Tuesday, July 22, 2008

Trading junk silver: A new currency?

So let's say the end of the world has come to pass. Well, let's say there is still a world, but society is far different than it was before.

For starters, in our hypothetical situation, faith in government backed currencies has ground to a halt. And let's say, you check the pantry and find you are low on sugar and need to get some more. If you know someone who has some sugar, how will you get them to part with it?

Ideally, a form of trade will develop. The person holding the sugar may need something you have, like a couple of bars of soap. But if trading is not an option, what to do?

This is how money came into being. Having a good or service to trade for other goods or services is nice, but once consumed or the service performed, the good or service is no longer viable for future trades by the holder.

Money fills the role of the a means of paying for goods and services and which is generally constantly on the move from buyer to seller to buyer.

However, it helps when the money is based upon something tangible like a precious metal which all know and trust. And this is when junk silver, (pre-1964 silver U.S. coins) comes into play. We all know what a quarter dollar coin is, and we all hold silver to be precious metal, so the value comes into play quickly.

So why not gold? Gold is good, but is overkill as payment for three eggs, a few pieces of firewood or a quart of honey. Since it is in small denominations, junk silver makes a great low cost, small goods and services form of payment. And unlike gold, it is readily recognized.

Junk silver has a place in a post-modern economy and is worth adding to your SHTF portfolio today.

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