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Re:Post office stamps as currency (1862) by rocky1138 on Monday April 17, 2017 @04:24PM (#14134097)
"But there is no safety to anybody in taking these stamps any longer as money. They have not the slightest intrinsic value. They are not a legal tender. They will not be redeemed by anybody. They will not even pay postage. The public might just as well make wooden buttons or pebble stones a substitute for change as these stamps. They would have just as much value, and would answer precisely the same purpose, so long as the community chose to take them. But somebody must eventually lose very largely on these postage stamps, -- and the sooner their circulation is stopped the smaller the loss will be."

One wonders what the author would think of fiat currency, which is what the world uses to-day.

Re:Post office stamps as currency (1862) by pmiller2 on Monday April 17, 2017 @04:31PM (#14134161)
He would probably think much the same thing. "Greenbacks" (which is was what the currency printed by the US at the time was called) traded at a significant discount to gold when redemption of demand notes in gold was suspended. [0]

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https://en.wikipedia.org/wiki/Greenback_(1860s_money)

Re:Post office stamps as currency (1862) by strictnein on Monday April 17, 2017 @04:33PM (#14134176)
> "It must either be of intrinsic worth, like metal coins, or represent somebody's credit, -- that of the Government, of a corporation, or of private individuals."
Re:Post office stamps as currency (1862) by rocky1138 on Monday April 17, 2017 @04:37PM (#14134207)
Fiat currency doesn't match any of those, though. It is of no value, not even credit.
Re:Post office stamps as currency (1862) by matt4077 on Monday April 17, 2017 @04:48PM (#14134295)
Great! IF you have any, I'll gladly take the worthless trash off your hands.