silver libertad as currency

[HawkHybrid]

http://www.internationalman.com/articles/the-mexican-libertad-the-currency-solution

 

if the article is right, not only are silver libertads legal

tender they are also currency in mexico. bringing

back the silver standard could get serious should

other countries consider adopting it.

 

the great thing about holding silver in the hope of a

successful silver standard is that unlike euros etc.

should it fail you could just hold onto your silver for the

next time people try to adopt the silver standard. unlike

euros, older silver coins could never be made redundant

with the issue of new coinage.

 

HH

[silversword]

This sort of story regarding Mexico and silver has been doing the rounds (no pun intended) in one form or another, for quite a while. Will be interesting to see whether it really gets going.

[HawkHybrid]

just wondering whether you can use libertads to

buy groceries. imagine paying for groceries with

britannias.

 

I remember reading somewhere that you can pay

uk taxes using recognised gold eg. sovereigns.

anyone know for sure if this is still true/works?

 

HH

[silversword]

It is true that you can pay taxes using any legal tender coin, but the sovereign has a nominal value of £1, so you would not be doing yourself any favours. I have the feeling that this is exactly why most precious metal coins issued since the abandonment of a gold standard have a face value far lower than their melt value.

[HawkHybrid]

from what I can remember reading is that you can pay taxes

using the gold content eg krugerrands. now would be a good

time to have a better memory, in fact it's always a good to have

a better memory 

 

HH

[silversword]

There is no reason why it couldn't be accepted for its gold value, however because the gold price can fluctuate, it is a risky proposition for both parties.

 

The legal tender laws existed to assure the validity of paper money, and latterly to enforce what is and isn't acceptable for settling debts. Krugerrands are not legal tender in the UK, so nobody can be forced to take them in payment for taxes or debts. If offered, it would be up to the person who is due to receive payment as to whether they accept or not. Nobody can refuse sovereigns as payment of a debt however they are only obliged to take them as £1 each.