If the US enters hyperinflation, can silver coins be used as money?
I have silver coins such as the American Eagle, Buffalo, and Canadian Maples. The us constitution has the coinage act, which states that copper and silver coins are considered as money to pay off debt. Does anyone know if silver coins are circulated us coins can be used to purchase goods during hyperinflation? Thank You for your answers!
First of all, nothing in the constitution forces anyone to accept anything specific in payment of debts — that’s between you and whoever you owe money to. The only thing the government forces people to do with respect to money is to pay taxes to the government with U.S. dollars, and accept payment from the government in US dollars. Everything else is a private affair. We standardize on the currency that the government collects and spends because it would be pointless and inefficient to do anything else.
In the case of hyperinflation, we’d still all be using the usual currency, it would just take more of it to buy stuff. No, people are not going to start spending collectible silver coins as cash. Actually, people would hoard such things in a high-inflation scenario, not spend them as they would be a way to retain value. Canadian coins are not and will not be legal tender in the U.S. in any circumstance — though again, “legal tender” refers to what the government collects and spends — any private business is free to accept anything you have to offer including your dirty laundry, if they are willing to accept it as payment.
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