Your Questions About Silver Foreign Coins Value

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James asks…

How many people are silly enough to fall for this trick?

A “coin”-seller company is advertising the sale of $20, bill-sized “coins” commemorating the 7th anniversary of 9-11 and the Twin Towers. They’re also called “silver leaf coin certificates” and are designated as legal tender. The sellers are telling people how you can now get these “coins” for no more than the $20 face value.

The problem is that they’re charging $20 US, while these “coins” are Liberian Legal Tender … not US … $20 Liberian is only worth approximately 31.7 cents US. The advertiser glosses-over the fact that these coins are foreign currency AND at the end of the commercial they use fine print to quickly state that they’re not affiliated with the US Mint.

Doesn’t it just irk you how these guys are getting away with this on national TV?

financi4 answers:

Clever, very clever! Quite a brilliant idea – to sell a coin worth 31.7 cents for $20 (plus shipping & handling I’m sure).

Steven asks…

I want to sell coin ,stamps, art, antiques , Can I use the Internet to find the values? If so what sites?

I have alot of coin- silver,clad, foreign,mint errors etc. and I feel I can’t just take it to sell if I don’t do the research first.There are alot of dishonest people and I need the money! I have been saving for over 20 years and I want to really make it all worth my while! But when I get on different websites I find myself doing alot of reading and not getting my questions answered! I also have artwork I need to get appraised, to sell. Do I have to pay someone to get that done,or can I find out on my own? Thanks for any help!

financi4 answers:

In addition to the completed auctions on ebay, I recommend checking the library at 737.4 for coins and closeby numbers for other collectibles.

Ken asks…

What’s the best way to sell a varied currency collection?

I have a large amount of old US currency, including pre-1900 silver certificates, gold and silver coins, and a small amount of old foreign currency. I am not an ebay seller, so I would not have the reputation required for someone to trust buying the currency from me. I feel as though I should have it appraised, but I also know that I don’t want the person buying it from me to be the person appraising it. There are so many different types of currency that it would take me ages to determine its fair value myself. What is the best course of action to begin the selling process? I’m not in a dire financial situation that requires selling it immediately, but if I don’t begin the process, I will have waited too long and then have to sell it at some skeezy pawn shop or the likes.

I really hate to sell this collection, as it was my father’s pride and joy. I have held on to it for years, and now am in a financial situation that forces me to produce some more income. I tell myself that I’m not a horrible person for selling these items, since I have no interest in them as a hobby.

Thanks in advance guys and gals for your advice.

financi4 answers:

You know what really works best? Craigslist. Forget coin stores, they buy your product so that they can sell it for profit. They’re not cheating you, they’re just trying to run a business. Regardless, if you want the more bang for your buck, you need to sell your collection without the middleman. You’ll also be able to sell it for more if you sell the items individually or in small groups, rather than as a large group, but its also more time-consuming. I don’t know where you live, so craigslist may not be fool-proof, but if you live within an hour or two of any major city, you’ll definately find some interest in the collection.

Try to find collectors online through forums as well, if you can’t get attention on craigslist. All I ask is that you either appraise your collection yourself by getting yourself the proper materials (the offical “red book” for coins published by Whitman) or get it appraised by a reputable third-party. After doing that, be prepared to sell your collection for as much as 40% less (in rarer cases) than what it was appraised for. The values you’re looking at are what you might buy it at a store from, and incidentally what one might insure it for. The appraised amount will not be what a collector is willing to buy off of another collector. Hope it works out for you, and if it doesn’t, feel free to email me and I can offer more advice.

Richard asks…

Did you see Ron Paul’s suggestion on how to end harmful Fed impacts without abolishing the Federal Reserve?

