Feds Seize Ron Paul 'Dollars'

Candidate and 'sound money' advocate's image on 60,000 coins
By Jane Yager,  Newser Staff
Posted Nov 17, 2007 7:35 AM CST
The Ron Paul copper coin.   (libertydollar.org)
camera-icon View 5 more images

(Newser) – Federal agents raided the Indiana headquarters of a so-called "sound money" group this week, seizing nearly 60,000 "Ron Paul Dollars"—copper coins bearing the likeness of the renegade Texan congressman, GOP candidate for president and sound-money advocate. The organization has more than $20 million in illegal private currency, dubbed Liberty Dollars, in circulation; they're said to be backed by silver and gold stored in Idaho, the Washington Post reports.

The head of the operation said the raid came because "the federal government really is afraid" of the plummeting US dollar and the gathering strength of Ron Paul's presidential campaign. The Paul campaign denied any affiliation with the Liberty Dollar, though Paul shares the outlaw mint's goal of abolishing the Federal Reserve.