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Historic value of U.S. copper and silver coins and present day metal values

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posted on Oct, 27 2013 @ 09:37 PM
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The following is a quick comparison of the value of the U.S. dollar from it’s conception to the present. The value will be based on the metals used in the minted coin and their present dollar value by weight.

The first U.S. minted coins, Silver Dollars, were minted beginning in 1794. The earliest hard currency in most common usage during that time were Silver Dollars and Large Copper Cents.

One 1794 Silver Dollar had a value ratio of 15 silver to 1 for gold and equaled 100 Large Copper Cents. Because gold coins were least used, I’ll concentrate on the current value of the just the silver and copper coins.

Weight and Composition:
One 1794 Silver Dollar Coin contains 371.25 grains (24.057g or 0.84859oz) of .8924 fine silver alloyed with copper.

One Large 1794 Cent = 13.50g Nearly Pure Copper

Value of Silver to Copper Ratio
One 1794 Silver Dollar Coin (24.057g silver) = 100 (1794) Large Cents (1,350g copper)

Value of 1794 Silver Dollar to Gold Ratio
One 1794 Silver Dollar Coin (24.057g) divided by 15 = 1.6038g (0.056572oz) of Gold

Current Metal Prices
99% Pure Metal Value in US Dollars on 25-Oct-2013
Gold Ounce = $1,352.00
Silver Ounce = $22.58 (or $20.33 at 90% purity)
Copper Ounce = $3.26 per lb or $ 0.20 per ounce

Ounce to Gram Conversion
1oz = 28.350g

Current Value of 1794 Coins by Weight and Metal Purity
1.6038g gold = 0.056572oz = $76.49
24.057g silver = 0.84859oz = $19.17 (or $17.26 at 90% purity)
1350g copper = 47.61oz = $9.70

Looking at just the silver and copper values ranging from $17.26 to $9.70, we get an average value of a dollar in 1794 as $13.48 modern U.S. dollars. We can also see this as an inflation rate of 17.26 times the original value for silver and 9.7 times for copper.

Add copper and the silver to gold ratio together and the average value of a dollar in 1794 was $34.48. Also we can see that gold has inflated to 76.49 times it’s original value.

I'll be doing some more research on the historic cost of everyday commodities for comparison to the above figures.



posted on Oct, 27 2013 @ 09:47 PM
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I use this site for copper & silver coin melt values - good site.


Coinflation



posted on Oct, 27 2013 @ 09:51 PM
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reply to post by MichiganSwampBuck
 


Only Congress shall have the power to coin money and regulate the value thereof. Back then, there were no "notes". The world ran on metals and it still does. They knew back then that the value of metals would inflate with time and that is why they "coined" money instead of printing paper.

But look where we are today. A "penny" is made of zinc and only plated with copper to hide its worthlessness.

A "silver dollar" is a nickel plated copper sandwich.

There is no tangible money today, just tokens and paper. We have been regulated out of our wealth.



posted on Oct, 27 2013 @ 10:02 PM
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intrptr
reply to post by MichiganSwampBuck
 


But look where we are today. A "penny" is made of zinc and only plated with copper to hide its worthlessness.

A "silver dollar" is a nickel plated copper sandwich.

There is no tangible money today, just tokens and paper. We have been regulated out of our wealth.


That would be an interesting study to find out what the value of modern U.S. minted coins are for their metal content. I bet they cost less in metals than their face value.



posted on Oct, 27 2013 @ 10:34 PM
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reply to post by MichiganSwampBuck
 


That would be an interesting study to find out what the value of modern U.S. minted coins are for their metal content. I bet they cost less in metals than their face value.

A pre 1982 copper Lincoln penny (before zinc) is worth about 2.2 cents, currently. Thats why they changed to zinc. To devalue the currency. They do that every time the metal value exceeds the denomination. That they hide this by plating zinc pennies with copper proves out the intentional deception.

commodities.about.com...



posted on Oct, 27 2013 @ 10:40 PM
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I never understood why based our money off of gold.i know today it's based off some imaginary system in which uses the equivalent of a child's play money. But gold always seemed like useless metal to me.but the stats are always neat and you can see the trend for the great debasing .



posted on Oct, 27 2013 @ 10:58 PM
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I found one website that gives some price quotes from that era in U.S. history. They claim that generally things cost 15 times less back then.


-One dictionary cost $0.50 (1797) -One 12-volume encyclopedia cost $20 (1820) -One chest of drawers cost $2 (1802) -One cow cost $10 (Charles County, MD, 1804) -Total cost to build the President’s house for South Carolina College was $8,000 (1806) -One Pound of Coffee Cost $0.25 -$1 in 1800 = $17.60 today


247wallst.com...



posted on Oct, 27 2013 @ 11:00 PM
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MichiganSwampBuck

intrptr
reply to post by MichiganSwampBuck
 


But look where we are today. A "penny" is made of zinc and only plated with copper to hide its worthlessness.

A "silver dollar" is a nickel plated copper sandwich.

There is no tangible money today, just tokens and paper. We have been regulated out of our wealth.


That would be an interesting study to find out what the value of modern U.S. minted coins are for their metal content. I bet they cost less in metals than their face value.


