Debased Coinage

1. Define “debased coinage.” Give source/s.

2. U.S. coinage was debased in the 1960s. When the Kennedy memorial half-dollar was produced, dimes and quarters were minted as “sandwich” coins. Define ‘sandwich” coins. Give source/s.

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FYI: The main reason that this happened is because countries around the world began “nationalizing” US companies in their countries. Venezuela started this, with the oil of Lake Maracaibo. Although US companies–like Chase Bank, Dole fruit, and Standard Oil–did want repayment, that never happened. The US did not retaliate, thinking that countries with better economies would trade with the US and need less support. Nixon took the US off the Silver standard to the GNP, and Clinton put the US onto the GDP. The effect was that the US needed more money because corporations were no longer making the profits that they had. the US had to fund the Great Society and the Moon Walk.

3. How many times have US coins been debased just since the 1960s? (Do not go into gold vs silver, or before the 1960s for this assignment, please.)

4. Research and name at least 2 (two) other times in history, elsewhere, that this has happened.

5. Is this a good sign or a bad sign for an economy? Explain.

Include all sources.

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