The u.s. Treasury offers would be buyers a beautiful Liberty Walking silver “Eagle” coin, clearly labeled “One Dollar.” However, it is currently out of stock and not available for sale. The price at which it is listed, when it is available, is not one U.S. dollar (Federal Reserve Note). The U.S. Treasury lists it instead at $37.95.
Is this stupidity? False labeling? A sad commentary on the decline of the value of the U.S. dollar? Or all three?
In the days when gold and silver money circulated and paper dollars were freely convertible into gold or silver dollars, denominating coins in terms of dollars made sense. But today, the rising dollar price for monetary metals makes the “One Dollar” label a lie. Shouldn’t the government label its coins by weight?