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How much was a gold $20 Double Eagle worth in the late 1800s?
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<p>[QUOTE="Parthicus, post: 5172577, member: 81887"]It all depends on the situation. So, suppose you took your week's pay of a shiny $5 gold piece, and on the way home decided to stop at a saloon to wet your whistle. You walk up to the bar and order a glass of beer, and the bartender says "That'll be five cents." So you plunk down your gold coin, and the bartender gives you the longest stare before heaving a huge sigh, walking over to the till, and very slowly counting out your $4.95 change. Which you now get to carry home, instead of your $5 gold piece.</p><p><br /></p><p>My point being, converting all your money into high denomination gold makes it a lot harder to conduct most day-to-day transactions, at least without getting back huge piles of silver coin and annoying any business whose stock of small change you've just depleted. Gold coins were more convenient as a storehouse of health, but not as much for small daily transactions. Also agree that gold circulated more often in the west, where proximity to the gold mines and the elevated prices on the frontier made it more practical for daily use.[/QUOTE]</p><p><br /></p>
[QUOTE="Parthicus, post: 5172577, member: 81887"]It all depends on the situation. So, suppose you took your week's pay of a shiny $5 gold piece, and on the way home decided to stop at a saloon to wet your whistle. You walk up to the bar and order a glass of beer, and the bartender says "That'll be five cents." So you plunk down your gold coin, and the bartender gives you the longest stare before heaving a huge sigh, walking over to the till, and very slowly counting out your $4.95 change. Which you now get to carry home, instead of your $5 gold piece. My point being, converting all your money into high denomination gold makes it a lot harder to conduct most day-to-day transactions, at least without getting back huge piles of silver coin and annoying any business whose stock of small change you've just depleted. Gold coins were more convenient as a storehouse of health, but not as much for small daily transactions. Also agree that gold circulated more often in the west, where proximity to the gold mines and the elevated prices on the frontier made it more practical for daily use.[/QUOTE]
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