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The term “freedom dollar” refers to Liberty series coins issued by the US Mint and an alternative currency known as the Liberty Dollar. The US government is concerned about the latter, as it is not legal tender and could be used to defraud consumers. Proponents argue it is a voluntary form of currency exchange, but the government suggests there is consumer confusion due to misleading advertising.
The term “freedom dollar” is used to refer to two very different things, and it’s important to distinguish between the two. Some people use this term to refer to various Liberty series coins issued by the United States Mint, such as the Walking Liberty Half Dollar. However, a number of alternative currencies in the United States are also known as the “Liberty Dollar”. The United States Mint and other government agencies responsible for maintaining the integrity of the US currency view these Liberty Dollars with concern, as they fear they could be used to defraud consumers.
Many legal tender series in the United States have featured a female figure known as Liberty, who represents the values and culture of the United States. She is typically depicted in a loose, flowing gown with long wavy hair and a determined expression, symbolizing United States’ resolve. In the 1800s, a seated Liberty was a common feature on American currency, and the Liberty also appeared on the Walking Liberty Half Dollar, which was minted between 1916-1947. Liberty also appears on silver proof coins issued by the United States Mint. Many of these Liberty coins are quite valuable, both because they are old and rare and because they are minted with precious metals that have an intrinsic value.
In the sense of an alternative currency, the Liberty Dollar is a series of currencies minted by Liberty Services. The Liberty Dollar is also known as the ALD. The organization that promotes Liberty Dollars claims to back them with a gold and silver standard, arguing that this makes the currency inflation-proof. The US government is concerned about the Liberty Dollar because it fears that people may not understand that the Liberty Dollar is not legal tender.
While Liberty Dollars are not legal tender, that doesn’t mean they are worthless. It is theoretically possible to exchange Liberty Dollars with Liberty Services for gold and silver, which have value. People who buy Liberty Dollars must do so with the understanding that they are not legal tender, meaning people are not obligated to accept them, and they are not backed by the US Mint or banking system. However, they could potentially be used as a regional alternative currency, much like various alternative currency experiments that have been used in small communities across the United States.
Proponents of the Liberty Dollar believe the currency has been unfairly targeted by the US government, claiming they describe it as a completely voluntary form of currency exchange. US government representatives, however, suggest that Liberty Services sometimes uses misleading promotional and advertising campaigns, which can lead to consumer confusion.
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