Is it gold? I mean a piece of paper seems like a lot to us today but back in the 1800s it was very controversial. And American coins arn't made of copper and nickel anymore, right?
2007-02-04 10:06:03 · 6 answers · asked by Meaghan 2 in Social Science ➔ Economics
Up until 1932 we had some coins that were made of gold. Then we went off the gold standard, and all gold coins were supposed to be destroyed. Our paper currency was backed by silver. Not anymore. Most of our coins are made of an alloy and pennies are still made of copper, Nickels were made of silver, as were dimes quarters and even the silver dollar. Not any more. The US Mint however still makes gold coins and silver coins for collectors, They are legal tender but are not in circulation.
2007-02-04 11:03:33 · answer #1 · answered by Alfie333 7 · 0⤊ 0⤋
I thought that Nixon took us off the gold standard for backing money. Our coins are plated in copper and nickel, not solid.
2007-02-04 10:14:34 · answer #2 · answered by applecrisp 6 · 0⤊ 0⤋
Nixon decided to adopt wage and price control, and closed the gold window back in 1971. Thats the end of gold standard. Its all fiat money now. and that is based on... nothing substantial really.
2007-02-04 12:39:40 · answer #3 · answered by Cici Y 2 · 0⤊ 0⤋
Neither the US dollar nor any other major currency is backed by piles of metal any more. Money is a medium of exchange, not a piece of metal. It's an abstract thing that serves as the bloodflow and electrical current of the economy. It's silly, pointless, counterproductive, and immensely wasteful to attempt to "back it up" by hoarding some commodity whose value itself is subject to constant fluctuations depending on supply and demand.
2007-02-04 15:05:06 · answer #4 · answered by KevinStud99 6 · 0⤊ 1⤋
Nothing. Zero. Zilch!
Have a nice day at work America. The money is worthless.
2007-02-04 13:48:18 · answer #5 · answered by no worries 4 · 0⤊ 0⤋
I think it's peanutbutter and banana sandmuches'.
Thang ya very much.............
2007-02-04 11:39:15 · answer #6 · answered by Elvis 2 · 0⤊ 0⤋