Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Fifty Years of Debasing Money
WSJ ^ | July 21, 2015 | Seth Lipsky

Posted on 07/21/2015 10:13:21 PM PDT by george76

The Coinage Act of 1965 marked the end of silver coins, contrary to what LBJ promised. July 23 marks the 50th anniversary of the Coinage Act of 1965, which stripped U.S. coins of silver and made legal tender out of base metal slugs. It’s an anniversary that comes at an apt time, as Congress considers monetary reform.

...

The anniversary of the 1965 Coinage Act is a reminder of why reform is needed. Speaking from the White House Rose Garden, President Lyndon B. Johnson called the law he signed a “very rare and historic occasion.” It certainly was; it superseded the coinage act drafted by Alexander Hamilton and passed by Congress in 1792.

The original coinage act established the United States Mint and declared the dollar as the “money of account” for the new republic. It defined the dollar as 3711/4 grains of silver or the equivalent in gold; the penalty for debasing coins struck under the law was death.

When LBJ signed the 1965 act, the value of a dollar was almost exactly the same as it had been in 1792—0.77 ounces of silver. Despite some downs and ups, on average it had been remarkably steady for the long span.

That was because since Hamilton’s day, as the president noted, “our coinage of dimes, and quarters, and half dollars, and dollars have contained 90% silver.” Not any more: The new dimes and quarters would “contain no silver.”

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


TOPICS: Business/Economy; Crime/Corruption; Editorial; Government; News/Current Events; Politics/Elections
KEYWORDS: alexanderhamilton; debasingmoney; goldbugs; hamilton; lbj; nosuchthing; ntsa
Navigation: use the links below to view more comments.
first previous 1-2021-4041-43 next last
To: Pelham

Over the past five years I’ve had the job of cleaning out the homes of deceased elder relatives. In each and every house, I found at least one wine jug filled with silver coins from 1963-64.

Now I have five jugs of silver coins from 1963-64.

(I’ve been able to sell some of the good examples of old quarters from the 20s for $15-20. Just crazy.)


21 posted on 07/22/2015 4:17:32 AM PDT by Vermont Lt
[ Post Reply | Private Reply | To 3 | View Replies]

To: Vermont Lt

Clearly those coins were willed to you, because you would never have stolen them from the estates of the deceased relatives.


22 posted on 07/22/2015 5:38:30 AM PDT by HartleyMBaldwin
[ Post Reply | Private Reply | To 21 | View Replies]

To: Vermont Lt

I used to get those back when I had my paper route.


23 posted on 07/22/2015 8:32:49 AM PDT by Pelham (Deo Vindice)
[ Post Reply | Private Reply | To 21 | View Replies]

To: HartleyMBaldwin

Yes, they were actually left to my wife.


24 posted on 07/22/2015 9:10:27 AM PDT by Vermont Lt
[ Post Reply | Private Reply | To 22 | View Replies]

To: Pelham

I used to a the odd quarter or dime when I worked at the parking garage in my high school years. I always traded them out with my own change.


25 posted on 07/22/2015 9:11:46 AM PDT by Vermont Lt
[ Post Reply | Private Reply | To 23 | View Replies]

To: HartleyMBaldwin

And, my grandfather left me a whole box of civil war era half dimes and dimes. Not worth a ton, but most of those are 90% silver as well.

Beautiful coins back then.


26 posted on 07/22/2015 9:12:46 AM PDT by Vermont Lt
[ Post Reply | Private Reply | To 22 | View Replies]

To: oblomov

The only answer I have ever read to that question is no. How could it even be attempted? I don’t have a clue. I was in France as a young sailor at a time when they actually had two currencies in circulation at the same time, “old francs” and “new francs” I believe the ratio was five to one with one new being worth five old. Everything was priced in new francs and if you only had old francs you paid five times as many for the same thing. When converting dollars to francs you might get old or new but if new you would get only one fifth as many as old. It all worked out to the same thing in the end, I never figured out what the point of it all was.


27 posted on 07/22/2015 10:08:15 AM PDT by RipSawyer (Racism is racism, regardless of the race of the racist.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: george76

I love to tell people I can remember when coins were made out of (90%) silver.

They look at me like I’m ancient or crazy (I’m both).


