343:" may be exchangeable for merchandise or travel from the program sponsor, most of them lack the key element for currency of being a medium of exchange transferable to other individuals and usable as payment for items from other vendors. A few programs do have "partnerships" allowing this to some extent, and permit the transfer of points or miles. Some startups, such as the Canadian website Points.com, have sought to make loyalty "points" more currency-like by creating an exchange where points from one loyalty program can be traded for points in other such programs.
515:
106:
71:
94:, railroad and construction companies, stores, restaurants, churches and individuals printed an estimated 8,000 different types of money by 1860. If an issuer went bankrupt, closed, left town, or otherwise went out of business, the note would be worthless. Such organizations earned the nickname of "wildcat banks" for a reputation of unreliability; they were often situated in remote, unpopulated locales said to be inhabited more by wildcats than by people. The
529:
208:) regulations concerning "ring-fenced backing assets" and are backed in part by deposits at the Bank of England. They are exchangeable with other pound notes on a one-to-one basis, and circulate freely within the United Kingdom, though not legal tender, not even in Scotland and Northern Ireland. In fact, technically, no banknote (including Bank of England notes) qualifies as legal tender in Scotland or Northern Ireland.
464:
In 2007, Angel Cruz, founder of The United Cities
Corporation (TUC), announced he was establishing an alternative "asset based" currency named "United States Private Dollars". Cruz claimed United States Private Dollars were "backed by the total net worth of the assets of its members" and had printed
502:
in connection with his dealings with Bank of
America, while attempting to get United Cities bank drafts cashed. As of late October 2010, Cruz was still a fugitive, though an associate was convicted on related charges and sentenced to prison for eight years. Angel Cruz was finally captured in 2020.
233:
Totnes
Economics and Livelihoods Group in March 2007; A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account. As at September 2008, about 70 businesses in Totnes were accepting the Totnes Pound. Other local currencies launched since then include the
402:
ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by
Federal Securities Laws), and as such were subject to the court's jurisdiction. In August 2013, the German Finance Ministry characterized Bitcoin as a
310:. However private currencies in Canada cannot be referred to as being legal tender and many private currencies (as well as loyalty programs) avoid the word "dollar", using names like "coupons" or "bucks", to avoid confusion. Examples include:
469:
issued an alert warning banks that checks issued by TUC were "valueless instruments" and should not be cashed. In 2008, Cruz was indicted by a
Federal grand jury in Florida on one count of conspiracy to defraud the United States under
43:. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States (18 U.S. Code § 486). Digital
137:
violated this section, to which banks responded that since bank cheques were printed with the words "not negotiable" on them, the cheques were not intended for circulation, and thus did not violate the statute.
383:
can be used to store the public and private keys which can be used to receive or spend the cryptocurrency. The cryptographic systems used allow for decentralisation; a decentralised cryptocurrency is
1150:
465:
six billion dollars' worth of the private currency; the backing assets were claimed to be valued at 357 billion dollars. The currency featured the slogan "In
Jehovah We Trust". The
121:
effectively shut down the circulation of private currencies by imposing a 10% tax on the practice, making it economically prohibitive. This Act was subsequently repealed by the
1146:
1100:
87:
1046:
1072:
285:
which has no nominal value. Every coin has the value of 50 Eurocents and is primarily used in parking garages. As of 2009, 120 companies in
Karlsruhe accept the
367:
secures the transactions and controls the creation of additional units of the currency. Technically, cryptocurrency is a not currency, but a digital form of
321:
47:
is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries (mainly in West Asia and North Africa).
1219:
1025:
701:
54:
that use barter credits as units of exchange, private gold and silver exchanges, local paper money, computerized systems of credits and debits, and
325:
715:
972:
295:
was created in
Washington DC in 2016 to address food insecurity and has a value of $ 2.20 when used at over 60 participating food vendors.
117:, private currency had first been used since the arrival of European settlers in 1788, and into the early years of Federation before the
1269:, case no. 6:08-cr-00177-UA-DAB, docket entry 88, Oct. 28, 2010, U.S. District Court for the Middle District of Florida (Orlando Div.)
1256:, case no. 6:08-cr-00177-UA-DAB, docket entry 1, Aug. 6, 2008, U.S. District Court for the Middle District of Florida (Orlando Div.).
1204:
1158:
863:
1310:
1173:
1082:
563:
1234:
1121:
495:
487:
479:
471:
461:. The charges stemmed from the government view that the Liberty silver coins too closely resembled official coinage.
