Message:

<p>[QUOTE=&quot;schatzy, post: 535159, member: 17401&quot;]The act authorized the conversion of not exceeding 350,000,000 standard <a href="http://en.wikipedia.org/wiki/Silver_dollar" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Silver_dollar" rel="nofollow"><span style="color: #0066cc">silver dollars</span></a> into <a href="http://en.wikipedia.org/wiki/Bullion" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Bullion" rel="nofollow"><span style="color: #0066cc">bullion</span></a> and its sale, or use for subsidiary silver coinage, and directed purchase of domestic silver for recoinage of a like number of dollars. Under the Act, 270,232,722 standard silver dollars were converted into bullion (259,121,554 for sale to <a href="http://en.wikipedia.org/wiki/Great_Britain" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Great_Britain" rel="nofollow"><span style="color: #0066cc">Great Britain</span></a> at $1.00 per fine <a href="http://en.wikipedia.org/wiki/Ounce" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Ounce" rel="nofollow"><span style="color: #0066cc">ounce</span></a>, plus mint charges, and 11,111,168 for subsidiary silver coinage), the equivalent of about 209,000,000 fine ounces of silver. Between 1920 and 1933, under the Act, the same quantity of silver was purchased from the output of American <a href="http://en.wikipedia.org/wiki/Mining" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Mining" rel="nofollow"><span style="color: #0066cc">mines</span></a>, at a fixed price of $1 per ounce, from which 270,232,722 standard silver dollars were recoined. The fixed price of $1 per ounce was above the market rate and acted as a federal subsidy to the silver mining industry.[/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