Currency Debauchery Worse than I Thought
While the official exchange rate of dollars to gold was set at $20.67 an ounce by our government, gold dust sold in California during the 1850s for around $12 to $16 per ounce. In other words, the face value of the coins was far in excess of the coin's melt value. The gold had been put into a standardized, useful, and attractive form whose weight and purity were guaranteed by the U.S. government. This added value, and there is even a term for added value in this way ; "seigniorage". During the 1850's, the seigniorage of these coins in California was from 25% to 75% over melt value of the gold in the coins.
That means the dollar has lost even more value compared to gold than you would see just by taking the official dollar-to-gold exchange rate. Of course, history teaches us that governments renege on the value of their money. The government later devaluated the dollar from $20.67 per ounce, to $35.00 per ounce, and then $42.00 per ounce, to a dollar backed only by a much less valuable amount of silver, until today we have an empty fiat dollar backed by no gold (or silver) at all.
Understand that I am not calling for a return to the gold standard. I would oppose it strongly. Our current generation of globalist sock-puppet political "leaders" ran up public debt to the moon in fiat dollars and that debt should be repaid in fiat dollars! We should not allow the banksters to lure us into debt with easy fiat money and then agree to pay them back those debts in real money.
No, I am merely pointing out the clear lesson of history that no one can be trusted with a monopoly on money- especially not the government itself. The government is supposed to enforce contracts, but when it comes to maintaining the value of money, they are a party to the contract they are supposed to be in charge of enforcing! No wonder it is so often broken. We need competition in money, with the government OUT of the competition.