Likes Cayman’s new $1 bill, but prefers gold coins

Having family in the Cayman Islands, I read the article ‘New $1 note to begin circulation’ [Cayman Compass, 28 Jan.].

The new bank note does indeed look spectacular with a gloriously dignified photo of Her Majesty Queen Elizabeth II, and the timing coincides with the 60th anniversary of the coat of arms and the written Constitution.

I am age 56 so it is remarkable that Queen Elizabeth II has been the only British monarch reigning during my entire lifetime. She has acted with the utmost dignity.

I realise that the modern economic world is partial to paper money or ‘fiat’ money. Whilst paper is lightweight, foldable and convenient, if I were wealthier, I’d prefer the old-fashioned 90% pure silver coin or gold coins. Technically, even the US Constitution decrees that gold or silver coinage are the ONLY legal tender.

However, after 1964, subsequent US Congresses have resorted to ‘clad’ coins sandwiched with various base metals. Although, our American paper dollar is retained, its realistic buying power is less and less.

While the portraits of George Washington or Benjamin Franklin are nice, even with American money, I still believe gold or silver is more ‘sound money’. They are called ‘precious metals’ for a reason: it’s special and a bit sacred to seeing ‘In God We Trust’ engraved in silver or gold.

I congratulate the Cayman Islands on its new $1 note.

James A Marples
Longview, Texas