5 YEARS IN PRISON POSSIBLE ASHEVILLE - What's in your wallet? If it's a Liberty Dollar, watch out.
Similar in size and design to the U.S. Mint coins that are legal tender for all debts, public and private, Liberty Dollars are stamped from 1 troy ounce of 0.999 fine silver with a supposed face value of $20. It's an alternative currency accepted by about 85 businesses in Asheville.
But it's illegal under federal law to try to pass money not minted or printed by the federal government, and is an offense punishable by an expensive fine, up to five years in prison, or both.
So unless those spending Liberty Dollars are clear that they're "bartering silver" for goods and services and not paying with federal cash, they risk prosecution.
"This is a medallion that they are promoting (for) use as circulating money. That's the concern," said Mint spokeswoman Becky Bailey.
The coins are minted in Idaho by NORFED -- an acronym for National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code -- and have been around for eight years. The group also prints paper certificates and says its private currency -- sold only for real U.S. currency -- is backed by silver stored at an audited company warehouse.
Karen Griffin, owner of the Gourmet Perks restaurant in Asheville, started accepting payment in the dollars about a year ago as a way of promoting her business. She admitted, however, that not many customers actually come in with them.
"It gets my name out there in a different market," Griffin said.
The Liberty Dollar coins look like U.S. currency, including their use of the words "Liberty" and "USA" -- both seen on real coins -- and the phrase "Trust in God" (legal tender has the phrase "In God We Trust"). Liberty Dollars also bear images that echo those seen on U.S. coins.
Poster Comment:
Scare story...no one in Asheville has been arrested for using real currency.
http://ashevillelibertydollar.com/