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The New Dollar

by Edgar J. Steele
December 14, 2007

"There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved."

 
--- Ludwig von Mises, Human Action (1949)

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
  --- Thomas Jefferson, letter to the Secretary of the Treasury Albert Gallatin (1802)

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My name is Edgar J. Steele. 

Say hello today to the New Dollar (ND), an all-new currency that all Americans can employ right now, in lieu of using doomed Federal Reserve Notes (FRNs). 

The New Dollar does not entail egregious profits going to individuals.  Nor does it require any new distribution network.  Nor does it carry any special overhead or minting charges; just a small commission for acquiring it from existing suppliers, spread throughout America, all of whom have a plentiful inventory right now.

What's more, we can use the New Dollar forthrightly, without fear of doing anything illegal, as it is legal tender right now, without any special edict from government.

At a time when hyperinflation finally is being mentioned openly in mainstream financial publications, the New Dollar is both inflation proof and self-regulating in terms of its own inherent value. 

The New Dollar does not require the assistance or, even, the existence of The Federal Reserve Bank (which in fact is private, not Federal, has no reserves and is not even really a bank).

And here's the kicker:  The New Dollar arguably has the potential for saving us tons in both sales and income taxes.

Sound too good to be true?  I don't think so, but you be the judge. 

First, a little background, however:

BernieBucks - A Path that Might Lead to Jail

The reaction to my recent rant about BernieBucks surprised me by producing virtually 100% agreement from hundreds of people, with only two list members chastising me for not embracing Mr. Von NotHaus and only one of those two souls grimly holding onto the belief that the Liberty Dollar is a good thing.  I expected a firestorm that never came.  A handful silently unsubscribed, but a much larger group subscribed, as happens every time I write about something controversial, which is almost every time I write, of course.

Incidentally, for those few remaining hardy souls who think that good ol' Bernie hasn't been profiting from an intentional deception and endangering those who buy into his MLM scheme, please watch the following video, produced by Bernie as a demonstration of how one goes about passing BernieBucks for fun and profit:

http://www.youtube.com/watch?v=dflWJlbkdFc

Note well that Bernie gets merchant clerks to accept his Liberty Dollar by boldly stating to them only:  "This is the new ten-dollar silver piece."  That, boys and girls, is what is known as passing counterfeit money and it is a federal crime.  I expect this video to be Exhibit A at the trial Bernie himself anticipates when he says he fears arrest any moment.  Now, somehow, I just know that none of you would be foolish enough either to attempt palming off BernieBucks in this fashion or, even, to advocate that others do so, right?  Good - I didn't think so.

So, Suggest Something Better, Bozo

I was surprised, also, that nobody came to me in response to BernieBucks, with the natural follow-up to one who criticizes:  be constructive and suggest something better. 

Honestly, I hate writing things like BernieBucks, wherein I lay into someone who arguably is one of us, but I felt compelled to do so in view of the danger to Dr. Paul's presidential bid that I see presented by Bernard Von NotHaus' having presumed to mint, without permission, Dr. Paul's image onto a coin which, if it is not itself illegal because it bears a dollar denomination, certainly was about to be circulated illegally.  In a demonstration of his true Presidential demeanor, Dr. Paul graciously described the coin's distribution as an "act of civil disobedience." 

Rather than make up the email I mentioned and then simply pretend I received it, I will pose the question myself and then answer it: What's better than BernieBucks?

What's better is something legitimate, legal tender, low cost, inflation proof, inherently valuable, easy to acquire, self-regulating, fungible and easy to handle. 

The New Dollar

And now, for the first time anywhere, ladies and gentlemen, I proudly announce and present to you America's new money system, designed to compete with the FRN and put the Federal Reserve System out of business: -The New Dollar (ND):

Errrr.....unnnnnhhhhh.....well, yes, you are right.  Those actually are old dollars and half dollars, but hear me out.  You are in for a surprise, believe me.

The More Things Change, and all that...

