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TOPIC: State Currency
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Rumson NJ
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There's no doubt it *could* be functional. Just like, say, if some some reason the EU countries began re-issuing their own currencies again.

How successful it might be - who knows.

Kind of like how sometimes cities will issue their own "currency" (generally pegged 1:1 with the US dollar) for certain occasions, and make it legal tender within the city limits. It can be done. But other than for fun, why do it?

Winter Garden FL
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What good is gold if no one is using the gold standard? you can't convert other currency to gold, and to make currency desirable you need to create demand. VA will need to have some sort of heavy industry in place to be able to make this spin so to speak.

Rumson NJ
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They will have to back their money up with something, what that would be I don't know. They may have to back up the currency with federal reserve notes just like casinos do. But that defeats the purpose, unless they can acquire enough gold.

Sanford NC
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Ok let me put this way.

Currency in and of itself, has no value. Paper money has the same value as any other paper. The US abandoned the gold standard in 1971. Since then, the fiat system has been in place. Rendering the physical paper money in your pocket worth as much as any other paper.

Having said that, banknotes are desirable. There is a demand for them. People want money, you want money, everybody wants money. Why? because with money we can acquire the things that we need (services, goods) and desire (Toys, chuchkies...shiny new guns ;). This creates jobs, and as a result the economy churns [It's more complex than that, but this is the easiest way to put it].

How is Virginia proposing making their currency valuable? How is Virginia going to create demand for their currency?

And how will taxes be handled?

I'm not certain how they'll be able to make this baby spin.

Rumson NJ
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Banks printed their own currency for some time, now that currency is mostly debit cards. It all depends on the public and their willingness to accept it.

Sanford NC
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Lets pretend that they do mint coins and print money. What good would it serve if it's worthless? how would VA's currency be valued? against what other comparable currency for instance?

Rumson NJ
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A quick search says that Article I section 8 of the constitution says that only the Federal government can coin money.

The actual text says:

The Congress shall have power (among other things)

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Some say this means that the Feds have a monopoly on currency. But the Feds don't have a monopoly on other things listed as powers of Congress, such as taxation.

I dunno. Legally maybe this iffy but possible. Practically, seems silly.

Winter Garden FL
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I saw this article just now:

dailycaller. com/2013/02/06/virginia-moves-close-to-creating-states-own-currency/

The opening blurb:

Lawmakers in Virginia say they want to keep their options open in case the value of the U.S. dollar ever collapses — so they’re considering minting state coinage.

The Washington Post (w ww.washingtonpost. com/business/economy/virginia-coin-moves-closer-to-reality/2013/02/05/9bcdd532-6fa4-11e2-ac36-3d8d9dcaa2e2_print.h tml) reported Tuesday that a proposal to study the effectiveness of such a plan “sailed through” the state’s lower house this week:

The idea that Virginia should consider issuing its own money was dismissed as just another quixotic quest by one of the most conservative members of the state legislature when [Virginia Del. Robert G.] Marshall introduced it three years ago. But it has since gained traction not only in Virginia, but also in states across the country as Americans have grown increasingly suspicious of the institutions entrusted with safeguarding the economy. -------------------------

So, I'm attempting to be open minded here, although on the surface this just sounds like a silly stunt. A couple basic questions:

1. What are the legal matters involved for a state issuing currency? 2. What, if any, impact could come of it, either positive or negative?

Winter Garden FL
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TOPIC: State Currency