I disagree. We had that system in 1964 - you had X number of grams of pure silver in each dime, quarter and half dollar. They were all freely exchangeable for paper dollars. Yet, Gresham's law has caused the hoarding of virtually all of them (a very few are still out there). This is because we printed too many of the bills (among other sources of monetary creation), causing the price of silver to climb above $1.29/oz., at which point the metal content of those pre-'65 silver coins became worth more than the face value of the coins themselves. Setting the price at $31.10/oz. (the implied price if a dollar coin has 1 gram) would be just as meaningless, just at a significantly higher level. You MUST have the number of dollars created under control (i.e. no growth except that which reflects the growth in productivity) if you want to maintain a stable price for silver, and thus have the coins staying in circulation.
I disagree and will demonstrate. I know of several establishments where if I take a dollar’s worth of pre-1965 coins I can spend them at today’s silver rate based upon their content. The operating logic is that the “dollar” I am spending, call it an AG-dollar is directly related to silver. Gresham’s law actually proves my point. So long as the government issues silver alloy coins and agrees to trade one-for-one for the face value of bills (i.e. Ten silver alloy coins for a paper ten spot) the value of US currency will be tied to the market rate of silver. It would immediately increase the purchasing power of the dollar