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The Specie Money: Gold And Silver


With inflation still at high levels, it is becoming overwhelmingly evident to Americans that Federal Reserve notes steadily depreciate in value as a form of currency. In 1913, an item costing a silver dollar would now require around $31 unbacked dollars. Specie money, backed by gold, silver, and copper, provided stability and value. Despite the U.S. Constitution granting Congress the power to coin money, fiat currency replaced specie money. Federal Reserve notes lost 98% of their purchasing power since 1913, highlighting the need for stable monetary systems like specie money.


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Wealthfargo
Wealthfargo

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