434:
150:
50:
Today, there are over four thousand privately issued currencies in more than 35 countries. These include commercial
193:
145:, although the government issues currency, bank-issued private currency is the dominant medium of exchange. Most
1105:
573:
998:
747:
441:
and issued between 1998 and 2009. In 2011, von NotHaus was arrested and subsequently convicted on charges of
1330:
662:
466:
426:, so too can private currencies, and private currencies are subject to other criminal issues, including
999:"Is It Time to Invest in Bitcoin? Cryptocurrencies Are Highly Volatile, but Some Say They Are Worth It"
395:
95:
722:
408:
146:
90:
lasted between 1837 and 1866, when almost anyone could issue paper money. States, municipalities,
1335:
1186:
1101:"Deutschland erkennt Bitcoins als privates Geld an (Germany recognizes Bitcoin as private money)"
578:
568:
339:
operated by businesses are sometimes counted as private currencies. However, though "points" or "
118:
689:
676:
125:
1945, which imposed a £1000 per day fine for private currencies, and s. 44(1) of the
Australian
1154:
548:
340:
217:
169:
1220:"TUC Improving the US Economy by the Circulation of Their Private Currency Today", OpenPR.com
618:
583:
380:
59:
1303:
Denationalization of Money: An
Analysis of the Theory and Practice of Concurrent Currencies
901:
315:
130:
890:"Canadian Tire Money: An Analogy for Use When Discussing Weak Acid–Strong Base Titrations"
773:
8:
1279:
793:
438:
311:
36:
905:
818:
105:
953:
840:
819:"Currency Solutions for a Wiser World » The Wörgl Experiment: Austria (1932-1933)"
520:
458:
55:
27:
issued by a private entity, be it an individual, a commercial business, a nonprofit or
1306:
917:
685:
598:
1325:
1239:
1208:
909:
442:
360:
356:
230:
185:
173:
161:
99:
28:
889:
491:
475:
1299:
638:
543:
483:
404:
336:
205:
177:
165:
70:
1047:"Securities and Exchange Commission v. Shavers et al, 4:13-cv-00416 (E.D.Tex.)"
613:
608:
499:
454:
352:
307:
303:
239:
197:
51:
44:
1319:
921:
558:
553:
399:
247:
83:
32:
1280:"U.S. Marshals Arrest Fugitive 9 Years on the Run in the Dominican Republic"
1026:"Federal judge: Bitcoin, "a currency," can be regulated under American law"
752:
534:
414:
In Thailand, lack of existing law leads many to believe Bitcoin is banned.
364:
243:
226:
201:
91:
40:
713:
387:
but one without a central banking system. In terms of total market value,
109:
Private currency issued in Australia by The City Bank of Sydney circa 1900
1077:
423:
368:
235:
189:
181:
134:
1151:
United States District Court for the Western District of North Carolina
913:
450:
446:
384:
376:
271:
75:
1191:
292:
278:
142:
114:
639:"18 U.S. Code § 486 - Uttering coins of gold, silver or other metal"
593:
157:
24:
257:
388:
329:
267:
263:
253:
222:
1174:"Local Liberty Dollar 'Architect' Bernard von NotHaus convicted"
954:"Points.com establishes currency exchange for loyalty programs"
299:
274:
since 2003. As of 2011 there were over 550,000 in circulation.
74:
A private $ 1 note, issued by the "Delaware Bridge Company" of
375:, as cryptocurrencies do not comply with the four fundamental
603:
427:
411:
and subject to capital gains tax if held less than one year.
372:
302:, numerous complementary currencies are in use, such as the
864:"'Breadcoin' is a new currency in D.C. for people in need"
346:
588:
133:
published an article which suggested that the issuing of
1066:
1064:
1187:"Florida man launches 'United States Private Dollar'"
935:
716:"Scottish and Northern Ireland Banknotes Fact Sheet"
510:
394:
On 6 August 2013, Federal Judge Amos Mazzant of the
1230:
1228:
1122:"Thailand's Bitcoin ban is not quite what it seems"
1061:
437:was a commodity-backed private currency created by
794:"Bristol Pound launched to keep trade in the city"
1147:"Defendant Convicted of Minting His Own Currency"
677:"The Australian Bank Cheque - Some Legal Aspects"
129:1959 prohibited the practice outright. In 1976,
1317:
1225:
714:The Association of Commercial Banknote Issuers.
289:and usually grant a discount when paid with it.
964:
748:"Will the Brixton pound buy a brighter future?"
31:common enterprise. It is often contrasted with
1094:
1092:
970:
684:(1976) 2(2) Monash University Law Review 180.
