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johnbrickner
Penny Pincher Member
154 Posts |
 Posted - 02/17/2010 : 21:29:12
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or my homeschool lesson for my 10 & 7 year old kids.
Show picture of the 1932 $10 indian head gold coin (or if you own one, the real coin). "Back then for $10 you get almost half (.4837) troy oz of gold or $20.6724 per troy oz. All figures rounded.
Go to Kitco.com and show gold chart. "Today's (02/17/10) gold closing price at $1105.50/troy oz." Have 10 yr old do the following math.
$20.6724/$1105.50 = $.0187. Pull up realcent webpage and show value of cent and ask "which number is more?" They point to the realcent value. "This is less than the current metal value of a real cent".
Show children picutre of 1932 $10 Indian head coin. Then take 10 FRNs and put eighteen (18) real cents on the table and tell them:
"For $10 your grandma and grandpa used to get the gold coin. After 78 years of the govt creating money out of nothing and the Tyrannosaurus Debit (thank you School House Rock) of spending more money than they had, the 10 dollars is now worth about these 18 pennies".
"Which would you rather have for your $10?" They pick the gold coin. "Sorry," I tell them "The govt says you can only have this now."
"Now, who wants to help dad sort pennies and nickels?"
Lesson over.
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"I Killed the Bank" from the tombstone of Andrew Jackson |
Edited by - johnbrickner on 02/18/2010 07:05:07 |
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Economics 101
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