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The Liberty Dollar website makes it quite clear it is a currency. In fact,
the 4th Edition of Unusual World Coins on page 491 lists it as "Silver
Currency Coinage." Technically, you're right about the LD specie not being
coins. Only the government can "coin" money. The LD specie is referred to
as silver rounds, or silver pieces. Just like the approximately 40 other
private currencies in the U.S., including the "Ithaca Hour," the Liberty
Dollar certainly doesn't want their currency confused with the government's
fiat currency.
The menu at the top of the Liberty Dollar website has a place to click on
"How to spend it." If you go there you can do a search for merchants that
accept the LD at face value, just like they do Fed Notes. The difference
is, Fed Notes aren't backed by anything. There are hundreds of LD Merchants
throughout the country. In my own community, there are over 2 dozen
businesses that accept it on a regular basis just like Fed Notes. In
January of 2004, the Learning Channel ran an hour program about money, and
devoted nearly 10 full minutes to the Liberty Dollar. The program profiled
Berryville, Arkansas where it is used extensively.
As far as the pricing goes, although the LD represents a certain amount of
silver, it is pegged to the U.S. Dollar and circulates at par with it.
Liberty Associates and Liberty Merchants, however, get it at a discount to
face value as an incentive to place it into circulation. Others exchange at
face value. The discount is shown daily on the webpage as the "DAILY
QUOTE." There's probably an "Associate" near you that would deliver the
currency to your doorstep at face value. Technically, exchanging Fed Notes
for LD's is considered a currency exchange and there is no sales tax, unlike
bullion.
The "Warehouse Receipt" you speak of is on the back of all the silver
certificates and is proof that the holder of the certificate has title to
the silver that backs it. The concept is not unlike earlier U.S. Silver
Certificates and Fed Notes which were redeemable in "lawful money," meaning
silver. The Government, of course, renegged on that promise long ago. The
Liberty Dollar has been around since October of 1998 and has gained
popularity because lots of folks are tired of seeing the purchasing power of
Fed Notes stolen through the mechanism of inflation. If you want to
"invest" in silver you should buy silver bullion. If you want a spendable
precious metals backed currency, then Liberty Dollars are a good
alternative.
You can call Liberty Dollars whatever you like, but the fact remains that
over 100,000 people are now using them like money. Unlike "legal tender,"
using Liberty Dollars is completely voluntary and if you don't like them,
fine. They're good for some people, including myself and my neighbors, but
may not be good for you. Personally, I prefer the specie because it's
something more universally understood. The silver certificates are not
nearly as popular as the actual silver pieces.
I hope this answers your questions. I apologize for the lengthy
explanation. I'll try to answer any other questions you may have.
Pete Hallock
----- Original Message -----
From: "Code 2" <Code2@xxxxxxx>
To: "Pete Hallock" <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, November 21, 2005 1:27 PM
Subject: Re[4]: [RT] The Fed Announces it Will Hide M-3 To Keep You From
Knowing What?
> Actually, it is your facts that are wrong.
>
> Liberty Dollar scrip is not currency, it is a warehouse receipt.
> Accordingly, they are more like bullion than they are currency. You
> can certainly trade those warehouse receipts, but to be clear they are
> not currency. In addition, the one-ounce Silver Liberties are not
> coins; they are bullion. They cannot and do not refer to them as
> coins.
>
> Second, the figures came from the website you mentioned. If I
> misunderstood their charges, perhaps you could enlighten us.
>
>
>
> From: Pete Hallock <phallock@xxxxxxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx
> Date: Monday, November 21, 2005, 7:46:16 AM
> Subject: [RT] The Fed Announces it Will Hide M-3 To Keep You From Knowing
> What?
>
> You should get your facts straight before chiming in. Silver currencies
> and
> silver bullion are two different animals, but don't let the facts get in
> the
> way of your disparaging comments. Your figures are wrong also.
>
>
>
> ----- Original Message -----
> From: "Code 2" <Code2@xxxxxxx>
> To: "Pete Hallock" <realtraders@xxxxxxxxxxxxxxx>
> Sent: Monday, November 21, 2005 10:30 AM
> Subject: Re[2]: [RT] The Fed Announces it Will Hide M-3 To Keep You From
> Knowing What?
>
>> Are you guys insane? You're paying $107 for a $100 coupon redeemable
>> for $80 worth of silver ... assuming the issuer will still be around
>> and they actually have the silver. Just buy the real thing.
>>
>>
>>
>> From: Pete Hallock <phallock@xxxxxxxxxxxx>
>> To: realtraders@xxxxxxxxxxxxxxx
>> Date: Monday, November 21, 2005, 6:30:44 AM
>> Subject: [RT] The Fed Announces it Will Hide M-3 To Keep You From Knowing
>> What?
>>
>> Bob,
>>
>> Go to www.libertydollar.org. In the upper left portion of the page is
>> a place to click to open a free account. There's an explanation and
>> instructions . . . good luck!
>>
>> Pete
>>
>>
>>
>> ----- Original Message -----
>> From: Robert Pisani
>> To:realtraders@xxxxxxxxxxxxxxx
>> Sent: Monday, November 21, 2005 9:14 AM
>> Subject: Re: [RT] The Fed Announces it Will Hide M-3 To Keep You From
>> Knowing What?
>>
>> Pete -
>> This is interesting. How can I purchase Liberty Dollars?
>> Bob
>
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
> --
> No virus found in this incoming message.
> Checked by AVG Free Edition.
> Version: 7.1.362 / Virus Database: 267.13.4/176 - Release Date: 11/20/2005
>
>
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