Gold & Silver Forum (http://goldismoney.info/forums/index.php)
- Gold - Silver - Coins - Numismatics (http://goldismoney.info/forums/forumdisplay.php?f=51)
- - Your cash ain't nothing but trash (http://goldismoney.info/forums/showthread.php?t=66582)

jnewsflash | 09-24-2006 05:24 PM
Your cash ain't nothing but trash Silver coin dealer says his Liberty Dollars are better than U.S. mint notes COEUR d'ALENE -- He's not exactly America's Most Wanted, but he's certainly among the most notorious. A week after making the front page of USA Today, following a warning from the U.S. Mint that his Liberty Dollars are illegal and that circulating them as money is a federal crime, Bernard vonNotHaus celebrated his newfound notoriety at the Silver Summit at the Coeur d'Alene Inn on Thursday. "The U.S. Mint has handed me a wonderful marketing opportunity," he said. "They put us on the front of USA Today. How can you bitch about that?" Traffic on his Web site is up 10-fold, and orders are way up, he said. "It seems like everybody wants to be a criminal. The feds said they'll lower the boom on the alternative movement. I haven't seen the boom yet." Your cash ain't nothing but trash Calling the Libertys an inflation-proof currency, vonNotHaus is promoting them as an alternative to Federal Reserve Notes because they are backed by the precious metals they contain. "Federal Reserve Notes are plunging in value," vonNotHaus said. "That shows how poorly government money is performing. "We don't have inflation. We have downright theft." The Mint warned that because of its similarity with U.S. currency, Liberty Dollars are sometimes confusing and can be passed off as official currency. The dollars are also produced in paper form as "warehouse receipts," which vonNotHaus says are backed by silver in a Coeur d'Alene warehouse. The supply is audited monthly by a Coeur d'Alene accounting company, he said, but there was nobody at the firm who could confirm that on Friday. "There is no confusion between their money and the Liberty Dollar," vonNotHaus said. "I'm not with the government -- praise the Lord." Produced in Coeur d'Alene for the Evansville, Ind., National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code, the medallions are marked in $5, $10, $20 and $100 denominations in silver and $1,000 one-ounce gold coin. A year ago the Liberty dollar was being made on the $10 base for a one-ounce coin -- though he doesn't like to call them that -- selling for $10. "I don't plead guilty to circulating coins." Once the market price went over $7.50 per ounce for 30 days straight, he went to the $20 base, with a one-ounce coin at that price. When the price of silver goes above $15 for 45 consecutive days, he will convert to a $50 base -- the next highest official denomination. "You have to exist within the existing system if you're going to replace it," he said. "If the underlying commodity increases in value, the purchase value increases." Without a denomination, metals are not suitable as currency, vonNotHaus said. "We live in a denominated system. We're not in the bullion business, we're in the currency exchange business. We accept trash like this," he said, showing a paper bill, "and convert it into silver." Paper, plastic, or silver? The next alternative to greenbacks proposed by vonNotHaus is possibly the ultimate gold card -- not paper, but a plastic Visa card backed by precious metals. "The gold in the account appreciates or depreciates at market rate," he said. Users who purchase gold and place it in an account could use the card to buy back the gold, or convert to silver in any proportion. Otherwise it will function just like a regular card -- but it's still only an idea, not approved by Visa. Von NotHaus said he hopes to have it up and running before Christmas, however. "The potential of silver is off the charts," vonNotHaus said. "You either change your money or you lose it. You need to get out of the U.S. dollar and into silver." Praise the Lord, and pass the silver bullion While vonNotHaus believes his Liberty Dollars are the ultimate replacement for the paper bills officially circulated, Jason Hommel, editor of silverstock report.com, brings a zealous religious view to the table, and believes silver bullion is the ultimate replacement for money. "The Liberty Dollar is over-valued," he told the Silver Summit. "I wouldn't put my money into it. If you're selling a one-ounce coin at $20, that's good business." Citing dire biblical warnings of Revelations, markets shut down for months on end, and paper money will lose all value because everyone will try to cash in all at once. "Paper dollars are not money," he said. "The dollar has not only fallen as a store of value, it's failing." He predicts silver will hit $8,000 per ounce in 15 years. "We have nearly consumed it all, and we use more than we mine," he said. "Silver is the only real money there is. Gold is not used as a currency except among kings. How many $500 bills do you see?" He said he's hauled truckloads of silver to various locations, prompting one listener to ask, "What's your address?" "Smart money is going into gold," Hommel said. "Smarter money is going into silver." He said silver is cheap, a great store of value in the future rapidly growing in popularity for that purpose. "Buy out your bullion dealer, buy a safe, bolt it to your garage floor," he said. Listeners to the two presentations voted with their cash, gathering around vonNotHaus to buy his book and Liberty Dollars, though the coins were far more popular than the warehouse receipts. "It's worth a lot to support anything having to do with sound currency," said David Keyston of Sandpoint. An investor in metals and metal stocks, Keyston bought vonNotHaus' book for $5, and took the change from his $20 in the form of $5 and $10 Liberty Dollars. Silver closed at $11.20 Friday on the New York Mercantile Exchange. "I like silver," Keyston said. "As the price of silver goes up, it will appreciate. Only 19 months ago silver was around $5.50, and it's already doubled. I don't know anything else that preserves value better."

