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The James K Polk Dollar

[Posted August 30th, 2009]

By Derek Dahlsad

James K Polk Presidential DollarLast Thursday, the James K Polk Home celebrated the most recent addition to the Presidential Dollars Series.   James Polk was the 11th president of the United States, a member of the “Jacksonian” group of politicians who opposed a strong  national bank and preferred specie, or precious metals, rather than paper currency.  Jackson had eliminated the National Bank in the early 19th century, and  a series of recessions, depressions, and panics followed.  Later presidents tried to introduce new nationalized banking systems to help control the value of the dollar, but saw little success.   Polk, despite only being in office for four years, set our modern National Treasury system into motion with the Independent Treasury Act of 1846.

The Treasury Act of 1946 didn’t establish a bank directly, but a means for the government to handle money without controlling the money directly; Jackson would have been proud, though – while the proponents of a national bank got what they wanted, the Bill still required debts to the government, taxes, and even postage stamps to be paid for in gold or silver, satisfying the Jacksonians who wanted precious metals to be the national monetary standard.  The specie requirement wasn’t strictly held to in practice, but Polk’s presidency, combined with a unexpected discovery out West, still contributed significantly to the coinage of the United States.

1855 $20 Double EagleGold was discovered in California in 1848, resulting in an influx of  ‘49ers, prospectors looking for a gold vein of their very own, and eventually resulted in the creation of the San Francisco Mint.  Polk did not run for a second term, ending his in early 1849, but he did sign one last bill, resulting in the creation of the $20 Double Eagle.  Interested in turning California gold into currency to fulfill the Independent Treasury’s specie requirements, the bill specified a new gold dollar coin and the “double eagle” – or twice the value of the $10 “eagle” coin.  These were the only two gold coins to result directly from the California Gold Rush, despite other attempts to mint gold coins in increments up to $100, but you’ll remember that those coins didn’t fare so well.  Polk’s Double Eagle was one of the longest lasting gold coins, remaining in circulation until the 1930s, and continuing in the same format until Saint-Gaudin redesigned the coin in 1907 at Teddy Roosevelt’s behest.

Sarah Polk $10 Gold CoinYou can be sure that any of the Double Eagles authorized by Polk are far, far too valuable to carry around in your pocket, as it contains much more than $20 worth of gold.  The same goes for the forthcoming $10 Presidential Spouse coin honoring Sarah Polk, the First Lady of the Polk administration.  Unlike many other First Ladies, Sarah actually held a position in her husband’s business affairs:   she was the President’s personal secretary, the only First Spouse to take on such a role.  At this time, no release date has been announced for her coin, but the two Mrs. Tylers have shifted the usual release schedule a bit.   The James Polk dollars, however, are ready to be traded at your local bank or directly from the Mint.

Legal Tender: IRS Thuggery

[Posted August 30th, 2009]

By Patrick Sperry

Seems that the good folks that brought you the thuggery at the BATFE are onto another method of suppressing liberty and freedom. They cannot follow their own rule of law so they go after American’s to vent their anger and frustration. Downsize D.C. exposes this latest outrage from the people that brought you Ruby Ridge, and the Waco holocaust. Read on…

Quote of the Day: The government called three accountants to testify. The defense asked each one, “What is the proper way to calculate income for purposes of the Internal Revenue Code if you are paid in a gold coin that has a $50 face value on it?” All three of them responded, “I do not know; I’ll have to research that.” — Mike Zigler, reporting on the 2007 case against Robert Kahre that ended in a hung jury

Subject: How can legal tender be illegal?

Robert Kahre is facing up to 296 years in prison. His crime? He hired workers on mutually-agreed terms, and paid them in gold and silver dollars rather than in Federal Reserve dollars.

First, some background . . .

* The face value of the U.S. Mint’s gold and silver coins are legal tender, meaning they must be accepted in payment of debt
* But a Gold Eagle coin that has “$50″ printed on it is legal tender only up to $50, while its gold content is worth about $1,000 in Federal Reserve notes
* No law or IRS regulation requires that receivers of Gold Eagles and other U.S. Mint coins must report the market value of the coins instead of the legal tender value

 

After extensively researching the issue, Kahre . . .

* hired workers as independent contractors, so he would not pay the payroll tax for their labor
* paid them in gold and silver coins, whose face value – that is, legal tender value – was so low that the workers legally didn’t have to report it as income to the IRS

For instance, if a worker was annually paid in gold coins with a legal tender face value of $2,000, the market value of the gold content in those coins could be $40,000, but only the legal tender face value of $2,000 would theoretically count as taxable income. That face value of $2,000 is low enough to be non-reportable to the IRS. But . . .

