"Monetization" and sliced rotten bologna
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11 posts in this topic

11,876 posts

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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11,876 posts

Only if sliced thin and allowed to grow moldy.... :)

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24,958 posts

So then...in reality, the Oscar Mayer processing plant could very well become the Oscar Mayer Mint

 

OM mint mark

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1,119 posts
So then...in reality, the Oscar Mayer processing plant could very well become the Oscar Mayer Mint

 

OM mint mark

 

"Oh, My!"

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611 posts
Mint director's issued car

 

wienermobile_billboard_lg.jpg

Are we gonna see wiener shaped coins in circulation soon?

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11,876 posts

Humph! "I never sausage a thing!"

 

 

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256 posts

Mint director's issued car

 

Are we gonna see wiener shaped coins in circulation soon?

 

geometric.png

 

Somalia could probably give some pointers

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523 posts

Should grab my poll, and head to the bridge. As always, great information Roger!

 

Thanks,

 

Rich

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