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Central Bank of Russia issues gold and silver bullion pieces that ‘must be accepted’ as legal tender
DGC Magazine ^ | December 20, 2012 | Blog Post

Posted on 12/27/2012 7:18:58 PM PST by theBuckwheat

On the 17th the bank issued three values of bullion:

31.1g silver pieces with a 3RUB face value 7.78g gold pieces with 50RUB face 15.55g gold pieces with a 100RUB face value These bullion pieces are legal tender in the Russian Federation.

The announcement on the Central Bank of Russia’s website is, of course, in Russian.

However, if you trust Google Translator, below is an English summary of the announcement....

In English...

The coins are legal tender cash payment in the Russian Federation and must be accepted at face value in all kinds of payments without any restrictions.

(Excerpt) Read more at dgcmagazine.com ...


TOPICS: Business/Economy; Foreign Affairs; Russia
KEYWORDS: fiatcurrency; gold; money; silver
If a major country converted to a gold-backed currency, it would be a major blow to the fiat currencies if the monetary base were large enough.
1 posted on 12/27/2012 7:19:12 PM PST by theBuckwheat
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To: theBuckwheat
Tungsten
2 posted on 12/27/2012 7:20:36 PM PST by ClearCase_guy (Republicans have made themselves useless, toothless, and clueless.)
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To: ClearCase_guy

And silver plate


3 posted on 12/27/2012 7:28:38 PM PST by wrench
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To: ClearCase_guy
Wouldn't it be important for the face value of the coins to be somewhat close to the meltdown value?

If the coins contained tungsten then they would quickly lose all value - so that would seem to be self-defeating.

4 posted on 12/27/2012 7:29:55 PM PST by The Duke
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To: theBuckwheat
HOW DO WE GET THEM?
5 posted on 12/27/2012 7:32:04 PM PST by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month)
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To: theBuckwheat; jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...

Goldbug Ping.


6 posted on 12/27/2012 7:33:40 PM PST by Jet Jaguar
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To: theBuckwheat

7 posted on 12/27/2012 7:35:41 PM PST by Jet Jaguar
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To: theBuckwheat

8 posted on 12/27/2012 7:35:49 PM PST by null and void (Going Galt: The won't of the people)
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To: Jet Jaguar

8 seconds.


9 posted on 12/27/2012 7:36:31 PM PST by null and void (Going Galt: The won't of the people)
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To: Jet Jaguar

Not quite an ingot, not quite a coin...


10 posted on 12/27/2012 7:40:04 PM PST by null and void (Going Galt: The won't of the people)
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To: Jet Jaguar
Jet Jaguar, would you please add me to the Gold Bug ping?

I love my sound money.

11 posted on 12/27/2012 7:40:30 PM PST by KC_Lion (Build the America you want to live in at your address, and keep looking up.-Sarah Palin)
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To: ROCKLOBSTER
HOW DO WE GET THEM?

Write, call, fax or interweb:

Центральный банк Российской Федерации (Банк России)
Департамент внешних и общественных связей
107016, Москва, ул. Неглинная, 12,
тел.: (495)771-4417, 771-4669;
факс: (495)771-4932;
http://www.cbr.ru

12 posted on 12/27/2012 7:45:40 PM PST by null and void (Going Galt: The won't of the people)
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To: null and void

LOL!


13 posted on 12/27/2012 7:47:52 PM PST by Jet Jaguar
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To: KC_Lion

You are added.

(tip)

Look up articles with gold or silver added to the keywords if you want to see past articles.


14 posted on 12/27/2012 7:50:15 PM PST by Jet Jaguar
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To: theBuckwheat

We have the same thing here. In my hands I have a $50 dollar circulation gold buffalo in section of original plastic wrapper. If I come to your store, you must accept it like you would a fifty dollar bill.


15 posted on 12/27/2012 7:51:01 PM PST by palmer (Obama = Carter + affirmative action)
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To: Jet Jaguar
Thank You!

And I will.

16 posted on 12/27/2012 7:56:35 PM PST by KC_Lion (Build the America you want to live in at your address, and keep looking up.-Sarah Palin)
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To: theBuckwheat

These numbers indicate 1/4 and 1/2 troy ounces of gold in the 50 and 100 ruble pieces. The ruble is supposedly worth about $.03, so this doesn’t make any sense!