Even though the coins Kahre used were legal tender, the Justice Department alleged that Kahre’s system was a fraudulent, tax-evading scam.

We agree with Jacob Hornberger who asserts that the federal government’s prosecution of Kahre is self-contradictory . . .

* if you owe $100 in taxes and pay with gold coins with face values totalling $100, the IRS will accept the payment as $100; it could then sell the coins on the market for twenty times that amount and keep the difference. The government will accept your payment as “legal tender.”
* but if YOU receive gold coins from someone else in a private transaction, the IRS says you must report the market value of the coins, not the face value. That is, YOU CANNOT TREAT THE COINS AS LEGAL TENDER.

The government fears that if more people took the law at its word and behaved like Kahre . . .

* people would demand payment in the Mint’s gold and silver coins and have far fewer reportable “dollars” in income, meaning fewer people would pay income taxes
* the market would soon prefer the coins produced by the Treasury Department’s Mint that are regulated by law – not the inflated dollars created by order of the independent Federal Reserve Board
* good money (gold and silver) would drive out the bad (paper Federal Reserve Notes and electronic keyboard strokes), whereas the federal government needs inflated, deficit-driven money to pay for its endless wars, failed welfare schemes, and expanding police state

No wonder the government views Kahre as a threat, and is willing to made a mockery of its own legal tender laws to destroy him!

DownsizeDC.org, however, believes Kahre was on to something. That’s why we endorse the “Honest Money Act,” which would repeal the legal tender law that gives the Federal Reserve a monopoly over the money supply. This bill, along with the “Tax-Free Gold Act” and the “Free Competition in Currency Act,” is a plank in our End the Inflation Tax Campaign.

Repealing the legal tender law would foster the creation of HONEST free market money, and protect people from the Federal Reserve’s endless onslaught of legalized counterfeiting, which constantly reduces the value of your money.

Tell Congress to pass the bills in our End the Inflation Tax Campaign.

Use your personal comments to mention the hypocrisy involved in the Kahre case. If the feds are going to make it a crime to FOLLOW the legal tender law, then that’s just one more argument for repealing it. You can send your message here.

Thank you for being a DC Downsizer.

James Wilson
Assistant to the President
DownsizeDC.org

The Mint vs. The Fed

[Posted August 30th, 2009]

Quote of the Day: The government called three accountants to testify. The defense asked each one, "What is the proper way to calculate income for purposes of the Internal Revenue Code if you are paid in a gold coin that has a $50 face value on it?" All three of them responded, "I do not know; I’ll have to research that." — Mike Zigler, reporting on the 2007 case against Robert Kahre that ended in a hung jury.

Subject: How can legal tender be illegal?

Robert Kahre is facing up to 296 years in prison. His crime? He hired workers on mutually-agreed terms, and paid them in gold and silver dollars rather than in Federal Reserve dollars.

First, some background . . .

* The face value of the U.S. Mint’s gold and silver coins are legal tender, meaning they must be accepted in payment of debt

* But a Gold Eagle coin that has "$50" printed on it is legal tender only up to $50, while its gold content is worth about $1,000 in Federal Reserve notes

* No law or IRS regulation requires that receivers of Gold Eagles and other U.S. Mint coins must report the market value of the coins instead of the legal tender value

After extensively researching the issue, Kahre . . .

* hired workers as independent contractors, so he would not pay the payroll tax for their labor

* paid them in gold and silver coins, whose face value - that is, legal tender value - was so low that the workers legally didn’t have to report it as income to the IRS

For instance, if a worker was annually paid in gold coins with a legal tender face value of $2,000, the market value of the gold content in those coins could be $40,000, but only the legal tender face value of $2,000 would theoretically count as taxable income. That face value of $2,000 is low enough to be non-reportable to the IRS. But . . .

Even though the coins Kahre used were legal tender, the Justice Department alleged that Kahre’s system was a fraudulent, tax-evading scam.

We agree with Jacob Hornberger who asserts that the federal government’s prosecution of Kahre is self-contradictory . . .

* if you owe $100 in taxes and pay with gold coins with face values totalling $100, the IRS will accept the payment as $100; it could then sell the coins on the market for twenty times that amount and keep the difference. The government will accept your payment as "legal tender."

