THE QUINT RETURNS AS CRYPTO CURRENCY

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V21 2018 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 21, Number 28, July 15, 2018, Article 33

THE QUINT RETURNS AS CRYPTO CURRENCY

Last month we noted plans for the resurrection of the Liberty Dollar in the form of a cryptocurrency. This week we learn of the resurrection of the "quint" in cryptocurrency form. A Utah-based company called Quintric plans to launch similar specie-based system backed by fractional shares of gold and silver bullion coins. What they call the "Quint token" is claimed to constitute "five U.S. gold cents" or "one 1/1000th of a one-ounce, U.S. legal tender, gold coin". -Editor

The Quintric monetary system combines the best aspects of precious metals, cryptocurrencies, and legal tender into one revolutionary, patent-pending, medium of exchange. Harnessing the stability of gold and silver, the technological prowess of cryptocurrency, and the legal standing of the U.S dollar, Quintric addresses challenges ranging from inflation to deflation, from carrying costs to currency exchange rates, and from transparency to transaction times. The system's design and implementation represents the combined efforts of leading monetary reform experts determined to succeed in finally creating cryptos that can actually function as usable currency.

U.S. Gold
Each Quint token constitutes five U.S. gold cents (one 1/1000th of a one-ounce, U.S. legal tender, gold coin) payable on demand in minimum 1,000 token increments for an American Eagle/Buffalo gold coin, bearing a fifty dollar face value

U.S. Silver
Each QuintS token constitutes five U.S. silver cents (one 20th of a one-ounce, U.S. legal tender, silver coin) payable on demand in minimum twenty token increments for an American Eagle/Walking Liberty silver coin, bearing a one dollar face value

International Gold
The iQuint is coming soon and will be redeemable in 1,000 token increments for any one of five, one-ounce, legal tender gold coins from around the world — the Canadian Maple Leaf, the British Britannia, the Australian Kangaroo, the Austrian Philharmonic, or the Chinese Panda. Redemptions in smaller denominations will soon be offered as well.

International Silver
The iQuintS is coming soon and will be redeemable in 20 token increments for any one of five, one-ounce, legal tender silver coins from around the world — the Canadian Maple Leaf, the British Britannia, the Australian Kangaroo, the Austrian Philharmonic, or the Chinese Panda. Redemptions in smaller denominations will soon be offered as well.

To visit the company's web site, see:
https://quintric.com/

The Quint is one of the denominations proposed by Robert Morris in the famous 1783 Nova Constellatio pattern set. -Editor

"The Quint and a subsequent set of coins were created in Philadelphia in April of 1783 under authority of the Treasury some nine years before the next coins would be struck by the U.S. government. It would have been valued at 500-units in a proposed system that would range from 5 to 1,000 units,"

On May 1, 1784 Robert Morris sent a letter with specimens of his coinage to Thomas Jefferson. Ten days later on May 11, just before leaving Annapolis to travel to Boston where he would board a ship for a four and a half year trip to England and France, Jefferson recorded in his account book, "left with C. Thomson as specimen of coins 1.8 D." This is usually taken to mean Jefferson deposited 1.8 dollars (or 1,800 units) in Nova Constellatio patterns with Charles Thomson, Secretary of the Continental Congress. The denominations of the coins are thought to have been one 1,000 unit mark, one 500 unit quint and three 100 unit cents.

To read earlier E-Sylum articles, see:
NOVA CONSTELLATIO QUINT STRUCK AS AMERICAN COIN (http://www.coinbooks.org/v20/esylum_v20n32a10.html)
THE NOVA CONSTELLATIO MARK: 1,000 UNITS (http://www.coinbooks.org/esylum_v16n31a06.html)
LIBERTY DOLLAR RESURRECTED AS CRYPTOCURRENCY (http://www.coinbooks.org/v21/esylum_v21n25a40.html)

Wayne Homren, Editor

The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.

To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

To subscribe go to: https://my.binhost.com/lists/listinfo/esylum

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