| View previous topic :: View next topic |
| Author |
Message |
Eyedunno
The Great JuJu at the Bottom of the Sea
Joined: 13 Aug 2005
Posts: 3815
Local time: 2:46 PM
Location: Cin City, OH!
|
 Posted: Sun Feb 11, 2007 11:58 pm Post subject: |
  |
|
| Knight_of_BAAWA wrote: | | Knight_of_BAAWA wrote: | | The problem is that the value of the coin is tied to its weight. |
| caseagainstfaith wrote: | 
US and Canada have been off the gold standard for quite a while now... |
| Knight_of_BAAWA wrote: | | I'm not seeing how that makes a difference. |
| caseagainstfaith wrote: | | Obviously, there is something that is alluding me. But, my point was, it used to be that the monetary value of a coin was directly tied to the amount of precious metal it had, but not anymore. (I think, I confess to not being any expert on currency.) But, I can say that I am pretty sure that a nickel doesn't weigh five times as much as a penny, or a dime twice as much as the nickel, or a dollar coin or dollar bill weigh ten times as much as a dime, etc. |
I see what you're getting at now, but the fact would remain that if a small coin is imprinted at $1 million, that will be used in place of something that really does have a value of $1 million. This is Gresham's Law. |
It might be worth clarifying that both "really do" have a value of $1 million based on the definition of dollar applying to currency in the country of issue. But yeah, the coin worth a higher value than its printed amount on some other market will be spent last (unless the person who owns them is a moron, and plenty of economic "laws" pretend those don't exist  ). |
|
| Back to top |
|
 |
|
|
|
CET
The Spiritual Atheist
Joined: 02 Apr 2003
Posts: 12866
Local time: 8:46 PM
Location: SoCal, USA
|
| Posted: Mon Feb 12, 2007 8:08 pm Post subject: |
|
|
| Jutter wrote: | | Bottom line, technicly speaking arrangements can be made as long as the regarding parties can come to an agreement, so ultimately there's no reason why a million dollar token absolutely must be treated the same as a 'conventional' coin, thus end up being humongous and superheavy. It is of course possible that establishing such agreements would be so labersome that the jumbo-coin would ultimately be the least bothersome solution, but considering the probable dimensions/weight of the million-dollar-coin we'd be talking some serious red tape. |
Honestly, since Canada has a fiat system, I don't understand why the size of the coin is a consideration. For example, in the USA, a nickel is much larger, heavier, and made of the same material as a dime. Yet the nickel is worth half as much.
_________________
Namaste,
CET 
The Spiritual Atheist
"Much of the suffering in the world comes from the delusion that we are separate from one another." - Gautama Buddha
"Those who dance are considered insane by those who can't hear the music." - George Carlin |
|
| Back to top |
|
|
Knight_of_BAAWA
Jedi Slackmaster
Joined: 08 Mar 2003
Posts: 10021
Local time: 10:46 PM
Location: USA
|
| Posted: Mon Feb 12, 2007 9:40 pm Post subject: |
|
|
A nickel used to be made from nickle (up until 1964).
_________________
aa #51, DNRC o-, Member of the [H]orde
Atheist Minister for St. Dogbert.
"No being is so important that he can usurp the rights of another"
Picard to Data/Graves "The Schizoid Man" |
|
| Back to top |
|
|
Eyedunno
The Great JuJu at the Bottom of the Sea
Joined: 13 Aug 2005
Posts: 3815
Local time: 2:46 PM
Location: Cin City, OH!
|
| Posted: Mon Feb 12, 2007 10:34 pm Post subject: |
|
|
| CET wrote: | | Jutter wrote: | | Bottom line, technicly speaking arrangements can be made as long as the regarding parties can come to an agreement, so ultimately there's no reason why a million dollar token absolutely must be treated the same as a 'conventional' coin, thus end up being humongous and superheavy. It is of course possible that establishing such agreements would be so labersome that the jumbo-coin would ultimately be the least bothersome solution, but considering the probable dimensions/weight of the million-dollar-coin we'd be talking some serious red tape. |
Honestly, since Canada has a fiat system, I don't understand why the size of the coin is a consideration. For example, in the USA, a nickel is much larger, heavier, and made of the same material as a dime. Yet the nickel is worth half as much. |
Because they actually plan on using a million dollars worth of gold (or around $1,000,000 anyway). Say you were a nut who wanted a million-dollar coin. Would you really still want it if the metal used for it were worth, say, only $1000 at time of issue? |
|
| Back to top |
|
|
CET
The Spiritual Atheist
Joined: 02 Apr 2003
Posts: 12866
Local time: 8:46 PM
Location: SoCal, USA
|
| Posted: Tue Feb 13, 2007 1:16 am Post subject: |
|
|
| Eyedunno wrote: | | Because they actually plan on using a million dollars worth of gold (or around $1,000,000 anyway). |
I missed that part . . . I'll read the article next time. 
_________________
Namaste,
CET
The Spiritual Atheist
"Much of the suffering in the world comes from the delusion that we are separate from one another." - Gautama Buddha
"Those who dance are considered insane by those who can't hear the music." - George Carlin |
|
| Back to top |
|
|
Uncertainty
Forum Master
Joined: 23 Oct 2005
Posts: 3414
Local time: 11:46 PM
Location: Pennsylvania
|
| Posted: Tue Feb 13, 2007 1:46 am Post subject: |
|
|
| What a waste |
|
| Back to top |
|
|
|
|
|
Profile
Log in to check your private messages
Log in
Live Video and Chat Room
Freethought Videos
FAQ
Search
Usergroups
Register