1235:"Kissimmee nonprofit 'concerned' over checks"
277:Since starting in 2006, the "City Initiative
260:Experiment from July 1932 to September 1933.
250:, which also allows for electronic payments.
1070:
787:
785:
1089:
990:
745:
211:
98:ended the "wildcat bank" period. See also:
417:
782:
996:
324:is a community currency launched by the
104:
69:
1205:"TUC Currencies", United Cities website
1098:
1073:"Bitcoins are private money in Germany"
1071:Vaishampayan, Saumya (19 August 2013).
1023:
674:
347:Cryptocurrencies and digital currencies
1318:
1171:
997:Espinoza, Javier (22 September 2014).
791:
702:"Hong Kong's 1,000 (HSBC) dollar note"
1120:Watts, Jake Maxwell (July 30, 2013).
1119:
65:
887:
861:
564:History of the United States dollar
486:and six counts of bank fraud under
13:
1293:
792:Harvey, Dave (19 September 2012).
14:
1347:
1176:. Evansville Courier & Press.
1099:Nestler, Franz (16 August 2013).
888:Last, Arthur M. (December 2003).
774:Town launches its own bank notes
746:Leo Hickman (16 September 2009).
700:International Bank Note Society.
665:Other persons not to issue notes.
379:according to economic theory. A
1157:. March 18, 2011. Archived from
971:Andy Greenberg (20 April 2011).
527:
513:
200:bank notes. They are subject to
1272:
1259:
1246:
1213:
1198:
1180:
1165:
1139:
1113:
1039:
1017:
946:
928:
881:
855:
833:
391:is the largest cryptocurrency.
1172:Lovett, Tom (March 19, 2011).
1106:Frankfurter Allgemeine Zeitung
811:
767:
739:
707:
694:
668:
652:
631:
574:Local Exchange Trading Systems
422:As national currencies can be
1:
1024:Farivar, Cyrus (2013-08-07).
894:Journal of Chemical Education
625:
409:multilateral clearing circles
316:Pioneer Energy's Bonus Bucks
7:
862:Iati, Marisa (2019-01-11).
506:
467:Comptroller of the Currency
10:
1352:
841:"Karlsruhe (bonus system)"
821:. Lietaer. 17 January 2021
215:
1005:. The Wall Street Journal
396:Eastern District of Texas
229:since it was launched by
147:automated teller machines
96:National Bank Act of 1863
212:Complementary currencies
58:in circulation, such as
675:Weerasooria, Wickrema.
569:Kirtland Safety Society
418:Private currency crimes
119:Bank Notes Tax Act 1910
100:History of free banking
1155:U.S. Attorney's Office
549:Complementary currency
218:Complementary currency
170:Royal Bank of Scotland
110:
79:
1267:United States v. Cruz
1254:United States v. Cruz
960:. September 23, 2010.
659:Reserve Bank Act 1959
381:cryptocurrency wallet
123:Commonwealth Bank Act
108:
73:
60:digital gold currency
1161:on December 5, 2012.
335:Customer reward and
192:, are authorised by
151:Hong Kong bank notes
131:Wickrema Weerasooria
1300:Hayek, Friedrich A.
1049:. Docket Alarm, Inc
906:2003JChEd..80.1403L
439:Bernard von NotHaus
312:Canadian Tire money
1331:Private currencies
1284:www.usmarshals.gov
1195:, August 25, 2007.
1085:on 24 August 2013.
914:10.1021/ed080p1403
778:13 September 2009
521:Numismatics portal
377:functions of money
328:users, started in
322:Convertible Minute
111:
80:
66:Private bank notes
56:digital currencies
1311:978-0-255-36087-6
1286:. 7 January 2021.
1243:, August 25, 2007
1149:(Press release).
