What's your opinion?
I have been emptying my pockets of loose change daily for the last 30 some odd years into coffee cans. Consequently, a large sum of money has accumulated and I'm faced with several choices. All of the coins are post 1965 as I have culled all silver coins (40% & 90%) when I emptied my pockets. Here are my questions:
Do you think current U.S. mint coins (we'll call them MC) will retain their face value even as paper dollars loose value?
Do you think MC will only carry the value of the base metals they are comprised of?
Do you think MC will have no value whatsoever?
Do you think I should cash in the MC now & buy Precious Metals?
I welcome all your thoughts & appreciate the replies.
To answer your questions... I think the face value will remain the same, even after the Paper and Fiat Dollars are turned in for one cent per one old dollar... In other words, 100 old paper or digital dollars at the Bank will have the buying power of one dollar face value in Coinage...
It won't be the Metal Value of the Coinage after the Crash, just like it's not the Paper Value of or Debt Notes now...
I think Coins will increase 100 Fold in Buying Power after the Crash of the Fiat Debt Notes...
As much as I like Gold and Silver, I think you should hold onto your Common Coinage because no one will be using Gold and Silver as a Medium of Exchange... They'll be cashing the PM's in for Common Coinage...
And just like you, I've been putting my coins in Coffee Containers...
Nice Post...
@pocketechange
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Thanks for the kudos pocketchange! I'm really torn on this one, on one hand I see EXACTLY what you are saying! On the other, will I miss a MOON SHOT in silver appreciation? That's why I asked for everyones 2 cents. Thank you for replying! Kindly, Bob
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Think of you being in on the ground floor of Pocket Change and how everyone will be kicking themselves for not being into Common Coinage... lol...
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The metal value of pre-1982 US pennies is $.017 (or 70% greater than face value), and a US nickel has a metal value of $.032 (or 64% of the face value). It is, however, illegal to melt down US coins for their metal value.
This is a pet peeve of mine, how we create coinage where the material cost alone is greater than the value of the finished product, not to mention the other production costs. Only in the government does this business model survive.
While visiting the US Mint in Philadelphia a few years ago, I asked the guard if they would ever get rid of the penny. "Never," he answered. "The Treasury has an ongoing contract to produce a certain quantity of coins, and they will never end that. We have warehouses full of coins we haven't released, and we still keep producing more to store in warehouses."
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It's because they are preparing for the Paper Fiat to Crash... We will pay off the National Debt using One Cent for every Paper or Digital Fiat "Debt" Note... I've been telling everyone to hold onto their pocket change...
@pocketechange
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Good point & worth considering! Thanks!
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