Conquer Club

patches70 wrote:Private currency will not be tolerated, The Fed must be allowed to maintain their monopoly on currency.....

AndyDufresne wrote:

patches70 wrote:Private currency will not be tolerated, The Fed must be allowed to maintain their monopoly on currency.....

"Excuse me sir, do you accept these finely crafted Patches Dollars?"

If only!


--Andy

saxitoxin wrote:

Phatscotty wrote:

saxitoxin wrote:

Phatscotty wrote:and what coins started being minted in 1986....

That coin is only tender to the $5 value printed on its face. It probably has $1600 of gold in it at current prices but to get the $1600 out of it you'd have to take it to a gold broker and sell it for paper currency, you can't present it for payment of "all debts public and private." If the value is only set to the face value of the coin, not the value of the metal in it, it's just a novelty collector's piece, not a part of the money supply like gold coins in a gold-backed system.

Reagan had the mint get into the collectible coins business to unload all of the gold the U.S. government had laying around after Nixon decoupled the U.S. from the gold standard and Ford legalized private gold ownership.

But you can deposit that coin into an individual retirement account.

You can also deposit a Canadian Gold Maple Leaf in an U.S. IRA. You can deposit any kind of novelty coin as long as it's 99.9% pure gold.

Phatscotty wrote:

saxitoxin wrote:

Phatscotty wrote:

saxitoxin wrote:

Phatscotty wrote:and what coins started being minted in 1986....

That coin is only tender to the $5 value printed on its face. It probably has $1600 of gold in it at current prices but to get the $1600 out of it you'd have to take it to a gold broker and sell it for paper currency, you can't present it for payment of "all debts public and private." If the value is only set to the face value of the coin, not the value of the metal in it, it's just a novelty collector's piece, not a part of the money supply like gold coins in a gold-backed system.

Reagan had the mint get into the collectible coins business to unload all of the gold the U.S. government had laying around after Nixon decoupled the U.S. from the gold standard and Ford legalized private gold ownership.

But you can deposit that coin into an individual retirement account.

You can also deposit a Canadian Gold Maple Leaf in an U.S. IRA. You can deposit any kind of novelty coin as long as it's 99.9% pure gold.

and, all those coins are now able to be held in an U.S. IRA....thanks to Reagan.

Phatscotty wrote:He took a bullet for the stand he took, and he lived.

In 1985, Ronald Reagan signed into law the Gold Bullion Coin Act which helped the US Mint become one of the major distributors of gold bullion worldwide. Pursuant to its powers to coin money, Congress authored the famous bill, allowing for the creation of a legal-tender gold bullion coin, which would become the famed Gold American Eagle.

Phatscotty wrote:

In 1985, Ronald Reagan signed into law the Gold Bullion Coin Act which helped the US Mint become one of the major distributors of gold bullion worldwide. Pursuant to its powers to coin money, Congress authored the famous bill, allowing for the creation of a legal-tender gold bullion coin, which would become the famed Gold American Eagle.

The U.S. Mint novelty coin program instituted by the Treasury (it would surprise me if Reagan had much direct input into very low-level decisions like what kind of collectibles to stock in a gift shop) was needed to dump excess gold stored by the U.S. since Nixon abolished the gold standard. Part of the U.S.' massive gold stores were pressed into collectible coins with American eagles, Olympic swimmers and other fun scenes printed on them and sold into the private market.

Phatscotty wrote:Reagan knew what challenges American's were going to face in the future, and made sure that people would be able to protect themselves on an individual basis. Gerald Ford paved the way for Reagan on this issue just as Woodrow Wilson paved the way for FDR's gold confiscation from the American citizenry.

saxitoxin wrote:

Phatscotty wrote:

In 1985, Ronald Reagan signed into law the Gold Bullion Coin Act which helped the US Mint become one of the major distributors of gold bullion worldwide. Pursuant to its powers to coin money, Congress authored the famous bill, allowing for the creation of a legal-tender gold bullion coin, which would become the famed Gold American Eagle.

As we previously went over, the Gold Bullion Coin Act authorized the US Mint to begin pressing novelty coins so it could compete in the profitable collector coin market against Canada and South Africa, it did not repeal restrictions on private gold ownership. Those were repealed six years before Reagan took office, in 1974. See: http://thomas.loc.gov/cgi-bin/bdquery/z ... ry.html%7C

The U.S. Mint novelty coin program instituted by the Treasury (it would surprise me if Reagan had much direct input into very low-level decisions like what kind of collectibles to stock in a gift shop) was needed to dump excess gold stored by the U.S. since Nixon abolished the gold standard. Part of the U.S.' massive gold stores were pressed into collectible coins with American eagles, Olympic swimmers and other fun scenes printed on them and sold into the private market.

BigBallinStalin wrote:Whoa, did you say "Polk?" That guy is awesome!

Phatscotty wrote:Reagan #2?