Even though America's old money now is out of circulation because its silver content caused people to set it aside (bad money drives out good money, so it is said), it still is legal tender and therefore legally required to be accepted in satisfaction of all debts, both public and private.  Therefore, it can be used as real money, with no pretenses about barter or it being medallions or any of the BernieBuck, aka NORFED Liberty Dollar, nonsense.  Of course, nobody in his right mind will pay for anything with the mere face value of real silver coins if FRNs will do.  After all, FRNs are just pieces of paper and inherently worthless!

If you choose to agree to exchange old, out-of-circulation American coins for something of value approximately equal to the FRN full value of your coins' silver content, there is nothing anybody can say in protest.  Of course, nobody has to give you more than the coins' face value in FRNs in exchange:  They are legal tender for their face value only.  But, there is nothing to stop people from agreeing to give you more than the face value of your NDs, is there?

I've checked the US code and it clearly addresses the issue, saying that even obsolete US coins, if not explicitly made illegal to own, continue to be legal tender (there were some mint runs never released and then totally - almost - melted and they want to keep the few coins that escaped from making people overnight millionaires).

Legal Tender - No, Not Sensitive Lawyers

"Legal tender," of course, is defined as money required to be acceptable throughout the USA for all debts, public and private. The only exception comes from case law, which holds that nuisance payoffs in huge quantities of pennies, nickels, etc., do not have to be accepted.

Banks happily will give you a crisp, paper FRN $1 bill in exchange for any old Morgan silver dollar, of course, but nobody is foolish enough to ask for just that and, besides, that is not for what we are going to use them.  We are going to use the New Dollar strictly amongst ourselves in lieu of FRNs to conduct business in our new "aboveground economy" (vs. an "underground economy" wherein illegal trading takes place).

Note that our new aboveground economy requires no special distribution network and ensures that no outrageous profit goes into anybody's pocket.  There is no numismatic premium to be paid, such as that attached to the uncirculated versions of these very same ND silver coins.  In fact, if we choose our silver coins carefully, we actually can get them for very close to the spot price of silver.

But wait - there's more. 

Inflation-Proof Real Money

As the FRN devalues every day, the inherent value of out-of-circulation American silver coins ratchets up in direct proportion, so these coins are inflation proof, just like holding onto bars of silver.  We can happily hold our money in old silver dollars while hyperinflation rages about us. 

Yes, in order to do business, we constantly will have to consult exchange rate tables that will require regular updating, but the Canadians have been doing that all their lives and they are no worse the wear for it (unless that somehow is responsible for the lamentable and draconian Canadian "Human Rights" Commission tyranny now taking place throughout that otherwise admirable and physically gorgeous country).

But, wait - there is still more. 

Truly New Dollars

There is an even easier way to do business using real silver (and gold, even, unless and until the government once again confiscates gold):

This is even more of our new money, folks, and this truly is new, as it is being minted by the US mint today (actually, the mint stopped producing the 2007 gold eagle a month or so ago and some who believe confiscation is on the way say that there will be no 2008 version minted).  These are the silver and gold eagles known to many of you who collect and hold them, just as you do straight bullion bars and rounds. 

Bullion rounds typically are 1-ounce silver pieces the same size and shape as silver eagles.  Yes, the BernieBuck really is nothing more than a grotesquely-overpriced and lowly silver round and most certainly is not "the new $10 silver piece" (or, more recently, "the new $20 silver piece," or, as planned by Bernie when seized by the Feds, "the new $50 silver piece").

You may not have paid much attention to the fact that, on their reverse sides, silver and gold eagles carry face values:  $1 for the silver eagle and $50 for the gold eagle (the latter of which also is minted in $5, $10 and $25 denominations for 1/10th oz, 1/4th oz and 1/2 oz sizes, respectively).  Well, guess what?  That makes them legal tender for those face amounts.  That sole fact is what justifies the small premium over silver and gold bullion that they carry. 

Of course, nobody in his right mind would think of tanking up his Chevrolet pickup with a ND $50 gold eagle, which contains about FRN $800 of gold, but I'll bet your local gas station attendant would be delighted to sell you that tank of gas in exchange for your gold eagle - in fact, he has to, if you demand it, because it is legal tender.

