Martin Armstrong: The Truth About Gold and Why You Should Buy It

Byron · Jun 24, 2012

Aurora et luna said:

Would you swap this rare and beautiful 20 Drachma gold coin for a trillion paper drachma (1,000,000,000,000 paper drachma) during WWII ?

http://forums.silverstackers.com/uploads/6_img_0225.jpg

http://forums.silverstackers.com/uploads/6_img_0226.jpg

Source: The Full Wiki

First modern drachma, 1832-1944

The drachma was reintroduced in 1832, soon after the establishment of the modern state of Greece. It replaced the phoenix at par. The drachma was subdivided into 100 lepta (, singular lepton, ).

Coins

The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of , , 1 and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma coin containing 5.8 g of gold.

In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepta coins bearing the names obolos () and diobolon (), respectively; silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)

In 1894, cupro-nickel 5-, 10- and 20-lepta coins were introduced. No 1-lepton or 2-lepta coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae were last issued in 1911, and no coins were issued between 1912 and 1922, during which time the Latin Monetary Union collapsed due to World War I.

Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, and none were issued for the second.

Notes

Notes were issued by the National Bank of Greece from 1841 until 1928, when the Bank of Greece was created. Early denominations ranged from 10 to 500 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half. Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae. The National Bank of Greece introduced 1000-drachma notes in 1901, and the Bank of Greece introduced 5000-drachma notes in 1928. The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20 drachmae.

During the German occupation of Greece from 1941 to 1944, catastrophic hyperinflation and Nazi looting of the Greek treasury caused much higher denominations to be issued, culminating in 100,000,000,000-drachma notes in 1944.

Second modern drachma, 1944-1954

In November 1944, after Greece was liberated from Germany, old drachmae were exchanged for new ones at the rate of 50,000,000,000 to 1. Only paper money was issued. The government issued notes of 1, 5, 10 and 20 drachmae, with the Bank of Greece issuing 50-, 100-, 500-, 1000-, 5000-, and 10,000-drachma notes. This drachma also suffered from high inflation. The government later issued 100-, 500-, and 1000-drachma notes, and the Bank of Greece issued 20,000-and 50,000-drachma notes.

Third modern drachma, 1954-2002

In 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. In 1954 the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 United States dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 drachmae to 1 U. S. dollar. On January 1, 2002, the Greek drachma was officially replaced as the circulating currency by the euro, and it has not been legal tender since March 1, 2002.
Click to expand...

I was thinking about this coin the other day! It's a very historic coin.

Issued under King Otto, the first king of an independent Greece following liberation from Ottoman rule in the 1820s.

King Otto was a Bavarian prince chosen by France, GB and Russia to rule Greece fairly and to unite the different political factions that had left Greece in chaos. He tried really hard to modernise Greece and implement much needed economic reforms but was handicapped by partisanship and intrigue (much like today).

Some of the beautiful neo-classical buildings in Athens were built during his reign and on his instructions.

Ultimately though he was overthrown and leaving no heir, went back to Bavaria to live out the rest of his days.

Had Greece retained the Monarchy an elected conservative governments in the 80s and 90s it would have been in much better shape today.

Many thanks Steve for the pics and info - if possible i'd love to see this coin in person at the next meet.

Aurora et luna · Jun 24, 2012

Byron said:

Aurora et luna said:

Would you swap this rare and beautiful 20 Drachma gold coin for a trillion paper drachma (1,000,000,000,000 paper drachma) during WWII ?

http://forums.silverstackers.com/uploads/6_img_0225.jpg

http://forums.silverstackers.com/uploads/6_img_0226.jpg

Source: The Full Wiki

First modern drachma, 1832-1944

The drachma was reintroduced in 1832, soon after the establishment of the modern state of Greece. It replaced the phoenix at par. The drachma was subdivided into 100 lepta (, singular lepton, ).

Coins

The first coinage consisted of copper denominations of 1, 2, 5 and 10 lepta, silver denominations of , , 1 and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20-drachma coin containing 5.8 g of gold.

In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepta coins bearing the names obolos () and diobolon (), respectively; silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)

In 1894, cupro-nickel 5-, 10- and 20-lepta coins were introduced. No 1-lepton or 2-lepta coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae were last issued in 1911, and no coins were issued between 1912 and 1922, during which time the Latin Monetary Union collapsed due to World War I.

Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, and none were issued for the second.

