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Dollar supply[edit]

Type Series Minted or printed
Morgan dollar coin 1878-1921 656,906,992 minted
Silver Certificate note 1935-1964 4,986,088,000 printed
Peace dollar coin 1921-1964 190,927,556 minted
Federal Reserve note 1963-2021 153,674,251,000 printed

Some historical facts about money and energy[edit]

  • In 1750 BC, Hammurabi guarantees the minimum daily wage of a worker at about 2 grams of silver.
  • According to historian Hume, the stock of silver in Europe increased from 16,200 tons in 1500 to 81,000 tons in 1800. The increase in this silver supply of money created general wage inflation around the world. In England, the daily wage was 3.4 g of silver in 1575 and had increased to 10 g in 1825. In India, the wages of an unskilled laborer tripled between 1600 and 1850, from 0.7 g to 1.8 g. On the same period, the wage of an unskilled worker has remained stable in China at around 1.6 g per day.
  • In April 1795, the revolutionary idea was to fix the germinal franc (1 franc = a silver coin of 5 grams) in man-day time: one franc was equivalent to the minimum wage for one day; and the average salary remained stable around 2 francs until 1914. [1]
  • 1870s : Franco-Prussian War ; Coinage Act of 1873 ; Gold standard
  • From 1878 to 1909, the stock of metallic money (gold and silver) in France was between 5 and 8 billion francs (only 10 to 20% of this stock was in silver); the velocity of money was about 1.8[2]
  • 1919: In France, the price of silver exceeds the face value of Semeuse silver coins. Poincaré joined the gold standard : in 1929, the minting of new 10-franc and 20-franc Turin silver coins 635/1000; which constitutes a silver devaluation of more than 600%.
  • 1933: Roosevelt bans the possession of gold in the US by private persons. With the American Silver Purchase Act of 1934, the US Treasury nationalized personal silver in 1934 and bought the silver available for sale by import. Of a total world stock of 4,940 Moz of silver in 1935, China held 1,700 Moz, India 1,050 Moz, the US 650 Moz and France 68 Moz). In 1938, the stock of silver in the American treasury peaked at 70,000 tons, or 2,469 Moz[3].
  • 1945: Bretton Woods Agreement establishing the Gold exchange standard for dollars. US treasury holds over 2,000 Moz of silver, nearly half of the world's stock of silver. In 1945, over 60 per cent of gold was held by the United States, 35 per cent by foreign monetary authorities, and 4 per cent by the International Monetary Fund.
  • 1963: Kennedy suppresses the Silver Purchase Act and laws prohibiting the purchase of silver[4]. And Johnson demonetizes silver coins and followed European states.
  • 1971: Abandonment of the Gold exchange standard by Nixon.
  • 1980: The Hunt brothers organize a "corner" on silver: the price goes from 1.95 dollars in 1973 to 54 dollars in 1980. To break this speculation, the NYMEX encourages professionals to speculate on the fall by authorizing them to replace the delivery money by cash: the price of silver drops to 10.8 dollars. Commodity prices have since been administered by ETFs and cash settlements settled.[5]
  • 2008: conventional peak oil ; publication of Bitcoin's white paper.
  • 2018: Unconventional peak oil. Bitcoins are no longer marketed in the form of physical cryptocurrency wallets [6].
  • 2020: JPMorgan paid nearly $ 1 billion for manipulating metals stock price. [7]

Copyleft (talk) 09:03, 4 February 2023 (UTC)Reply[reply]


  1. The world population was about 1 billion people in 1800; going back to this measurement standard would mean that the 5 gram silver franc must be revalued to around 100 euros (US$100) in 2023 when the world population is 8 billion people.
  2. (fr) Estimation of the stock of metallic money in France at the end of the 19th century, Pierre Sicsic, 1989, page 734.
  3. William L. Silber, The Story of Silver : how the white metal shaped America and the modern world, Princetown University Press, 2019, page 129.
  4. On June 4, 1963, Kennedy repeals the Silver Purchase Act of 1934 and laws prohibiting Americans from buying silver by signing Executive Order No. 11110
  5. Jubert Cyrille, Histoire de l'argent : Vers la réforme monétaire, Editions Omnias Veritas, 2015 (ISBN 978-1-910220-52-8).
  6. Elias Ahonen, Encyclopedia of physical bitcoins and crypto-currencies, Lightning Source UK, 2016 (IBSN 978-0-9950899-0-7)
  7. Allowing for inflation, an ounce of pure silver was valued at $ 1.29 in 1792; this is equivalent to $ 31.20 in 2011.