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Business/Finance See other Business/Finance Articles Title: RIP Honest Money As the U.S. dollar is rising to new highs. Signs of a recession continue which means at some point the dollar should weaken and gold should regain its bull market. . . . and from Seth Lipsky, in an editorial in The Wall Street Journal on July 22nd: "July 23 marks the 50th anniversary of the Coinage Act of 1965, which stripped U.S. coins of silver and made legal tender out of base metal slugs. It's an anniversary that comes at an apt time, as Congress considers monetary reform." "The anniversary of the 1965 Coinage Act is a reminder of why reform is needed. Speaking from the White House Rose Garden, President Lyndon B. Johnson called the law he signed a 'very rare and historic occasion.' It certainly was; it superseded the coinage act drafted by Alexander Hamilton and passed by Congress in 1792." The original coinage act established the United States Mint and declared the dollar as the 'money of account' for the new republic. It defined the dollar as 371-1/4 grains of silver or the equivalent in gold; the penalty for debasing coins struck under the law was death. When LBJ signed the 1965 act, the value of a dollar was almost exactly the same as it had been in 1792 -- 0.77 ounces of silver. Despite some downs and ups, on average it had been remarkably steady for the long span. "The value of the dollar started sinking after the 1965 coinage act, and by 1980 the dollar -- so long valued at 0.77 ounces of silver -- plunged to 0.02 ounces of silver. Today it is valued at 0.06 ounces of silver." A mere 50 years and things have changed to the point where most people have no idea silver was ever in the coinage. The Morgan Report team www.Silver-investor.com www.Silver123.net www.TheSilverManifesto.com Poster Comment: The ancient Romans were "clipping coins" to make the precious metals go further. Today we have no precious metals in the coins, but nickel-copper clad coins, and even copper-plated aluminum pennies. Post Comment Private Reply Ignore Thread
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