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RealEyesRealizeRealLies's avatar

Is it legal to create a new currency?

Asked by RealEyesRealizeRealLies (30946points) July 15th, 2010

What’s stopping me from creating a new currency?

I don’t want to use dollars any longer. I’d like to create a new currency and begin circulating it into society. Let’s call them Reals.

I’ll print them off on my ink jet printer and base their value upon my personal assets. By receiving a Real, you are receiving a note that represents your ownership in the assets.

You can stop by any time and check on the security of the assets. Or cash in your Reals and walk away with your portion.

Would the US Government allow this?

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12 Answers

john65pennington's avatar

Hear that “knock, knock, knock” on your front door? thats the Secret Service wanting to have a serious talk with you. its a Federal violation to print or in any way interfere with U.S. Currency.

The only place your idea might work would be on an Indian Reservation.

RealEyesRealizeRealLies's avatar

So I’d have to establish my own nation first?

john65pennington's avatar

Probably. don’t forget you have to have gold reserves to backup your new money.

Coloma's avatar

Hah! Wouldn’t it just be easier to implement a barter system?

I say lets go back to paying the doctors with fresh eggs and baskets of potatos.

Beads, seashells, well…not furs…that would violate my ethics of nature preservation.

I think the wave of the future is a return to the 60’s commune lifestyles, especally for the elderly.

I have enteratined a fantasy about buying a 100 acres and building small, energy efficient individual cabins and create a cooperative community.

But..that’s my bohemian throwback talking, lol

Jonathan_hodgkins's avatar

There are examples of local currencies in action. The Berkshares for instance (http://www.berkshares.org/) keeps the money within the local economy of the Berkshires by creating a local currency.
The issues with this revolve around convincing other people to adopt it. What are the benefits of your currency? Do they get local discounts? Is the currency only good when exchanging directly with you, making it a fun way for your friends and family to support your entreprenuerial endeavors? Hopefully, those who adopt your “REAL” will be moral enough to not photocopy your inkjet printout currency. This could seriously devalue your currency and destablize your economy.

Also, you may want to choose a different name then REAL, seeing that a currency with that name already exists in Brazil (http://en.wikipedia.org/wiki/Brazilian_real)

talljasperman's avatar

in Calgary Alberta their are is group of businessmen who did just that. I don’t know how it turned out. http://forum.calgarypuck.com/showthread.php?t=88060

LuckyGuy's avatar

Corporations do that now when they sell shares of stock.

perspicacious's avatar

Not unless you are the Federal government.

mattbrowne's avatar

There are Linden dollars and Second Life got away with it. It seems legal.

lazydaisy's avatar

well, if it had backing in actual assets then you’d be a step ahead of the government.

Like the government, it would be pretty tempting to debase the value of your __Reals__
Let me know if you pull it off….I’d like a stake in a Leica…....or the Land Camera.

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