Bitcoin may have a lot of features, but let’s not overlook this math…
That’s right. One ounce of .999 fine gold costs $26,031. If you can get over the fact that the handy-dandy calculator is on the Minneapolis Fed website, here’s some fun math for a Thursday morning:
We don’t need to tell anybody here about this:
All things considered, to get $390 in 1933, you would have had to turn in 19.5 ounces of gold. If we assume a one ounce American Gold Eagle costs $1334 today, which it does, this means that $20 face value gold coin from 1933 in 2017 has a value of $25,346 (and we didn’t even calculate the other half-ounce, which would add on another $685 and thrust us over $26,000)
Let that sink in for a moment. The Executive Order Enforced Fed Sleight of Hand (and outright theft) from 1933 ends up being a $26,000 hit today.
If we calculate all the way back to 1913 when the Fed was legislated into existence, well, at least we still carried gold and silver in our pockets back then: