Good morning, good afternoon, good evening, my fellow precious metals degenerates! Today, as I do most days, im going to waffle on about silver, gold and everything else in between. So come with me as we dive into the fascinating topic that doesn't get as much attention as it deserves: the forgotten history of silver as money. Heres a completely random fact to back up why silver is, was and always will be synonymous with currency- here in Wales, as with some other countries across the globe, the word Silver means money. Here it literally translates to ARIAN, which is interchangeable for both money and silver.
ARIAN = Both MONEY and the colour SILVER...... therefore, we can conclude silver = money
Yet, you might have noticed how gold often steals the spotlight when it comes to sound money discussions, but let's not overlook the incredible journey of silver throughout the ages. Back in the day, our wiser, smarter and less corrupt predecessors were quite savvy when it came to money matters. Gold was used as a store of value, but silver was used as a medium of exchange. Circulating coins were made from silver and the physical "cash" you carrier with you had intrinsic valie. Eventually, people realised carrying heavy coins around all day was a chor and so paper was used as a representation of the gold and silver you owned
They actually included both metals as the basis and backing for their circulation currencies, a gold and silver standard as you were. In the good old United States Constitution,cit mentions both preciois metal. How cool is that? According to Article 1, Section 10 only gold and silver coins were meant to be used as a way to settle debts.
Fast forward to the year 1792, and the Coinage Act which defined the good ol' US dollar in terms of silver, not gold.... Yep, silver was the star of the show back then! But as time passed, things changed, central banks took control of the "money", the government borrowed more than it had and we got the government backed I.O.UNotes that we use today. Those aren't really the same as the old-school Constitutional dollars(USA); they're more like bank notes given a fancy "legal tender" status by the government.
I often get questioned about why i alsways bang on about the USA and the dollar, even though im not a Yank! Truth is, more people can sympathise and comprehend my blogs when referencing the history of money from the states, plus they are(for now), the worlds reserve currency. So in my muddled up head it makes sense!! Ok, enough about that, back tovthe history lesson.
Now, in todays society, you might be wondering why silver has taken a backseat to gold?? Well, there were some folks who worked hard to sideline silver and promote a gold only standard. But thankfully, there was a group called the Free Silver Movement, 1873, and they fought to keep silver in the game. They believed that both gold and silver should be freely used as money, creating a system with checks and balances. Pretty clever, right? Fast forward again to our current world of credit cards, e-commerce, and smartphones. It might seem like silver's relevance has faded, but don't count it out just yet! The digital era is opening up exciting new possibilities for silver to reclaim its throne as the people's choice of money. Can you imagine having a debit card or app linked to an account backed by shiny silver? How cool would that be?
To top it off, guess what? Im hearing rumbbling drums in the distance, momentum and backing fornsilver is risingnoncenagain, with some countries even thinking about linking their currencies to silver, at least partially anyways. With silver's price ratio to gold being lower than ever, it's looking like a seriously attractive monetary asset. So, let's not forget the importance of silver's past and its potential to shine bright in the future. It might not be as flashy as gold, but it has a unique role to play in our ever-changing financial world. As currupt governments grapple with their debt and the banking system's ups, downs and more downs, the idea of a new monetary order based on a gold and particularly a silver standard is gaining traction.
Who knows, maybe silver will make a grand comeback and become a real contender in the money game once the collapse ofnthe current system begins, and it will. We live in exciting times, and the forgotten history of silver as money could be the key to a more stable and secure financial future.
Keep an eye on silver, folks. It might just surprise us all!
If you dont own any precious metals, then why not tell us? As a community we encourage ALL engagements and encourage everyone to take the plunge and own at lease a sinlge ounce of silver or a fraction of gold. If your struggleing to find a safe and secure place to buy, reach out to the community as there is always someone willing to offer their time and advice to help you out.
40+yr old, trying to shift a few pounds and sharing his efforsts on the blockchain. Come find me on STRAVA or actifit, and we can keep each other motivated .
Proud member of #teamuk. Teamuk is a tag for all UK residents, ex-pats or anyone currently staying here to use and get a daily upvote from the community. While the community actively encourages users of the platform to post and use the tag, remember that it is for UK members only.
Come join the community over on the discord channel- HERE
Want to find out more about gold and silver? Get the latest news, guides and information by following the best community on the blockchain - #silvergoldstackers. We're a group of like minded precious metal stackers that love to chat, share ideas and spread the word about the benefits of "stacking". Please feel free to leave a comment below or join us in the community page, or on discord.
