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US Constitution
“ONE HUNDRED THOUSAND DOLLARS IN GOLD
PAYABLE TO THE BEARER ON DEMAND AS AUTHORIZED BY LAW”
you know, gold closed at $901 dollars/oz today. That’ll get you 111 ounces/9 pounds of gold for your paper money, if it is backed by gold.
(note: gold is traded in troy ounces)
in Feb 1998 (ten years ago), an ounce of gold cost $300, and you could get 333 oz/28 pounds of it for your $100,000 bill (if it were based on gold).
in 1932, gold cost $20 an ounce. you could get 5,000 ounces or 417 pounds of gold for your $100,000 bill.
in 1933, the US went off the gold standard.
today, $1US is worth 2.22% what it was in relation to gold in 1932.
simple Mentat projection: your 2008 $100,000 bill is worth $2,220 in 1932 money.
That “US Constitution” up there is not supposed to be there. D’oh!
money isn’t backed by gold anymore though right?
Ummm… No?
@jakanapapa
WTF??? Us currency backed in gold?
Thats brilliant!
Welcome to the 21st century, man, US currency is backed in faith and debt.
It is one of the single greatest con jobs in the history of the world.
The US dollar is backed by the power of Imaginaaatioooon, Imaginaayaaayatiooon . . .
These bills were never publicly circulated (bank to bank only)… and they are, in fact, not legal to own anymore. The US government recalled all bills over $100 back in the 1970s due to counterfeiting concerns.
If you watch old reruns of Let’s Make a Deal on GSN, though, you can see them give away $500 and $1000 bills fairly often, but those were from the late 1960s/early 70s.
Um dudes, fiat currency is only floated carefully within a range. Once in a while a country like China or Bosnia can get away with messing with that shit, but the US never could, for a lot of reasons that would make to long a post. But trust me, you woudn’t want currency backed specifically by anything which can be hoarded or suddenly appear in great quantity, unless you’re the type of person who’d put their life savings on a roulette wheel.
.
Anyway, I heard they only made ten of these when terrorists threatened to send a nuclear warhead into the molten core of the earth.