* but if YOU receive gold coins from someone else in a private transaction, the IRS says you must report the market value of the coins, not the face value. That is, YOU CANNOT TREAT THE COINS AS LEGAL TENDER.

The government fears that if more people took the law at its word and behaved like Kahre . . .

* people would demand payment in the Mint’s gold and silver coins and have far fewer reportable "dollars" in income, meaning fewer people would pay income taxes

* the market would soon prefer the coins produced by the Treasury Department’s Mint that are regulated by law - not the inflated dollars created by order of the independent Federal Reserve Board

* good money (gold and silver) would drive out the bad (paper Federal Reserve Notes and electronic keyboard strokes), whereas the federal government needs inflated, deficit-driven money to pay for its endless wars, failed welfare schemes, and expanding police state

No wonder the government views Kahre as a threat, and is willing to made a mockery of its own legal tender laws to destroy him!

DownsizeDC.org, however, believes Kahre was on to something. That’s why we endorse the "Honest Money Act," which would repeal the legal tender law that gives the Federal Reserve a monopoly over the money supply. This bill, along with the "Tax-Free Gold Act" and the "Free Competition in Currency Act," is a plank in our End the Inflation Tax Campaign.

Repealing the legal tender law would foster the creation of HONEST free market money, and protect people from the Federal Reserve’s endless onslaught of legalized counterfeiting, which constantly reduces the value of your money.

Tell Congress to pass the bills in our End the Inflation Tax Campaign.

Use your personal comments to mention the hypocrisy involved in the Kahre case. If the feds are going to make it a crime to FOLLOW the legal tender law, then that’s just one more argument for repealing it. You can send your message here.

Thank you for being a DC Downsizer.

James Wilson
Assistant to the President
DownsizeDC.org

 

9 People Who Accidentally Found a Fortune

[Posted August 30th, 2009]

The collector who found $200,000 in coins after cleaning out an abandoned house

Jeff Bidelman, a Johnstown Rare Collectibles owner, was helping a family clean out the house their relative had abandoned over twenty years ago. As he was dragging a bag of old coins downstairs, he noticed a hole in an upstairs wall. When the first floor got torn down, a mounting pile of gold coins was found. In total, Bidelman found at least $8,500 of coins at face value. He estimates the actual value of the coins could be as high as $200,000. Apparently, they had been thrown down the hole Bidelman had noticed earlier. (Link)

Fascinating British Coin Collecting With A Feel of Nostalgia

[Posted August 22nd, 2009]

Autor: blythebabe :: Views: 78 ::

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Tremendous number of books and journals have been published since the 1800s on British Coin collecting hobby. That shows how long this hobby has been around and how highly regarded it is by many numismatists all over the world.

A few of these esteemed books are
- British Silver Coins Since 1816 by Peter J. Davies
- Coincraft’s Standard Catalogue of English and UK Coins 1066 to Date by R. Lobel, M. Davidson, E. Calligas and A. Hailstone
- The British Bronze Coinage 1860-1869 by Michael Gouby
- English Silver Coinage Since 1649 by P. Allan Rayner

Apart from these well-known books, there are also some journals / magazines that come up with sets of precious information regarding the coins of Great Britain and British coin collecting. A few of these more popular journals or magazines are Collecting Coins For Pleasure and Profit (Krause), Coins of England and United Kingdom (Spink), Collectors Coins, British Coins Market Value, and etc..

For the dedicated and specialized numismatists all over the world, the British coin collecting activity has become a craze just like the hobby of collecting American coins. There is a lot to learn about the British coin collecting hobby and the British coin itself, as it is a vast subject and should be taken very seriously. Thus the above mentioned books and journals are bound to come in handy to the dedicated collectors of British coins

Rare British coins like the two pound coin of Great Britain are of tremendous value. The two pound coin of Great Britain has become so rare that some crazy collectors were so desperate that they had spread rumors all around the United Kingdom in order to acquire all the British two pound coins for their own collection. The rumor was that the two pound coin with the queen’s necklace was worth a lot more than its original face value, and the bank and the post offices were issuing extra premium for every submission of the two pound British coin.

Eleven distinctive grades are used as a standard to denote the condition of the British coin. For the coins that have their inscriptions too faded to be understood is categorized as poor, while the coins with legible date and denomination are categorized as fair and good (G) and are considered mediocre coins. Then there are very good (VG), fine (F), very fine (VF), extremely fine (EF), uncirculated (Unc.), and brilliant uncirculated (BU). And for the coins with a perfect mint condition there is a special category called fleur de coin (FDC). These are the "Rolls Royce" of coins.

