Why You Can’t Mint a Dime
By Lawrence E. Reed
The Freeman
January 18, 2013
Everybody knows what will happen if you set up a private mint in your basement, stamp out a few coins and call them “nickels” or “dimes.” You won’t circulate much longer than they will.
Most Americans today would recoil at the suggestion that coinage could or should be issued privately. They’re unaware that private coinage has a rich history in the United States.
Monopoly Money
The U.S. Constitution expressly forbids the states to print paper money. It grants the Congress the power to issue coinage. But nowhere does it prohibit private parties from creating either paper currency or metallic coin. For seven decades, Americans used gold and silver coins from both public and private mints and paper currency issued by private banks and companies.
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