Why are there so many gold USA coins for sale on Germany eBay ?

[dooly]

Hi all

 

can anyone tell me why there are always lots of USA gold coins for sale on the German eBay site..#

 

I get sick to the back teeth of wadeing through them (not into gold as you can probably tell) to find 1 or 2 Shield nickels

 

Whats it all about !!

 

 

and there almost always raw !!!

 

[DirtyGoldMan]

Many thousands of gold coins were sent to Europe in the 19th and early 20th century and are slowly making their way back to the US. In fact, there are enough coins over there that Heritage has a rep stationed in Europe to make sure they get a shot at interesting deals, hoards, and accumulations.

 

As for the coins on ebay, there have been some pretty good rips over the years, if you have the discipline to look and the knowledge and confidence to take advantage of them. The question is: "Do you feel lucky?"

[stinkycheese1]

Wow that second saint is beautiful! (thumbs u

[RUSS BEGA]

Many thousands of gold coins were sent to Europe in the 19th and early 20th century and are slowly making their way back to the US. In fact, there are enough coins over there that Heritage has a rep stationed in Europe to make sure they get a shot at interesting deals, hoards, and accumulations.

 

As for the coins on ebay, there have been some pretty good rips over the years, if you have the discipline to look and the knowledge and confidence to take advantage of them. The question is: "Do you feel lucky?"

 

tahts what a presidental order declaring ownership of gold illegal gets ya . thank you FDR!

[stev32k]

I've seen a lot of counterfeits on the German ebay site. The Chinese scammers seem to love that place.

[RWB]

tahts what a presidental order declaring ownership of gold illegal gets ya . thank you FDR!

 

Actually, the gold left the USA during the Hoover Administration both as payment for imports and to European speculators. After the gold surrender order (which also prohibited gold export in most situations), gold began to flow back to the USA in payment for lower-priced US exports. This continued after the US went back on a modified gold standard in 1934 and pegged the price of gold at $35/oz - well above the amount paid by European central banks.

 

[DC Dawg]

tahts what a presidental order declaring ownership of gold illegal gets ya . thank you FDR!

 

Actually, the gold left the USA during the Hoover Administration both as payment for imports and to European speculators. After the gold surrender order (which also prohibited gold export in most situations), gold began to flow back to the USA in payment for lower-priced US exports. This continued after the US went back on a modified gold standard in 1934 and pegged the price of gold at $35/oz - well above the amount paid by European central banks.

I thought the Gold Reserve Act of 1934 had taken us off the gold standard? The law did restrict private ownership of gold and allowed the government to build up the nation's gold reserves. But the gold was used to back government security whereas the law codified Executive Order 6102 that said silver was to be used as backing for money.

 

Scott

[RWB]

The US left the gold standard with the surrender order of April 5, 1933, although restrictions placed on the metal in March limited export. From then until Feb 1934 the dollar "floated" in value against the British pound (Britain had left the gold standard in 1931) and against French and other gold standard currencies. The initial jump was to around $29/oz and then it gradually increased to approx $34 in December 1933 and stabilized in a narrow range. When the price was re-pegged to $35/oz, it put the US back on the gold standard, but withdrew authority to strike gold coin for circulation. The Thomas Amendment in June 1933 gave the President authority to devalue the dollar up to 60% in terms of gold and to make a similar devaluation of the silver dollar. However, the weight of the standard silver dollar was not changed. Various executive orders and the Silver nationalization act in June 1934 required silver producers to sell their product to the government at fixed prices, just as with gold. But, the silver price the government paid ($0.6464) was 50% greater than the world market price (approx $0.40). The net effect was that both gold and silver flowed into the United States, although most silver purchases were domestic.

 

The commitment to maintain silver content of the dollar and subsidiary coins was reinforced against European speculators in September 1934 when production of more (unneeded) standard silver dollars began. (Remember that the US had considered silver coin debasement in 1919, and Britain debased its silver coins in 1920; so the US production of a standard silver coinage was strong reinforcement of its commitment.) The curious effect of this above-market price for silver was that coin with more than twice the face value of the metal purchase cost could be struck for each ounce of silver. Additionally, the Treasury accounted for seigniorage as soon as they bought the silver and not when, or if, it was used for coin. The profit helped pay for things like family mortgage default relief, WPA, initial costs of bank deposit insurance, etc.

 

(This is the stuff of many, many economics books.....)