Paper Beats Coin

There once was a time when people hated having loose change in their pockets or purses, for many this time is still now. The coinage often ends up in jars, the ashtray of vehicles or the hands of little kids as a reward. For adults having coins was more of a nuisance than a pleasure but these days some people are singing a different tune. As the fate of the economy becomes more and more worrisome many people are rethinking their feelings of coins and wondering if swapping green dollars for silver dollars is better for the economy.

While individuals like Arizona State Representative David Schweikert is pushing legislature to require American citizens to switch from paper currency to coinage, there are a slew of individuals willing to stock up on different kinds of coins as a backup for their financial security. This rush to a safety net has results in gold coin prices being sent through the roof and setting new records on the process.

Despite the lack of interest by the American public in Rep Schweikert’s idea to start using coins as regular commerce, people’s interest in silver and gold coins in rapidly growing. Coin investment is one of the most popular forms of investing chosen by new investors and collectors. This is because coins are easy to distribute, purchase, and store. The reasoning behind investing in coins is not the same for everyone while many people are hoarding them today to prepare for their future in a shaky economy; others have been collecting coinage for years, many starting when they were young children. It is a popular hobby that is sometimes passed on by a family member or friend.

As the gold coin prices continue to fluctuate with American citizens fear and dread over the future of the economy, those in congress are continue to debate over whether or not coins should beat out paper as commerce. At the moment the chances of that happening are pretty slim. Even if the Arizona Congressman does succeed in getting a bill passed that will eventually eliminate $1 paper bills it does not mean individuals will be walking around like Scrooge McDuck with a satchel full of gold coins. Instead the greenbacks with be replaced with $1 coins kind of like the Susan B. Anthony, a coin that elicits groans whenever someone receives one as change.  And even so it would take several years before paper is taken out of rotation entirely. 

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