My sole gold piece is a worn St. Gaudens $20 gold piece my maternal grandmother's father had - I thought it was late '20s, but I'm now doubting it. Next time I open the bank box I'll take a look. It will be my granddaughter's coin in a few years.
Gold
- Thread starter bgrafsr
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1927 is pretty common, could be that.
My Dad was born in 1929, a while back I thought it would be nice to find one . Nope - they are in the rare and expensive category.
My best recollection is that is likely in 'good' condition, as it's worn but all lettering and features are legible. Certainly not 'fine' or better.
It would be interesting to learn more about how they are graded. All those coins are 100 years old.
Been seeing some interesting news out of China. Apparently the Chinese .gov has been raiding private vaults/banks and seizing privately held gold, it started in early July.
People tend to pick out a date to justify their investment. In markets since 1971, DOW, S&P, NASDAQ. Yes, inflation increased almost 700%.
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Telecaster
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Buying gold has to have a fee, otherwise the dealer can’t stay in business. Exception is person to person, of course.
I will just add a historical fact......
President Franklin D. Roosevelt's gold confiscation refers to Executive Order 6102, issued on April 5, 1933
. This order required most privately held gold coin, bullion, and certificates to be delivered to the Federal Reserve by May 1, 1933, in exchange for $20.67 per troy ounce. Exceptions were made for rare coins and amounts needed for industrial use.
THE PILGRIM
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‘US citizens were first allowed to buy and own gold freely again on December 31, 1974. This followed the repeal of Executive Order 6102, which had prohibited private gold ownership since 1933. The change came about as the US moved away from the gold standard. ‘
So we weren’t allowed to own Gold when it was actually ‘Money.’
But after we moved away from the Gold Standard, we were once again allowed to buy it.
Everybody got that?
So we weren’t allowed to own Gold when it was actually ‘Money.’
But after we moved away from the Gold Standard, we were once again allowed to buy it.
Everybody got that?
What is left out is Roosevelt effectively devalued the US dollar from 1 Troy ounce = $20.67 to 1 Troy ounce = $35 in 1935. No way could he have gotten Congress to agree to a straightforward devaluation (the $20.67 value made US products noncompetitive in the worldwide Depression). End runs around Congress are hardly new.
Dave Ramsey is a addiction counselor, not an investment strategist.
Jerry in SC
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A $20 gold piece could buy you a nice suit or a Colt’s single action a hundred and forty-five or so years ago, still will I think. I have a 2 1/2 dollar gold piece my grandfather carried throughout the Great Depression. He was born in 1869 and vowed to never be broke.
The problem with that is, gold is a worldwide market now. An elected official in any one country is going to have a hard time telling India to stop buying physical gold and silver at the worldwide market price.
No one really knows what the compliance rate was for eo 6102, but I've seen estimates that it was around 25%.Today's low premium on pre-33 gold seems to corroborate that compliance was very low. Afterwards, FDR devalued the dollar by nearly 50% when he re-valued gold from $20.67/ozt to $35 (just one of many shenanigans pulled during the depression). Hopefully Americans wouldn't fall for a similar stunt today...
I think the U.S. gold reserve is currently on the books at $42.222/ozt. I've seen speculation that they will revalue the gold as an accounting trick to 'reduce' our debt. The U.S. gold reserve is approx 261 million ozt, which at $42.222 is $11 B. If revalued to the current spot price of approx $3300, that would be about $861 B. Still nothing compared to our debt of almost $37 T. Hence the wild speculation by some of the click-baiters that gold will be revalued to multiples of $10,000 per ozt. Of course that is ridiculous.
I think the U.S. gold reserve is currently on the books at $42.222/ozt. I've seen speculation that they will revalue the gold as an accounting trick to 'reduce' our debt. The U.S. gold reserve is approx 261 million ozt, which at $42.222 is $11 B. If revalued to the current spot price of approx $3300, that would be about $861 B. Still nothing compared to our debt of almost $37 T. Hence the wild speculation by some of the click-baiters that gold will be revalued to multiples of $10,000 per ozt. Of course that is ridiculous.
Vermillion Enterprises in Spring Hill Florida has been cracking St. Gaudens and Double Eagles out of PCGS and NGC slabs and melting the coins...They make videos on YouTube every day.
Two weeks ago they bought $330,000 in pre-33 gold and sent every bit to the refinery.
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