Thursday, September 01, 2011

Liberty Dollars Subject to Seizure

As many of you know, Bernard von NotHaus, the founder of Liberty Services, was arrested, charged, and convicted for his role in offering minted coins, gold and silver certificates, and electronic account balances intended to circulate as money. Specifically, he was found in violation of Title 18 U.S.C. § 485 (coining metal), Title 18 U.S.C. § 486 (passing coins as current money), and Title 18 U.S.C. § 371 (conspiracy to commit offense or to defraud US). NotHaus currently awaits sentencing and faces up to 15 years in jail, a $250,000 fine, and the possible forfeiture of $7 million worth of minted coins and precious metals seized in an FBI/secret service raid on his offices in November 2007.

Up until now, the focus has been on NotHaus and others immediately connected to Liberty Services--the operative phrase being "until now." As Coin World reports, Liberty Dollars held by others may be considered contraband and, as such, subject to seizure.
[Assistant special agent Glen] Kessler could not provide a blanket position the Secret Service would take toward those owning Liberty Dollars, whether one piece or significantly more.

He said if a Secret Service agent witnessed something considered to be contraband, such as Liberty Dollars, they would be duty-bound to confiscate it.
What a shame.

See also: White, Lawrence H. 2000. "A Competitor for the Fed? Alternative Currencies Face Difficulties in Achieving Critical Mass." The Freeman.


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