Hey guys, Quick question, you know how Silver/Gold legal tender coins have a denomination value, i.e a 1oz silver coin having a face value of 1$. What's the deal with that, if the silver will always be worth more than the coin, what's the coin of putting a face value on a precious metal coin? It's not like you're going to buy two 50c softserves with a 1oz Kook. Basically is there some tradition/history I'm ignorant of?
if suddenly there is confiscation of bullion they wont take legal tender coins i guess since you could say you collect them for their numismatic worth rather than investment; just a guess
Is the money Gov will give you for your coins when they confiscate them, soon, unless you are out of the financial system, you don't buy online, don't use transfer or credit card, and Gov doesn't know you are buying.
I stack $10 state coins .6oz silver. you can get $10 for them at the bank any time. Currently you can get them for around $14. I always get 20 x 50cent soft serves! for each one. Regards Errol 43
If they were just silver rounds, no one would pay you twice as much for the proof version. Unless your name starts with Estados. People who sell bullion may have a different view: Q Are bullion coins legal tender? A Yes, if they are government issued bullion coins with a face value. This nominal face value allows the coins to travel across national borders without the taxation or fees otherwise imposed by many countries on bullion itself. (From http://bullion.nwtmint.com/articles_faq.php)
In my world region, many countries have a reduced tax rate for collectibles etc, and a deciding property is a face value, even on bars, then its reduced tax rate, less than half the normal. Coin/bar producers of course then try to get permission from any government/central/national bank in the world, to put their currency on their silver products. And thus we have some around, Cook Islands, Suriname, Armenia, Andorra (false though since its a virtual currency), Ruanda, Somalia. So there is a clear benefit to face values, regardless how low they are, plenty more silver. YAY
Not certain, but Section 51 (xxxi) says "on just terms", and I am fairly certain that this has been decided multiple times by the High Court, that 'market value' is the criteria. open to correction. OC
It's not a given that the US gov't will confiscate gold and silver bullion and coins in the future. What laws are on the books now can be repealed or revoked in a time of alleged "crisis". It's my guess that the gov't will not go after silver but I am not so certain they wouldn't confiscate some or all gold bullion and coins....no matter how "collectible" or not they are. .
