Message:

<p>[QUOTE=&quot;Numbers, post: 999172, member: 11668&quot;]Correct.</p><p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p><p>Incorrect.&nbsp; Federal Reserve Notes are obligations of the US government, backed by the assets of the issuing Federal Reserve Bank.&nbsp; You&#039;re thinking of Federal Reserve BANK Notes, last issued in the 1930s...those were direct obligations of the Federal Reserve Banks.</p><p>&nbsp;</p><p><br /></p><p>&nbsp;</p><p>Wildly incorrect.&nbsp; Those constitutional restrictions apply to the States, not to the federal government.&nbsp; The federal government has been making government-issue paper currency legal tender since the 1860s, with some types such as United States Notes being unbacked by any specific assets.&nbsp; The creation of the Federal Reserve in 1913 didn&#039;t somehow allow the government to do anything it couldn&#039;t legally do before.</p><p>&nbsp;</p><p><br /></p><p>&nbsp;</p><p>The Eagle coins were made legal tender because that&#039;s the only way collectors are interested in them.&nbsp; Their predecessors, the American Arts Gold issues, were very unpopular since they were just bullion, with no legal tender value.&nbsp; (Bullion investors needn&#039;t care about the difference, but there are a lot more *coin* collectors than *medal* collectors....)&nbsp; But that has nothing to do with the issuing authority of the coins: Like all U.S. coins, they&#039;re issued by the U.S. Treasury.&nbsp; The Federal Reserve doesn&#039;t issue coins; it buys them from the Treasury at face value.&nbsp; *Currency* doesn&#039;t have value until the Fed issues it; *coin* has value as soon as the Mint issues it *to* the Fed.&nbsp; (Basically, coin still has the same status that United States Notes used to have in the old days.)</p><p>&nbsp;</p><p><br /></p><p>&nbsp;</p><p>This is nonsense.&nbsp; If you buy a 1794 silver dollar, certainly a government-issue coin, the tax is based on the purchase price, not the face value ($1) or the bullion value ($15-ish).&nbsp; Where did you get the idea that the face/bullion value of a coin somehow prevents tax from applying to any other value it may have?&nbsp; Not from anything in U.S. law....[/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