Thursday, May 03, 2007

I want real money

Filthy Lucre

Emperor Buckethead I.  That has a nice ring to it, don’t you think?  When I become Emperor of the United States, there’s a few things I want to change around here.

Last weekend, my mom came out to help celebrate the birthday of my son, who turns four this coming weekend.  As part of the bag of gifts that she brought out for greedboy, she included a couple of the new dollar coins, the ones with George Washington’s portrait on them.  I was underwhelmed with this latest effort from the Bureau of Printing and Engraving.

The coin feels like what Monopoly money would feel like if the game used coins.  It’s light, as if it had a plastic core.  The sheen is distinctly unreminiscent of gold.  The quality of the art work is poor, I mean really, from some angles it looks like poor George is missing his eyes instead of his teeth.  Zombie George is not what I want on my dollar coin.  The fonts are ridiculous.  And once again, we have a dollar coin the same size as a quarter.

Now, I am in favor of dollar coins.  Ever since I spent time in England, I have been for dollar coins.  The pound coin is a nifty thing, and we by rights should have an equivalent.  A large value coin that is easily distinguishable from other coins.  This, our government has signally failed to provide for us for far too long.

One of the problems, of course, is inflation.  Precious metals, the ones that make the best coins, are now far to expensive to use in coins – people would melt them down for the metal rather than use them as currency.  That’s why our dollar coins are made of anodized aluminum, and our quarters are made of tin foil.

To make things right, we can’t just make better coins.  We must make more far reaching changes to our system of currency.  To wit, we must revalue the currency 10:1.  That is to say, ten current dollars would equal one new dollar.  With this simple change, we can return to decent coins.

A quick peak at the internets reveals some key facts:

Gold= $21.63/g
Silver= $.43/g
Copper= $.008/g

Penny= 2.5g (3.1g before 1982)
Nickel= 5g
Dime= 2.3g
Quarter= 5.7g
Pound Coin= 9.5g

So what does it all mean?

  • A ten gram gold coin would be worth over $200 now.  But, under the new dispensation, it would be worth $20.  The return of the $20 gold coin.

  • A silver quarter would be $2.44, or very nearly .25 in the new order.

  • Current dimes in silver would be $.99, or almost exactly ten cents.

  • Old half dimes were made of silver, and weighed 1.3g - $.56, or 5.6 cents in the new money.  Perfect.

  • A 3g penny, made of pure copper, would be worth about 2.5 cents.  Double the size, and you have 5 cents current currency, or ½ cent in the new system.  (The old large penny was 10g.) Our lowest denomination coin would therefore be 5 cents, and the eliminate the penny crowd would be simultaneously thwarted and victorious. 

So, the new coinage:


Posted by Buckethead on 05/03/07 at 02:51 PM
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