And I'll be satisfied
Tell me that you want those kind of things
That money just can't buy
--The Beatles
At first glance a new dollar bill looks about the same as an old dollar bill. Closer scrutiny reveals significant difference.
Old paper dollars were redeemable in precious metal. The silver certificate shown above could be redeemed for .77 oz of silver (the amount of silver in a silver dollar).
Today, dollars are redeemable for...nothing.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
1 comment:
Today, 0.77 oz of silver = $25.07
Currency backed by precious metal has retained purchasing power.
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