Thursday, August 28, 2008

Your money

This is the second post in a short series on The Dollar.

Did you know that your money is worth more money than it's worth?

Each coin is made out of various metals, and each of those metals has a value. The value of the metal should be less than the value stamped on the face. However, our currency has lost value over the last 40 years, so that isn't necessarily true any longer. According to the information at coinflation.com, this is generally true for our current coins except the nickel which would be worth $0.0538 if you melted it down. (Of course, this is illegal.)

None of this is too remarkable. However, compare that to coins made before 1963. If we still used those coins they would be worth much more than their face value. Therefore, if you find one, it is worth hanging on to.

Nickel = $0.77
Dime = $0.99
Quarter = $2.46
Half Dollar = $4.93
Dollar = $4.31

Here's something to consider. In 1963 you could buy a gallon of gasoline for $0.30. If you used the metal from a 1963 quarter and a 1963 nickel, they would be worth about $3.23. You could still almost buy a gallon of gas for "30 cents."

Once again, a lot of things are expensive, not because they cost more, but because the money you're buying them with is worth less. For further information, go here.

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