Say I open a convenience store. One of the benefits of my store is that it accepts alternative currencies.
Do I label everything with 3 price tags? One for FRN's, one for gold ounces, one for silver ounces?
Do I just have the FRN tag and then convert over the dollar amount at checkout to the ounce amount using the current spot price of the metal?
Does the spot price necessarily reflect the real value of the metal coins?
Say somebody walks in with some of these silver coins
http://www.goldeneaglecoin.com/Silver/Silver_Rounds
and tries to pay for something worth say, $17.94? How the hell does that work? My main question I guess is, how do you figure out the value of the alternative currency compared to the FRN value?
And of course theres the problem of fakes. How can I determine the purity of the metal coin? Do I just go by trust?
Can someone walk me through how this might work? I'm also looking to buy some silver (poor as I am) to preserve what little wealth I'll have when the inflation starts up. What would be the most easily tradeable silver coin (in case the currency collapses altogether)? Where should I buy from? Whats a reasonable premium to pay for a minted coin over the spot price of the metal?
Lots of questions I know
Site Information
About Us
- RonPaulForums.com is an independent grassroots outfit not officially connected to Ron Paul but dedicated to his mission. For more information see our Mission Statement.
Connect With Us