The Case for Saving Your Nickels, Literally: Inflation and Metal Debasement
Posted on May 10, 2012 in Economic News, Emergency Preparedness & SurvivalKevin Hayden – TruthisTreason.net
Source: SurvivalBlog
I’ve often mused about how fun it would be to have a time machine and travel back to the early 1960s, and go on a pre-inflation shopping spree. In that era, most used cars were less than $800, and a new-in-the box Colt .45 Automatic sold for $60. In particular, it would be great to go back and get a huge pile of rolls of then-circulating US silver dimes, quarters, and half dollars at face value. (With silver presently around $30 per ounce, the US 90% silver (1964 and earlier) coinage is selling wholesale at 22 times face value–that is $22,000 for a $1,000 face value bag.)
The disappearance of 90% silver coins from circulation in the US in the mid-1960s beautifully illustrated Gresham’s Law: “Bad Money Drives Out Good.” People quickly realized that the debased copper sandwich coins were bogus, so anyone with half a brain saved every pre-’65 (90% silver) coin that they could find. (This resulted in a coin shortage from 1965 to 1967, while the mint frantically played catch up, producing millions of cupronickel “clad” coins....
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