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Old 11-05-2009, 09:28 PM
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rickoff rickoff is online now
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Join Date: May 2008
Location: Maine, USA
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Quote:
Originally Posted by Vortex View Post
A Certificate is a different animal and does qualify by definition as money.
That's right, Randy. Both gold certificates and silver certificates were used in the past, and these looked just like regular paper currency except that they included the words identifying them as certificates.



I never held a gold certificate, but did have a few silver certificates at one time. Before 1968 you could redeem gold or silver certificates for silver dollars. Notice the inscription at bottom of the face side, which says, "IN SILVER PAYABLE TO THE BEARER ON DEMAND." After 1963 you could only redeem them for Federal Reserve Notes. Lousy deal, huh? The stated reason for making the change was because the amount of silver in a one dollar silver coin had risen in value to $1.29 by 1960. So what - just make the coin a bit smaller. We really should have a money system that gives real and equitable value to whatever coins or paper is used.

Rick
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Last edited by rickoff; 11-05-2009 at 10:54 PM.
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