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Subject: old fiver

mikeymk 6.05.17 - 06:22am
Bread, pint, milk.. fair play.

To reinforce my point though, an experiment you can all do. Many copper coins in circulation are still 1970's ones, because that's when 'New Pence' was introduced. This despite people weighing them in during the early 1990's crash.
They weighed them in because a 2p coin was worth more in copper than it was in monetary value.

So find yourself a '70s copper coin, they're quite common and date back to 1971.
1p or 2p, whatever. Place a magnet on it. The magnet won't pick it up, because it's solid copper.
But the magnet will pick up modern 1p and 2p coins. This is because they're copper-alloy coated iron. And the reason for that is because a pound of copper is not worth a pound... anymore.

And that is not because things are less valuable today. because they're not. It's because money is less valuable, by measurement. The term 'pound' in in weight and that's no longer valid. So no, five pounds is not worth five pounds, anymore.

That said, substance will always hold it's value. And five pounds of toffee today, is still worth as much labour as five pounds of toffee was worth 50yrs ago. Because people still want it just the same. So if you wanna trade, trade substance. *

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