Warned you...here is another probably dumb question

The devaluation of US currency is amazing. they say- "in 1900 you could buy a tailor made mens suit for a US 20$ gold coin" and this still holds true today. So, one 20$ gold eagle/St gaudins- -- common date 20$ coin sells for about 1500$- and thats about what an armani suit sells for (on sale) and about what a custom tailor charges to sew one for you. There are other comparisons like this that show how the value of a paper dollar (or clad coins) have dropped to a fraction of their original value since the gold standard was eliminated. If they re-instituted the gold standard, there would be a massive currency devaluation- I'm not sure how that would all work---but I am sure there would be civil disobedience, (ie riots).

 

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The amount of money in circulation, compared to the value of the gold in Fort Knox:
There are currently 147.3 million ounces of gold in Fort Knox, KY at 1300= 191.5 billion dollars. The amount of currency in circulation (July 2013) was 1.2 trillion dollars. Let's bump that up a little and say there is 7 times more money than gold worth. So a dollar is worth 14 cents. And a 20 dollar bill is worth less than $3.
Salaries, rents, all goods and services would have to be adjusted. As well as all holdings in banks, CDs, IRAs, stocks etc. New currency would have to be produced to reflect the devaluation. Old currency and coins would have to be turned in.
Gold does have value. Mostly for jewelry. There are industrial uses, but it is usually too costly, and inexpensive alternatives are used.

 

That would only work if your country was isolated but we live in a global economy. Basically, The country would have to buy more gold.

 

Then you have to buy an extra large lunchbox.

 

No, you just revalue the price of gold like FDR did.

 

Hi new member here. I have a 1981 mint set in the old blue box that all 5 sets are type 2. Had 2 of them received last few days of 12-81 Sent one into NGC and all 5 sba $1 came back dc and uc 69 also sent along pennies and got some good 66-68. What do you think the 5 mint sets would be worth?

 

Sorry guys and gals for the multiple post as I’m trying to figure out how to ask questions and respond to post. Please excuse my tech disadvantage. Original info I was seeking out is would it be worth my $ to send in to get graded again as first 5 all came back type 2 ? Or can you send entire mint set in to get verified as type 2 and sell that way ? I know value on these coins has dropped . Have 5 Ngc pf 69 UF type 2 .