Any silver stackers on the board?

[vintagetoppsguy]

Originally Posted by Peter_Spaeth

My understanding, or at least assumption, is that bars and rounds and such from major sellers like Apmex, Silver Towne Mint, etc. are presumed to be the real thing and are liquid without any testing.

Originally Posted by bnorth

Not really, there are a ton of really good fakes out there from every company. I recently saw some really good fake 1oz silver bars from silver towne.

Right, but just to clarify, the bars aren't coming from SilverTowne, they just have the SilverTowne logo. I linked a good video in a previous post, but here it is again. Some fake MCM bars and how to spot them (or any other fake bar).

https://www.youtube.com/watch?v=_rjJmGGkNPU

[bnorth]

Originally Posted by vintagetoppsguy

Right, but just to clarify, the bars aren't coming from SilverTowne, they just have the SilverTowne logo. I linked a good video in a previous post, but here it is again. Some fake MCM bars and how to spot them (or any other fake bar).

https://www.youtube.com/watch?v=_rjJmGGkNPU

Correct, I worded it wrong. Fakes with the silver towne logo on them.

[vintagetoppsguy]

Check out this $20 bill from 1960. What does "REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK" mean?

What is lawful money? Wasn't this $20 bill lawful money?

If so, how can you redeem it for lawful money if it's already lawful money?

[bnorth]

Originally Posted by vintagetoppsguy

Check out this $20 bill from 1960. What does "REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK" mean?

What is lawful money? Wasn't this $20 bill lawful money?

If so, how can you redeem it for lawful money if it's already lawful money?

I have no idea what it really means. I can guarantee I would take a $20 bill over a chunk of silver worth the same any day of the week and twice on Sunday.

If I take 2 $10 bills and buy a $20 bill I have $20 at any point in time. Now if I take that $20 bill and buy silver I immediately lost value/money.

[barrysloate]

David- I believe that $20 bill is dated 1950.

Interestingly, while any $20 will purchase $20 worth of goods, in the late 19th-early 20th century consumers had more faith in gold and silver certificates than they did in federal reserve notes or other forms of currency..

Originally Posted by barrysloate

David- I believe that $20 bill is dated 1950.

Interestingly, while any $20 will purchase $20 worth of goods, in the late 19th-early 20th century consumers had more faith in gold and silver certificates than they did in federal reserve notes or other forms of currency..

A different version for gold in a Federal Reserve Note

[PolarBear]

Originally Posted by vintagetoppsguy

Check out this $20 bill from 1960. What does "REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK" mean?

What is lawful money? Wasn't this $20 bill lawful money?

If so, how can you redeem it for lawful money if it's already lawful money?

It's a series 1950. The "lawful money" clause is one of the steps to the full fiat currency we have today. The earlier Federal Reserve notes were redeemable in gold, which changed with the series 1934 notes since FDR made gold ownership illegal. "Lawful money" in this case would be silver. Now they're just paper.

[vintagetoppsguy]

Originally Posted by PolarBear

It's a series 1950. The "lawful money" clause is one of the steps to the full fiat currency we have today. The earlier Federal Reserve notes were redeemable in gold, which changed with the series 1934 notes since FDR made gold ownership illegal. "Lawful money" in this case would be silver. Now they're just paper.

Thanks, Don. It may be a 1950. I pulled the image from eBay and the seller's description said 1960, but they may have mistyped. I'm not familiar with paper currency.

Either way, it was a rhetorical question. I knew the answer. I wanted to see who else knew and wanted to spark a conversation. Your answer is correct. It was one of the steps to a fiat currency system.

However, that's not what our forefathers intended. In fact, they were very much opposed to paper currency. Shortly before Washington's second inauguration, Congress passed the Coinage Act of 1792. They intended for our currency to be in the form of coins which were made of 90% gold and silver. The value of the coins were based on a fixed price of gold and silver. There was no fiat currency.

This worked great until the Civil War when Lincoln started issuing promissory notes to pay the union soldiers. That's was the start of the fiat currency system that we have today. However, our currency was still tied to gold and silver reserves for many years later.

So what changed to bring us into today's fiat currency system? What is our money backed by today? Why aren't coins still made of real silver and gold anymore? Who is going to pay our 23 Trillion dollar debt? Can our government just keep printing money over and over and over again and expect everything to be ok? Something has to give, right?

Whether it's a 1950 or 1960 note, y'all really need to take another look at the wording on that $20 bill and open your eyes to what it happening in the US with our fiat currency system. If you still don't know, just ask someone from Venezuela what happens when the paper currency becomes worthless.

Glad to say that my wealth lies outside of the banking system.

[packs]

Are people in Venezuela trading each other precious metals for food and water?

[vintagetoppsguy]

Originally Posted by packs

Are people in Venezuela trading each other precious metals for food and water?

I'm sure there are many ways to barter.

[PolarBear]

Originally Posted by vintagetoppsguy

Thanks, Don. It may be a 1950. I pulled the image from eBay and the seller's description said 1960, but they may have mistyped. I'm not familiar with paper currency.

Either way, it was a rhetorical question. I knew the answer. I wanted to see who else knew and wanted to spark a conversation. Your answer is correct. It was one of the steps to a fiat currency system.

However, that's not what our forefathers intended. In fact, they were very much opposed to paper currency. Shortly before Washington's second inauguration, Congress passed the Coinage Act of 1792. They intended for our currency to be in the form of coins which were made of 90% gold and silver. The value of the coins were based on a fixed price of gold and silver. There was no fiat currency.

This worked great until the Civil War when Lincoln started issuing promissory notes to pay the union soldiers. That's was the start of the fiat currency system that we have today. However, our currency was still tied to gold and silver reserves for many years later.

So what changed to bring us into today's fiat currency system? What is our money backed by today? Why aren't coins still made of real silver and gold anymore? Who is going to pay our 23 Trillion dollar debt? Can our government just keep printing money over and over and over again and expect everything to be ok? Something has to give, right?

Whether it's a 1950 or 1960 note, y'all really need to take another look at the wording on that $20 bill and open your eyes to what it happening in the US with our fiat currency system. If you still don't know, just ask someone from Venezuela what happens when the paper currency becomes worthless.

Glad to say that my wealth lies outside of the banking system.

You should read "The Creature From Jekyll Island" if you haven't already.