“While I would like nothing more than to see the Federal Reserve abolished, it is not absolutely necessary to do so with direct legislation.
The Fed’s influence comes about because of its monopolization of the creation of money. If we could abolish the government monopoly on the creation of money, the Federal Reserve would be forced to clean up its act or go out of business. Economists know that monopolies lead to reduced output and higher prices, a suboptimal allocation of resources. This applies as well to the market for circulating currency as it does to markets for any other good.
In the previous Congress I introduced legislation that would eliminate the three major barriers to competition in currency and break the Fed’s stranglehold on money.
The first barrier: Legal tender laws, which Congress does not have the Constitutional authority to enact. Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency…

The second barrier: laws that prohibit the operation of private mints. Certain sections of U.S. code classified as anti-counterfeiting statutes were in fact intended to shut down private mints that had been operating in California. There is no reason to ban private companies from minting gold and silver coins to compete with the dollar.
All currencies are based on trust, trust that the issuing authority will not debase the currency. If it becomes known that the issuer of a particular currency is minting underweight coins, people will stop accepting that currency and that company will go out of business. If someone else attempts to counterfeit that currency and pass those coins, there are sufficient counterfeiting laws on the books to prosecute those counterfeiters.

Under a system of competing currencies, it would be to the advantage of stores to accept as many currencies as they could, in order to attract a wide range of customers. Stores that only accepted one currency would see their customer base shrink. The use of credit cards could simplify things just as it does today when Americans travel to Europe. They pay in euros with their credit card, and their card company bills in dollars. The market will find a solution to any problems that might arise.
The final barrier to competing currencies: Laws that assess capital gains and sales taxes on gold and silver coins. Under federal law, coins are considered collectibles, and are liable for capital gains taxes. These taxes actually tax monetary debasement. The purchasing power of gold may remain relatively constant, but as the nominal dollar value increases because of a weak dollar, the federal government considers this an increase in wealth and assesses taxes.
Thus, the more the dollar is debased, the more capital gains taxes must be paid on holdings of gold and other precious metals. For individuals who may wish to use gold and silver in everyday transactions, this can quickly become a complicated and costly burden.
The long-term strength of the dollar will only be weakened by maintaining the Fed’s monopoly on our monetary system. Our foreign creditors are already moving to dethrone the dollar as the world’s currency.
The prospect of American citizens also turning away from the dollar toward alternate currencies should provide an impetus to the U.S. government to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government’s ability and incentive to inflate the currency, and provide stability to the financial system. With a sound currency, everyone is better off, not just those who control the monetary system.
There are more details, statements of reasons, and discussion of why the current system is a problem in the article at the link.

What do you think?
Josh, how substantive of you.
ci, see above. Mints created coins in our history all the time and were freely traded as gold nuggets were in the gold rush, until legal tender laws. As ‘comex accepted’ bullion trades on the reputation of the mint, so would money.
john a, I have a counter for each point you raised but that divide boils down to whether you trust companies more than government and I do, seeing how special interests use government to write laws for companies NOW. I think they should not be ‘persons’ and the govt should be too small to raid us for corporations, and should police and prosecute fraud.
mommanuke, actually, that is a somewhat less aggressive partial solution that has been discussed – pegging the dollar to a value range for gold. I don’t like it as much, but it is better than what we have.

financi4 answers:

I pretty much agree with all of it, but I don’t think it will make a difference in the long run. I think we went over the top a long time ago and the downhill slide is going too fast to stop now.

I think one way might be to freeze the value of the dollar as of today, allowing it to grown in value but not to drop below a certain level. Although this would cause inflation here in the short term, it would increase confidence in the dollar abroad and make it less likely that the international creditors would call in their notes.

But monetary theory is really complicated, so I don’t know whether that would work or not.

Donald asks…

If a state can have Sovereignty (as the idea of the constitution)?

and yet operate on the Federal monetary system, Why cant a “Natural person” who exercises their claim to ” personal sovereignty “. Provided the correct U.C.C. paperwork has been filed.

The reserve note expressly states the on its face that it it is legal tender for all debts both public and private?

