Give me a Liberty Dollar or give me..............

[thurmownator]

..............

My apologies to Patrick Henry; 18th century American Patriot.


During some bank stops over lunch, to both drop off rejects as well as look for some keepers, picked up a few common Ikes and a 64 half.
The biggest surprise was when I was offered a 2000 $10 Silver Liberty Dollar. I don't claim to know much at all about the whole privateer minted program, but the enclosed link (and similar ones) will give you (as it did me) a better idea.

At .999 pure silver and weighing in at one troy ounce, it is very similar to an American Eagle, though I had to pay $10 for it; as that was it's "face".

Still, after reading a bit, this turned out to be a very good deal. a) so long as silver stays at $10 per ounce or higher b) given the current (Nov '07) raid by the Fed/FBI of the ALC "mint", these coins are quite scarce and mine (a proof) could easily fetch $50.

http://www.libertydollar.org/

 

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[XX]

Interesting that the bank actually accepted it from someone.

 

[Immy]

Someone correct me if I'm wrong, but how can a bank charge $10 for what is essentially a non-goverment-issued token? The "face value" of that token (it's not a legal tender coin) doesn't represent US dollars. Sounds like you could get that bank into a lot of trouble. Heck, a bank accepting one would be of great interest to the Secret Service.

 

[blurr]

Someone correct me if I'm wrong, but how can a bank charge $10 for what is essentially a non-goverment-issued token? The "face value" of that token (it's not a legal tender coin) doesn't represent US dollars. Sounds like you could get that bank into a lot of trouble. Heck, a bank accepting one would be of great interest to the Secret Service.

That's kind of what I was thinking. I do remember a few years back that my bank was selling Santa Claus silver rounds at Christmas time. Oh well, still a good find.

John

 

[whitesid]

do you have a picture of it?

 

[AFModell]

The banks are still private institutions, and I like as long as they didnt present it as legal tender they are ok to sell it (rather than exchange it). The banks here in TX, especially the small town ones, often have a display set up selling silver rounds, Bens and Walkers in display cases, as well as Silver Eagles. Ive never bought any, never asked about the price and not been very interested. Also, I suppose it could have been an inexperienced teller who took in the coin and realized their mistake (or were told) and needed to get rid of it. Imagine, as ignorant as some of the tellers are about are the still circulating silver coinage, how could they know about that Liberty dollar crap?

Id have bought it for 10 bucks too. Good purchase.

 

[rsc]

Excuse me if I am mistaken, BUT didn't the FED bust Liberty dollar and confiscate all the assets late 2007, for printing its own money? Gayle

 

[LJ]

That's a nice pickup Thurm.

I saw one for the first time about a month ago. A teller at one of the banks I deal with had one. She was waiting for me to pop in to show me. I had never seen this coin before then. She said a guy walked in with about 5 or 6 and wanted to exchange them for bills. The tellers were not sure if it was a legal coin or not so all the tellers bought them from him personally.

I'd like to come across one for my collection. It is a pretty coin.

Kudos Thurm!!

 

[jewelerdave]

The whole thing behind the liberty dollar seems to have been profit motivated, When silver was at $5 an ounce a Ten dollar coin was a profit if spent and circulated. So long as it was accepted no harm no foul, and it would be a secondary currency.

Problem, silver passed $10, so it became $20 you can see where this is going, they ran into the same problem the government did. Free market to drive price and the money supply was not safe from it.

I think they are going to go to $50 now for an ounce.
The feds did bust them but have not charged them, a victim of the patriot act, things can be seized now with out real justification and its legal!

In any case, Ron Paul did introduce a bill that if passed would make competitive currency legal and the stamping of coin so long as its Gold or silver. basically allowing private constitutional currency.

I like the Idea for my own biased reasons, I would be able to stamp my own money.

The basis behind it was simply trade. We do it all the time, And money does come into play, its how an economy works. people trade services and goods for other goods and services all the time. I take payment in gold. I have also taken it in chiropractic services. Traded Jewelry for Legal services. Cars, more gold, and other odd things of value to me. I have made high end rings for old $20 gold pieces. I am sure most of you would take pay for things in gold or silver any day of the week.

Apparently this company liberty dollar has made several million dollars in coin and people have used it, And taken it. The stuff does circulate.

 

[TxTim]

Nice score, Thurm!
You still made a nice profit - silver is silver.

 

[thurmownator]

Nice score, Thurm!
You still made a nice profit - silver is silver.

Thanks Tim, I agree.

Politics aside, I paid $10 for a .999 pure, 1 troy ounce "silver round". A type, that through some unique "government intervention" may be/become scarce. (TBD) In my book; a solid investment. 8)

 

[blurr]

Nice score, Thurm!
You still made a nice profit - silver is silver.

Thanks Tim, I agree.

Politics aside, I paid $10 for a .999 pure, 1 troy ounce "silver round". A type, that through some unique "government intervention" may be/become scarce. (TBD) In my book; a solid investment. 8)

Nice score on the silver round! You definately got it below melt value. I wouldn't count on it for your retirement though. Private mints crank these things out also. The only difference is that these guys are trying to get people to use them for buying and selling goods. Still a nice find.

John

 

[jewelerdave]

Interesting to note that trading in gold and silver is not that much different than taking other currencies, people in border towns have done it for years, is it such a concept of doing it in (non border towns)

Some places in Texas started taking pesos.

And in NY according to this, Euros are the thing http://news.yahoo.com/s/nm/20080206/us_nm/newyork_euros_dc

In fact it stats int he Constitution that Congress can set the value of foreign money to be used in the US. No doubt due to the use of Spanish and other money in the early days...but its still there.