Econ 101
Hi Folks, I carry around with me at all times this 1964 quarter should the opportunity to discuss economics arise. We didn't get this in our grade schools, high schools or colleges. People who call themselves financiers, accountants, economists, bankers, most of them don't know this.
Between 1932 and 1964 the Washington quarter was 90% silver. You can find its melt value at coinflation.com. Right now the melt value is $2.60 and the national average gas price is $2.54.
In 1932 a gallon of gas was 18 cents a gallon. So, for 86 years now the silver in this old quarter was good for a gallon of gasoline.
Quarters now are 90% copper with a melt value of less than 4 cents. The twenty five cents the federal reserve prints on it will buy you about a cup of gasoline (gas is 6lbs a gallon, not 8 like water).
So what happened to all that purchasing power? It was stolen from the American people through the scourge of inflation.
The genius of Satoshi was to put a hard cap of 21m on the Bitcoin supply. The guy was a true renaissance man who knew enough about so many different fields to change the world. Without scarcity your money loses its value. And the dollar supply is essentially limitless.
Let's review, the silver in those old quarters was good for a gallon of gas for 86 years. The federal reserve's magical fantasy printing press quarter dollar? That buys you about one tenth of a gallon, the other 90% of your purchasing power has been stolen from you by the dilution of the dollar supply. It is being printed into oblivion by the criminal federal reserve.
90% silver quarter. Good for a gallon of gasoline for 86 years.
90% silver quarter. Good for a gallon of gasoline for 86 years.
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I've found that it is much more effective to use a Standing Liberty Quarters or even Morgan Silver Dollars for discussions.
The US Founders did not want pictures of political leaders on the coinage. The first coins by the mint had pictures of Lady Liberty and eagles.
The decision to adorn coins with faces of dead presidents was part of the deviation from the ideals of an honest currency held by the founders.
You know, this is the only "junk" coin I own, I'm a bullion man. The Morgan has 24 grams of ag, what an odd number. I just checked and that is exactly the constitutional definition of the dollar when converted to "grains". Very interesting. Your point is well taken. Thanks. Next time I visit the shop I'll look into it, hopefully the premiums aren't too high.
The site coinflation.com shows the melt values of different coins. The copper in a 1982 penny is worth more two pennies. You can double your money by collecting copper pennies.
If you like talking economics with coins; you should have both some quarters and a silver dollar. The weight of four quarters is only about 90% of the weight (I forget the exact amount). This is because of a coinage act in the 1800s.
I looked at your SteemD account. You have only one post left and you will crash and burn.
https://steemd.com/@cryptocleanse
When you run out of resources, you have to wait until your RC regenerates.
Hmm, but you have four pages of activity, making me think you know a little bit more about this service than the single post in your profile indicates.
I just started with "Junk" silver and it seems easy to come by. People will pay you with the stuff, if they have it laying around, and people do have it laying around if you ask.
I've been able to buy junk silver on ebay for the melt value. eBay is actually a good place to buy and sell junk coins.
That sounds like a whole "get rich slow" plan. I am going to give it go!
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Interesting introduction. I do like learning things such as this because it puts a lot of things into perspective. Thanks so much for sharing it. Please keep in mind that the #introduceyourself tag is a for introducing yourself so we can, as a community, get to know you. Scott and I wanted to help you out by getting you some tips and tricks we learned over the past few months as new Steemians.
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