Silver and gold eagles have the advantage of being as close to one ounce as it is possible to get (99.93% for silver and 91.67% for gold, which is less because it is a soft metal that literally cannot be used in a coin without alloying it with other metals - to make things even more confusing, the gold eagle actually weighs more than one ounce total, in order to contain one ounce of gold ... and these are troy ounces, too, which is a whole different story).  The silver eagle, especially, makes business easier because one need only convert for the day's silver spot price, without factoring in its actual percentage of silver.  Besides, the new eagles are prettier than those old, ugly coins, aren't they?  You will pay a premium for these new coins of about 5 - 10% of their equivalent FRN value.

But wait, because there is even still more.  In fact, the best is yet to come. 

The Fine Print

Here is where I must insert a disclaimer:  Despite my formal legal, accounting and financial education and training, I do not intend by anything I say in this or any other essay, column, rant or private or group communiqué, to be dispensing legal, financial or investment advice.  Be sure to consult with your own attorney, CPA or financial adviser before undertaking any scheme I might describe herein, all of which are presented strictly for my own amusement.  If you choose to do anything I might describe or suggest, you do so at your own peril and risk. 

But, I do offer a 100% money-back guarantee on the price of your subscription to my writings.

The Aboveground Economy

We have the makings of our new economy in hand right now and it already has its own legal tender in existing real money! I think it would be just wonderful if we could take control of our own economy and our own money supply through the use of NDs and put the Fed and its incredible shrinking dollar out of business.

The only loser in the aboveground economy is the government, through potentially-decreased sales and income taxes collected on the face value of transactions conducted using all this old gold and silver.  Here's how it works:

New Dollar Asset Purchases and Sales Taxes

Suppose that I have a pickup I want to sell that is worth $4,500 in regular dollars/Federal Reserve Notes (FRNs).  You happen to need a pickup and hear about mine.  I offer to sell mine to you for $300 in New Dollars (ND) - silver eagles (which just happen to be worth about FRN $4,500 currently).  You go to my personal coin dealer, Steve Baldwin, who owns the Spokane Coin Exchange, or any of a number of other coin dealers all over America and/or located on the Internet, and buy 300 silver eagles (ND $300).  You bring me your 300 silver eagles and I hand you the keys to my truck and a Bill of Sale that says, "I sell my 1996 Ford pickup to (you) for $300 in lawful money of the USA, legal tender."  You rush down to your DMV office to register your new truck and pay sales tax in FRNs on your ND $300 purchase.

Or, suppose you run a store and sell wood-burning stoves (or anything, for that matter) and I buy a handsome, top-of-the-line Blaze King from you.  I pay you 90 silver eagles (ND $90) for the stove and also hand you 6%, or $5.40, in FRNs to cover the sales tax that is due.  You file your monthly sales tax report, listing (among others) your $300 sale to me and remitting the total sales tax due in FRNs (including the FRN $5.40 I gave you, over and above the stove's ND $90 price).

Now, I have reviewed case law and statutes and I have yet to find anything illegal or morally wrong with either of the foregoing transactions, but try them at your own peril, particularly the parts involving tax calculations and payments.

New Dollar Profit and Loss Statements

A more interesting question rests with whether one may declare income in the face value of legal tender ND and deduct expenses in legal tender FRN, just as they are paid, thereby generating significant tax losses to offset other sources of income not amenable to being brought totally within the Aboveground Economy. 

You and I both know how the IRS and the courts will rule on this approach, of course, but it is an interesting question, nevertheless, isn't it? 

Though I believe that this approach carries with it the color of law, thereby providing shelter from fraud charges in litigation brought by the government, I also believe that employing it would be singularly foolish.  Your mileage may differ, however.

New Dollar Wages and Income Taxes

Can we pay and be paid in existing gold and silver US coins (ND) and treat the face value of those coins as the wages paid and the income received and pay taxes upon that alone, and in FRNs?  I doubt that this will be the case for long, but I do believe that the answer currently is "yes."

A very recent Nevada case, U.S. vs. Kahre, et al., ended with a hung jury unable to find Robert Kahre guilty of tax evasion or a willful failure to withhold and pay taxes to the IRS.  You see, Mr. Kahre paid his employees in legal tender silver and gold coins of the US, resulting in the employees' total income falling below the level that required reporting, even. 

