“Outlaw Money” in North Carolina

Posted: March 21, 2011 in economy, oddities
Tags: ,

Episode 51 of the old Robin Hood TV series from the 50’s was called “Outlaw Money”. In the episode the Sheriff arranges for the arrest of the person in charge of minting coin for Nottingham and replaces it with his own man who mixes in base metal for silver coins while the Sheriff pockets the difference. Robin and his band hijack the new coin dies take them in the forest, and sheltering the old mintmaster provide silver mint their own coins and distribute them to the poor. When Friar Tuck is arrested for passing counterfeit money at the trial the mintmaster (disguised as the inspector from London) appears and notes that the “counterfeit” coins have the right amount of silver and the regulation coins do not, foiling the scheme.

I couldn’t help but remember that episode when reading this story:

The leader of a group that marketed a fake currency called Liberty Dollars in the Asheville area and elsewhere has been found guilty by a federal jury of conspiracy against the government in a case of “domestic terrorism.”

I found this interesting:

The silver medallions were produced by a private mint in Idaho on behalf of Evansville-based Liberty Services, which also issued paper notes the group said were backed by silver reserves.

During the raid, about a dozen agents seized nearly two tons of coins that featured the image of Ron Paul, a Texas congressman. They also took about 500 pounds of silver and 40 to 50 ounces of gold, as was paper currency and other metals.emphasis mine

Two quick thoughts, Ron Paul? Passing currency with the image of Ron Paul? Paul fans have always seemed a bit messianic about him but this is ridiculous.

Secondly, on the law I think the conviction is correct but describing his as a “terrorist” is a bit much.

Silver if I’m not mistaken is trading at $20 an ounce or so $160,000 in silver and gold is going around $1500 so say $750,000. So that means that this guy was actually putting his money where his mouth was backing this stuff.

It’s an odd thing when you have “counterfeit” money backed by actual precious metals while the US dollar is backed by…faith?

Ironically Paul has a hearing coming up on Bullion.

Comments
  1. […] Episode 51 of the old Robin Hood TV series from the 50's was called "Outlaw Money". In the episode the Sheriff arranges for the arrest of the person in charge of minting coin for Nottingham and replaces it with his own man who mixes in base metal for silver coins while the Sheriff pockets the difference. Robin and his band hijack the new coin dies take them in the forest, and sheltering the old mintmaster provide silver mint their own coins and d … Read More […]

  2. thatmrgguy says:

    I’m just wondering…if the “counterfeit” coins he was minting were of the proper weight and made of .999 silver, how anyone could have a beef. ( Except the government, of course.)

    Mike

  3. Dom says:

    if I remember correctly didn’t cities and neighborhoods in the Great Depression issue paper notes to be used in exchange for breads, milk, and services, to attempt to keep customers or generate new business?

    This is harmless and may have just stimulated a western NC mountain town’s local economy. Is it just because it wasn’t ‘coined’ as a universal coupon for the area there’s a big fuss?

    Didn’t a candidate in 2010 suggest paying a doctor with a chicken? She was mocked for it but wouldn’t that have stimulated farming since you gotta have corn or some mashed potatoes with chicken dinner.