And what country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms. The remedy is to set them right as to facts, pardon and pacify them. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Friday, January 7, 2022
The United States One Dollar Bill... 99 Years Apart
One is a piece of paper that promised redemptive collateral in a precious metal. The other promises someday something somewhere might be worth something. Or something.
Gold was pegged at $20 US dollars and some change for 130 years. There was a slight adjustment, 20-30 cents, in 1820 to coordinate it with silver. But it stayed there until 1933 when Roosevelt had a dream, as he described it, that the dollar should be devalued to $35/oz and that American citizens should not be allowed to own gold. It stayed there til Nixon let us own gold again and let the value of the dollar float.
Also, it is important to distinguish between the "Federal Reserve BOARD" a federal regulatory agency, analogous to the Securities and Exchange commission and "Federal Reserve BANKS" Privately owned by Chase, Banco Popular, Wells Fargo and other member banks.
The silver certificate was issued by the US Government.
The Federal Reserve Note was issued by The (Privately owned) Federal Reserve Bank of Atlanta. That's the F in the seal to the left of Washington.
The constitution prohibits paper money. Allowing the privately owned Federal Reserve Banks (Regulated by the Federal Reserve Board) to issue banknotes is a workaround.
One is a piece of paper that promised redemptive collateral in a precious metal.
ReplyDeleteThe other promises someday something somewhere might be worth something. Or something.
Truth.
DeleteOne is money, the other is not.
DeleteBoat Guy
Funny how I remember having silver certificates but not the different sizes. Now I've got to find when that happened.
ReplyDeleteIIRC the size change happened around 1920 or so, but silver certs were still in use through the 1950s at least.
DeleteMarch of 1964 it was announced that silver certificates would no longer be redeemable for silver....
DeleteOver that time frame, the dollar has lost 99% of its purchasing power, all thanks to the Federal Reserve taking it over.
ReplyDeleteThey were issued between 1878 and 1964 redeemable for silver and from 1968-on only redeemable for FRNs.
ReplyDeleteMore of Landslide Lyndon's fuckery.
This comment has been removed by the author.
ReplyDeleteIf size equates to value current FRN's should be about 1/4" square.
ReplyDeleteOne dollar in 90% silver coins, 1964 and earlier, is today worth a little over $21 in today's fiat paper money.
ReplyDeleteI remember when gold was pegged at $35 an ounce.
Delete$35/oz is before 1932. A $20 gold coin is one ounce of gold.
ReplyDeleteAnonymous,
ReplyDeleteGold was pegged at $20 US dollars and some change for 130 years. There was a slight adjustment, 20-30 cents, in 1820 to coordinate it with silver. But it stayed there until 1933 when Roosevelt had a dream, as he described it, that the dollar should be devalued to $35/oz and that American citizens should not be allowed to own gold. It stayed there til Nixon let us own gold again and let the value of the dollar float.
Also, it is important to distinguish between the "Federal Reserve BOARD" a federal regulatory agency, analogous to the Securities and Exchange commission and "Federal Reserve BANKS" Privately owned by Chase, Banco Popular, Wells Fargo and other member banks.
ReplyDeleteThe silver certificate was issued by the US Government.
The Federal Reserve Note was issued by The (Privately owned) Federal Reserve Bank of Atlanta. That's the F in the seal to the left of Washington.
The constitution prohibits paper money. Allowing the privately owned Federal Reserve Banks (Regulated by the Federal Reserve Board) to issue banknotes is a workaround.