28 posted on 07/22/2015 10:33:47 AM PDT by Catmom (We're all gonna get the punishment only some of us deserve.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Catmom

I often tell young grocery store clerks to look out for the 90 percent silver coins.

They are always shocked as other clerks are often listening, too.


29 posted on 07/22/2015 10:39:00 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
[ Post Reply | Private Reply | To 28 | View Replies]

To: RipSawyer

In January 1960 the French franc was revalued, with 100 existing francs making one nouveau franc.

To offset massive inflation due to government money printing.

https://en.wikipedia.org/wiki/French_franc#New_franc


30 posted on 07/22/2015 10:44:18 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
[ Post Reply | Private Reply | To 27 | View Replies]

To: RipSawyer

Did they have coinage for both? Or just printed bills?


31 posted on 07/22/2015 10:45:32 AM PDT by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 27 | View Replies]

To: george76
Isaiah Chapter 1

21 How the faithful city has become a harlot, She who was full of justice! Righteousness once lodged in her, But now murderers.

22 Your silver has become dross, Your drink diluted with water.

23 Your rulers are rebels And companions of thieves; Everyone loves a bribe And chases after rewards. They do not defend the orphan, Nor does the widow’s plea come before them. 24 Therefore the Lord God of hosts, The Mighty One of Israel, declares, “Ah, I will be relieved of My adversaries And avenge Myself on My foes. 25 “I will also turn My hand against you, And will smelt away your dross as with lye And will remove all your alloy. 26 “Then I will restore your judges as at the first, And your counselors as at the beginning; After that you will be called the city of righteousness, A faithful city.”

32 posted on 07/22/2015 11:51:43 AM PDT by Galatians513 (this space available for catchy tagline)
[ Post Reply | Private Reply | To 1 | View Replies]

To: george76

I was on liberty in France in ‘64 and in ‘65, I know there were two values, it’s been a long time so I guess I didn’t recall the ratio correctly.


33 posted on 07/22/2015 1:10:56 PM PDT by RipSawyer (Racism is racism, regardless of the race of the racist.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: FreedomPoster

I’d better not say, that’s a long time to remember things, I was there in ‘64 and ‘65 as a young drunken sailor on liberty.


34 posted on 07/22/2015 1:13:26 PM PDT by RipSawyer (Racism is racism, regardless of the race of the racist.)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Vermont Lt

Yes, the old designs were beautiful. Most of what silver I have collected over the years (I was only 10 when the coins changed, but I have saved silver from my change since about 1970) is newer coins, Roosevelt dimes, Washington quarters and such. I did get a Mercury dime or two, and one Liberty half dollar.


35 posted on 07/22/2015 5:13:33 PM PDT by HartleyMBaldwin
[ Post Reply | Private Reply | To 26 | View Replies]

To: Vermont Lt
I have a few of these. I take them out and look at them from time to time.


36 posted on 07/22/2015 5:23:05 PM PDT by SamAdams76
[ Post Reply | Private Reply | To 21 | View Replies]

To: chopperman

I usually run ‘Duck Duck Gone’, but had to use Google to get the page to fully display.


37 posted on 07/22/2015 9:53:20 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
[ Post Reply | Private Reply | To 20 | View Replies]

To: Arthur McGowan

But who anticipated that eventually the 50 cent piece would someday actually contain 50 cents worth of copper? FREE COPPER! LOL,


38 posted on 07/23/2015 3:09:12 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: wastoute

One person certainly anticipated it: Irwin Schiff.

Actually, a lot of hard-money people would have predicted it. Any fiat money eventually sinks until it is worth exactly what the commodity it is made of is worth. That’s why you hear that “the dollar will eventually be worth paper.”

I think it was Mises who said: “Only government has the power to make a valuable commodity like paper completely worthless by slapping some ink on it.”


39 posted on 07/23/2015 3:27:05 AM PDT by Arthur McGowan
[ Post Reply | Private Reply | To 38 | View Replies]

To: george76

What exactly are dimes and quarters made of now? I know that they have some copper.


40 posted on 07/23/2015 3:44:04 AM PDT by Tolerance Sucks Rocks (Cancer-free since 1988! US out of UN! UN out of US!)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-43 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson