Firs let me say that following comparison is not fair, as we have not had money backed by productive capacity or any other governor in some time. That said and being a reader of history, there is a part of me that sees a level in irony in proposals now before Congress to alter the metal content of coinage to "less expensive metals", much like the Roman Emperors melted down and debased their own currency in order to pay the Empire's debts.
From an AP article.....
From an AP article.....
The last time the government made
major metallurgical changes in U.S. coins was nearly 50 years ago when
Congress directed the Mint to remove silver from dimes and quarters and
to reduce its content in half dollar coins. Now, Congress is looking at
new changes in response to rising prices for copper and nickel.
At a House subcommittee hearing Thursday, the focus was on two approaches:
—Moving to less expensive combinations of metals like steel, aluminum and zinc.
—Gradually taking dollar bills out the economy and replacing them with coins.
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