Ron Paul, the former Libertarian turned Republican candidate for president in 2008 has an energetic following to say the least. They are very creative when it comes to getting funds for his long shot campaign. Recently, they set a record for the most money raised at an event, some $14 million in one day!
Well, they are at it again. A group of supporters based in Evansville, Indiana calling itself the National Organization for the Repeal of the Federal Reserve Act & Internal Revenue Code (NORFED) began minting “Liberty Dollars”. They are made in silver, gold, and copper and one features the profile of Ron Paul, the candidate. They are circulating the coins as legal tender and that has gotten the attention of the FBI, because they are not legal tender.
The group was raided by the FBI and the coins already minted were removed and the operation shut down. However, many of the coins, particularly the copper ones that were being minted and released on the day of the raid, have been found on Ebay selling rather well.
It is important to reiterate that these coins are not legal tender and are now just political curiosities. They may become collector items in the near future, but the market should settle first to determine whether they warrant the large amount of money some have been offering on Ebay for a copper one or a silver one, nearly $150 in some cases.
Candidate Ron Paul and his campaign have stated that they have no connection with NORFED and have not authorized the production of any minting of coins.