The Federal prosecutor, Gregory Hansen, refused to discuss details of the case with me, saying only that the issue of a retrial is pending.  Mr. Kahre's attorney, Joel Hansen, wouldn't even return my phone call (now, see, lawyers don't even return calls from other lawyers, either!).

I have researched the case law supporting Mr. Kahre and found it to be persuasive and uncontroverted to this date.  Furthermore, I was unable, even, to find any IRS regulations (which are written mostly by non-lawyers or, at best, defective lawyers, unable to secure honest employment and squirreled away in dark basements) precisely on point. 

Instead, the two cases cited and primarily relied upon at trial by Mr. Kahre are precisely on point, not overruled and still good law:

Ling Su Fan v. U.S., 218 U.S. 302, 311 (1910). states clearly that, "Their (government-issued coinage) quality as a legal tender is an attribute of law aside from their bullion value. They bear, therefore, the impress of sovereign power which fixes value and authorizes their use in exchange."

Even more significantly, the court in Thompson v. Butler, 95 US 694, 696 (1877) ruled:  "A coin dollar is worth no more for the purposes of tender in payment of an ordinary debt than a note dollar. The law has not made the note a standard of value any more than coin. It is true that in the market, as an article of merchandise, one is of greater value than the other; but as money, that is to say, as a medium of exchange, the law knows no difference between them."

You might ask yourself how Mr. Kahre's case differs from one in which an employee is paid in kind, from the product output he helps to produce.  In this case, the employee's income is measured by the cost to the employer, if not the full market value, of the product taken in lieu of wages.  Legal tender payment in NDs, as we have seen, today produces an altogether different result.

Payback is a Bitch

Note well that both of the cases cited above predate establishment of the Federal Reserve Bank (the Fed), which was established to ensure the stability of America's monetary system.  Ironically, during the 150 years prior to 1913, when the Fed was set up, there was not a whisper of inflation or deflation, either monetary or price.  Only since the Fed took over has the value of the dollar fallen to two cents in terms of the 1913 dollar.  It is that very devaluation, representing outright theft from American citizens, that now presents us with the opportunity at hand.  Therefore, the two cases upon which the Kahre case seems to turn were generated at a time when monetary inflation did not exist.  It is that very inflation that gives us the opportunity we see today with NDs vs. FRNs.

The dilemma now before the courts is a direct result of the peculiarly silent theft from the people via inflation that occurs when government prints more money than is justified by an existing economy.  Even though it is high time that this chicken came home to roost, with the government now getting hosed on tax receipts because we resort to using pre-Fed money in which to conduct our business, rest assured that, eventually, they will find a way around it. 

Always, you can count upon the American government, firmly in the grip of rogue and alien interests, to squeeze everything possible from us common rabble.  As a result, Depression II, now heaving into view, will make Depression I's food lines look like picnics.

Again, an even more interesting question is whether the employer might expense the full cost in FRNs of his acquisition of the gold and silver coins in which he pays his employees and/or independent contractors, for tax purposes.  What if he then sells his output for gold and silver, thereby generating serious tax losses on paper because of the ND income vs. the FRN expensing?  Both are legal tender, after all.  Again, though one might bear the color of law going into the courtroom, the inevitable government lawsuit is likely to be a loser, I believe.  Again, your mileage may differ.

Why Not Now?

Despite the foregoing interesting questions, none of them prevents us from simply moving into the aboveground economy and conducting all our business transactions right now with NDs.  If there is even the remotest reason for using something like BernieBucks, there is a far more compelling reason to use NDs, instead.  If nothing else, we insulate our working capital from the robbery of inflation right from the date of acquisition, without having to surmount any profits taken by the issuer of the money (or suffer the ravages of inflation from the issuer then printing too much, as in the case of FRNs).  In fact, I fail to see any difference between the inflation theft inherent to FRNs and the profit taken by good ol' Bernie when he sells you a $20 Liberty Dollar for $19 when the spot cost of silver is $14.   

For a certainty, if you must keep money beneath your mattress, make it NDs and not FRNs.  You can always exchange NDs for FRNs, should you ever wish to do so (unless they make all the old money illegal to hold, which isn't gonna happen, or unless they devalue FRNs and adopt the old money/NDs themselves, which seems pointless in view of where America is headed in the near future).

