Message:

<p>[QUOTE=&quot;Burton Strauss III, post: 24677618, member: 59677&quot;]Generally the early mint coined based on deposits. There wasn&#039;t a fund to purchase precious metal to be coined on spec.</p><p><br /></p><p>For example the inital 1792 Half Dismes were coined from 150 &quot;Spanish&quot; dollars (probably Mexican) that Thomas Jefferson deposited to be coined into the 1,500 Half Dismes.</p><p><br /></p><p>As a general rule, there was no need for Federal silver coinage. Plenty of Mexican 1 to 8 reales. Plus French, English and some others circulated.</p><p><br /></p><p>The Cambists showed the values of coins from dozens of countries and how to calculate the value of bills of lading from foreign ports.</p><p><br /></p><p>A shipment from a merchant in Germany priced in marks, transshipped in London in Pounds/Shillingsl/Pence and paid in US Dollars in New York.</p><p><br /></p><p>(Google a Cambist for a fascinating trip down several rabbit holes)</p><p><br /></p><p>The difference in what was basic mathematical literacy for a clerk vs. today&#039;s world where 90% of us can&#039;t count change is astonishing. </p><p><br /></p><p><br /></p><p>As for gold, one of the mint directors reports (there was a law passed in 1816 requiring a yearly assay of precious metal coins circulating in the US so this report is in addition to the production report) says that the 15:1 ratio makes in uneconomical to have gold circulating.[/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