I'm not talking about spot prices. I'm talking about the preference for some to have officially minted coins because they have denominations. To me that is a deterrent because of some ignorant seller in a bargaining scenario taking THAT number as the value.

For instance, the 1 oz gold coin (current spot ~1200) is listed as 50 dollars

Platinum, is about that price but listed as 100 dollars.

It seems to be a risky proposition to have us mint coinage for that reason if you are keeping a small cache in a "economic meltdown scenario."

Suppose it depends on the level of melt you expect. If it is just hyperinflation but still an active system it works well. If there is no fiat currency to exchange it with though....

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Posted by Iowa Golfer

Heaven

Member since Dec 2013

10233 posts

Posted on 1/26/15 at 2:59 pm to Volvagia

The logic is that a silver eagle wouldn't need to be assayed. A generic silver round, in the event silver becomes increasingly more valuable, would likely need to be assayed.

Same as a gold MS-70 sealed buffalo coin -v- an unsealed gold coin by another mint.

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Posted by DawgSmoke

Member since Jan 2015

243 posts

Posted on 1/27/15 at 7:56 am to Volvagia

quote:
I'm not talking about spot prices. I'm talking about the preference for some to have officially minted coins because they have denominations. To me that is a deterrent because of some ignorant seller in a bargaining scenario taking THAT number as the value.

I'm not sure how you would overcome the ignorant seller argument? I have a specific dated list of items in my safety deposit boxes which relay's numismatic value of my old coins. That's about all I can do people really don't need to know what I have in there especially family, they just need to know I have something and where it is in case I expire.

quote:
For instance, the 1 oz gold coin (current spot ~1200) is listed as 50 dollars

[quote]For instance, the 1 oz gold coin (current spot ~1200) is listed as 50 dollars

Platinum, is about that price but listed as 100 dollars.

It seems to be a risky proposition to have us mint coinage for that reason if you are keeping a small cache in a "economic meltdown scenario."

President Franklin Delano Roosevelt faced unprecedented challenges in the 1930s as the country wallowed in the Great Depression. In 1933 he issued Executive Order 6102 to confiscate publicly held gold bullion to shore up the dollar, which was then under the gold standard. One of the major exceptions to Executive Order 6102 is given in Section 2B: “gold coins having recognized value to collectors of rare and unusual coins.”

quote:
Suppose it depends on the level of melt you expect. If it is just hyperinflation but still an active system it works well. If there is no fiat currency to exchange it with though....

You may be right 100% but I plan on having some gold and silver on hand just in case.