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REPORT ABUSIVE REPLY
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Message Subject
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Why is gold & silver crashing?
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Poster Handle
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Anonymous Coward |
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Post Content
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^what he said. Here is the text of the law I got a silly question if anyone in the know can help.
Silver is @ 31.81 at the moment. Why on the American Silver Eagles did they stamp 1 Dollar on it? If silver is worth 31 Dollars...?
Quoting: Tanarus [ link to www.law.cornell.edu] " e)Notwithstanding any other provision of law, the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand, coins which—
(1)are 40.6 millimeters in diameter and weigh 31.103 grams;
(2)contain .999 fine silver;
(3)have a design—
(A)symbolic of Liberty on the obverse side; and
(B)of an eagle on the reverse side;
(4)have inscriptions of the year of minting or issuance, and the words “Liberty”, “In God We Trust”, “United States of America”, “1 Oz. Fine Silver”, “E Pluribus Unum”, and “One Dollar”; and
(5)have reeded edges.
(f) Silver Coins.—
(1) Sale price.— The Secretary shall sell the coins minted under subsection (e) to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
(2) Bulk sales.— The Secretary shall make bulk sales of the coins minted under subsection (e) at a reasonable discount.
(3) Numismatic items.— For purposes of section 5132(a)(1) of this title, all coins minted under subsection (e) shall be considered to be numismatic items.
(g)For purposes of section 5132(a)(1) of this title, all coins minted under subsection (e) of this section shall be considered to be numismatic items.
(h)The coins issued under this title shall be legal tender as provided in section 5103 of this title."
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