Lastly, there is an even farther category for the coins known as proof. The features of this category are that these British coins have very sharp edges - a result of deliberate high pressure. There are even categories falling in between grades and are generally denoted in the way "Nearly VF" or "Gem BU" and etc.

British coin collecting is no doubt fascinating and who knows, you might even come into possession of fleur de coin!

Your Must-Know Guide To American Coin Collecting

[Posted August 22nd, 2009]

Autor: blythebabe :: Views: 96 ::

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There are many types of coins to collect but you have decided to chose to specialize in American coins. But do you know that within American coins, there are several areas within American coin collecting which you need to choose from? Yes, although this may seem like a strange thing, since having chosen a specialization on American coin, you may wonder what specialization are there. Well, be surprised! There are well over two hundred years of history to American coins for collecting, and several denominations, so there really are a lot of choices to make! But generally there are two areas which you can consider :

1. Period of American Coins To Collect

There are several periods of American coins, and the different periods meant there are a variety of differences of the coins. This may include different denominations, different materials used, which may affect your decision, so ultimately it is important to do your research and where your interest lies. One example is that the American penny wasn’t always made of copper, and the quarters used to be made of solid silver. To pick these periods of these very special coins can make a huge difference in their value.


Sometimes collecting coins that belong to a certain period in time may meant more as a symbol of that period. Many people are like this, rather than collecting American coins for themselves, they look to them to memorialize an event or a particular period. One good example is in World War II, certain metals were more scarce than usual, and had to be substituted in the coins produced during this period. Thus this makes the coins during that period a symbol of the war effort, from the scrap metal drives to the rationing.

It comes down to your personal preferences which period is best for you to choose. Think of your interests. Look to any particular historic event that might really catch your interest, whether it is the turn of the century, the World Wars, or even the modern ages. Do you already have a period in mind?

2. Special Denomination of American Coins To Collect

The denominations of the coins are just as special as the various. Do you know that each denomination has gone through a series of changes. This ranged from the design to the very metal that the coin is made from.

 

To illustrate, let’s take a look at the quarter. A quick glance at the quarter shows an interesting history. History has shown that quarters made before 1964 were solid silver, this gives them a special value as they are also of higher value due to the precious metal. Then in the 1970’s when man first walked on the moon, the United States made special coins with a commemorative obverse to commemorate the event. Similarly, in 1976, the bicentennial was commemorated in the same way. The changes have continued to the present day with the celebrated state quarters. These coins were designed to mark each state in the order it joined the union.

Here in this article has just been a quick overview, and there are many more areas to be explored in American coin collecting. However, it is quite impossible to be collecting coins from all areas, unless of course you are a millionaire. What you should do is to identify your interests before deciding on which area you wish to specialize in.

Design Types of US Coins and Coin Collecting

[Posted August 22nd, 2009]

Autor: weisbrot :: Views: 53 ::

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Coin collecting is a fun hobby that anyone who has the time can do. A coins history and its development can be learned by collecting them.

At one point in time, between 1838 and 1933, the United States issued gold coins for circulation. The Liberty Head bust was used as the design until 1907. The design was then changed to the Indian Head and Saint Gaudens motifs until 1933 when the Great Depression started. This prompted the recall of the coins which makes it very rare to find any of them today.

The most valuable coin in the world is the 1933 Double Eagle. This was a $20 gold coin that was made in the 1800s after the California gold rush. This coin was not allowed to be used in the 1930s and when this coin was auctioned in 2002, it sold for nearly eight million dollars.

Since gold coins are hard to find, most collectors select other coins.

One type of collection you might consider is the one made up of coins that are flawed when the coin was minted. If you can find a coin with a misspelled word, a wrong date, off-center characteristics, or double-punched marks, these coins are valuable. Such mistakes can increase a coins value from $50 to a $1000.


Coins that were only issued or circulated for short period of time also make good collectibles.

A coin collection is at its best if it is focused on a certain coin. A collector can choose from pennies, nickels, dimes, quarters and dollars.

Another way of collecting is disregarding the types of coins but concentrating on a certain time period. Coins have different mint marks and collecting those that were struck in the same location can also be interesting. The important thing for hobbyists is to stick to the collection until it has been completed.

For a good start subscribe to a coin publication such as Coin World or Coinage Magazine for information on the types of coins that you might want to collect. The internet or a local coin shop can also help expand the search for those coins that cant be found in your locale or out of state.

