The Freedom Coin

Posted by preimert1 2 years, 8 months ago to Culture
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I've been kicking around an idea for a long time about a new dollar coin that seems even more appropriate now in this tribally divisive era.(sorry, I don't have a graphic yet)

It would be the size of a dollar coin. On one side would depict a lone eagle soaring above the mountains over fruited plains with the word "FREEDOM" super imposed. The bezel would say "UNITED STATES OF AMERICA - ONE DOLLAR"

On the obverse the bezel would say "PERSONAL RESPONSIBILITY" surrounding a highly reflective, slightly convex surface with the image of your own head looking back at you! Not some long gone abstract picture of a dead president or historic figure... YOU!

To me LIBERTY is nuanced a a group thing while FREEDOM is personal--individual.

The coin should have intrinsic value such its underlying material is actually ,worth a dollar. Thus gold or silver are ruled out, so I was thinking chrome plated nickel.

If you think this a good concept, please feel free to share it with others like dandelion seeds. I make no claims of ownership or copywrite. I'd love to see it go viral.

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  • Posted by hvance 2 years, 8 months ago
    The best thing to do is to peg the dollar to gold. Jim Rickard has an excellent idea to reboot the dollar pegged to gold at $10,000 an ounce. If gold falls to $9950 the fed buys the gold and if it rises to 10,050 the fed sells it. It needs to be read to get the full "Monty" of the idea. He has invested $1,000,000 of his own money. He says that by June this could easily happen, it has happened 10 times in the past 100 years. Trump will have 6 out of the 7 fed governors appointed by him and he is a believer in gold. Google Jim Rickard if you're interested.
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  • Posted by $ allosaur 2 years, 8 months ago
    Me dino is thinking way back when when coins were made of pure gold, silver, nickel, copper and were actually worth their weight.
    These days the crap coins are made of represent value like casino poker chips. Despite being made of crap, me dino heard that it costs more to make a penny than what a penny is worth.
    Me dino is now thinking that maybe Cherokee Indians were allowed to design the modern highly spendable twenty dollar bill with Andrew Jackson's face on it. You see, Andrew Jackson hated paper money. Now THAT'S enough to make an American Indian do a happy war dance while laughing his head off..
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    • Posted by 2 years, 8 months ago
      As stated earlier, the intrinsic value of paper money is a function of its absorbtivness. I'm sure the Cherokees would appreciate the irony of an absorbtive Jackson twenty.
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  • Posted by ycandrea 2 years, 8 months ago
    I love it! I would also add the $ with two lines through it like in AS for United States.
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    • Posted by 2 years, 8 months ago
      Thanks. My primary goal with a legitimate coin issued by the US Treasury is as a ubiquitious reminder every day is that YOU--the person in the mirror--are an individual and personally responsible for your own God-given freedom.
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  • Posted by CircuitGuy 2 years, 8 months ago
    I like the idea. I don’t think it would work as a dollar coin because you said the materials would be worth a dollar. As the dollar depreciates a few percent per year, it would quickly become worth more than a dollar, making it hard to use for everyday transactions. People would melt down for materials any scuffed coins with no collectible value.

    What if the coin were not tied to the dollar but just a round with a certain quantity of precious metals? Its value would vary wildly with fluctuations in the commodities markets. It would be really cool if it were somehow tied to some cryptocurrency.

    I’m fascinated by this because we no longer have US currency with significant value. The last large cash transaction I did was $6000, and 60 c-notes are unwieldy. A $500 or $1000 note would help. But for better or worse the world has gone to electronic transactions.

    I have a friend who keeps some of his wealth in stacks of 1oz gold coins. I do not think gold is a substitute for money, but I really am fascinated how he can hold the value of car in his hand. He can hand it over to someone else in exchange for something, and no one has to know except for the people involved in the transaction.

    If the Freedom Coin were designed to be worth more, say in the $100-$2000 range, there would be larger “budget” for expensive metals to make it really shiny and robust against scratching. It could easily get half its value from its design value and half from materials.
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    • Posted by 2 years, 8 months ago
      Yeah, its a conundrum. I was thinking how to get the coin into the hands of as many people as possible to make the point that each individual is personally responsible for their own freedom, thus the low denomination. Paper of any denomination has no intrinsic value (unless it is absorbant lol) and is just a tradeable IOU backed by the "full faith and credit" of the issuing government, whatever that means--sort of like a shell game with no pea. A string of ones and zeros in the Fed's computer even less.

      On the other hand, precious metal has become a commodity even though it may exist in the form of a denominated coin so it's velocity would cease and its original message purpose would be lost. Gresham's law again. So how to resolve?
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      • -2
        Posted by CircuitGuy 2 years, 8 months ago
        "Gresham's law again. So how to resolve?"
        I believe it's good for money to have no intrinsic value, and it's good for money to be able to multiply in a fractional reserve banking system. Someone has a good idea and gets investors to give her money. She takes that money and puts the temporarily unused portion in a bank account that gets lent out to others with good ideas. She pays vendors with some of that money, who put in their bank accounts, which get lent out to others with good ideas. There's no limit to the wealth we can create for one another, so there should be no limit to money.

        I am not knowledgeable about how to fix monetary policy issues, but it seems to me the problem is confusion about what is a risk free deposit. FDIC insurance accounts return roughly the rate of inflation, give or take, but are supposed to be totally secure. But then there are other instruments that are tacitly insured, and that's where it seems like we run into trouble.

        I am also beginning to think one or more crypto currency should become the reserve currency of the world because with any national bank there's temptation for political interference. Even if there isn't interference, the central bank will try to even out the economic cycle with monetary policy, and who's to say they are better at it than a herd of market participants. I think we're far from the end of history of monetary policy.

        I like the idea of cryptocurrencies or novel non-state-backed hard currencies. Let them compete fairly with fiat money backed by national banks.
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