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Thursday, September 21, 2006

Liberty Dollar

What is the American Liberty Dollar?

Liberty Dollars are specially-minted .999 pure silver rounds and .9999 pure gold rounds, as well as silver certificates and gold certificates sold as "warehouse receipts," which can be redeemed for gold and silver Liberty rounds.

For example, the $100.00 Silver Liberty, dated 1998-2006, commemorates the Eighth Anniversary of the Liberty Dollar. The massive Silver Liberty measures 2-1/2 inches in diameter (64 mm) and contains five ounces of .999 fine Silver. Available in Proof only. Each is packaged with a display easel in a special gift box so it is easy to give or ship.

There is also a 2003 $5 Silver Liberty containing one half ounce of .999 fine Silver. It is the first issue of this denomination and celebrates the Fifth Anniversary. The obverse design retains the same "Liberty Head" as on $10 Silver Libertys. The reverse is similar to the $1 Liberty with a truncated torch design. It measures 32mm and is available in BU only. Limited Edition of 25,000 Libertys.

The Liberty Dollar is a private currency. It is issued by Liberty Dollar or NORFED, which is a partial acronym for "National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code.". NORFED describes itself as a non-profit company based in Evansville, Indiana, founded to promote the Liberty Dollar.

NORFED is headed by Bernard von NotHaus, the retired Mintmaster for a private mint located in Hawaii called the Royal Hawaiian Mint, which has no connection to the Hawaiian government, despite its name. NotHaus cites a 96% loss in the value of the U.S. Dollar, based on the Consumer Price Index, as a selling point for the Liberty Dollar.

From its debut on October 1, 1998 to November 23, 2005, NORFED exchanged one troy ounce silver Liberties valued at ten Liberty Dollars for US$10, but on Thanksgiving Day, 2005, raised the silver base to US$20.

Although this is a privately issued silver dollar these make a good way of collecting and saving silver as much as any US federal coin.

The Liberty Dollar is a different sort of silver collection than usual. It is not a coin, yet not a silver bar but sort of fits somewhere in between. Suffice to say, they are not particularly expensive and the liberty dollar is a good way to accumulate silver for the future.



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