Building a coin collection will take a long time - months or even years. The United States has produced so many coins that it is hard to keep track of them. By deciding on the coin(s) you want to collect, the challenge to complete that collection begins.

Feel the Gold Rush with Gold Coins

[Posted August 22nd, 2009]

Autor: infocus :: Views: 198 ::

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A lot of people find collecting gold coins as not only an incredibly interesting hobby but a fairly lucrative one as well! Over time, your collection will accure value and parts of it can be sold if you desire. This way, you will have additional income for yourself later in life in addition to a fantastic collection of valuable coins.

1. Face To Face: Coin Collectors Know Best

The internet is home to a lot of gold coin dealers wherein you can meet all sorts of people from all over the world who are into both buying and selling gold coins. Of course, it is a rather convenient venue for you to be able to do your transactions. You must be extremely conscious, however, when it comes to dealing with other gold coin collectors that you will meet through the internet. While there are some real gold coin enthusiasts in the internet, there are also those people who are posing as gold coin collectors and are just looking to rip you off.

2. Why Gold Coins?

The history of gold coins dates as far back as 2,700 years ago. The first gold coins in the world were issued in Lydia around 640 B.C. certain internet websites will provide you with a lot of information about the history of gold coins.

As money, gold coins have been a convenient way for people to do their transactions. Gold was only used for coins that were considered of a higher value. As gold is not the most common ore, it became impractical for gold to be used in the common coin systems of all major countries. This means a collection of gold coins is extremely rare due to the fact that gold coins are no longer being produced.

3. Gold Coins For Investment

- Gold is sensible investment: all major countries use reserves of gold (such as Fort Knox) to maintain their national worth
- A highly convenient investment
- Physical gold is extremely stable in value

4. Commemorative Coins

When it comes to the commemorative gold coins, since gold is deemed as a highly valuable kind of metal, it is an obvious choice when it comes to making or producing special commemorative coins. In the past, there are sets of gold coins that were just issued to mark coronations as well as other important state events. A lot of financial reserves that are being held by banks are in the form of gold coins. Gold coins are a desired form of a reserved asset since gold coins are not really used for circulation anymore.

5. About Collectors

There are a lot of various gold coin sellers, buyers as well as collectors who are waiting to bid on the best kind of gold coins in the market most especially in the internet. For most gold coins that can be bought as well as sold at prices that are closely related to their intrinsic gold content. The most popular bullion gold coins are the krugerrands as well as the sovereigns.

For most gold coin collectors, there are the highly coveted rare gold coins and a lot of gold coin collectors are interested in these rare gold coins that they will offer high bids just to be able to get their hands on these.

A lot of people who are looking for things to collect are in real treat if ever they try out collecting gold coins most especially because gold coins can be bought in highly excellent and may be in even mint condition for only a relatively low premium over the gold coin’s gold content. Also, since the coin is made from gold, it is highly unlikely that it will tarnish or even discolor.

If you are looking into collecting gold coins, first research the various gold coins that are available in the market today. Find out how much they are really worth due to their gold content, and then factor in any additional value to the coin for being rare. Always be on the lookout for fake coins, and have coins appraised by a gold coin expert to avoid large differences in price.

Coin Dealers information

[Posted August 22nd, 2009]

Autor: MichaelM1 :: Views: 206 ::

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I hope that the next article will help you to better understand this topic.
When somebody becomes concerned in collection coins they look for places and people who will be able to sell, and in some cases advise them about, coins. The best people to look for when you want to buy coins for a coin collection are coin dealers. These people are also interested in coins but their interest does not inevitably breed into collection these coins.


A strike bargainers will actively look for diverse types of coins. They will make sure that the character of all the coins that they are thought of purchasing is of a high quality. The grading of coins that is exploited will be looked into as well before the coin dealers agree to purchase any coins. These coin dealers will also bargain the coins only at the current market prices as coins are valued at the time of inspection.
When the coin dealers have found the versatile coins that they feel will be of good value and interest to coin collectors the coin dealers will make sure that they have the info about their new stock noted down. This selective information will admit the country of origin, the year that it was minted, the condition of the coin, the current market price and a brief history of the coins if it can be found.
All of these items are of rate to the coin collector because it helps them to realize the time value of the various coins that they are concerned in buying. Coin dealers unremarkably purchase their coins from rare coin auctions, internet coin shops, coin collectors who are interested in marketing their coins for a take in and fairs where coins are sold in packets.
In some cases you can find coin dealers who have specialty coins only. These could be coins from one period of time. For example you will find coin dealers who stock civil war coins or colonial coins. There will also be coin dealers who have dozens of experience in dealing with foreign coins. These coins too will be looked at to make sure that they are in a condition that will receive mint collectors to come and look at the stock.
Thank you for taking you time to read through this information if you’re concerned in gathering more knowledge please continue to search this site.

