What "exactly" is money?

[lighthawk]

I think an interesting experiment would be to sell my micro farm surplus and give regular prices as well as "real metal" prices.

Example: 1 dozen duck eggs. $4 OR 1 1965-1970 50 cent piece or 2 1964 or earlier dimes

Collective farm woman melon: $1 each OR 2 for a 1964 or older dime

I've told everyone that I supply with eggs... $2.00 or one silver dime. One friend actually provides me with the dime instead of the cash.
BTW in 1964 that is exactly what a dozen eggs cost... a dime.

 

[Wifezilla]

Yes it was

 

[framing fowl]

Hmm... good food for thought here. I guess if customers don't get the concept, they would pay with metal because they are getting eggs for a dime rather than $2. If they did start to catch on, they would keep the dime for themselves and pay with paper money. In such case, it might then become difficult to tell who is paying with paper because they don't get it and wouldn't take the time to look for metal in coins and those who pay with paper because they do keep their metal to themselves. Although I guess some people might pay with metal just because it's fun.

 

[lighthawk]

Honestly the person who trades me silver dimes for eggs knows full well the value of silver. He also knows the value of a dozen fresh brown eggs.
A few years back there was an article on coinflation about a gas station owner in Oregon that advertized gasoline for 25 cents a gallon if his patrons would pay with a silver quarter. I guess he did quite well and the local population thought he was out of his mind. He ran that "special" for a full week.
Dumb like a fox.

 

[Wifezilla]

I think when I run my next egg ad I will try and see if anyone goes for it.

Silver dime for a 10 pack of quail eggs (or $2)
Silver quarter for an 18 pack of duck eggs (or $5)

 

[lighthawk]

Can't hurt. Good luck.

 

[Tallman]

In 1933, president Franklin D. Roosevelt confiscated gold. This action was done by the Act of October 6, 1917 and became known as the Emergency Banking Relief Act. Our government still holds the power to do this to this day. It is my understanding that "collectors" were exempt from this confiscation which makes the ownership of numismatic coins a possible way to avoid the problem; however, I doubt it. Given the bunch that we have in control of our government at the present, this could easily happen again, and numismatic coins would be stolen also.

 

[lighthawk]

In 1933, president Franklin D. Roosevelt confiscated gold. This action was done by the Act of October 6, 1917 and became known as the Emergency Banking Relief Act. Our government still holds the power to do this to this day. It is my understanding that "collectors" were exempt from this confiscation which makes the ownership of numismatic coins a possible way to avoid the problem; however, I doubt it. Given the bunch that we have in control of our government at the present, this could easily happen again, and numismatic coins would be stolen also.

Exactly. All Gold coins were confiscated regardles of numismatic value. Back then people were not allowed to open their safety deposit boxes without an agent of the IRS present. That is why you never want to trust a bank to store any precious metal. Invest in a very secure fireproof, waterproof safe and insure it is well hidden in your possession.
Another thing is that any capital gains made in gold or silver investing are not taxable. Unless you do it through the COMEX/NYMEX etc. There is no sales tax when you buy it and none when you sell it.
That will change in 2012 as the new health care bill includes a provision that all sales of gold and silver worth more than $600.00 (right now that number is $10,000.00) must be reported to the IRS. Basically closing the gold silver loophole. That is why I recommend buying small increments such as silver coins. I don't think the public would be willing to part with their wealth as easily today and I expect a black market would spring up immediatly if they tried it.
Believe me if silver goes over $600.00 an ounce I won't mind paying the tax.

 

[Tallman]

Exactly. All Gold coins were confiscated regardles of numismatic value.

Section 2 of the 1933 robbery states:

Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.

Did this not exempt the numismatic coin?

 

[lighthawk]

It did exempt gold coins such as dubloons and coins from other countries but it is my understanding that any and all gold coins minted by the U.S. were confiscated. All but one. I saw an article a few years back where one gold double eagle was found dated prior to 1933. They stated that it was the only double eagle left in existance. It sold at auction for well over a million bucks.
I may be wrong but the point is moot. The gubmint won't be taking any gold or silver from me till after they have taken all my guns.