Token: US NORFED Bullion Coins 2000 to 2006
NORFED stands for National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code. The organization is no longer active, but when it was, it sought to replace the non-silver official US currency with is own coins, which were either minted in or backed by gold and silver. The idea was to provide an alternative, inflation-proof currency.
The plan fell flat, but not before a number of denominations had been struck: $1, $5, $10, and $20 pieces in silver as well as $500 pieces in gold.
Today, these coins sell for about twice their bullion value. To find the bullion value of a coin, use a site such as Kitco.com to find the current value of 1 troy ounce of silver. Them multiply it by the amount of silver in the coin.
Steve's coin contains one ounce of silver. Its current bullion value is $19.77 US dollars. A collector might buy it for $40 or so. For a $5 piece which contains a half ounce of silver, the value would be half of that, and so on.
Collectors only want coins that are absolutely, fully uncirculated, with pristine mirror-like surfaces, like Steve describes his coin. Any coin with finger prints, staining or small scratches will only be worth the bullion value of the precious metal it contains.
, Genre: Tokens
Requested by: Steve, Tue, 22-Apr-2014 00:57:36 GMT
Answered by: Paul, Sat, 26-Apr-2014 02:09:05 GMT
Last review by CoinQuest: Tue, 12-Apr-2016 13:42:53 GMT
Requester description: 2003 OBVERSE: Outer coin displays text - LIBERTY across the top and USA on the bottom coin. Center displays Liberty bust facing left with text TRUST IN GOD REVERSE: Outer coin displays text and symbols - TEN DOLLARS on bottom coin and 3 STARS on each side and AMERICAN LIBERTY DOLLAR across the top. Center coin displays the LIBERTY TORCH and the following text - The left side of the Torch says LIBERTY 2003 888.421.6181 NORFED.ORG The right side of the Torch says DOLLARS $ 10 SILVER ONE OUNCE .999 FINE @NORFED 2003
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