I've been thinking about this.
According to the Constitution:
Section 8 - Powers of Congress
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;Section 10 - Powers prohibited of States
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.Sec. 5103. Legal tender
United States coins and currency (including Federal reserve notes
and circulating notes of Federal reserve banks and national banks) are
legal tender for all debts, public charges, taxes, and dues. Foreign
gold or silver coins are not legal tender for debts.So the above shows that the $50 gold coin as we know is legal tender and the value they set on that coin is $50. Coins can't be legally melted or shipped overseas. For example our nickel is worth about $.10 if it could be melted and we can go into a bank and trade in a dollar in get 20 nickels.Sec. 5112. Denominations, specifications, and design of coins
(a) The Secretary of the Treasury may mint and issue only the
(1) a dollar coin that is 1.043 inches in diameter.
(2) a half dollar coin that is 1.205 inches in diameter and
weighs 11.34 grams.
(3) a quarter dollar coin that is 0.955 inch in diameter and
weighs 5.67 grams.
(4) a dime coin that is 0.705 inch in diameter and weighs 2.268
(5) a 5-cent coin that is 0.835 inch in diameter and weighs 5
(6) except as provided under subsection (c) of this section, a
one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams.
(7) A fifty dollar gold coin that is 32.7 millimeters in
diameter, weighs 33.931 grams, and contains one troy ounce of fine
(8) A twenty-five dollar gold coin that is 27.0 millimeters in
diameter, weighs 16.966 grams, and contains one-half troy ounce of
(9) A ten dollar gold coin that is 22.0 millimeters in diameter,
weighs 8.483 grams, and contains one-fourth troy ounce of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters in
diameter, weighs 3.393 grams, and contains one-tenth troy ounce of
Well shouldn't we be able to go into a bank and exchange $50 FRN and get a $50 gold coin in return? Now wouldn't that be a kick?
Maybe I should put my order in?