Country Living
Country Living, Country Skills
Country People

KountryLife.com - A Country Living Resource and Community
Community
Message Board
Country Topics
Trading Post
Memory Lane
Country Skills
Country Cooking

Channels
Gardening
Livestock
The Kitchen
Machinery
Tools

Photographs
Photo Gallery
Vintage Photos
Special Collections

Fun
Country Humor
Country Sounds
Coloring Book
Interactive Story

Farm Tractors
Pictures
Tractor Parts
Tractor Manuals

Miscellaneous
Classic Trucks
Antique Tractors
Modern Tractors
Site Map
Links Page
Contact Us

  
Country Discussion Topics
To add your comments to this topic, click on one of the 'Reply' links below.

NORFED the liberty dollar
[Return to Topics]

Sid    Posted 08-27-2003 at 20:56:18       [Reply]  [No Email]
I have just heard about this it is supposed to be an alternate currency backed up by gold and silver and unlike federal reserve notes it can be turned in for silver or gold. Anybody know anything about this?


James    Posted 10-22-2003 at 16:20:21       [Reply]  [Send Email]
There are many merchants that accept the Liberty Dollar. Please note that the currency is spent at its face value and the statement "These are not intended to be currency" is incorrect. Currency is anything that is used in circulation as a medium of exchange.


Erik    Posted 09-17-2003 at 16:00:09       [Reply]  [Send Email]
There seems to be a slight misconception on the exact purpose behind NORFED's Liberty Dollar (www.libertydollar.org). Its not about investment its about having a currency thats backed by more than a promise.Interestingly enough NV has a bill on the table to also produce their own solid silver coins as a state issued legal tender. (http://www.leg.state.nv.us/72nd/bills/ab/ab532.html)


Ron in TX    Posted 08-28-2003 at 07:20:10       [Reply]  [No Email]
You need to look around and see what is really happening. This is merely a ""MEDALLION"" that happens to look like real money. These are not intended to be currency or legal tender. It would be more like buying the precious metals in pre-assayed forms, like Kruegerands. This is what they have to say...in really small print....about their product. Disclaimer


Gold and Silver Libertys are neither legal tender, money, "current money" nor coins; they do not resemble nor appear to be coinage minted, issued, authorized, or approved by any government agency; and do not relate to taxation or avoidance of taxation. They are privately minted one-ounce gold and silver examples of the goods on deposit for the NORFED warehouse receipts.

It is not the purpose of the Liberty Dollar to avoid taxation.

so maybe their will be some group somewhere that will attempt to use these as "money" in a psuedo-barter system in an attempt to avoid income taxes.


Red Dave    Posted 08-28-2003 at 06:24:32       [Reply]  [No Email]
Why not just go buy U.S. Government minted gold and silver coins if you want curency backed up by precious metals? A $50 gold piece weighs 1 ounce and will cost you about $390 or more right now.

Beware!! The value of precious metal goes DOWN as well as up with the market. People can and do lose money speculating in gold and silver coins. There be sharks and dragons in that business.


Ron,Ar    Posted 08-28-2003 at 16:19:55       [Reply]  [No Email]
That is true, but if a person had bought 100 dollars worth of uncirculated nickels in, say 1912, that would be 2000 nickels. In todays market those bright uncirculated V-nickels would be worth 6 grand. While you might argue that the 100 bucks held in savings for that long might be better, I doubt that it would have survived the depression intact. If a young person can stand the cost, coin collecting and precious metals will show a good profit over the long haul. JMHO


Red Dave    Posted 08-28-2003 at 17:11:18       [Reply]  [No Email]
In 1912 my grandfather was 16. $100 would have been a fortune to him. If he had the $100 he would have been far, far better off to have bought stock in Ford or GE or just about any of the insurance companies that still survive to this day. The worth today would probably be in the hundreds of thousands, if not millions.
If you had spent the $100 in 1980, when gold was about $700 or so an ounce, you would have about $50 today. If you had spent it on silver in 1980, when silver was over $20 an ounce, today you might have $25, if you are lucky.
The point I was trying to make was not that precious metals are a bad investment, only that there are no garantees, it's easy to lose money in any commodities market.
It's all in the timing.


Ron,Ar    Posted 08-28-2003 at 17:37:47       [Reply]  [No Email]
I agree with the statement about timing. Most stock bought in early 1900's had a rought time about mid 1930s.The point I was trying to make is that now IS the time to invest in coins and probably silver too. I included the "if a young person can stand the cost" because most young folks today have far more money than pervious generations.They will not hesitate to buy a video game for 30-70 bucks. They play it a few weeks, it sits on a shelf and mom sells it at a yard sale for 5-15 bucks. They are far better off buying a few American Eagles each year. This coin will also qualify as depositable in an IRA. Most people in the U.S. today do not even know that we still issue a silver dollar. This new "silver certificate" however is a racket/pipe dream more or less. Again JMHO


Red Dave    Posted 08-28-2003 at 18:36:35       [Reply]  [No Email]
You are right, a lot of money gets wasted on junk that looses it's value as soon as you get it home. If I knew at 20 what I know now, I wouldn't have wasted so much myself.
There's a lot of scam artists out there selling "pipe dreams".
The Pennsylvania Dutch saying, "Too soon old, too late smart" applies to most of us, including me.


Ron,Ar    Posted 08-28-2003 at 05:56:45       [Reply]  [No Email]
I do a little collecting and see this on e-bay often. It is a move to push the economy back to a precious metal standard, usually silver. It may be a noble idea but getting a bank or merchant to accept the minted coin or silver certificate will be a hard sell. I haven't looked at it real hard but it my even be a scam even. Can you be sure there is silver or gold to back up the certificate.JMHO


Icon    Posted 11-04-2003 at 13:39:52       [Reply]  [No Email]
There is Silver and Gold backing up the certificates, you can go to a redemption center and exchange it for the coins. Just go to norfed.org to find a redemtion center near you.


This    Posted 08-27-2003 at 21:44:50       [Reply]  [No Email]
*


[Return to Topics]



[Home] [Search]

Copyright © 1999-2013 KountryLife.com
All Rights Reserved
A Country Living Resource and Community