I saw something a while back on TLC, Discovery, or The History Channel on currency and heard them say that you are legally allowed to make your own currency, but it is up to the place you try to use it at to actually accept it or not. I have a friend, however, who says he saw something on one of the same channels stating that you can not make your own currency. If anyone has an answer, can you leave me a link to some solid evidence.
OK, this is my second post because I didn't phrase it best the first time. What I mean is to create my own currency not copy the american dollar, since that is counterfeiting and highly illegal. Example: I make a coin named the whatchamacallit that bares no resemblance to any US coin and take it to a mom and pop store to buy a soda. They ring up the soda and say that'll be $1.19. Then I say how about I give you 1 whatchamacallit instead. If they accept it, then my 1 whatchamacallit is equal to $1.19 US dollars there.
2006-09-21 08:59:12 · 19 answers · asked by Scott K 2 in Politics & Government ➔ Law & Ethics
Ever heard of Disney money? Monopoly money? You can make it, just so long as it doesn't resemble official money from any country. That doesn't mean that it will be accepted because it is not legal tender. You can try using your whatchamacallit, or an apple, or a dirt clod, or a bar of gold. That doesn't mean that they will accept it (they may take the bar of gold...lol).
The value of anything is what it can be traded for. This includes legal tender, though that tends to be a bit more standardized.
2006-09-21 09:05:11 · answer #1 · answered by corwynwulfhund 3 · 4⤊ 0⤋
Everyone thinks this means making U.S. Currency but the question is can you make a currency that has value and can be used to buy goods? Yeah, coupons are like currency in that you can use them to purchase items. Precious metals are like currency in that you can trade them in for U.S. or any other country. Coal mines used to pay in company currency that could only be used at company stores and it was a way of controlling the work force and keep them in debt. I don't think you can make a standard currency and distribute it to everyone to use in place of regular money. No one would take it anyhow.
2006-09-21 09:11:16 · answer #2 · answered by Tom W 6 · 2⤊ 0⤋
I don' t have a link to solid answer, but I am supposing that in US, since the Fed has pre-empted the issue by issuing its own currency, I would suggest that you would only be able to issue your own "non-legal tender," such as businesses might use as coupons, etc.
Oh, and there has not been actual gold or silver backing US money for quite a few years now (it's the literal cause of inflation).
Thanks, Pam, but don't forget, folks, bartering is still to be considered as income for tax purposes!
2006-09-21 09:08:07 · answer #3 · answered by ? 7 · 3⤊ 0⤋
The constitution:
Article I, Section 8, Clause 5. The Congress shall have Power…To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
You are certainly free to barter your goods for other services. If you're a mechanic, you can fix someone's car if they install your toilet for you, for example. Bartaring is legal.
2006-09-21 09:08:45 · answer #4 · answered by Pam 4 · 2⤊ 0⤋
Yes you can make your own currency provided you do not pass it of as the regular currency. In your example, you are using your currency instead of the dollar. That is within the purview of counterfeiting.
Instead of buying with it, make a deal or barter or exchange. You can use anything for exchange or barter.
2006-09-21 09:07:45 · answer #5 · answered by cherox 3 · 1⤊ 0⤋
No Purlce you are wrong. The United States along with most of the world WAS on the Gold Standard. We have since dissolved the gold standard. Money is no longer associated with gold in that way. Look it up.
2006-09-21 09:15:47 · answer #6 · answered by chris42050 4 · 2⤊ 0⤋
well okay this is kinda tricky. Yes you can make your own currency, but you have to have in place people who will accept it, kinda like the pepsi or coke caps you redeem to get a free coke some will take it others wont.
2006-09-21 09:02:29 · answer #7 · answered by aflownes 2 · 2⤊ 0⤋
Your watchumacallit has to be redeemable for goods and services. The last time I heard of people making their own script was to get around some IRS bartering laws.
2006-09-21 09:01:45 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You can make your own currency as long as ur not duplicating legal tender...but I doubt many people would accept your currency
2006-09-21 09:07:09 · answer #9 · answered by Love always, Kortnei 6 · 1⤊ 0⤋
Yeah you can. But the only reason why USD is worth anything is because the US Gov. says it is. If one were to make money more than likely its not going to be worth much b/c other ppl wouldnt care what you say its worth.
2006-09-21 09:08:53 · answer #10 · answered by Jack S 1 · 2⤊ 0⤋