Gary Christenson –  Central banks will disagree; Keynesian economists probably disagree; Too-Big-To-Fail banks don’t care; but I think the following is generally accurate regarding the devolution of gold and silver money.

In The Beginning: Gold and silver coins were used as real money for several thousand years. Gold and silver were universally recognized as a store of value.

140 Years Ago: The $20 Gold Double Eagle Coin was globally recognized as money. It contained 0.9675 ounces of gold and its purchasing power was unquestioned.

137 Years Ago: The $1 Morgan Silver Dollar was universally appreciated and valued. The silver dollars contained 0.77 ounces of silver, were pretty, used in daily commerce, and minted by the millions in the U.S.

And Then Came Paper Money Continue reading →