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QUERY: VERMONT FREEDOM CURRENCY
While looking up other things I came across an August 2007 article calling for the creation of an alternate currency by the state of Vermont Alternate currencies have popped up around the world - does anyone know if anything ever came of this proposal by Steve Moyer? -EditorMany Vermonters feel overtaxed, underpaid, overworked or some combination of all three. We have an abundance of physical and human resources but a shortage of money. The money system has failed to balance human needs with available resources. Vermonters need a little relief. We need a new economy. Vermont Freedom Currency is a single pure silver coin worth 10 Credits. A single coin is worth $10 with the State of Vermont for any service, fee or tax. This assures Credits hold an established value for purposes of barter. These coins would operate as a voluntary barter currency accepted by individuals and businesses that choose to accept them. They are not legal tender and cannot be converted into dollars except by a mutually agreeable private-sector transaction, such as might be done through e-Bay or Craigslist.
Credits can circulate inside Vermont as an alternative currency to increase needed services to Vermonters, reduce taxes, and provide choice and flexibility in the economy.
How will it work?
A single coin minted of .999 pure silver and identified as .10 Credits. will be sold for $10 to anyone who wishes to purchase it. It will initially be made available through town clerks, state offices, and banking institutions as well as the Vermont government website. The coins also could be marketed through the Vermont Department of Tourism and Marketing. Each coin is underwritten by the State of Vermont to be worth $10 toward any state service, fee or tax. It also will be accepted by transportation authorities for bus passes, state colleges for tuition, and state-funded community health centers. Since we all know the coins have value with the state we will have faith in them as Vermont currency. . The coins will cost between $3-$5 each to produce, depending on the size of the coin and the cost of silver. At current silver prices the coins can be minted commercially for $4/coin. This means that the state makes a profit of $6/coin for each coin sold that is not returned to the state for redemption.
To read the complete article, see: Vermont Freedom Currency (VFC): Towards A New Localized Economy (http://www.vtcommons.org/journal/2007/08/
Wayne Homren, Editor
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