![]() ![]() So the question is not why people don’t use a silver coin to buy a soda. When precious metal coins are bought and sold, everyone understands that the price is based on the current market value of the metal. The legal tender value is just a nominal value arbitrarily set by law. Still, this doesn’t really solve the mystery. Obviously, no one would use $23 worth of silver to buy a can of Diet Coke from a vending machine. The one-ounce silver Eagle has a legal tender value of $1 (silver is currently over $23/ounce) and the gold Eagle is a $50 coin (the gold price is almost $1,400). One problem is that these coins are stamped with a face value far below the value of the metal content. This is a serious mystery that requires some thought to solve. ![]()
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