Topic: Will gold and silver coins return as currency? - page 2. (Read 384 times)

That's not completely true.The British Britannia has a value of £100 as a coin for legal tender, but the one off price from the Royal Mint is £986.04 today. The Shanghai gold exchange is quoting prices for physical gold.

The gold and silver coin value is defined by the government , not by the gold itself . After all , it is  cash alike so that it is non-sense .

In the very past , gold coin value is defined by the gold value. Gold is regarded as important production material .

I don't think that we will see people using gold Britannias in the supermarket, but we are seeing countries like China, Russia and Saudi trading oil for gold. Trump seems to be working with Russia and China to reduce the power of the Central Banks, and this will have a major impact on fiat currencies. Something will have to replace the collapsing fiat, and I believe it will be a mix of gold, silver, crypto, and possibly SDRs.

I don't see it that way. To be honest, me and my family has a business for buying and selling gold. The market become so low because the demand is not that high compared before. It's hard to buy gold now because they are expecting that the price should be high. The customer will end up pawning her gold instead of selling it to us.  By the way, gold and silver was used as currency when money was non existent. It will never go back that way.

The circulation of gold and silver coin currency in the Philippines have been decreased.

A certain group of ppls in the Philippines are targeting a certain kind of currency that have an embedded ounce of gold or silver they are making it as a decoration or they are melting all the coins collected through the course of the month and make a new necklace/bracelet/ring/ made of gold/silver/copper.


And way back 200+ when the first 10 peso coin allegedly spread that those coins have an ounce of gold in the inner part of it a Chinese/Korean national had been caught smuggling a large volume of 2000 and 2001 peso coin. I can't give a link as I was only 12 years old when that happened I only saw it on the news relative information is not an assurance.
Years have passed they discovered that the news is only a hoaxed.

I think the answer to this thread is no in the Philippines I know but in other country not sure of course.

more info
https://en.wikipedia.org/wiki/Philippine_ten_peso_coin

Sales of Sovereigns, Britannias, Eagles, Maples, Krugerrands and the gold coins of other countries are being minted in increasing numbers. Silver versions of many of them have been introduced as well. I think they are getting ready to collapse the fiat currencies, Yes, there will be a crypto replacement, but I believe that precious metal coins will be used alongside the cryptos.

And what happened to world debt right after.

There is a reason china and russia are accumulating gold & silver and ever increasing rates.  Sooner or later they will lauch precious metal backed currencies that will cripple the dollar.

No. The future is digital now. Gold and silver are wholly outdated as currencies and are so impractical. In fact, I'd bet regular currency (coins and cash) will likely be extinct within our generation. Most transactions are already done with debit and credit cards and I think it's likely many governments in the developed world will gradually start phasing out physical currency at some point over the next decade or two. There's just too many negatives with physical currency. They cost a lot to produce and replace (as they damage easy), many can be fairly easily counterfeited, and criminals and tax evaders just use cash to avoid a paper trail and paying taxes. If all transactions went to debit cards or banking apps then all these problems are mostly solved (or at the very least severely curbed). I think this is one reason why crypto will always have a place  by existing outside of the mainstream and centralized systems.

Even large denomination notes are currently being suggested or discussed to be phased out by the UK, USA and EURO because they're favored by drug dealers/criminals and counterfeiters:

http://www.dailymail.co.uk/news/article-3437590/Banks-urged-ban-50-notes-bid-end-cash-hand-culture-help-recoup-billions-tax-Treasury.html


Really? I wouldn't think so. Can you imagine lugging around ridiculously heavy cases full of gold around the world? I can only imagine all the attempted heists that would happen if this became the norm. The only thing useful for international trade are numbers on a screen right now.



Gold backed, but the actual physical coins won't be used in the actual transaction. You're essentially just being given a token as proof that you own the gold but all the gold is doing is sitting in a vault somewhere. Just seems a bit gimmicky to me though I suppose it makes owning gold a bit more easier.

Yep, it's an interesting history and I know just a little bit about it--I definitely know that the USD used to be backed by gold, and that supposedly put a cap on the number of dollars that could be printed, and people wanted some intrinsic value with their money.  That was huge back in the day--read about the history of the Trade Dollar that the US government minted in the 1800s.  It's fascinating.

But today?  We absolutely don't need precious metals involved with our money, and I don't think they're going to make a comeback.  Yes, we had a mania in the 2000s when gold was shooting up to $2000/Oz and silver was headed toward $50, but that kick pretty much died in 2011 when metals started their downward spiral.  They have yet to recover from that, but there are still people around who bought a bunch of silver coins at $49 and are just waiting for metals to rebound. 

All of the articles by those bulls keep repeating the same arguments, that fiat always goes to zero, the Fed is printing unlimited dollars, that metals are the best hedge against inflation...blah blah blah.  Meanwhile, silver is stuck at $16 and bitcoin and the stock market have been on fire for years now.

So no, my opinion is that precious metals are definitely NOT going to return as regular currency.  No way in hell.

Why would they? World economics moved on from the gold standard, didnt it?

Most of the major nations already have gold and silver coins that are nominally legal tender. For example, the UK has the Sovereign and the Britannia. You probably wouldn't use a Britannia at its nominal value of £100, as it will cost you around £1,000 to buy one, but it could be used based on the value of it's gold content. As an interesting historic note, the dollar became the main currency in America because of the silver and gold coins which gave it legitimacy. It was originally a Spanish coin I believe.

It looks as if Russia has been buying gold and silver in preparation of the launch of gold and silver ruble coins. Obviously these would be useful for interntional trade. China is talking about gold backed crypto, and England already has the RMG. The future of currencies looks to be very interesting.

Some of the informaation in this post was gleaned from this video on YouTube.

https://www.youtube.com/watch?v=qOKO2q_zNbY