Using 1 oz silver when/if electronic banking EFT/CC closes.

Apologies, I know this has been raised ad nauseam over the years (well why raise it again - I've just come back from the pub ). It's just that in the pub now - no cash only cards due to the C/virus (Perth), which in my (small) mind justifies my buying 100 1oz silver coins as opposed to 100oz bars
My thinking being, if there is a bank run (in Oz) which is more likely than 3 months ago and the ATM's/CC are shut for a 'holiday' do you guys/gals think that silver coins could be used as a backup currency?
Please note this is from a guy who has just lost 4K on flights to the Uk so no harsh comments please, well a little harsh as I probably deserve it.
Thanking you in anticipation
Jeseus and my username is Gotlucky

 

I think barter would kick in for goods and services in mainstream well before silver

 

I think once hyper inflation kicks in silver will have used.

 

In theory how do you propose that would eventuate when 99% of populace dont own silver.
This isnt like 100 years ago or even 60 years ago when silver was in currency

 

Apologies, I should have been more clear, I realise that only a small proportion of the population cannot think outside the box re fiat currency (I include myself pre '08), it's more a case of in the event of a 'bank holiday' would retailers accept silver coins in lieu of fiat? If I'm honest it's just that there's a AUD600 differ between 100 x 1oz coins & 100oz bars and since '08 until now I can see politicians screwing up big time what in essence would seem highly unlikely . Also in future sans 'pub' I'll sleep it off before posting my thoughts on SS. Cheers.

 

Retails are run by members of the general population - they are not exempt from this 99% rule.
Retailers have to pay for stock, wages rent etc ... you are then assuming the suppliers, staff and landlords would take payment in kind.
Its a long stretch of a short bow in my mind

 

In a situation like this there are hundreds of other thing to uses before silver.
For instance on Friday i managed to trade a box of masks with our pharmacist for 4X the legal limit of a restricted medicine,LOL.
We have a good relationship anyway but that was something that would not have happened pre covid.
Barter is a means already.
Money or silver or gold would not have allowed this trade to happen , only essential item made it possible.

 

In this case you'd be better off with 300 x 1966 round 50c coins instead of 100 x 1oz silver bars. You still need to convince people that the 50c coins are worth anything, but I guess you would have more chance with the 50c than with the 1oz bars.

 

Preppers know what metals are worth. Maybe not the average person.
Of course the average person wont have anything.

 

GoldenEye, thanks you've answered my query. As I stated previously we were in the pub y'day and they weren't accepting cash - card only so the conversation got around to 'what if the cards aren't accepted', and with the present volatile situ and PM's being a backup (sort of) I was wondering if 1oz silver coins would become acceptable at a pinch, if not it would be a lot cheaper to buy a 100oz bar and save loads. Even though I doubt the bar staff could break a 100oz bar .
Cheers for the replies.

 

Your pubs gunna be shut soon so no point pondering how many oyzos per ounce Ag.

 

Who'da thunk it...they're shut :-( . On the plus side the Perth Mint out of nearly everything according to their website.