Читать книгу New Private Monies - Kevin Dowd - Страница 9

The paper certificates had Liberty Dollar face values of $1, $5 and $10 that were claims for a specific amount of silver. For example, early certificates contemporary with the $10 one-ounce silver Liberty medallion would have a face value of $10 and entitle the holder to redeem one ounce of 0.999 fine silver from the organisation’s warehouse. These certificates were not notes akin to those of a silver- or gold-standard bank operating on a fractional reserve, but were actually warehouse receipts backed by a 100 per cent reserve of silver. However, when the medallions were rebased, certificate holders could trade their old $10 certificates for new certificates with the new face value: for example, when the one-ounce silver $10 Liberty was rebased to a one-ounce $20 silver Liberty, the holder of one-ounce silver certificates with a face value of $10 was invited to exchange them for one-ounce silver certificates with a face value of $20, redeem it for silver or hold it for future rebasements. Holders of eLibertyDollar, the digital equivalent, could have their holdings rebased in the same way. These arrangements protected holders’ silver and gold content claims and meant that the face values of their certificates or digital holdings over time kept roughly in sync with the values of the precious metals.