US Federal prosecutors go after $7million worth of silver 'Liberty Dollars' after its maker is convicted on counterfeit charges. Bernard von NotHaus, 67, from Indiana, was last month convicted of conspiracy and counterfeiting charges for making and selling the currency, which he touted as inflation-proof competition for the U.S. dollar. Liberty Dollars come in denominations of 5, 10, 20, and 50. The money features a dollar sign, the word "dollar" and the motto "Trust in God," similar to the "In God We Trust" that appears on U.S. coins.
Bernard Von NotHaus began issuing Liberty Dollars in 1998. In November 2007 the headquarters of his group, the National Organization for the Repeal of the Federal Reserve and Internal Revenue Code (NORFED), were raided by the Federal Bureau of Investigation (FBI) and the Secret Service, along with the Sunshine Mint in Coeur D'Alene, Idaho, where the coins were made. More than five tons of Liberty Dollars and precious metals was seized from a warehouse and the Feds now want to take them by forfeiture.
After von NotHaus was convicted, U.S. Attorney Anne Tompkins said: "Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism."
Von NotHaus argued that it's not illegal to create currency to privately trade goods and services.
He also has said his organization took pains to say the Liberty Dollars shouldn't be called "coins" and shouldn't be presented as government-minted cash. The Liberty Dollars were a means to help keep currency in local communities by creating networks of merchants and consumers who used the money.
Von NotHaus is free on bond. If the conviction against him is upheld, he faces up to 25 years in prison and a fine of $750,000. No date has been set yet for his sentencing.
Source: Daily Mail
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