p><p>&nbsp;&quot;Gresham&#039;s Law&quot; (so-called) predicts that people of 1890 would have been running to the banks with stacks of paper money to get bags of silver coins and then exchanging bags of silver coins for rolls of gold coins, all to hoard the hard money and spend the paper and silver as fast as they could. That did not happen. If it did, all $5 Liberties would be AU/Unc today.</p><p><br /></p><p>In fact, about a third of all silver dollars are known in uncirculated grades because no one wanted them. They sat in bank vaults as backing for silver certificates. Silver dollars were popular in the South among poor people and were also popular in the West. But they never saw much action in the urban centers of trade of the industrial northeast and midwest.</p><p><br /></p><p>I used to believe all that stuff about fiat currency and the Germans with wheelbarrows of paper money. Over the years, I learned that <a href="https://necessaryfacts.blogspot.com/2011/08/numismatics-standard-of-proof-in.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://necessaryfacts.blogspot.com/2011/08/numismatics-standard-of-proof-in.html" rel="nofollow">numismatics is the standard of proof in economics.</a>[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in