A man who owns a company in Nevada asked his employees if they had rather be paid each payday in gold/silver coins or US dollars.
Most chose gold/silver. If you made say; $1100.00 per week and gold sold for $1000 per oz and silver was $10 per oz, you would get paid 1 gold oz coin and 10 silver oz coins,= $1100
The IRS suied the man for back taxes, because he was paying taxes on the face amount of the coins and not the $1100. In other words, a $20 gold coin and 10 $1 silver coins, thus $30 is what he paid taxes on.
He won against the IRS, because the money was US Minted and the US Mint has the authority to mint and Print money and they are both legal tender under US Law.
Both paper and minted coins, whether they are pennies,nickels,dimes quarters,dollars, 1/10 eagles,1/4,1/2 or double eagle gold coins are legal tender, and can be used as US currency.
Plus all the employees that took payment in gold & silver, saw their coins go up in value.
Nice story.
If you had a $20 gold coin in 1915, you could buy enough to fill up your wagon with groceries. Today a $20 bill will get you about 2 bags full, but, if today,you had a 1915 $20 gold coin, you could fill up your wagon with groceries. Thanks FDR and you other (D)ninkumpoops
Most chose gold/silver. If you made say; $1100.00 per week and gold sold for $1000 per oz and silver was $10 per oz, you would get paid 1 gold oz coin and 10 silver oz coins,= $1100
The IRS suied the man for back taxes, because he was paying taxes on the face amount of the coins and not the $1100. In other words, a $20 gold coin and 10 $1 silver coins, thus $30 is what he paid taxes on.
He won against the IRS, because the money was US Minted and the US Mint has the authority to mint and Print money and they are both legal tender under US Law.
Both paper and minted coins, whether they are pennies,nickels,dimes quarters,dollars, 1/10 eagles,1/4,1/2 or double eagle gold coins are legal tender, and can be used as US currency.
Plus all the employees that took payment in gold & silver, saw their coins go up in value.
Nice story.
If you had a $20 gold coin in 1915, you could buy enough to fill up your wagon with groceries. Today a $20 bill will get you about 2 bags full, but, if today,you had a 1915 $20 gold coin, you could fill up your wagon with groceries. Thanks FDR and you other (D)ninkumpoops
