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<p>[QUOTE=&quot;cmbdii, post: 3923, member: 655&quot;]Fiat money is money issued by fiat, unbacked by precious metal.&nbsp; It&#039;s not authorized in our Constitution and is a result of an unlawful act of Congress.&nbsp; There&#039;s a difference between intrinsic value and subjective value, so your statement that&nbsp; fiat money is a form of money with no intrinsic value to to most people isn&#039;t exactly right.&nbsp; A coin has intrinsic value to the extent that the material used to make it is valuable.</p><p><br /></p><p>&nbsp; The only reason that people regard fiat money as money is that they are required to do so by legal tender laws, which in this country are unlawful.&nbsp; Your fantasy of seashells picked up out of the sand and used as money is just that, a fantasy.&nbsp; Items of relative rarity have historically been used as money, not common items which anyone can amass by bending over and scooping them up off of the ground.&nbsp; &nbsp; </p><p><br /></p><p>&nbsp; Our money has been made of precious metal and valuable industrial metals(like copper and nickel) assigned a value by a standard which made pennies redeemable for silver or gold for most of our history as a country.&nbsp; Our money today is fiat money: coins made of base metals and paper backed only by snickers and sly grins.&nbsp; It&#039;s in the process of collapsing, too in case you haven&#039;t noticed.&nbsp; Prices have been rising not because of scarcities but because of declining value of our paper currency.</p><p><br /></p><p>&nbsp; These state quarters will have no value pretty soon, I suspect.&nbsp; In the case of a currency collapse, they won&#039;t be worth even the value of the copper in them because of the difficulty in recovering the metals they&#039;re made of due to the method of sandwiching the layers of metal for the planchet stock.&nbsp; The circulation strikes aren&#039;t going to hold any value other than that assigned to them by collectors in the case of a currency collapse, though the silver strikes of the same designs will be worth face value if we return to a hard dollar system like we had prior to &#039;64.&nbsp; That&#039;s what I mean by intrinsic value.&nbsp; A silver coin is valuable by virtue of being made of high grade silver alloy and can be traded for goods without the necessity of a law forcing people to pretend it&#039;s worth something unlike those sandwich metal coins.[/QUOTE]</p><p><br /></p>

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