When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
Gold US Coins: A History
Claudia Bravo
Gold has been a highly desirable commodity for much of human history. Many societies have accepted gold as a means of exchange and gold is still accepted as a medium for international payments, according to the Encyclopedia Britannica. Gold has been made into coins and bullion by many countries, including the United States. This article takes a closer look at gold US coins.
Circulating Gold Coins
Gold US coins were first produced by the US in 1795 authorized by the Coinage Act of 1792. This act directed the mint to produce three gold coins for circulation. The $10 denomination coin was dubbed an "eagle," while the $5 coin was called a "half eagle," and the $2.50 coin was known as a "quarter eagle." The coins were made of 22-karat gold, which is 91.6 percent pure, with the rest being an alloy of silver and copper. In 1837, a change was made making circulating US gold coins 90 percent pure gold.
A new coinage act in 1849 authorized the production of a $20 gold called a "double eagle." The year 1849 also saw the minting of the first gold dollar coins. The production of both of these coins coincided with the discovery of gold in California, the so-called "gold rush." Although the gold dollar was popular during the early years of its production, it lost favor due to silver coins being more readily available and also because of the financial problems caused by the US Civil War.
Due to a lack of demand, the mint stopped producing one-dollar gold coins in 1889. The US Mint stopped producing circulating gold coins of any denomination in 1933 and made the possession of gold coins by members of the public against the law, with certain exceptions, such as allowing coin collectors to keep their gold coins.
Bullion Gold Coins
The US Mint began to produce more gold coins in 1986. These coins, however, were not meant to circulate. They were bullion coins whose worth was tied to the price of gold because the market price of gold far exceeded their face value. The coins come in four weights: a one-ounce coin, a half-ounce coin, a quarter-ounce coin, and a tenth-ounce coin. The one-ounce coin has a face value of $50, the half-ounce has a $25 face value, the quarter-ounce possesses a $10 face value, and the tenth-ounce has a $5 face value. The alloy of these bullion coins is three percent silver with the rest copper.
Contact a local coin shop to learn more about gold US coins.
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