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Fort Knox <--- incorrect.
The US keeps its silver supply in West Point NY
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∙ 14y ago
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When did the US government stop redeeming silver certificates?
Redemption of silver certificates for silver dollars was halted in March 1964 when the price of silver increased dramatically. The step was taken to prevent people from trading $1 silver certificates for coins that could be melted and sold for as much as $20 or $30 each. After that date the government continued to redeem silver certificates for bullion, but the amount of metal that you could get depended on the daily price of silver. By 1968 the precious metals market was fully privatized. The government ended all redemption of silver certificates for bullion on June 24 of that year because it was then possible to buy silver on the open market and there was no need for the Treasury to operate its own metal business.
What is the US government governed by?
The US Government is governed by the people. While the government send down laws to the people, and essentially run the country, the citizens of the USA can get rid of those who are not upholding the views of the public. The people govern the government because it is the people that keep the government in check, somewhat. Very often, politicians chance their votes due to what their constituents want.
What document is the framework for the US government?
The Constitution is the framework for the US government.
What Oligarchy and the US Government have in common?
An oligarchy and the US government have nothing in common.
How many grams is a silver dollar?
A US Silver dollar weighs 26.73 grams. Of that, 90% is silver and 10% is copper.
Where does the US government keep it's supply of silver?
Fort Knox.
Why does US government store its gold supply and not sell it?
large number of supply decreases the gold rate
How does the government keep us safe?
the government keeps us safe from bad people
What happened to the supply of gold in the US Treasury after the Sherman Silver Purchase Act?
It decreased as people sold silver and collected gold.
Why are silver certificates not worth what they say ' IN SILVER'?
Silver certificates are no longer exchangeable for silver bullion due to classic supply and demand. Prior to the early 1960s the government controlled both the supply and price of all silver metal in the US. Because the price was fixed, it was possible to tie each silver certificate to a specific amount of metal; one dollar was equivalent to approximately 0.77 troy ounces of precious metal. However worldwide demand for silver skyrocketed due to increasing use in electronics and other high-tech applications. Both companies and other countries were willing to pay more than the fixed price for silver, which led to widespread speculation: People would exchange silver certificates for metal at the government's price, sell the metal for more on the open market, take the profit and re-exchange the rest for silver certificates which they exchanged again ... and so on. Speculation was so rampant that silver coins almost vanished from circulation and the government's stores of silver bullion were being depleted at an alarming rate. To prevent the money supply from being undermined the government stopped exchanging silver certificates for metal. In addition they had to deregulate the price of silver in the US and let it "float" on the world market like any other commodity.
Where does the US keep its gold supply?
Most of the gold is kept at Fort Knox.
When a gun is purchased does the government keep record of it?
In the US, no.
What government entity is responsible for monitoring the US money supply?
Federal trade commission
Why can't you redeem silver certificates at face value?
You can as a federal reserve note but not in silver coin. The US government in the late 1960s halted redemption of silver coin for silver certificates.
Why were silver certificates produced?
Silver and gold certificates were printed as a way of limiting and stabilizing the money supply. Each bill issued had to be backed by an equivalent amount of precious metal in the Treasury. The government controlled the prices of silver and gold so that a dollar's worth of either metal was always the same physical amount. Not all bills were issued as certificates; many were simply "fiat" bills that were backed by what was said to be the "faith and credit of the US". That is, they were backed by the acceptance of a large part of the population that the government and in particular the Treasury were extremely stable. The one-for-one backing of certificates by precious metal was a double-edged economic sword because it limited the government's ability to expand the money supply. During good times it helped to prevent inflation and other artificial currency manipulations, but during bad times the government couldn't add to the money supply which made downturns worse. Entire libraries have been written about the matter so a further discussion is beyond the scope of this site. The Great Depression forced the government to eliminate gold certificates so the money supply could be expanded. Silver certificates made up a smaller volume of money by dollar amount and remained in circulation, however. As the 1950s ended worldwide demand for silver skyrocketed which put severe strain on the Treasury's stockpile. The world price rose above the US-controlled price, making it possible for people to "game" the system by trading silver certificates for silver metal, selling it on the open market for more than they paid, using that money to buy more certificates, and so on. By 1963 the government was forced to discontinue printing silver certificates, and soon after that redemption for silver metal was halted. They were issued based on the US Silver standard and were presented under the premise that the note coud be redeemed for silver metal on demand.
Why did populists want the US to move from a currency backed by gold to one backed by gold and silver?
It would increase the supply of money.
Where in Kentucky do the US Government stores its gold supply?
At the United States Bullion Depository in Fort Knox Kentucky.
