Joined
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31 Posts
Hey guys,
Sorry for not posting some hard facts sooner, but both of my computers were hacked into and my research was gone. I spent the entire day yesterday downloading spyware with tech people.
Let me start with a few definitions.
Bullion: Refined precious metal in NON coin form.
Bullion Coin: A precious metal coin trading AT current bullion price.
Dollar: Of the Republic of the United States of America as established originally by the Constitution of the Republic of the United States of America and first promulgated under the Coinage Act of 1792, as three hundred and seventy-one grains and four sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard silver, shall be served as the basis on monetary transactions.
The last dollar coin was minted between 1792 and 1935. There have not been any dollar coins made since 1935. Everything else produced with the word Dollar, or dollar, is either a promissory note, scrip, unit of account, obligation, fiat, tender, or method of settlement.
The Coinage Act of 1792
Sec. 14. And be it further enacted, That it shall be lawful for any person or persons to bring to the said mint gold and silver bullion, in order to their being coined; and that the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof, and that free of expense of the person or persons by whom the same shall have been brought. And as soon as the said bullion shall have been coined, the person or persons by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been so delivered, weight for weight, of the pure gold or pure silver therein contained: Provided nevertheless, That it shall be at the mutual option of the party or parties bringing such bullion, and of the director of the said mint, to make an immediate exchange of coins for standard bullion, with a deduction of one half per cent. from the weight of the pure gold, or pure silver contained in the said bullion, as an indemnification to the mint for the time which will necessarily be required for coining the said bullion, and for the advance which have been so made in coins. And it shall be the duty of the Secretary of the Treasury to furnish the said mint from time to time whenever the state of the treasury will admit thereof, with such sums as may be necessary for effecting the said exchanges, to be replaced as speedily as may be out of the coins which shall have been made of the bullion for which the monies so furnished shall have been exchanged; and the said deduction of one half per cent. shall constitute a fund towards defraying the expenses of the said mint.
Sec. 15. And be it further enacted, That the bullion which shall be brought as aforesaid to the mint to be coined, shall be coined, and the equivalent thereof in coins rendered, if demanded, in the order in which the said bullion shall have been brought or delivered, giving priority according to priority of delivery only, and without preference to any person or persons; and if any preference shall be given contrary to the direction aforesaid, the officer by whom such undue preference shall be given, shall in each case forfeit and pay one thousand dollars, to be recovered with costs of suit. And to the end that it may be known if such preference shall at any time be given, the assayer or officer to whom the said bullion shall be delivered to be coined, shall give to the person or persons bringing the same, a memorandum in writing under his hand, denoting the weight, fineness and value thereof, together with the day and order of its delivery into the mint.
Sec. 16. And be it further enacted, That all the gold and silver coins which shall have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight of values proportional to their respective weights.
Sec. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death.
Sec. 20. And be it further enacted, That the money of account of the United States shall be expressed in dollars or units, dimes or tenth, cents or hundredths, and miles or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar, a mile the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.
A few months back I had hunch these things weren't what they seemed, and it started with a comment my Mom made. She just didn't like them. Call it women's intuition, or the fact that she's just wise, but I knew I needed to store that in my memory and revisit it when I had more time. The amount of advertising these things were getting were amazing. I also couldn't grasp how these were as sturdy as they were. Once I started digging I found it hard to believe there wasn't one other ingredient listed on it anywhere. I live by the site: Current Melt Value Of Coins - How Much Is Your Coin Worth? I use it everyday. He only had this to say about them on his FAQ page:
12. "Reading the USC laws of the United States it says that the 2010 American Eagle, 99.9% pure silver face value one dollar, is legal tender. Why do you not show it along with the other US Mint coins?"
This is a website to discover melt values. I didn't think the melt value of a 1 oz silver eagle was much of a mystery to most people, but considering the volume of email regarding the topic, I guess it is. So, in an effort of inclusion, here's the equation:
{current silver spot price} * 1.0 = n
I'm just here to help.
Then I found this site giving different alloy compositions. This particular one is a Maganese Bronze and the composition used for the dollar is 88.5% Cu, 6% Zn, 3.5% Mn and 2% Ni overall, with a cladding of 77% Cu, 12% Zn, 7% Mn and 4% Ni. This combination was chosen in order to match the electrical properties of the earlier Susan B. Anthony dollar to avoid costly changes to vending machines.
I will send more information once I gather it all up again, but for now, it is my humble opinion that the calculation the site above provided, is absolutely correct. The Silver Eagles are .99% fine silver like they say, however that .99 really is less than 1% and not 99.9% fine silver like people think. Like I said, I did the chemical test myself a few nights ago. I compared it to a 90% silver coin, and they are absolutely made of completely different compositions. You should see my fingers. They are still stained from the color the Eagle turned while testing it.
Based on what I've read, it seems that the bullion coins are representative of stored bullion. This is why when an "authorized dealer" of the US Mint sells them, they are required to do a money transfer from the customer to their "depository" bank. Good news is, when they agree to become an authorized dealer, they are required to make a 2 way price in them at all times. Anyway, I hope nobody is long these and needs any more convincing because I plan on making some noise about this here shortly.
Let me know your thoughts guys.
