I thought this was a case as well, the other point to consider is, no one is going to walk around with gold coins in their pocket to pay for goods and services....
Let’s say you had a $20 gold coin and bought some whiskey with it....the gold melted down and sold would be worth many time over the $20 face value, why in the world would someone do that...
I don’t people have thought this through...
So you want to pay your property taxes with a bar of gold or silver. How does the clerk at the county office know that it is legit or the purity? They don’t, they have no expertise. What spot price do they use?
More amateur hour feel good stuff...
If people are serious about using gold as a unit of exchange at this point, it’d have to be done on a weight basis, not a face value, e.g., I’m going to pay you 10 ounces of gold to remodel my kitchen. Assigning a face value tied to the Fed’s funny money utterly defeats the purpose.
Gold AND sliver.
One ounce of silver at spot price is about $28. Bottle of decent whisky, about $28. Problem solved.
L
Numismatic value probably far exceeds melt value of gold coins.