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When $100.00 in silver coin could buy a Perazzi

Discussion in 'Shooting Related Threads' started by senior smoke, Jun 16, 2011.

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  1. senior smoke

    senior smoke Well-Known Member

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    Hello:
    The last time I visited the Waukesha gun club a few of us remembered the time that you could purchase a new Perazzi for $100.00 in silver. Yes it true, as we had a friend who purchased a new Perazzi trap gun for only $100.00 in silver coin. Most of us saw the actual receipt and let's just say, it was a special time in history of our country.

    For the younger shooters that may or may not know, the year was 1980. Jimmy Carter was president, and had totally hashed the economy. During January, I believe it was, silver hit a high of $48.00 per ounce, and it reached a record high of $52.00 plus per ounce.

    The Hunt brothers had attempted to corner the market on silver. One thing they did not count on was that the high price brought countless hords to market. People were dragging in their silver stashes from where they had buried them in the back yard, from the boxes in the closets and from the safety deposit boxes in the banks. The price immediately dropped to about $35.00 an ounce and stayed in that range until March. Then the bottom dropped out and it fell below $20.00 an ounce. The Hunt brothers went bankrupt. Regan was elected president and silver dropped to under $9.00 by July 1981.

    I have always worked in the banking industry and my bank's president decided to offer new depositors premiums for bank deposits in order to bring in new money to our bank. We did not realize the magnitude that decision would make not only to are bank, but bank and saving and loan association's through out the country. We went from a small bank to a large bank in 1 year.

    Believe it or not, some banks even offered a new shotgun for a new money if you opened a certificate of deposit for a few years in lieu of earning interest. Can you imagine in this day and age, a bank offering guns in exchange for your deposit?

    It was a special time, not only for banks, but for trapshooting and the shooting sports. Those were the days, bank depositors stood in line to earn high interest rates on standard passbook saving accounts. After opening your new account you then picked out a new toaster, blender, or a gold watch that would guarantee that your wrist would turn green in a short time.

    Steve Balistreri
     
  2. 3dram8

    3dram8 Member

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    I remember seeing those ads for a free gun by some bank out west if I remember right. The "free" gun was a Weatherby Mark V rifle. You would pick the caliber & grade, and they had a chart showing how much you needed to deposit and/or how long you needed to leave your money with them. ....Rick
     
  3. W.P.T.

    W.P.T. TS Member

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    I do not remember those days,but I can tell you I had a bunch of Silver coins and I would of have a truck load of Perazzi's if I was offered that deal ... I was a FFL at that time and had to buy the Perazzi's wholesale from the distributors like everyone else that I know did ... I could buy two MX-8 combo's for a lot less than what one costs today, but never $100.00 dollars worth of silver or I would of pounced on it ... WPT ... (YAC) ...
     
  4. TjayE

    TjayE Member

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    How much is $100.00 of silver coins worth at today's market price for silver?
     
  5. GoldEx

    GoldEx Active Member

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    The ads you recall were through the Bank of Boulder. You would deposit some amount of money, get a Weatherby Mark V or soeme other firearm of equal status and I believe after 10 years, get all your money back. The gun was your interest up front. They used to run ads all the time in the American Rifleman when I was a kid.

    Jeff
     
  6. Big Heap

    Big Heap TS Member

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    My wife had a jeweler friend cast a solid silver .45 cartridge for me as a Silver Anniversary gift. Wonder what ever happened to it? Lots of stuff gets pushed to the back of the drawer in 32 years.
     
  7. Mr.M

    Mr.M Supporting Vendor Supporting Vendor

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    100 Silver Eagles converted to fiat currency (U. S. Dollars) today would net you around $3500.00 which is more than I paid Rich Bullard for the last Perazzi I bought from him. Looks like pretty good protection for my purchasing power to me.

    Mike Mann
     
  8. senior smoke

    senior smoke Well-Known Member

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    My father was a coin collector, and when he passed away my younger brother and I inherited 500 Morgan dollars and roughly $100.00 in gold coins. I offered him first dibs, either the Morgans or the gold, and he took the gold coins. Who would of known gold would go to the prices that they currently are at now?
    Steve
     
  9. vmthtr in green bay

    vmthtr in green bay Member

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    There was a Bank imn MI that had the Weatherby deal also. I was young at the time and did not have the bucks for one.
     
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