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How much was a gold $20 Double Eagle worth in the late 1800s?
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<p>[QUOTE="Gam3rBlake, post: 5172471, member: 115909"]The question isn’t so much about the trust in paper money but rather about why people used silver instead of gold.</p><p><br /></p><p>Let’s say I’m living in those times. I have a good job and make $20/month.</p><p><br /></p><p>If I am offered the choice between 20x $1 Morgan Silver Dollars or 8x $2.50 Gold quarter Eagles..</p><p><br /></p><p>Why would I pick the silver?</p><p><br /></p><p>Even if I did pick the silver..wasn’t it possible to go to the bank with $20 in Morgan Dollars and exchange them for $20 in Double Eagles/Eagles/Half Eagles etc.,? Similar to how today you can go to a bank with 5x $20 bills and ask to exchange it for a $100 bill or viceversa.</p><p><br /></p><p>$20 is $20 right? Both are legal tender right?</p><p><br /></p><p>But either way they’re both precious metals so paper money doesn’t really matter.[/QUOTE]</p><p><br /></p>
[QUOTE="Gam3rBlake, post: 5172471, member: 115909"]The question isn’t so much about the trust in paper money but rather about why people used silver instead of gold. Let’s say I’m living in those times. I have a good job and make $20/month. If I am offered the choice between 20x $1 Morgan Silver Dollars or 8x $2.50 Gold quarter Eagles.. Why would I pick the silver? Even if I did pick the silver..wasn’t it possible to go to the bank with $20 in Morgan Dollars and exchange them for $20 in Double Eagles/Eagles/Half Eagles etc.,? Similar to how today you can go to a bank with 5x $20 bills and ask to exchange it for a $100 bill or viceversa. $20 is $20 right? Both are legal tender right? But either way they’re both precious metals so paper money doesn’t really matter.[/QUOTE]
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