It’s gotta be some kind of “Franklin Mint” thing, doesn’t it?


17 posted on 12/27/2012 7:59:03 PM PST by dr_lew
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To: palmer

And I would do so in a heartbeat.


18 posted on 12/27/2012 8:01:36 PM PST by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lurker

I’ll be right over!


19 posted on 12/27/2012 8:07:50 PM PST by palmer (Obama = Carter + affirmative action)
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To: theBuckwheat
If real gold, why would anyone ever use this as cash? A half ounce of gold is worth 25,220.46 Rubles (according to www.xe.com). Now if anyone wanted to exchange it for its face value of 100 paper rubles or even three crisp United States dollars I would be glad to provide the paper money.
20 posted on 12/27/2012 8:08:09 PM PST by KarlInOhio (I'm tired of being beaten like a malcontent elf so Obama can pretend to be Santa.)
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To: Jet Jaguar

Add me to the Gold Bug Ping list. Thanks.


21 posted on 12/27/2012 8:24:37 PM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: ClearCase_guy

“Tungsten”

Exactly!


22 posted on 12/27/2012 8:26:46 PM PST by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: The Duke

They’re essentially the same as our gold and silver eagles. IDK what the current value of gold is in rubles, but until it gets close to parity, people will use paper ones to buy stuff.

An aside to that though, I believe Ron Paul was very canny in his legislation creating ours because they are legal tender and MUST be minted in any quantity demanded by the public. I believe he had the foresight to see the endgame financially and got that legislation passed to provide us a currency for when the paper ponzi collapses. The numbers are getting close to, if not equaling, roughly the same amount as that which circulated during the minting of pre-1933 gold and pre-1965 silver (as compared to the population too)...


23 posted on 12/27/2012 8:55:53 PM PST by Axenolith (Government blows, and that which governs least, blows least...)
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To: SVTCobra03

You are added.


24 posted on 12/27/2012 8:56:11 PM PST by Jet Jaguar
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To: KarlInOhio

This want last long. See Gresham’s law of money.

CC


25 posted on 12/27/2012 9:29:27 PM PST by Captain Compassion
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To: theBuckwheat
This makes no sense if made from actual gold and silver, being priced at about 1/200 of actual intrinsic value. Is there some normal reason to issue a piece of gold worth $800 (15.55 gm = 1/2 oz) at a "nominal value" of $3?

The Russian website says that they are only issuing 100,000 and 300,000 of these anyway, so they sound like collectors items ("uncirculated" condition) rather than mass currency.

26 posted on 12/27/2012 9:47:00 PM PST by wildandcrazyrussian
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To: Captain Compassion
This want last long. See Gresham’s law of money.

The "bad" paper rubles will drive out the "good" gold rubles. Which is exactly what happens with the US Mint's gold and silver collectors coins - they are never circulated unless some kid breaks into his dad's coin collection to buy candy.

I had originally thought it was Russia's attempt to move their money back to the gold standard. After looking at the numbers it is just the Russian treasury selling collectible gold, probably at above the spot rate for gold and to be able to coin it they have to give it some nominal value in rubles.

27 posted on 12/27/2012 10:14:42 PM PST by KarlInOhio (I'm tired of being beaten like a malcontent elf so Obama can pretend to be Santa.)
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To: theBuckwheat
Gold and Silver ARE money. If the paper says on it, "Pay to the bearer on demand...", then the government is obligated to exchange the paper for silver or gold.

It's up to the buyer and seller of goods to agree on prices.

If Russia was really trying to convert to a gold or silver backed currency, then it must be done in a fashion which does not toy with existing debts or assets.

28 posted on 12/28/2012 12:40:59 AM PST by William Tell
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To: ClearCase_guy

I seriously doubt that. Putin is not a fiat kind of guy, and he doesn’t want the world’s largest oil reserves priced in dollars. I predict these bars will be heavily purchased.


29 posted on 12/28/2012 5:03:34 AM PST by gotribe
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To: theBuckwheat

Price of gold in rubles:

http://www.taxfreegold.co.uk/goldpricesrussianrubles.html


30 posted on 12/28/2012 5:07:36 AM PST by gotribe
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To: no one in particular
Apparently the bear's name is Ooze. (СОЧИ)

Can that be right?

31 posted on 12/28/2012 10:08:06 AM PST by null and void (Going Galt: The won't of the people)
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