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Do Any Forum Members Collect or Use "Liberty Dollars" ?
ABC123
Posts: 2,627
CoinWorld, Oct 2nd issue, reports that the use of such Private Silver Currency is Illegal. It appears that competition for the US Postal Service by FedEx and UPS is permitted, but the Federal Reserve System does not want competition from Private Mints. Something else to possibly be confiscated at Coin Shows ?
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<< <i>It appears that competition for the US Postal Service by FedEx and UPS is permitted >>
Not exactly -- private companies can compete in package delivery and express mail services, but first class mail delivery remains a monopoly of the USPS.
EDIT: As far as collecting, I'd like to get a set of them, but I don't want to pay much more than melt, and most of the eBay sellers are charging double that.
<< <i>Do a search and you will find a thread on this topic. They are not illegal to own, just to use in place of legal tender. >>
You can use whatever you want as 'legal tender'. However, you can not misrepresent these coins are Federal Reserved backed funds.
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<< <i>You can use whatever you want as 'legal tender'. However, you can not misrepresent these coins are Federal Reserved backed funds. >>
Right. Essentially it would be a bartered transaction. Probably couldn't pay your taxes with 'em though
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<< <i>There were some folk arrested for using them here in Houston. Maybe I can find the article and post it but they are, as far as the fed are concerned, illegal to use as currency. >>
No, as far as the fed is concerned, they are illegal to misrepresent as federal reserved backed currency.
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<< <i>Here's one but I think I had another one >>
That article is incorrect, it is NOT illegal to conduct commerce with them in the United States, the SS has already made a clear statement about it. The only thing that is illegal about ANY alternate currency is if the currency itself or the bearer of the currency misrepresents it as federal reserve backed currency.
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If you believe that then you should not worry about the Secret Service Field Office paying you a visit.
<< <i>"Although it is not against the law to own these Liberty Dollars as a collectible item, it is illegal to use them to conduct any commerce in the United States. If a merchant tries to give you one, politely refuse it. If they insist, claiming these coins are legal temder, you should cancel the entire transaction with that merchant and report them to your local Secret Service Field Office."
If you believe that then you should not worry about the Secret Service Field Office paying you a visit. >>
Well of course if anyone misrepresents the coins as legal tender (by the SS' definition, that means they're backed by the FR) then it is illegal. Bartering with them and using them in day-to-day transactions between consenting parties, whether it be in commercial situation or not, is completely legal.
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Seems like a pretty straight forward statement to me.
Whosoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals inteanded for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined not more than $3,000 or imprisoned not more than five years, or both.
Seems pretty clear. You try to spend a piece of metal other than a real US coin you can be subject to a $3,000 fine and five years in prison. I haven't seen anything that would prohibit their paper money though as long as they keep the face value over $1. So you can spend the paper but not the gold or silver.
Now of course if you could get a local government that has the power to pass local laws authorize you to be able to spend them then you would be "authorized by law " and ok (Yeah right).
"In a case in Buffalo, a man and his son are set to go on trial next month after they knowingly tried to buy beer at a Buffalo Sabres hockey game with Liberty Dollars."
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