Design contest reminder
Submitted by webmaster on Wed, 02/27/2008 - 08:50
Dave Ridley has just put out a new Ridleo reminder about the design contest.
If you are interested in submitting a design, please visit our forum thread on the sister site. (ShireSilver.com is the "business" side, while ShireSilver.org is the organizing and discussion side)
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Liberty dollar got devalued
The silver-backed currency known as the liberty dollar got devalued just like the U.S. dollar when it was devalued from $20.67 per ounce of gold to $35 per ounce of gold in 1933.
The 2006 liberty dollar $20 coin contains one troy ounce of silver. The new $20 liberty dollar coins contain 0.4 troy ounce of silver.
Re: Liberty dollar got devalued
Actually, it isn't true that the Liberty Dollar got devalued. An ounce is still an ounce. A half ounce is still a half ounce. To say that the Liberty Dollar was devalued can probably be taken as slander.
What really happened is that the suggested FRN price was adjusted to account for the devaluing of the FRN.
Of course this sort of misunderstanding is a problem when people create terms for things that don't need them. When the Congress unwisely decided to get involved in the economy by creating a "dollar", they started the mess. If they had merely said that people should use gold and silver, and that taxes would be payable in gold and silver by weight, then it would have been a lot harder for the power mongers to devalue the currency.