This gets us through to New America, which can use the same, existing unused specie (NDs, that is) as money, just like the same, existing unused Constitution. All new morons in Congress, too (soon to be located in South Dakota after war and the subsequent breakup of America, as fully described in Defensive Racism).

What if This is Just What They Want?

Looking at the face values of silver and gold eagles and their ratio (50:1) leads to an interesting thought: They may well have PLANNED this, long ago.  After all, it does look a little too neat to be an accident.  America's money is due for a serious devaluation, even moreso once it hyperinflates.  The picture to the right gives you a flavor of what hyperinflation in America might look like.

Maybe they intend to abandon the FRN and switch to new money for a time, enroute to the Amero and then the Globo.  Here's one way it could happen:

We go back onto a gold/silver standard, which quiets down all the nuts (that's us) and purposely use existing specie (our NDs) to devalue the dollar while they remove from circulation all the current worthless bills and base-metal coins.

All existing partial-silver-content coins get turned in for melt value, which approximates the new face value of the NDs then minted from them.

All numismatic coins retain a bonus value, but take a hit due to the relative decline in the FRN value of their metal content.

All other coins get turned into tin cans and manhole covers and they burn those worthless paper FRNs.

Nobody with large amounts of gold or silver squirreled away gets any premium beyond what has accrued to date.

The stringent timing and quantity currency turn-in requirements very neatly would skewer all non-bank holders of large quantities of paper FRNs, so that America's exported inflation stays exported and drug dealers get the shaft.

Then, the craven criminals astride America get to start the whole process all over again. It is 1913 once more, with an all-new Fed then making a shift to the Amero and/or Globo!

Problem is:  the existing American equation still doesn't work. Things like social security and government wages and foreign aid and existing foreign debt don't go away and American productivity doesn't get resurrected.  Lazy people don't become productive.  Stupid people don't get smart.  Factories don't get rebuilt.  America still goes down the tubes, so why bother with the currency restructuring?

Specifics

Ok.  Let's deal with this in advance for a change and talk specifics about acquiring NDs. 

Always, in evaluating a potential purchase of non-numismatic coins and bullion, first determine the percentage of precious metal content, then calculate the amount of precious metal  per ounce, then derive the cost of that metal in excess of its current spot price.  This provides you a means for comparing alternatives.  Shipping and handling costs can sometimes be significant, so should be included.

Let's take a few real-life examples from a real precious metals dealer's web site:

The pictures in this column that appear above, prior to those of the pretty new silver and gold eagles, are from the current web site of APMEX.com, one of the largest Internet coin dealers and one with a good reputation and decent pricing.  Those pictures also are of about the cheapest real silver coins you can buy, albeit containing only 90% silver (other metals were added to harden the gold coins, especially, for day-to-day usage in those times and I suppose they reduced the silver content of silver coins to about the same percentage as that of gold coins so as not to confuse everybody).

Incidentally, do not labor under the delusion that Morgan/Peace Dollars each weigh a full ounce. They don't. They weigh a total of .86 ounce each. At .90 fineness (90% precious metal content, that is), their silver content is only .773 oz per coin.

Similarly, the '64 Kennedy halves weigh less than 1/2 ounce total: .40188 ounce (and the later years, with only 40% silver, weigh even less: .36973 oz. - more recent mintings marked the beginning of the reduction of the silver content of coins - to 40% silver, versus the 90% silver content of 1964 - see how everything in America started going sideways at about the time of JFK's assassination?). Therefore, the silver content of '64 Kennedy halves is .36169 ounce per two coins.

These successive reductions represent the most artful form of coin shaving ever seen.

APMEX charges a flat $20 for each shipment, regardless of what or how much you order at one time, therefore I am going to leave the shipping charges out of all the following examples, to simplify the calculations.

Dividing APMEX' quantity pricing for Kennedy halves ($114.25 per roll of 20) by each roll's total silver content (7.2338 ounces) yields a per-ounce cost of $15.79, or about $1.25 over current spot.

