Return of circulating gold and silver coins. Poll

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Would you like to see a return to the gold standard, with circulating gold and silver coins?

Yes, I would like to see circulating gold and silver coins
3
100%
No, I would rather money was digital, paper and base metal coins
0
No votes
 
Total votes : 3

Return of circulating gold and silver coins. Poll

Postby azazel » Sun Apr 06, 2014 9:19 pm » Firefox 26.0 Firefox 26.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1366 x 768 1366 x 768

Would you like to see gold and silver coins circulating as they did in the past. Prior to 1914, gold coins in the UK were in circulation. Sterling silver coins circulated up until 1920 before being replaced with 50% silver coins that continued until 1947 when they were removed totally. Would you like to see a return of them and if so would you choose to use them if you had the option? Or perhaps you have another view....
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Re: Return of circulating gold and silver coins. Poll

Postby warpig » Sun Apr 06, 2014 10:36 pm » Google Chrome 33.0.175 Google Chrome 33.0.175  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

I'd like to see the monetary system [partially|fully] backed by physical assets, it doesn't have to be gold or silver, but whatever it is, it should have an inhibiting effect on the money supply. It would be great to have gold and silver coins circulating, but I don't think it's practical anymore, the population is too large and the resources too few IMO.

I haven't voted because the options above don't cover this view.
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be turned into ingots bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence"

"Betting against gold is the same as betting on governments. He who bets on governments and government money, bets against 6,000 years of recorded human history."

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Re: Return of circulating gold and silver coins. Poll

Postby Pixel8r » Sun Apr 06, 2014 11:42 pm » Safari 7.0.3 Safari 7.0.3  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

I agree with warpig's view and would prefer a digital money which is asset backed. I have always thought we will end up with a basket of commodities being used including energy, metals, rare earth elements, water & grains. There isn't enough gold & silver for them to become circulating coins again but that doesn't stop them being included in the basket of asset backing.

There is always the argument that there is enough it is just the price isn't high enough, but if the price of gold goes to a zillion we would cause massive environmental damage extracting every last gram from the worlds crust. So to me it isn't the answer to the problems.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Return of circulating gold and silver coins. Poll

Postby Pixel8r » Mon Apr 07, 2014 9:43 am » Safari 7.0.3 Safari 7.0.3  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Here's a humorous look at why gold can't be used as money anymore.

TOP TEN REASONS WHY FIAT CURRENCY IS SUPERIOR TO GOLD (OR SILVER) MONEY

http://www.atomcapital.co.uk/wp-content/files_mf/1356093653AR_1212a.pdf
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Return of circulating gold and silver coins. Poll

Postby Acton Boy » Mon Apr 07, 2014 2:24 pm » Safari Mobile 7.0 Safari Mobile 7.0  iPad iPad  Screen Resolution: 768 x 1024 768 x 1024

If the fiat money system does blow up it will be caused by a compleat lack of public confidence in unbacked currency that can be printed into worthlessness, I'm sure that the powers that be will try to set up other fiat systems just calling the currency's different names and saying 'lessons have been learned' and you can trust us now etc.
The problem I feel will be trust, if it's a commodity basket backed system that's digital, will the populations trust that that's not being manipulated? You can't go to your local bank and demand that your currency is converted into some physical natural gas, wheat, cotton etc. The best that could happen would be your given in exchange a paper claim on a small basket of the constituents. But what can you do with that apart from changing it back into what you've just exchanged it for?
Think we might end up with paper or digital currency that returns to the honest version of 'Promise To pay The Bearer On Demand'. But that still will have counter party risk either private or government.
A Goldmoney type set up will also be venerable to governments interfering.
Thousands of years have proved that gold and silver are a stable store of value, indeed that's the only major use for gold.

Edit addition:
Lots of gold and silver has gone to the East, this I think is really bad news for the West.
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Re: Return of circulating gold and silver coins. Poll

Postby warpig » Mon Apr 07, 2014 2:44 pm » Google Chrome 33.0.175 Google Chrome 33.0.175  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

We may end up with some pseudo bitcoin backed by a basket of commodities.
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be turned into ingots bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence"

"Betting against gold is the same as betting on governments. He who bets on governments and government money, bets against 6,000 years of recorded human history."

Charles de Gaulle
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Re: Return of circulating gold and silver coins. Poll

Postby wee Jinky » Mon Apr 07, 2014 3:16 pm » Google Chrome 33.0.175 Google Chrome 33.0.175  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1280 x 1024 1280 x 1024

Yes I would like to see ag and au coins back but I doubt it will happen
the best I can hope for is a pm backed system with the right to exchange,
a digital currency system would scare me.
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Re: Return of circulating gold and silver coins. Poll

Postby Pixel8r » Mon Apr 07, 2014 7:30 pm » Safari 7.0.3 Safari 7.0.3  Mac OS X Mac OS X  Screen Resolution: 1680 x 1050 1680 x 1050

Nothing can be worse than the system we have currently, which is in effect a digital currency which can be created at will by central banks.

The bitcoin technology is proving one thing that contracts of value can be exchanged without going through third parties. Maybe some sort of crypto currency which is directly redeemable as a commodity future contract, If the exchanges priced all contracts in that currency it could work.

The problem comes in deciding how the currency is managed, if there can only be a set amount (as bitcoin) or if the currency naturally inflates each year. Gold has always preformed well as the supply has naturally expanded by around 2% a year (which is close to the yearly global population increase), so maybe that would be best.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Return of circulating gold and silver coins. Poll

Postby azazel » Mon Apr 07, 2014 8:59 pm » Firefox 26.0 Firefox 26.0  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1366 x 768 1366 x 768

I would like to see silver and gold coins circulating. I agree that anything else is open to distrust and corruption. Gold is perhaps too valuable for general use and would have to be a £500 coin.

Its interesting that the £20 coin is .999 silver and half an ounce, the same as half a crown roughly. The other night I went out with a mate and set him a challange. If he could get the guy at the bar to accept the coin, Id buy the drinks otherwise he would have to with his £20 note... Seemed a good challange. The bar man was curious and inspected it carefully and then agreed to take it and gave us £14 change. He was quite chuffed with it after all and my friend remarked on how beautiful the coin is, and how it felt good to spend it. Im going to offer the coin in private pubs and shops and then choose to shop where I can spend the £20 coins as long as the Royal Mint continue with the offer. Tesco have agreed to take them and Morrisons are considering it too.
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Re: Return of circulating gold and silver coins. Poll

Postby Stun Lee and Win » Tue Apr 08, 2014 1:38 pm » Google Chrome 33.0.175 Google Chrome 33.0.175  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1920 x 1080 1920 x 1080

azazel » Mon Apr 07, 2014 9:59 pm wrote:The bar man was curious and inspected it carefully and then agreed to take it and gave us £14 change. He was quite chuffed with it after all and my friend remarked on how beautiful the coin is, and how it felt good to spend it. Im going to offer the coin in private pubs and shops and then choose to shop where I can spend the £20 coins as long as the Royal Mint continue with the offer.


This is a great idea! :thumbup:
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