When we moved to Fetlar in 2009, we were asked to come up with ideas for raising money for the island by Fetlar Developments Ltd - being involved in a potential gold currency scheme with the local council where we came from, we mentioned striking a gold coin unique to Fetlar and were promptly laughed at by some residents.
However, it wasn't stupid idea.
If every area or island struck its own coin (the old medieval way) and made it a collectible numismatic coin, (sold at profit 15- 20% over raw gold price (maybe more due to its uniqueness) and no VAT to pay) it's a quick way for a community to start building a fund. Coin collecting is huge, and people fly from far flung places to buy unusual and unique gold coins.
- It promotes tourism
- It provides local community with funds
- Less reliant on grants
- A community project
- Collectors can fly directly to air strips if available
- Initial investors see a faster return
- If gold coins aren't sold, the money isn't lost ( gold prices don't tend to fluctuate too wildly - one ounce of gold in the 1800's would buy a pretty good suit - today, one ounce of gold will still buy a pretty good suit - it's fiat currency that's crap)
- Rich Americans likely to buy, it's the only way of keeping gold that cannot be seized by Government when times get tough (your gold is not safe from seizure in the USA unless it is a coin)
Ironically, two years later, after our proposal, gold had doubled in price - if the community had taken a gamble and struck the coins in 2009, Fetlar would've been richer for it. Slightly galling when a member of the community came up to us a few months later and said "I've been thinking, it might be worth getting into gold..."
The _________ (insert name here) Freedom' is waiting to be struck...