I don’t see any where on the document that it cannot be given to anyone operating out of the UNITED STATES OF AMERICA, should they seek to obtain it or place a value on it, if it is received for payment of an incurring debt. Since the united states government uses it to loan to foreign entity’s, why is there such a scare when it is sought by an individual who bears the status of personal sovereignty?

Section 10

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts.

Section 9
The Migration or Importation of such Persons as any of the States now existing shall think proper to admit, shall not be prohibited by the Congress prior to the Year one thousand eight hundred and eight, but a tax or duty may be imposed on such Importation, not exceeding ten dollars for each Person.

The privilege of the Writ of Habeas Corpus shall not be suspended, unless when in Cases of Rebellion or Invasion the public Safety may require it.

No Bill of Attainder or ex post facto Law shall be passed.

No capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken.

No Tax or Duty shall be laid on Articles exported from any State.

No Preference shall be given by any Regulation of Commerce or Revenue to the Ports of one State over those of another: nor shall Vessels bound to, or from, one State, be obliged to enter, clear, or pay Duties in another.

No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.

No Title of Nobility shall be granted by the United States: And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince or foreign State
Merley asking based on what Im confronted with this is a quest for >knowledge onlyknowledge onlyknowledge only< on my part. I do not particularly wish to become sovreign. only trying to grasp the movent, and how it may or may not apply to myself or us all. As an american I damn well sure have a right to be educated on this. So please keep your beliefs and insults to yourself because fear means something to hide, like perhaps the original thirteenth ratified amendment.(which people of North America seem to have very limited knowledge of, let alone access to…

financi4 answers:

Because the concept of the sovereign citizen is a legal fiction with no support in common, statute,n or constitutional law in the US nor International law. It is void, null, and of no meaning as show in innumerable court rulings.

The citizens collectively, not individually, exercise sovereignty through the government established by the Constitution..

States of the US have an attribute called “sovereignty” under US constitutional law; this is not “sovereignty” in international law and only the US is sovereign in that context. By sovereign (US) states is meant that the states have exclusive jurisdiction in certain matters and are not subject to the US Federal government in those areas as guaranteed by the Constitution.

Mark asks…

Why do some people think the gold standard is better than the current system?

In the 1700 and 1800’s Spain had a gold mine in Chile and shipped back what seemed like limitless amounts of gold. They minted so many gold coins that the value of gold tanked and Spain defaulted on foreign loans 7 times in 100 years. They eventually lost their power and now Spain’s economy is almost completely tourism based. Anything can have value and lose value be it paper, gold, plutonium or what have you. What if the dollar had been backed by silver? Until it tanked, nobody saw it coming. So why are some people still so adamant that a gold backed currency is needed? Where are they getting this idea from?

financi4 answers:

It’s because people look at the 1800’s through rose colored glasses. They see low inflation, and equate that with Nirvana.

They miss the fact that in the US in the 1800’s, the economy collapsed about every 20 years. Not a recession, like we just had. A full-blown, 1929 style depression.

The reason a gold-backed economy doesn’t work in the modern world is that gold is “inelastic”, meaning if you tie your money supply to the amount of gold you have, the money supply can’t expand or contract very fast.

The “gold bugs” think this is perfect, because it controls inflation. The problem is that it also means that the economy can’t grow, because you can’t put enough dollars into circulation. What happens then is the economy crashes, and you have to start all over. This is a cure for inflation that is worse than the disease.

The GDP of the US is just under $15 trillion, which is, coincidentally, about the total amount of gold ever produced, if it’s valued at $1500/ounce. What that means is that we could run the US economy at it’s current rate if we owned all the gold ever produced. Since we don’t (the US gold reserve is only about 26% of the world total), either gold would need to go to about $6000/ounce (which implies that the US economy has done better than it would on a gold standard), or we’d need to deflate the economy by about $11 trillion dollars, which takes our economy (in 2010 dollars) back to where it was in 1974.

And after all, why wouldn’t you love an idea that would wipe out 40 years of economic growth?

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