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The way that I understand it, the FBI et al is investigating NORFED for money laundering, wire fraud and mail fraud.
Strange really, first Egold now Norfed.
Were they pegging it to the national Dollar?
Biased much, WaPo?
They drew fire for the simple reason of putting USA, $20, and TWENTY DOLLARS on their coins. This was a stupid and pointless thing to do. I have plenty of one ounce "silver rounds" made by at least a dozen mints, and they just say "one ounce fine silver" and contain some decorative artwork. What they don't say is "DOLLARS" or "$".
For those of you who don't know about private silver coins, they are like gold Krugerrands or gold Liberty Eagles, except they are silver, obviously, and not gold. You buy them at coin dealers for a set % above that day's quoted spot price. Currently that would be $14.53/ounce, plus the dealers commission, which might be 3 or 4%, depending on the amount of them you purchase etc. (I bought a bunch at between $8 and $10.) There's absolutely no problem with buying and selling these various silver coins, because they are just what they say they are, and no more: one ounce of fine silver.
(Actually, they weigh 1.1 troy ounces, the extra is hardening alloy, but exactly one ounce of pure silver is in them.)
I have a friend who owns a shop in a down south. She has told me stories of people who occasionally come in and try to spend private currency, only to be told that the shop doesn’t take it. She says it has happened a few times a year some years. Not really very often, but often enough that they’ve had to train their summer employees not to take it.
She said that people can get quite argumentative and nasty about them not taking it and that sometimes they simply won’t leave after being told that they’ll have to spend US dollars or use a credit card and want to argue about why they won’t take it.
I have no idea why the FBI is interested in this currency or the company, but can tell you that some merchants out there have very bad feelings about it.
This story ticks me off. It sounds like intimidation, based on the other comments I have read here - you know, akin to sicking the IRS on political opponents.
It reminds me why all the posts I have been reading lately about how we need a strong FedGov and we can rein it in to do only good things are so wrong.
I guess they use “Ron Paul Dollar” because Canadians already have “The Loonie”?
And using them for much more will get you jail time.
Happened in late 70s early 80s but there was no internet to spread it like wildfire.
What a refreshing thread. Devoid of all the usual photo-shopped Paul pics and “he’s a Nazi” spam.
http://www.liberty-watch.com/volume03/issue08/coverstory.php
In the mid-’90s, Kahre began exercising this alternate system. He compensated workers for their labor in the form of these gold and silver coins versus FRNs. The workers calculated their income and tax liability based on the face value of the coins.
One gold coin with a face value of $50 currently equals $806 in FRNs. If a worker earns a $50 gold coin each week, that person takes home an annual income of $2,600 based on the precious metal system, which is below the income-tax reporting threshold for an employee. However, the value of the coins in FRNs — $41,912 — is not. That’s the basic idea.
This story is awesome.
Thanks for posting. Interesting, informative, educational discussion from this and other threads on this topic. Thanks to all contributors. BTTT!