Abstract
The Liberty Dollar was a privately issued currency created by a nonprofit named the National Organization for the Repeal of the Federal Reserve and Internal Revenue Codes (NORFED). Bernard Von NotHaus formed NORFED in 1998. He created an alternative to US fiat currency backed by an amount of precious metal value. The Liberty Dollar was available in paper warehouse receipts, metal tokens, and online digital units. NORFED earned operating income through multilevel marketing of the currency. The company minted tokens with a face value higher than the manufactured cost. Multilevel marketing distributed sales profits to dealers at various cost levels. This chapter is an astonishing look at how private currency products, both digital and physical versions, function in consumer transactions. The government convicted Bernard Von NotHaus of several felonies including counterfeiting.
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Mullan, P.C. (2016). The Liberty Dollar and Bernard von NotHaus. In: A History of Digital Currency in the United States. Palgrave Advances in the Economics of Innovation and Technology. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-56870-0_3
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DOI: https://doi.org/10.1057/978-1-137-56870-0_3
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Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-137-56869-4
Online ISBN: 978-1-137-56870-0
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