Why did the U.S. government confiscate gold in 1933 and can it happen again?

[Posted August 22nd, 2009]

14th August 2009
www.GoldForecaster.com

This is a snippet from a recent issue of the Gold Forecaster with

Subscriber-only parts excluded.

In this the second part of this series we look at the big global picture when President Roosevelt’s Administration confiscated the gold of U.S. citizens. Based on this part, in the next part we contemplate whether it can happen again.

At the right you will see the actual executive order in which U.S. citizens lost the right to own gold. From May 1st 1933 until 1971, U.S. citizens could no longer hold gold as a protection against paper money, which also lost its gold backing at the same time.

Foreign central banks could continue to exchange the U.S. dollars that came into their possession [known as Eurodollars for decades] for gold and did so particularly when the $ was devalued and then floated against the gold price in 1971.

Why?

The ‘why’ of it all, is critical to our understanding of the global monetary system now! There were two distinct phases to the process that began in 1933.

1. The economic time period was as the great depression was coming to an end in the world. It was a time when Hitler came to power in Germany and that country turned on the growth taps with its war machine driving Germany out of its depression into a resurgence of that country ahead of the Second World War. It became clear to all that monetary turmoil was to continue. More money was needed to start and to fuel growth in the U.S. despite the fact that the traditional way of growing money [against real growth in the economy] would hold the world back for a considerable period of years still. With money tied to gold and the U.S. needing to fuel its money supply it appeared reasonable to increase the government’s stock of gold forcefully and dramatically. The first step was this order confiscating gold. All but rare gold coins were handed over to the government under the threat of a $10,000 fine or 10 years in prison. These threats were persuasive enough. U.S. citizens complied in full.

2. Perhaps a mix of the need for an even larger increase in the money supply and the gathering war clouds persuaded the U.S. government to go further still and revalue gold by a full 75%. Remember, it was still gold that was money plus the I.O.U.’s issued against it [see the notes illustrated here]. [You can enlarge it by pulling the corner dot when you click on the note]. The U.S. $ as we have now is not any form of I.O.U., it can only be changed for another $ and has not backing whatsoever, except in our mind’s eye. So any expansion of money supply had to be against an increasing stock of gold. In the event of war it was clear to the Allies that the U.S. would be the best place to hold their gold too. [One of the war tactics is to forge your enemy’s money and cause a monetary breakdown in his ranks too.] So in 1935 the dollar was devalued from $20 to one ounce of gold down to $35 to one ounce of gold [one has to wrap your mind round the idea that the $ was measured by gold not gold by the $]. Remember too that it was a world of fixed exchange rates only. No exchange rates floated, or were devalued or revalued. It would take another 35 years before this changed! The expansion in the money supply that this caused combined with the war preparations caused a huge U.S. growth and brought back the days of prosperity to the States [who became suppliers of goods to the world from then on for the next 35 year and more].

Gold Travels to the States.

This had an international effect because, for either ignorance or willing compliance by foreign governments, they did not devalue their currencies against gold at the same time, in 1935. So a gold dealer could buy gold at the old price of $20 outside the U.S., in foreign currencies sell it to the U.S. for $35 an ounce. Gold up and left the developed world and headed to Fort Knox very quickly making the Bullion Bankers very happy indeed. That’s how the states managed to acquire over 26,000 tonnes of gold ahead of the outbreak of war in Europe in 1939.

The post war monetary system called the Bretton-Woods system still had gold in the background behind currencies, but U.S. individuals were not allowed to enjoy this security. European could and did enjoy access to gold and gold bonds [such as the Rente Pinot and the Rente Giscard in France] and still do. But it was not until 1971 that U.S. citizens could own gold privately again.

The fact that it has happened before makes it possible that it can happen again! It is wise to make sure that you are not vulnerable to such an act. We will look at this in more detail in a later part of the series. To ensure you get the entire series, please subscribe to Gold Forecaster through: -www.GoldForecaster.com

These are the titles in the next part: -

The $ replaces Gold

Gold is Money no more.

Can Gold confiscation happen again?

Gold Forecaster regularly covers all fundamental and Technical aspects of the gold price in the weekly newsletter.

 

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