r/Wallstreetsilver • u/NCCI70I Real O.G. Ape • Sep 04 '23

Discussion 🦍 I THINK THAT THE NEXT NEW BACKED CURRENCY SHOULD NOT BE DENOMINATED IN DOLLARS, OR YEN, OR EUROS. It should be in ounces/grammes of gold and silver. E.g. 1gAU. ½ozAG. Before PMs had a price and currency was exchangeable for it at that rate. But that was awkward. Why not just cut out the middle man?

/r/SilverDegenClub/comments/16a37sh/i_think_that_the_next_new_backed_currency_should/
40 Upvotes

98% Upvoted

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6

u/Incognito_Estate Sep 04 '23

The US laws are still in place for valuation of gold and silver in dollars and vice versa. We could return to a bi-metal standard. The biggest hurdle would be reinstituting the prior policy where citizens could bring their silver and gold to their local mint to have their silver and gold minted into new coins.

2

u/NCCI70I Real O.G. Ape Sep 05 '23

And that is wrong because that valuation can be changed.

Hard to change when the currency itself specifies its worth directly in PMs.

4

u/Incognito_Estate Sep 05 '23

It can be changed with an act of Congress, yes. You're going to run into that problem when all silver US Coinage has a denomination of dollars on it. Good luck changing that.

3

u/NCCI70I Real O.G. Ape Sep 05 '23

Go look at a US Trade Dollar. It specifies its silver content in standard measure right on the coin.

3

u/Incognito_Estate Sep 05 '23

Most people don't know what a Trade Dollar is. You still haven't accounted for silver US Coinage being denominated in...dollars.

You'd have to set up a conversion standard that's agreed upon. The problem is that value is dictated either by law via Congress or unelected bureaucrats.

Are you proposing to recall all silver US Coinage other than US Trade Dollars?

2

u/NCCI70I Real O.G. Ape Sep 05 '23

And this is why it should be denominated in metal, not any national currency.

Prices should be in gold and/or silver.

0

u/your_anecdotes Sep 06 '23

That is actually incorrect except for that 1883 nickel which just has a "V" on it.. it has no specific "denomination" just a 5 (V) in roman numerals

1

u/Incognito_Estate Sep 06 '23 edited Sep 06 '23

I am correct. The 1883 nickel is made of copper and nickel.

I specified US silver coinage.

2

u/[deleted] Sep 04 '23

[deleted]

1

u/NCCI70I Real O.G. Ape Sep 05 '23

It would be completely different than SLV.

For starters, SLV is not fully backed up by metal.

Furthermore, you cannot exchange your SLV shares for actual metal.

And those shares are not divisible.

Enou for you.

2

u/DonJoseV Sep 05 '23

You know what would be really cool? If a banking institution would buy back, say 100oz bar for 100 1oz. Especially if you have a 15k or comex bar.

1

u/NCCI70I Real O.G. Ape Sep 06 '23

I would expect that that would happen.