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"Monetization" and sliced rotten bologna

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A persistent question pops up when I attend coin shows and frequently on line. The question is usually something like "When is a coin monetized and become money?"

 

The answer has two parts:

Part 1. There is no such thing as "monetization" of U.S. coinage and never was. The term was used in the 1930s in relation to permitting silver bullion to be valued at its statutory coinage value ($1.2929) for the purpose of issuing silver certificates against the bullion. This avoided the expense and inconvenience of striking standard silver dollars. (This is per Treasury Chief Counsel Herman Oliphant's office memos 1935-36.)

 

Part 2. Gold and silver coins of the United States become legal tender when the Coiner certifies them as meeting all statutory requirements for legal tender, AND the pieces are then "delivered" to the Superintendent/Plant Manager of the mint where they were produced. In the old days, this was usually made to the Cashier as the Superintendent's representative. No other act was necessary by law, rule or custom. (This is law and operational fact.)

 

I hope this will some how sink in and the nonsense about "monetization" of some coin or other vanishes like the rotten bologna it is. :)

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