utility of monies

by **LionsShare** Tue Jun 21, 2022 6:47 pm

All, what do poeple think? is UK back on gold std?
https://www.youtube.com/watch?v=FOHMI9IjUtI

now here's a conundrum, schwabb wants CBDC & own nowt, rent all & be happy. If we are having a new currency still called the Pound? may be it will be denoted by '£'?

Is there somat we the public don't know possibly in cabal fighting?

Will there be both CBDC & a new gold std currency for us to use or are we getting just new currency or just CBDC (ellites getting new currency only)? Is the CBDC not going to be introduced?

Perplexing ATM too many variables.

FIAT is defo going & gone, but I think if possible BOE 1882 stays we could use own prom notes (hope so) as was UK on gold std in 1882?

Thinking back to 1971 & decimalisation there may well have been a 'Reset' then?

by flyingfish Wed Jun 22, 2022 1:30 pm

This is the same thing discussed in the previous post. They're commemorative coins of value to collectors only. Or to put it another way only to people prepared to pay £69K for a coin containing gold worth £45K but with a face value of only £1,000. It's actually one of the principles of coinage that the metal mustn't we worth more than the face value, that's why our coins change from time to time.

The gold standard only works if all currencies used it, think of the problems Germany had in the mid-'30s when they kept the gold standard after Britain and USA had left.

by **LionsShare** Wed Jun 22, 2022 7:50 pm

flyingfish wrote: to put it another way only to people prepared to pay £69K for a coin containing gold worth £45K but with a face value of only £1,000. It's actually one of the principles of coinage that the metal mustn't we worth more than the face value, that's why our coins change from time to time.

Guess what a £20 does NOT cost £20 to produce for FIAT, or any other derrivative.

flyingfish wrote:They're commemorative coins of value to collectors only.

May be you are right? All I did was question.

(2661)

by flyingfish Thu Jun 23, 2022 8:26 am

LionsShare wrote:Guess what a £20 does NOT cost £20 to produce for FIAT, or any other derrivative.

Not if you're speaking about bank notes. However there have been times when the scrap value of copper, silver or bronze coinage exceeded or was likely to exceed their face value. Typically that's why coins get changed for smaller or cheaper versions, and the old ones taken out of circulation.

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