Notes

Notes were issued by the National Bank of Greece from 1841 until 1928, when the Bank of Greece was created. Early denominations ranged from 10 to 500 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half. Between 1917 and 1920, the Greek government issued paper money in denominations of 10 lepta, 50 lepta, 1 drachma, 2 drachmae, and 5 drachmae. The National Bank of Greece introduced 1000-drachma notes in 1901, and the Bank of Greece introduced 5000-drachma notes in 1928. The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20 drachmae.

During the German occupation of Greece from 1941 to 1944, catastrophic hyperinflation and Nazi looting of the Greek treasury caused much higher denominations to be issued, culminating in 100,000,000,000-drachma notes in 1944.

Second modern drachma, 1944-1954

In November 1944, after Greece was liberated from Germany, old drachmae were exchanged for new ones at the rate of 50,000,000,000 to 1. Only paper money was issued. The government issued notes of 1, 5, 10 and 20 drachmae, with the Bank of Greece issuing 50-, 100-, 500-, 1000-, 5000-, and 10,000-drachma notes. This drachma also suffered from high inflation. The government later issued 100-, 500-, and 1000-drachma notes, and the Bank of Greece issued 20,000-and 50,000-drachma notes.

Third modern drachma, 1954-2002

In 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. In 1954 the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30 drachmae = 1 United States dollar. In 1973, the Bretton Woods System was abolished; over the next 25 years the official exchange rate gradually declined, reaching 400 drachmae to 1 U. S. dollar. On January 1, 2002, the Greek drachma was officially replaced as the circulating currency by the euro, and it has not been legal tender since March 1, 2002.
Click to expand...

I was thinking about this coin the other day! It's a very historic coin.

Issued under King Otto, the first king of an independent Greece following liberation from Ottoman rule in the 1820s.

King Otto was a Bavarian prince chosen by France, GB and Russia to rule Greece fairly and to unite the different political factions that had left Greece in chaos. He tried really hard to modernise Greece and implement much needed economic reforms but was handicapped by partisanship and intrigue (much like today).

Some of the beautiful neo-classical buildings in Athens were built during his reign and on his instructions.

Ultimately though he was overthrown and leaving no heir, went back to Bavaria to live out the rest of his days.

Had Greece retained the Monarchy an elected conservative governments in the 80s and 90s it would have been in much better shape today.

Many thanks Steve for the pics and info - if possible i'd love to see this coin in person at the next meet.
Click to expand...

I actually bought the coin to the meet today for a little show and tell.
Will bring it along to the next meet unless someone makes me an offer I can't refuse. :lol:

dccpa · Jun 25, 2012

Short version of my opinion.

Hommel, discredited himself with his writings against the Perth Mint.

Armstrong, I have yet to see any of his predictions be accurate. Yet he claims to be a genius in hindsight. In the latest article he downplays the effect of naked shorting by stating that there is a long for each short.

That is truthful, but idiotic in the context of his argument. If a quadrillion kilos of gold are are created and sold as real gold bars, yes there would be a long and a short for each bar sold. So what, the effect would be to annihlate the price of gold. Armstrong must be smarter than what he is writing. But right now he seems intent on selling people that everyone else is either wrong or copying his position. So we must buy his products. Not for me thank you.

JulieW · Jun 25, 2012

Who do you listen to dccpa ?

dccpa · Jun 25, 2012

Hi JulieW

My list is considerably narrower than it was at the start of this year. I still like Sinclair and Ben Davies but they have been wrong about pm prices all year and I don't invest based upon their shorter term market calls. And I still listen to kingworldnews.com, but I ignore Turk, Hathaway and Greyerz. Btw, the current Ben Davies interview posted on KWN is from November.

But as to who seems to be accurate:

Pierre Lassonde, Bill Fleckenstein, Dan Noricini, Jim Rogers, and Kyle Bass. I like Rob Arnott and James Rickards, but I am not sure whether they give any useful current investment advice.

Antonis1967 · Feb 25, 2013

Unfortunately the coin shown above is not orginal....is a counterfeit and the easiest recognise it by the thichest rim from 12 till 4 o clock
at the observe...

Click to expand...

greyman68 · Feb 28, 2013

If is a real coin and not a fake, I am willing to trade $100 Trillion Zimbabwe for it.( yes I am a closet Trillionare).

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Martin Armstrong: The Truth About Gold and Why You Should Buy It

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Martin Armstrong: The Truth About Gold and Why You Should Buy It

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