973:"Crypto Currency"
599:Prison commissary
281:" has issued the
149:dispense private
1343:
1288:
1287:
1276:
1270:
1263:
1257:
1250:
1244:
1240:Orlando Sentinel
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1217:
1211:
1209:Internet Archive
1202:
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1184:
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1143:
1137:
1136:
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1111:
1110:
1096:
1087:
1086:
1081:. Archived from
1068:
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1056:
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1037:
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1021:
1015:
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721:. Archived from
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649:
647:
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635:
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531:
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523:
518:
517:
516:
443:money laundering
361:virtual currency
337:loyalty programs
231:Transition Towns
186:First Trust Bank
174:Northern Ireland
162:Bank of Scotland
127:Reserve Bank Act
88:Free Banking Era
21:private currency
16:Form of currency
1351:
1350:
1346:
1345:
1344:
1342:
1341:
1340:
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1296:
1294:Further reading
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1265:Status Report,
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1003:Journal Reports
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947:
934:
933:
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886:
882:
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871:
870:. Washington DC
868:Washington Post
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679:
673:
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643:
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637:
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632:
628:
623:
544:Commodity money
533:
528:
526:
519:
514:
512:
509:
420:
405:unit of account
349:
246:(2009) and the
220:
214:
206:Bank of England
178:Bank of Ireland
166:Clydesdale Bank
68:
52:trade exchanges
17:
12:
11:
5:
1349:
1339:
1338:
1336:Freiwirtschaft
1333:
1328:
1314:
1313:
1295:
1292:
1290:
1289:
1271:
1258:
1245:
1224:
1222:August 2, 2007
1212:
1197:
1179:
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1038:
1028:. Ars Technica
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651:
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614:Ven (currency)
611:
609:Store of value
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508:
505:
496:18 U.S.C.
488:18 U.S.C.
480:18 U.S.C.
472:18 U.S.C.
455:counterfeiting
435:Liberty Dollar
419:
416:
353:cryptocurrency
348:
345:
308:Toronto dollar
304:Calgary Dollar
270:, has had the
216:Main article:
213:
210:
198:Pound sterling
67:
64:
45:cryptocurrency
15:
9:
6:
4:
3:
2:
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865:
858:
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836:
820:
814:
799:
798:BBC West News
795:
788:
786:
779:
777:
770:
755:
754:
749:
742:
728:on 2018-01-28
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560:
559:Gold standard
557:
555:
554:Disney dollar
552:
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511:
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468:
462:
460:
456:
452:
448:
444:
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431:
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425:
424:counterfeited
415:
412:
410:
406:
401:
400:Fifth Circuit
397:
392:
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386:
382:
378:
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370:
366:
362:
358:
355:is a form of
354:
344:
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331:
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313:
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296:
294:
290:
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280:
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261:
259:
255:
251:
249:
248:Bristol Pound
245:
241:
240:Brixton Pound
237:
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195:
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92:private banks
89:
85:
84:United States
77:
72:
63:
61:
57:
53:
48:
46:
42:
41:central banks
38:
34:
33:fiat currency
30:
29:decentralized
26:
22:
1302:
1283:
1274:
1266:
1261:
1253:
1252:Indictment,
1248:
1238:
1215:
1200:
1190:
1182:
1167:
1159:the original
1141:
1129:. Retrieved
1125:
1115:
1104:
1083:the original
1076:
1051:. Retrieved
1041:
1030:. Retrieved
1019:
1007:. Retrieved
1002:
992:
980:. Retrieved
976:
966:
957:
948:
939:
936:"Points.com"
930:
900:(12): 1403.
897:
893:
883:
872:. Retrieved
867:
857:
845:. Retrieved
835:
825:28 September
823:. Retrieved
813:
803:21 September
801:. Retrieved
797:
775:
769:
759:25 September
757:. Retrieved
753:The Guardian
751:
741:
730:. Retrieved
723:the original
709:
696:
670:
658:
654:
642:. Retrieved
633:
535:Money portal
463:
432:
421:
413:
407:, usable in
393:
365:cryptography
350:
334:
326:Minutes Bank
320:
297:
291:
286:
282:
276:
262:
252:
244:Stroud Pound
242:(2009), the
238:(2008), the
227:Totnes pound
225:has had the
221:
202:central bank
155:
140:
135:bank cheques
126:
122:
112:
81:
49:
20:
18:
1078:Marketwatch
843:(in German)
492:§ 1344
476:§ 1344
369:token coins
236:Lewes Pound
190:Ulster Bank
182:Danske Bank
37:governments
1320:Categories
1032:2013-08-15
977:Forbes.com
940:points.com
874:2021-10-18
732:2017-02-12
626:References
484:§ 371
459:conspiracy
451:wire fraud
447:mail fraud
385:fiat money
287:Karlsruher
283:Karlsruher
272:Chiemgauer
194:Parliament
168:, and the
76:New Jersey
35:issued by
1192:Daily Kos
1053:14 August
922:0021-9584
690:0311-3140
663:s 44
293:Breadcoin
279:Karlsruhe
196:to issue
172:, and in
143:Hong Kong
115:Australia
78:1836–1841
1131:15 April
982:8 August
847:15 April
776:BBC News
594:Peercoin
507:See also
500:§ 2
256:had the
158:Scotland
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