The profound history of sound money.
Americans no longer carry gold and silver money as our grandparents did in our pockets and purses. But we still carry the history, legacy, and spirit of those silver and gold coins in our language.
Sound money embodies a clear message recognized for centuries around the world. It describes the musical, metallic ring of a gold, silver, or copper coin dropped on any hard surface of glass, stone, wood, or metal.
Sound money refers to real wealth, with a natural, unmistakable signature of authenticity, as opposed to the paper, plastic, and electronic debt instruments used almost exclusively today.
The concept of sound money has its roots in Ancient Rome, where small, silver coins were standard in everyday commerce, whether used for paying Roman soldiers or buying exotic goods from all corners of the known world.
As Rome squandered its wealth, it found a shortcut to shore up the treasury. It gradually debased those silver coins with common metals, ultimately cutting the silver content to just 5 percent.
That didn’t fool anyone for long. Understandably, disciplined Roman soldiers did not appreciate being paid with worthless mystery metal in return for risking their lives on Rome’s bloody battlefields.
History is wrought with economic distortions resulting from currency debasement by central planners. Appreciation for gold and silver has been driven out of the public consciousness. Today, there is little understanding of what money actually is, its origins, and the folly of politicians and financial “experts.”
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