The site i posted calculates in real-time the amount of all US coins & Canadian coins melt values.

For example:

Lincoln Copper Cent 1909-1982 Cent (95% copper) * - Melt Value $0.0213898
1982-2013 Cent (97.5% zinc) * - Melt Value $0.0050884
Jefferson Nickel 1946-2013 Nickel -Melt Value $0.0449017



posted on Oct, 27 2013 @ 11:06 PM
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reply to post by BABYBULL24
 


Very cool. No need for a calculator to do that!

I'd just like to point out though, that I'm not in anyway suggesting that anyone melt down coins for their metal value.



posted on Oct, 27 2013 @ 11:15 PM
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The following video veers from the usual spiels by economists and pundits, thus making a common sense case for the current undervaluation of silver. It's worth a watch






posted on Oct, 28 2013 @ 12:05 AM
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A must read for my fellow ATS stackers!


I propose to you right now that gold's true value on the world stage is probably $100,000 per ounce in US dollars.

FreeGold is based on the theory that gold has a value much higher than what the markets say. The Central Banks of the world are aware of this value. They trade gold amongst themselves based on this higher value. The purpose of the lower gold price on the exchanges is to gain oil from oil producing nations at a low, dollar denominated price. So the low gold price has a real use, a function, that is maintained by the Central Banks.

A deal made with Saudi Arabia allowed the West to basically PRINT paper gold and sell it without limit on the world exchanges. The public was taught that paper gold was as good as physical gold. And the ability to print made gold essentially another fiat currency. So that's where we stand today.

Right now the world has its hopes riding on the United States Treasury. The Fed has spent its balance sheet on bailouts that didn't work. And now the Treasury will supposedly come to the rescue. But the Treasury is misnamed. It should be called the gaping hole of nothingness. Or at least the gaping hole of debt. Where is the so-called Treasure?

The Treasury is broke. It is insolvent. It is completely reliant on the future taxes to be paid by an economy in trouble. And its biggest asset, gold, is only worth $226 billion. That's hardly a drop in the bucket. But WITH FreeGold valued at $100K per ounce, that same stockpile is worth $26 trillion dollars. Now THAT is enough to be back in business on the world stage. Gold is, and has always been, the United States Treasury's "ace in the hole".



edit on 10America/Chicago31am2013-10-28T00:08:56-05:00201310America/Chicago31 by METACOMET because: (no reason given)



posted on Oct, 28 2013 @ 09:00 AM
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I found this inflation calculator that gives you currency values based on the year.

It is close to the figures I came up with and probably uses a similar process of determining inflation.

www.westegg.com...

Here is a calculation


What cost $1 in 1800 would cost $13.29 in 2012.

Also, if you were to buy exactly the same products in 2012 and 1800, they would cost you $1 and $0.08 respectively.


My average based on silver and copper values came to one 1794 dollar equal to $13.48 current U.S. dollars. Looks like I came really close to the figures from the inflation calculator.

ETA: If you use my average value a current U.S. dollar is equal to 7.41 cents in the 1790s. Also, the average inflation over the past 219 years have devalued the dollar by 6.15 cents per year.




edit on 28-10-2013 by MichiganSwampBuck because: Added last line

edit on 28-10-2013 by MichiganSwampBuck because: Added to the last line



posted on Oct, 28 2013 @ 09:47 AM
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After looking into the historic economy of the late 18th century United States I feel that a couple of points should be mentioned.

First, the early economy of the states relied on the British pound and Spanish minted coins as currency of choice. I chose to avoid the complexities of that system and go forward from our first minted coins.

Second, there are so many differences between the economic realities between then and now, that a comparison of prices becomes a problem. For example is the differences in labor and production technologies for a given product. Other considerations would include transportation costs, wars and territorial conflicts, prices on the eastern seaboard verses prices further west. It is really like apples and oranges, so a lot of generalizations are bound to occur with such a comparison.

Lastly is the fact that some products from then and now have no comparison. For instance, in the late 18th century you could buy another human being as slave labor, not so today (legally that is). You can buy all sorts of technological gadgets today that you couldn't have back then and have no 18th century equivalent for comparison.



posted on Oct, 29 2013 @ 12:41 PM
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The last lines in my post (two back) made the following conclusion . . .

"If you use my average value a current U.S. dollar is equal to 7.41 cents in the 1790s. Also, the average inflation over the past 219 years have devalued the dollar by 6.15 cents per year."

When I figured that one out, I did the math a couple of times and a couple different ways and assured myself that it was correct. But after looking at it again, I wondered if that meant that in another year our money could be worth only 1.26 cents compared to the 1790s silver dollar coin and then possibly the following year be -4.98 cents? That would be like having to pay someone 5 cents just to take it for nothing in return - like its cursed and you want to get rid of it.

Sure, I understand that inflation can rise and fall slowly, that the economy could get better, and it could take a long time before that 7.41 cents value could drop to zero or less, but it blows me away to think were are just years away from our money having zero (or less) of its original value.



posted on Nov, 2 2014 @ 02:03 PM
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They say if you go back in time and use a dollar from today to say 1912 we would owe them 23 dollars.

I have a silver 1 dollar that cost 23 dollars today.. it w a s made in 1922.




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