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Back in frontier days, the Spanish produced silver coins that were a worldwide medium of exchange. They were only made in one denomination, but people found a way to make change.
Since the coins were silver, they were soft and could be cut into 8 pie slices, so they were called pieces of 8.
In America, 2 pieces, or 2 bits, were a quarter, 4 bits were 50 cents, 6 bits were 75 cents.
Lots of people around here still refer to a quarter as 2 bits.
The Vikings wore armbands made of silver, and when they made a purchase, they'd chop off a chunk to pay, so it was called hack silver.
It went by weight, not denomination.
In my area, purchases were made with pinches of gold dust.
You can always make change with PMs.
Half the coins for sale from the Roman Empire are clipped.
*Adds pocket sized digital scale and batteries to my prep list.
Am kidding, well; sort of.
Half the coins for sale from the Roman Empire are clipped.
*Adds pocket sized digital scale and batteries to my prep list.
Am kidding, well; sort of.
Before they started debasing their currency the value of the coins were for their metal. Because there were coin shortages it became illegal to repurpose the coins, but merchants would place a bunch of coins in a bag and shake them vigorously. The method they used to produce the coins by striking them often left the edges brittle and weak and shaking them against each other would cause tiny bits and flakes to come off into the bag. Over time a merchant would gather enough metal flakes they would be worth something. A lot of the wear and tear on the ancient coins was deliberate.
I used to collect and sometimes sell ancient coins. I don't remember seeing a lot that were purposely cut for the purpose of making change, but that might have been a practice that was more common on older coins before debasement.
The method they used to produce the coins by striking them often left the edges brittle and weak and shaking them against each other would cause tiny bits and flakes to come off into the bag. Over time a merchant would gather enough metal flakes they would be worth something. A lot of the wear and tear on the ancient coins was deliberate.
I used to collect and sometimes sell ancient coins. I don't remember seeing a lot that were purposely cut for the purpose of making change, but that might have been a practice that was more common on older coins before debasement.
Interesting, thanks for the education; I often see 2,000 year old coins half struck with the hammer.
And the edges have small pieces missing, broken off over time I imagine; as opposed to clipping.
The history is fascinating, wondering where that coin has been.
Interesting, thanks for the education; I often see 2,000 year old coins half struck with the hammer.
And the edges have small pieces missing, broken off over time I imagine; as opposed to clipping.
The history is fascinating, wondering where that coin has been.
Exactly! As a student of history it was meaningful to me to have something tangible I could hold in my hand from thousands of years ago, and ancient coins are the most readily available. I've been out of that scene for awhile due to having too many competing priorities, but I have had the opportunity to gift some coins to kids that have the same spark in their eyes for history that I once had. And my eyes still spark every now and then, even after the cataract surgeries etc.
$21, in silver dollars (not dollar bills), is the base value for securing the right to the rules of the common law (7th amendment). So, having at least $21 available for establishing that one used lawful money to alienate title is useful.
*(You can always "buy back" the $21 from the seller, after the transaction is recorded on the Bill of Sale.)
Check your state's anti-peonage clause or statutes.
In Georgia, there's a $1600 exemption from all judicial process. If you bought your land for $21, and your house for $21 and your automobile for $21 - - - you get the idea. (Some states split it 50/50 between different classes)
Being judgment proof can be vital some day.
My brother has got me to buying some silver coins. I just bought some silver "rounds", but I am second guessing myself thinking I should have bought silver eagles instead which is $18 more per coin. The coins I bought were 99.9% silver made by a private mint.
The extra price (over "melt") for silver eagles and the like is the "premium" and can be steep.
Quote:
Originally Posted by jetgraphics
$21, in silver dollars (not dollar bills), is the base value for securing the right to the rules of the common law (7th amendment). So, having at least $21 available for establishing that one used lawful money to alienate title is useful.
*(You can always "buy back" the $21 from the seller, after the transaction is recorded on the Bill of Sale.)
Check your state's anti-peonage clause or statutes.
7A was never incorporated, only covers matters in federal court.
Quote:
Originally Posted by jetgraphics
In Georgia, there's a $1600 exemption from all judicial process. If you bought your land for $21, and your house for $21 and your automobile for $21 - - - you get the idea. (Some states split it 50/50 between different classes)
Being judgment proof can be vital some day.
IOW, the court considers your current "equity interest" in the property and the fair market value, not your putative purchase price.
Quote:
Originally Posted by reubenray
My brother has got me to buying some silver coins. I just bought some silver "rounds", but I am second guessing myself thinking I should have bought silver eagles instead which is $18 more per coin. The coins I bought were 99.9% silver made by a private mint.
The extra price (over "melt") for silver eagles and the like is the "premium", can be steep. In theory, at least in normal times, you will get most of the premium on ASEs back when you sell.
If you're buying physical precious metal for post-collapse-of-civil-order barter, you want products which are small and readily identifiable -- in that application, I doubt you'd recover the premium from going with silver eagles instead of "rounds" from a somewhat-known private mint.
My brother has got me to buying some silver coins. I just bought some silver "rounds", but I am second guessing myself thinking I should have bought silver eagles instead which is $18 more per coin. The coins I bought were 99.9% silver made by a private mint.
$18?! That's crazy. When I bought mine years ago the premium was insignificant. I originally bought some bars that had no premium because I wanted the most bang for my buck, then I became more educated and only bought sovereign coins after that, I think the most premium I paid was about $2 for silver. But as luck would have it, the bars I bought became collectible because of their design and are worth roughly twice spot price, keeping up with the premium on Eagles.
In the last several months somebody tried to buy $50M worth of Eagles in a single purchase and temporarily created a hiccup in the supply chain. Reportedly there wasn't $50M available in the collective markets and some of the $50M was spent on gold. That explains the $18 premium, there aren't enough Eagles to go around. I just checked SDbullion, and they are paying $7.50 over spot to anybody who wants to sell Eagles to them. They will buy other forms of silver for $1.50 over spot. Clearly, some of the premium is already redeemable.
For awhile I bought a lot of Maples, being a fan of their higher silver content. I should have stuck with Eagles, SD is buying Maples at $2.50 over spot.
$18?! That's crazy. When I bought mine years ago the premium was insignificant. I originally bought some bars that had no premium because I wanted the most bang for my buck, then I became more educated and only bought sovereign coins after that, I think the most premium I paid was about $2 for silver. But as luck would have it, the bars I bought became collectible because of their design and are worth roughly twice spot price, keeping up with the premium on Eagles.
In the last several months somebody tried to buy $50M worth of Eagles in a single purchase and temporarily created a hiccup in the supply chain. Reportedly there wasn't $50M available in the collective markets and some of the $50M was spent on gold. That explains the $18 premium, there aren't enough Eagles to go around. I just checked SDbullion, and they are paying $7.50 over spot to anybody who wants to sell Eagles to them. They will buy other forms of silver for $1.50 over spot. Clearly, some of the premium is already redeemable.
For awhile I bought a lot of Maples, being a fan of their higher silver content. I should have stuck with Eagles, SD is buying Maples at $2.50 over spot.
What do you mean by "over spot"? Are the Morgan silver dollars better than the "rounds"? I am paying $30 for the "rounds". What would be the best after the Silver Eagles?
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The extra price (over "melt") for silver eagles and the like is the "premium" and can be steep.