Wall St. Wench
Sorry for not posting some hard facts sooner, but both of my computers were hacked into and my research was gone. I spent the entire day yesterday downloading spyware with tech people.
Let me start with a few definitions.
Bullion: Refined precious metal in NON coin form.
Bullion Coin: A precious metal coin trading AT current bullion price.
Dollar: Of the Republic of the United States of America as established originally by the Constitution of the Republic of the United States of America and first promulgated under the Coinage Act of 1792, as three hundred and seventy-one grains and four sixteenths parts of a grain of pure, or four hundred and sixteen grains of standard silver, shall be served as the basis on monetary transactions.
The last dollar coin was minted between 1792 and 1935. There have not been any dollar coins made since 1935. Everything else produced with the word Dollar, or dollar, is either a promissory note, scrip, unit of account, obligation, fiat, tender, or method of settlement.
The Coinage Act of 1792
Sec. 14. And be it further enacted, That it shall be lawful for any person or persons to bring to the said mint gold and silver bullion, in order to their being coined; and that the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof, and that free of expense of the person or persons by whom the same shall have been brought. And as soon as the said bullion shall have been coined, the person or persons by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been so delivered, weight for weight, of the pure gold or pure silver therein contained: Provided nevertheless, That it shall be at the mutual option of the party or parties bringing such bullion, and of the director of the said mint, to make an immediate exchange of coins for standard bullion, with a deduction of one half per cent. from the weight of the pure gold, or pure silver contained in the said bullion, as an indemnification to the mint for the time which will necessarily be required for coining the said bullion, and for the advance which have been so made in coins. And it shall be the duty of the Secretary of the Treasury to furnish the said mint from time to time whenever the state of the treasury will admit thereof, with such sums as may be necessary for effecting the said exchanges, to be replaced as speedily as may be out of the coins which shall have been made of the bullion for which the monies so furnished shall have been exchanged; and the said deduction of one half per cent. shall constitute a fund towards defraying the expenses of the said mint.
Sec. 15. And be it further enacted, That the bullion which shall be brought as aforesaid to the mint to be coined, shall be coined, and the equivalent thereof in coins rendered, if demanded, in the order in which the said bullion shall have been brought or delivered, giving priority according to priority of delivery only, and without preference to any person or persons; and if any preference shall be given contrary to the direction aforesaid, the officer by whom such undue preference shall be given, shall in each case forfeit and pay one thousand dollars, to be recovered with costs of suit. And to the end that it may be known if such preference shall at any time be given, the assayer or officer to whom the said bullion shall be delivered to be coined, shall give to the person or persons bringing the same, a memorandum in writing under his hand, denoting the weight, fineness and value thereof, together with the day and order of its delivery into the mint.
Sec. 16. And be it further enacted, That all the gold and silver coins which shall have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight of values proportional to their respective weights.
Sec. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death.
Sec. 20. And be it further enacted, That the money of account of the United States shall be expressed in dollars or units, dimes or tenth, cents or hundredths, and miles or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar, a mile the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.
A few months back I had hunch these things weren't what they seemed, and it started with a comment my Mom made. She just didn't like them. Call it women's intuition, or the fact that she's just wise, but I knew I needed to store that in my memory and revisit it when I had more time. The amount of advertising these things were getting were amazing. I also couldn't grasp how these were as sturdy as they were. Once I started digging I found it hard to believe there wasn't one other ingredient listed on it anywhere. I live by the site: Current Melt Value Of Coins - How Much Is Your Coin Worth? I use it everyday. He only had this to say about them on his FAQ page:
12. "Reading the USC laws of the United States it says that the 2010 American Eagle, 99.9% pure silver face value one dollar, is legal tender. Why do you not show it along with the other US Mint coins?"
This is a website to discover melt values. I didn't think the melt value of a 1 oz silver eagle was much of a mystery to most people, but considering the volume of email regarding the topic, I guess it is. So, in an effort of inclusion, here's the equation:
{current silver spot price} * 1.0 = n
I'm just here to help.
Then I found this site giving different alloy compositions. This particular one is a Maganese Bronze and the composition used for the dollar is 88.5% Cu, 6% Zn, 3.5% Mn and 2% Ni overall, with a cladding of 77% Cu, 12% Zn, 7% Mn and 4% Ni. This combination was chosen in order to match the electrical properties of the earlier Susan B. Anthony dollar to avoid costly changes to vending machines.
I will send more information once I gather it all up again, but for now, it is my humble opinion that the calculation the site above provided, is absolutely correct. The Silver Eagles are .99% fine silver like they say, however that .99 really is less than 1% and not 99.9% fine silver like people think. Like I said, I did the chemical test myself a few nights ago. I compared it to a 90% silver coin, and they are absolutely made of completely different compositions. You should see my fingers. They are still stained from the color the Eagle turned while testing it.
Based on what I've read, it seems that the bullion coins are representative of stored bullion. This is why when an "authorized dealer" of the US Mint sells them, they are required to do a money transfer from the customer to their "depository" bank. Good news is, when they agree to become an authorized dealer, they are required to make a 2 way price in them at all times. Anyway, I hope nobody is long these and needs any more convincing because I plan on making some noise about this here shortly.
Let me know your thoughts guys.
Wall St. Wench
