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A private currency is a currency issued by a private institution. It is often contrasted with fiat currency issued by governments. Look up fiat in Wiktionary, the free dictionary. ...
In many countries, the issue of private paper currencies is severely restricted by law. However, in Scotland and Northern Ireland private sector banks are licensed by the government to print their own paper money. Motto (Latin) No one provokes me with impunity Cha togar mfhearg gun dioladh (Scottish Gaelic) Wha daur meddle wi me?(Scots)1 Anthem (Multiple unofficial anthems) Scotlands location in Europe Capital Edinburgh Largest city Glasgow Official languages English, Gaelic and Scots1 Government Constitutional monarchy - Monarch Queen Elizabeth II...
Northern Ireland is a part of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ...
Various denominations of currency, one form of money Money is any good or tokens that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. ...
Today there are several privately issued electronic currencies in circulation, such as digital gold currency, that function as money. Transactions in these currencies represent an annual turnover value in billions of US dollars. Electronic money (also known as electronic cash, electronic currency, digital money, digital cash, digital currency or scrip) refers to money which is exchanged only electronically. ...
e-gold is, according to their website, 100% backed by gold Digital gold currency (or DGC) is a form of electronic money denominated in gold weight. ...
History
A private $1 note, issued by the "Delaware Bridge Company" of New Jersey 1836-1841. In the United States, the Free Banking Era lasted between 1837 and 1866, during which almost anyone could issue paper money. States, municipalities, private banks, railroad and construction companies, stores, restaurants, churches and individuals printed an estimated 8,000 different monies by 1860. If the 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 far-off, unpopulated locales said to be inhabited more by wildcats than by people. On the other hand, according to Lawrence H. White's article in The Freeman "it turns out that 'wildcat' banking is largely a myth. Although stories about crooked banking practices are entertaining—and for that reason have been repeated endlessly by textbooks—modern economic historians have found that there were in fact very few banks that fit any reasonable definition of wildcat bank." The National Bank Act of 1863 ended the "wildcat bank" period. From the American currency exhibit at the Federal Reserve Bank of San Francisco. ...
From the American currency exhibit at the Federal Reserve Bank of San Francisco. ...
Official language(s) English de facto Capital Trenton Largest city Newark Area Ranked 47th - Total 8,729 sq mi (22,608 km²) - Width 70 miles (110 km) - Length 150 miles (240 km) - % water 14. ...
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In 1863, the U.S. Congress passed the first National Bank Act providing for a supervised system of national banks. ...
In Australia, the Bank Notes Tax Act of 1910 basically shut down the circulation of private currencies by imposing a prohibitive tax on the practice. Many other nations have similar such policies that eliminate private sector competition. The Bank Notes Tax Act of 1910 effectively ended the era of private currency in Australia. ...
One example of a currency that lost government support but retained use amongst a community is the Swiss dinar. After the first Gulf War the Iraqi government issued a new currency. ...
The United States Private Dollar The United Cities Corp [1] created this private currency to be utilized within their nationwide network. Unlike the Federal Reserve Notes (US Dollars) that have no intrinsic value, The United States Private Dollar is backed by the total net worth of the TUC network. TUC's certified portfolio of assets currently has a combined value of three hundred fifty seven billion, one hundred seventy million, nine hundred ninety three thousand, and four hundred and eighteen TUC dollars (357,170,993,418). This includes but is not limited to real property, tangible assets, patents and income streams. Therefore as the network grows the currency continues to appreciate in value. The United States Private Dollar has been created by the TUC-The United Cities network to be voluntarily utilized by both members within the TUC network & non-members alike. ...
Ithaca hours The city of Ithaca in Western New York State has experimented [2] with barter [3] in which participating workers exchange services for Ithaca Hours which are used to buy goods and services forming a subprivate currency for a small locality. The scheme has been ruled legal provided all transactions are taxed. The City of Ithaca (named for the Greek island of Ithaca) sits on the southern shore of Cayuga Lake, in Central New York State. ...
An Eighth Hour, part of the local currency system of Ithaca, NY. Ithaca Hours is a local currency in Ithaca, New York. ...
Currency backing Today many private currencies are backed by a commodity to increase asset security and nullify inflation, which can be caused by an issuer increasing money supply. Some use established and historic forms of money, such as silver or gold, as in the case of digital gold currencies or the. TUC-The United Cities Corp. [4] has also introduced private currency backed by the total net of all participating members. Commodity is a term that refers to goods that are mined or agriculturally produced. ...
This article or section does not cite any references or sources. ...
General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Standard atomic weight 107. ...
General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Standard atomic weight 196. ...
e-gold is, according to their website, 100% backed by gold Digital gold currency (or DGC) is a form of electronic money denominated in gold weight. ...
It is possible for privately issued money to be backed by any commodity, although some people argue that perishable goods can never be used as currency, other than in bartering.[citation needed] One criterion that is regarded as critical for any currency backing material is its fungibility. Alternative views suggest paper money backed by energy (measured for example in "joules of electricity" or "joules of oil"), transport (measured in kg·km/h), or food for instance, may be used in the future. Barter is a type of trade in which goods or services are exchanged for other goods and/or services; no money is involved in the transaction. ...
Fungibility is a measure of how easily one good may be exchanged or substituted for another example of the same good at equal value. ...
An energy-credit, sometimes called an energy certificate, is a hypothetical unit of currency used in a technocracy, or technate as the movement likes to call it. ...
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