LightRoasted
If I may ...
For your consideration ...
More on how we've been swindled.
7. SILVER MONEY VERSUS PAPER MONEY
But the banks were still constrained by the Coinage Act of 1792, which defined a dollar as 371.25 grains of pure silver, matching the common silver currency in use around the world at the time, or that weight of gold which would match in value 371.25 grains of pure silver, 24.75 grains, 1/15 the weight of the silver in a silver dollar. It wasn't the coin that was the money, but the metal the coin contained.
Of course, carrying around large amounts of silver was difficult, so paper certificates were issued, both silver and gold certificates, as a convenience. But those paper certificates were not the money. They were claim checks. They were accepted as items of value because you could walk down to the banks and turn the claim checks in for the appropriate amount of silver or gold. But the metal was the money, not the engraved coins and not the paper.
The carrot dangling in front of people today ...
More on how we've been swindled.
7. SILVER MONEY VERSUS PAPER MONEY
But the banks were still constrained by the Coinage Act of 1792, which defined a dollar as 371.25 grains of pure silver, matching the common silver currency in use around the world at the time, or that weight of gold which would match in value 371.25 grains of pure silver, 24.75 grains, 1/15 the weight of the silver in a silver dollar. It wasn't the coin that was the money, but the metal the coin contained.
Of course, carrying around large amounts of silver was difficult, so paper certificates were issued, both silver and gold certificates, as a convenience. But those paper certificates were not the money. They were claim checks. They were accepted as items of value because you could walk down to the banks and turn the claim checks in for the appropriate amount of silver or gold. But the metal was the money, not the engraved coins and not the paper.
The carrot dangling in front of people today ...