AV St. Gaudens Double Eagle 1924 MS-67

You couldn't redeem for gold after 1933, but you could redeem for silver until June 24th, 1968.
A government does not have to issue its currency via an independent privately held central bank like the Federal Reserve. Rather, it can, if it wishes, issue its own currency and back that currency by precious metals. The United States Treasury did just that when it issued silver certificates from 1878 to 1964 and gold certificates from 1863-1933. In accordance with an Act of Congress, dated February 28, 1878, the Department of the Treasury issued to the public Silver Certificates which could be exchanged for silver dollars.
Silver and gold certificates were legal tender AND entitled the holder to redeem them for the equivalent value of silver or gold. Gold and silver certificates were issued by the United Treasury and were backed by the precious metals held at the Treasury. To redeem a gold or silver certificate holders presented them at a bank to receive the equivalent value in silver or gold coins then in circulation in the United States.
Redemption of gold certificates ended in 1933 with Franklin Roosevelt’s executive order nationalizing (confiscating) the United States citizens’ gold.
In 1878 when silver certificates were first issued, a holder would receive Morgan Silver dollars. In 1963 silver certificate holders could receive Morgan Silver dollars (years minted:1878-1904 and 1921) or Peace Silver Dollars (years minted: 1921-1928, 1934 and 1935). Silver dollars, however, were in short supply by the early 1960’s
Pursuant to the Act of June 4, 1963 (31 U.S.C. 405a-1) U.S. Treasury C. Douglas Dillon announced in March 1964 the end of redemption of silver certificates to coincide with the cessation of mintage of silver coinage at the end of that year**. The Act allowed the exchange of silver certificates for silver bullion until June 24, 1968.

 

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Yes and No/ take for ex: foreign exchange rates. A couple of days ago, our Bank of Canada Head Banker talked down our Can. Dollar versus the US Dollar/ World tensions caused high oil prices ten years ago, now with a Civil War in Syria/Russian invasion of Eastern Ukraine....oil prices are not affected. But back then we were warned about running out of oil, caused panic in 73/ now the World realizes there is a glut of oil. With gold, its getting harder and taking more money to mine a few ounces. All of the gold ever mined would fit in the infield of Yankee Stadium, stacked 10 feet. I myself have never ever bought gold boullion/Krugerrands/Maple Leaf coins. I prefer only high quality numismatic gold from 650BC-present day, these are a far better investment/ but also offer enjoyment/ history/ nice eye candy. This one arrived in mail today
AV Ecu d'or au Soleil 1535-B Rouen Mint/France
Louis XIII 1610-43
3.87g./25mm. FDC

 

Thanks for that info!
John

 

I absolutely agree with you about our current money being worthless.
There is nothing backing it except the faith in our gov't to pay it's debts. Which we are not doing. It's a big pyramid scheme in a consumer driven economy, which is destined for inflation and eventual collapse.

 

If anything gold is over valued. It has very little industrial use so it's only real USE is for jewelry and there is plenty for that.

They say the price is manipulated, what evidence of that do they provide? (and since the banks have been selling a lot of gold, why wouldn't they manipulate the price to be higher?)

You could exchange silver certificates fro silver until 1968.

They also issued United States Notes (red seal)on their own account up until 1966. The Federal Reserve had nothing to do with those. And even though US citizen could't redeem them for it, the Federal reserve notes had fractional gold reserves behind them until 1971.

 

She never looked so good.

 

Gold is valuable in industrial use because it is almost as good a conductor as silver but does not corrode. Many high end electronics contain gold. That also makes it the perfect money. People have been trying for thousands of years to replicate gold (Newton was an alchemist!) even when the price was relatively low. Gold will always be valuable. Manipulating the price isn't as simple as making it real high, no one would buy it. Their manipulation involves making the price volatile and having insider information on when it will spike or drop.

 

Interesting.

 

@Sean5150, that's a BeLOMO Triplet 10x in your avatar, right? If so, it's exactly what I got. Let me give you a tip. Keep those little screws well-tightened. As you open and close it, the screws loosen. One of mine eventually fell out. Try replacing one of those little buggers.

 

That's funny, it's started to loosen up. I still love it though.

 

Love mine, too. These are quality lenses.

 

@Sean5150
@eddiespin

That's so funny, this one is the piece of mine.
I already changed the screws.

 

We had the inflation, and if the collapse happens centuries from now -- probably from other causes -- I wouldn't worry.

 

That's exactly the one I got! Minus a screw, lol...

 

Seems like your President Trump knows that....he may bring back the, "good old days" of the US currency backed by the gold reserves/standard.

 

Highly unlikely...as in more likely Congressman John Lewis nominates him for "Man Of The Year."