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Hypothetical question about currency and banks

  • 30-01-2010 9:15pm
    #1
    digme
    Closed Accounts Posts: 4,584 ✭✭✭


    I go into a bank and tell the person behind the counter I want to redeem the value of a €50 note i have in my possession.Are they supposed to pay me with gold or silver?Or am I away with the birds :D


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    digme wrote: »
    I go into a bank and tell the person behind the counter I want to redeem the value of a €50 note i have in my possession.Are they supposed to pay me with gold or silver?
    No.
    Or am I away with the birds :D
    Possibly. ;)

    However, you can buy gold and silver if you wish. However, the are inconvenient for most transactions.


  • #3
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    digme wrote: »
    I go into a bank and tell the person behind the counter I want to redeem the value of a €50 note i have in my possession.Are they supposed to pay me with gold or silver?Or am I away with the birds :D

    You're about 80 years too late.


  • #4
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    Hhaa :)
    Al right I know about the gold standard and fiat currency and all the rest of it,well a little bit anyway,but isn't a bank note just an iou?


  • #5
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Might be a useful read:

    http://en.wikipedia.org/wiki/Legal_tender


  • #6
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    I'll be back :) thanks


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  • #7
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    digme wrote: »
    I go into a bank and tell the person behind the counter I want to redeem the value of a €50 note i have in my possession.Are they supposed to pay me with gold or silver?
    No, you go to a jewellers for that.


  • #8
    Mahatma coat
    Banned (with Prison Access) Posts: 6,869 ✭✭✭Mahatma coat


    What does give the Piece of paper Value then????????


  • #9
    Hasschu
    Registered Users, Registered Users 2 Posts: 411 ✭✭Hasschu


    In China at this very moment you can buy gold wafers on the open market. In Canada the Bank of Nova Scotia sometimes called Scotia Bank sell gold bars and within a few months will sell smaller amounts online. In India gold as a store of value never went out of fashion (nose rings, ankle bracelets).


  • #10
    silverharp
    Registered Users, Registered Users 2 Posts: 18,854 ✭✭✭✭silverharp


    goldmoney.com allow you hold your account in gold grams, you can even make payments similar to Pay Pal. Who says the market doest work :pac:

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



  • #11
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Mahatma coat wrote: »
    What does give the Piece of paper Value then????????

    Little puppies.


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  • #12
    nesf
    Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    Mahatma coat wrote: »
    What does give the Piece of paper Value then????????

    Who said the pieces of paper had any intrinsic value?


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