http://www.nytimes.com/2006/12/14/bu...ss&oref=slogin
This is one's for Mel![]()




http://www.nytimes.com/2006/12/14/bu...ss&oref=slogin
This is one's for Mel![]()





It was only a matter of time before these laws were passed. After all, at current 'world prices' raw commodities of base metals copper, nickel etc. are now worth more than the coin i.e. the copper in a penny is actually worth 1.12 cents, and the nickel in a nickel is worth 7 cents or so ! Thus the US mint is experimenting with the substitution of less 'valuable' base metals in future pennies and nickels.
I'm actually much more concerned that, at some point in the US dollar's decline, the new gov't will attempt to institute the same sort of cross-border regulations with precious metals i.e. gold and silver and platinum - as well as my basic concerns over the ongoing decline in the US dollar to begin with.
In the way of a 'history lesson' ....
(snip)"While the denarius remained the backbone of the Roman economy for 5 centuries, the silver content and accompanying value slowly decreased over time. This debasement of the metal purity in coins fluctuated with the strength of the Empire and was mainly an indication of the state lacking precious metals, reduced treasury, and inflation. When first introduced the denarius contained nearly 4.5 grams of pure silver and remained that way throughout most of the Republican period. With the establishement of the Imperial system the denarius remained fairly constanst under the Julio Claudians at 4 grams of silver. With the accession of Nero, however, the content was debased to 3.8 grams, perhaps as a reflection of the high cost of rebuilding the city and his palace, after the fires.
By the reign of Caracalla in the early 3rd century AD, the denarius had dipped to less than 50% purity. In 215 AD he introduced the Antoninianus, commonly referred to as the "radiate" due to the obverse images of the emperors with a radiate crown. The 60% pure silver Antoninianus was valued at two denarii, but contained no more than 1.6 times the amount of silver of the denarius. The savings for the treasury by issuing a double value coin with less than double the silver content is obvious. As antoninianii increased, the minting of denarii decreased, until it ceased to be issued in significant quantities by the middle of the third century AD.
The mid third century saw the outbreak of anarchy. After the reign of Gordian III (238-244 AD), Persians and Germanics began to invade the frontier of the empire. A succession of Legionary Legates fought a progressive fifty-year civil war and large armies were raised. The treasury needed increasing amounts of silver to fund them. Mints were set up close to the armies so that the soldiers could be paid, but the demand for silver debased the coinage once again. By the reign of Valerian (253-260 AD), the antoninianus was only 20 - 40% silver. When Valerian was captured by the Sassanians, his son, Gallienus, issued bronze antoninianii with a silver coating. His need of coinage was so desperate that he was minting up to one million coins per day."(snip) from
~
Last edited by Melonie; 12-14-2006 at 02:47 PM.
Speaking of copper... I read an article recently on the recent increase in downed power line theft. Theives, at the risk of being electrocuted to death, will cut and steal downed power lines to sell the copper.
I must say, this development is ... wait for it ... shocking!
*ducks rotten tomatoes*




...i remember similar happenings in 1965 when quarters and dimes were no longer made with the same silver content. Two guys were arrested for melting down about $300,000 in pre-1965 silver coins that were still circulating.
"Peter, did you take Stewie to a strip-club? He smells like sweat and fear." - Lois and Stewie (Family Guy) ... "Through early morning fog I see, Visions of the things to be, The pains that are withheld for me, I realize and I can see..."





^^^ the 'tin foil hat' crowd would tell you that depreciation of the US dollar, and therefore the worldwide 'face value' of US coins, against the worldwide price of gold, silver, copper, nickel etc. is one of the best measures of the US dollar's 'loss of global purchasing power'. This essentially started with the institution of the Federal Reserve in 1913, became 'supersonic' under FDR's public spending projects in the 1930's, went to 'lightspeed' under LBJ's public spending increases in the 1960's, went to 'warp speed' under Nixon's decoupling of gold and Carter's 'national malaise' of the 70's, and has continued at ever higher 'warp speed' under Bill Clinton's Tech Boom as well as GWB's 'tax cut for the rich' policies of recent years.
has some interesting recent charts
has some of the best authoritative commentary on this subject ( IMHO US Rep Ron Paul is the only guy in Washington that truly understands economic policies as they affect 'regular guy' Americans ). One of his comments is undeniably factual, and at the same time flabbergasting ... "For instance, few Americans know nor seem concerned that the 1913 pre-Federal Reserve dollar is now worth only four cents "
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