Message:

<p>[QUOTE=&quot;krispy, post: 1497548, member: 19065&quot;]Think about it, if the notes are valid at face value (<i>which they are</i>, because the U.S. Treasury allows them to be redeemable at face value, they just currently do not distinguish between the old U.S. Notes, Gold and Silver Certificates, and Federal Reserve Notes that we now use) then of course the notes can be exchanged for precious metals coins directly. That would be considered a cash transaction for the purchase of gold bullion like any other. The gold/silver certificates are no longer valid at the original exchange represented by these notes, say a $20 paper note for a $20 gold coin (.9675 ounce of gold) or bullion at a bank or from the Treasury because our currency is no longer backed by precious metals. Why, it&#039;s directly linked to the gold recall in 1933 and silver backing by 1968. </p><p><br /></p><p>NUMBERS&#039; site, uspapermoney.info has some nice information about how the backing changes effected notes&#039; designs in the section, <a href="http://www.uspapermoney.info/history/1934.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.uspapermoney.info/history/1934.html" rel="nofollow">Elimination of Gold Backing</a>. </p><p><br /></p><p>Were one to go shopping for precious metals with gold or silver certificates, one would need a whole bunch of them, and a bullion dealer willing to accept the notes, whose face value covers the going rate of gold (approx. spot is at $1,600/oz.). Though realistically, that&#039;s not going to happen, because who has 80+ $20 gold certs laying around and is willing to exchange their face value for an ounce of gold, when likely the numismatic value of those notes far surpasses the value of an ounce of gold. Even if said notes are horribly worn, they tend to command more than face value.[/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