Ponce Cuba | 09-24-2006 06:25 PM
Re: Your cash ain't nothing but trash Sure, but if his $50.00 one oz silver dollar goes down to $20.00 will he still give you $50.00 for it?

Tn...Andy | 09-24-2006 06:48 PM
Re: Your cash ain't nothing but trash Probably, Ponce.....since silver only has to go to 15 FRNs for the Liberty ounce to go to 50 of their bucks, they are still making FRN 'money' hand over fist....but I don't know. That's one of the things I really have against this outfit.....the rules seem to be complicated on purpose......which usually means the house wins. I'd be WAY more impressed with NORFED's operation if their currency was closer to the silver price in FRNs......I can understand what they are saying about the FRN being trash......but does NORFED plan to stay WAY out in front of it as the FRN spirals downward ??? Will a NORFED ounce eventually be 100, 500 or 1000 FRNs an ounce ? Ask yourself....if REAL silver is 15 FRNs an ounce, WHY would you give 50 FRNs for a NORFED ounce ??? I just don't understand the attraction...... I mean, I don't like the unFederal Reserve anymore than anyone else......but WHY the heck just not convert FRNs to silver or gold......if enough ( and I mean a SMALL percentage of the population ) would just do that, silver and gold would soar, and the FRN would be shown for the joke it is.

tinman | 09-24-2006 07:38 PM
Re: Your cash ain't nothing but trash Ponce, they won't buy back their liberty dollars for face value because of the way their marketing thing works. Their dealers get a discount on them so if they cashed them in for full value the home office would be out of money. I read in an article that I think I posted on this forum that one of the dealers says they will buy back the liberty dollars for the bullion value plus a small premium. If they ever have to devalue their currency they would be screwed because they have no way to take them out of circulation. I expect lawsuits against people spending liberty dollars will take off when silver goes over $15, moving the 1 oz. liberty dollars up to $50 and then silver crashes down to the low teens. People are going to get pissed off getting $10 worth of silver for $50

Ponce Cuba | 09-24-2006 09:46 PM
Re: Your cash ain't nothing but trash I keep thinking about it and I have a better plan...... a lot of Spanish people in the US that are religious......so, I was thinking of making small fancy silver crosses out of them, about 2/10 oz or five crosses our of each one oz round. Sell them for $11.98 plus chipping and handling...... I could sumerge them in water and also tell them that they were "blessed" in holy water.....they really dig that. With $4.95 for shipping and handling and the actual cost of about $3.75 that would give me a clear profit of around $13. 70 for a total of about $65.00 per oz. But then you have adverticement, lets say $15.00 per oz, that still would give me a clear profit of $50.00 per oz...... hummmmmm about $2'000,000 in three months. Ponce <------ please call him "Father Ponce"

Jasper | 09-24-2006 10:14 PM
Re: Your cash ain't nothing but trash Quote:
Originally Posted by Ponce Cuba (Post 367611) ... I could sumerge them in water and also tell them that they were "blessed" in holy water.....they really dig that.
Ponce, that would be very wicked of you, it would be sinful ... :evil: Quote:
Ponce <------ please call him "Father Ponce"
Blacker and blacker ... :bash: Why not just ask a priest to bless them? :shakehand :clap2:

Ponce Cuba | 09-24-2006 10:52 PM
Re: Your cash ain't nothing but trash Because he would probably want a part of the action..... at least a 25%

lhslancers | 09-24-2006 10:57 PM
Re: Your cash ain't nothing but trash 1 Attachment(s) Quote:
Originally Posted by Ponce Cuba (Post 367684) Because he would probably want a part of the action..... at least a 25%
Ponce this guy comes cheap.:hahaha:

Lucky Charms | 09-25-2006 02:12 PM
Re: Your cash ain't nothing but trash I was there. I heard him speak and I think liberty dollars are a rip off. If you could trade an ounce of silver bullion plus say a dollar for one of his liberty dollars then I might have gotten a few and tried to spend them. But paying 9 dollars over spot is painful and unnecessary. Also I thought he said in his speech that when the moving average of silver hit 16 dollars (not 15) that it went up to a 50 dollar base. Then you could trade the 20s in for the 50 dollar coins. If that happened the thing other than the obvious rip off of paying 35 dollars above spot is that if you are trying to convince some cashier out there that they could take your coin they might have been willing to do it when it was a 10 dollar coin. But if you try to get someone to mess with a fifty dollar coin they are not sure they could spend elsewhere they're much less likely to take it. He said in his speech that he was doing this because he was retired and had made his money so he believed that when a man retired and had nice sums of cash that he had to spend the rest of his days doing something to give back to society and alternative currency was his calling for doing that giving back. It seems like he is still amassing cash and doing less for the greater good of society when he is selling something for practically twice its value.

Tn...Andy | 09-25-2006 02:54 PM
Re: Your cash ain't nothing but trash Quote:
Originally Posted by Lucky Charms (Post 368286) I was there. I heard him speak and I think liberty dollars are a rip off. If you could trade an ounce of silver bullion plus say a dollar for one of his liberty dollars then I might have gotten a few and tried to spend them. But paying 9 dollars over spot is painful and unnecessary. Also I thought he said in his speech that when the moving average of silver hit 16 dollars (not 15) that it went up to a 50 dollar base. Then you could trade the 20s in for the 50 dollar coins. If that happened the thing other than the obvious rip off of paying 35 dollars above spot is that if you are trying to convince some cashier out there that they could take your coin they might have been willing to do it when it was a 10 dollar coin. But if you try to get someone to mess with a fifty dollar coin they are not sure they could spend elsewhere they're much less likely to take it. He said in his speech that he was doing this because he was retired and had made his money so he believed that when a man retired and had nice sums of cash that he had to spend the rest of his days doing something to give back to society and alternative currency was his calling for doing that giving back. It seems like he is still amassing cash and doing less for the greater good of society when he is selling something for practically twice its value.
Yep....my impression exactamundo.

TheKingsSon | 09-25-2006 03:12 PM
Re: Your cash ain't nothing but trash Quote:
Originally Posted by Lucky Charms (Post 368286) I was there. I heard him speak and I think liberty dollars are a rip off. If you could trade an ounce of silver bullion plus say a dollar for one of his liberty dollars then I might have gotten a few and tried to spend them. But paying 9 dollars over spot is painful and unnecessary. Also I thought he said in his speech that when the moving average of silver hit 16 dollars (not 15) that it went up to a 50 dollar base. Then you could trade the 20s in for the 50 dollar coins. If that happened the thing other than the obvious rip off of paying 35 dollars above spot is that if you are trying to convince some cashier out there that they could take your coin they might have been willing to do it when it was a 10 dollar coin. But if you try to get someone to mess with a fifty dollar coin they are not sure they could spend elsewhere they're much less likely to take it. He said in his speech that he was doing this because he was retired and had made his money so he believed that when a man retired and had nice sums of cash that he had to spend the rest of his days doing something to give back to society and alternative currency was his calling for doing that giving back. It seems like he is still amassing cash and doing less for the greater good of society when he is selling something for practically twice its value.
Even though you are correct, it's STILL better than a FRN.... so don't be too hard on the guy. At least they are backed up by Something (some silver) and NOT debt (FRN).

All times are GMT -4. The time now is 05:12 PM. |

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.
Copyright = None use it and Link to GIM