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<p>[QUOTE=&quot;Cloudsweeper99, post: 428527, member: 3011&quot;]The Coinage Act of 1792 defined a &quot;dollar&quot; as 371.25 grains of fine silver.&nbsp; So the intrinsic value of the dollar equalled the face value since they were one and the same thing.&nbsp; The only time the intrinsic value can differ from the face value is when the dollar is valued by some characteristic other than the weight of the metal by which the coin is defined.&nbsp; So it turns out that there has been a coin in this country equal to face value.</p><p><br /></p><p>Edit:&nbsp; I would also disagree that seniorage is part of intrinsic value.&nbsp; It is the additional manufacturing cost for turning silver into coin form, but 371.25 grains of silver was equal to $1 before and after it was put into coin form.[/QUOTE]</p><p><br /></p>

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