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- From buell@vectrafitness.com Wed Jun 30 14:00:55 2004
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Date: Wed, 30 Jun 2004 21:00:53 -0000
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From: "Buell Ish" <buell@vectrafitness.com>
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Subject: "Intrinsic value currency"? thread
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Steve,
I suppose I took it as a person with an Econ degree (which I happen
to be). In that world, currency is a synonym for paper money. Paper
money is essentially fiat money, which means that it is money by
decree. I've always taken the "legal tender" wording on our paper
money to be a threat, "accept this at full value or else...." So
when Dave said, "Intrinsic value currency"? to me that meant paper
money with a melt value. The only thing I could think of is
something I have seen advertised, a $100 bill made for collectors
out of gold leaf foil. And I started to wonder if it would be
possible to make a bill with a gold thread, such that the bill would
have a melt value. I honestly thought that maybe there has been such
a thing and that Dave would come back and tell me something I didn't
know about. I do think that there is a broader definition
of "currency" but I think it still is something that passes because
the government says so...still money by decree. In other words, I
doubt a broad definition of currency can include specie. So, I
thought Dave's term either an oxymoron, or a term for a paper money
with a melt value that I hadn't heard of. Even the pewter
continental dollars would have been fiat money. That much pewter
couldn't have been worth the same as that much silver.
Does that clear up how I took it?
Buell
--- In colonial-coins@yahoogroups.com, "Steven G Frank"
<taxi_steve929@y...> wrote:
> Buell,
> I'm not sure how you took this, but I think Dave was implying
> the "metal" form of currency as opposed to paper, or "fiat money".
>
> Steve
>
> --- In colonial-coins@yahoogroups.com, "Buell Ish" <buell@v...>
wrote:
> > --- In colonial-coins@yahoogroups.com, "palmers4@e..."
> > <palmers4@e...> wrote:
> > > It is kind of neat the way different things lead us in certain
> > directions.
> > > I seriously doubt that the paper manufactory accepted CSA
Notes
> as
> > payment.
> > > Maybe bonds?, but most likely intrinsic value currency. David
> > >
> >
> >
> > David,
> > "Intrinsic value currency"? I always thought that Fiat money
was
> > fiat money. Is there really such a thing as "Intrinsic value
> > currency"?
> > Buell
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