Message:

<p>[QUOTE=&quot;Texas John, post: 1048719, member: 25813&quot;]Silver was eliminated from largely eliminated from coinage in 1964 for one reason - cost. As the intrinsic value&nbsp; 90% silver coins approached their face value, it became obvious that their content would have to change, because hoarding would soon begin. Negative seigniorage plus ever diminishing circulation = critical problem.</p><p><br /></p><p>There were occasions in the 19th Century when gold coins disappeared from circulation because their intrinsic value exceeded their face value. Coins of all types disappeared from circulation when the Civil War started. A gold standard is no guarantee that the coinage&#039;s value will remain stable.</p><p><br /></p><p>United States Notes ceased being printed in 1971 because the Treasury&nbsp; finally got Congress to repeal a Civil War era law mandating around $180&nbsp; million worth of such notes to be maintained in circulation. The reason for&nbsp; this was simply efficiency - USNs were the only notes other than FRNs&nbsp; then being actively circulated. The mandated amount was negligible&nbsp; compared to the overall money supply, and it was expensive to keep&nbsp; separate books on the relatively few USNs, not to mention separate&nbsp; manufacturing, storage and destruction of worn notes.</p><p><br /></p><p>After the elimination of gold from circulation in 1933, USNs had the very same&nbsp; backing as FRNs (redeemable on demand for &quot;lawful money&quot;), and therefore&nbsp; they presented no other difficulties. No need to conjure up dark conspiracies to explain their retirement.[/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