APMEX' "cull" Morgan and Peace dollars cost per ounce of silver in quantity is $12.37 / .773 = $16.00 per ounce, for a slight premium over those BU (Brilliant Uncirculated) Kennedy halves (not that the BU likely ever will mean a thing in terms of value), or about $1.50 over spot.  Yes, there is some loss of original silver content due to wear on coins that once circulated, so one must reduce the value a slight bit more, but you get the idea. 

APMEX' cheapest in-stock silver eagles (1986 "problem" coins) sell for $17.95 for each .999 oz silver coin, or $3.50 over spot.

APMEX sells 2001 - 2006 BU silver eagles for $18.68, or a bit more than $4 over spot, but they are taking orders for the 2008 "mint-sealed" green plastic boxes of 500 for just $1.49 each over spot ($16.02 per ounce).

APMEX' cheapest silver deal is their wartime nickels, which sell for $14.43 per $1.00 face value (20 coins) and contain 1.125 ounces of silver per 20 coins. That puts these nickels at $12.83 per ounce of silver, or about $1.75 under spot.  Nickels must be a bitch to smelt, is what this pricing implies.  This pricing also reflects the massive handling and storage problems associated with dealing in silver altogether, both of which are magnified significantly in the case of nickels.

For a lesser bargain, buy bags of 90%-silver coins for about $14.50 per ounce of silver, or approximately spot price.  Again, though, the handling and storage hassle is significant for even 90% silver and it gets much worse with 40% silver - it just isn't worth the effort, to my way of thinking.  If America ever goes Mad Max, then plenty of others already will be spending small coins into circulation.  Silver dollars are the smallest denomination with which I am willing to deal until that exceedingly-unlikely day arrives.

All of these coins are legal tender, of course, which has assumed far, far greater significance in my eyes after thinking things over just lately and having had my vision of the aboveground economy delivered from on high.

The best deal I see on the APMEX web site today, considering all possible intents, purposes and uses, is ordering the 2008 silver eagles.  I understand that APMEX occasionally puts up small lots of "cull" silver eagles for about $1 over spot, which would be the best non-numismatic deal they offer when you find them listed.

None of the foregoing is designed to promote the APMEX web site to you (I wish I got a commission).  Rather, I intend merely to provide a framework for looking at any Internet precious metals dealer web site.

Numismatics as ND?

Now, about numismatic coins, which carry a premium for rarity.  They are not really relevant to our discussion of New Dollars.  Though numismatic coins are legal tender, each coin's unique characteristics render it a clumsy substitute for real money.  In other words, numismatic coins are not particularly fungible (interchangeable, if you will), a key requirement of real money.

On the other hand, if for some reason you want to magnify the disparity between a coin's face value (ND) and its worth in FRNs, there is no better way to do it than with numismatic coins.  In that case, stick with highly-familiar and popular coins and insist that they be pregraded and "slabbed" (sealed in hard plastic sleeves with their grading results) by the Professional Coin Grading Service (PCGS), which imparts a degree of fungibility to the coins.  Examples:  Morgan and Peace silver dollars, Liberty and Indian gold coins and (my personal favorites) St. Gaudens $20 gold coins.  Less-rare mintings of the St. Gaudens coins are worth about $1600 each at the MS 64/65 level, thus carry an ND:FRN ratio of 80:1 (versus new gold eagles, which have a ratio of only 16:1). 

If buying numismatic gold, ensure that its value is at least twice its melt value (the spot value of the gold content is a good approximation), as that is the level separating bullion from numismatic coins, per the specific wording of some very recent Federal regulations that have no purpose whatsoever except to facilitate gold bullion confiscation once again.  Review the PCGS pricing schedule and you will see that the doubling generally occurs for common numismatic coins at about grade MS64 or better. 

I have noticed that the actual market value of numismatic coins typically is about only 80-85% of the prices listed in the on-line PCGS price guide.

By the way, I really do happen to have a Japanese minipickup and I will sell it to you for ND $300 (or $60 in the form of 3 MS65 St. Gaudens gold coins with a face value of $20 each).

New America.  An idea whose time has come.

My name is Edgar J. Steele.  Thanks for listening.  Please visit my web site, www.ConspiracyPenPal.com, for other messages just like this one.

-ed

Copyright ©2007, Edgar J. Steele

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