You read the headline, let’s get right into it. Early this morning, we received official confirmation from the Treasury that along with the redenominated Silver Certificates, we will also be seeing issues of Treasury Certificates in mid-October. Each Treasury Certificate will be backed by an amount of Foreign Currency Reserves specific to each face value at the current silver rate. We also learned of a new type of currency, the Bearland Dollar.
For example, let’s say silver is $40 per troy ounce:
- Current Type
- Bearland Silver Certificate – Backed by Silver (10 Bear = $40)
- Confirmed Additions
- Bearland Treasury Certificate: Backed by Currency Equal to Silver’s Value (10 Bear = $40)
- Bearland Dollar: Backed by The Government of Bearland (10 Bear = $40)
All three note types will circulate at the same time, each holding the same face value printed on the front. Treasury Certificates will enter circulation first about one to two weeks after the redenominated Silver Certificates, followed by Bearland Dollars one to two weeks after that.
Interview with the Head of State
On The Silver Standard:
“No, the Silver Standard isn’t going away. It’s just going to back less total currency. Silver is historically pricey right now, and if we wanted more money in circulation we’d have to spend heavily on bullion. That isn’t logical at all time highs like this. To keep Bearland’s economy moving, we’ll issue new types of currency. They’ll all be treated the same, valid legal tender for Bearland, and they will all hold the same value. I love the Silver Standard, but at the end of the day we need more flexibility.”
On Bearland Dollars:
“We’re in the early stages of planning for those. Look at any other country. What backs their money? The Government. So don’t look at us any differently.”
On Treasury Certificates:
“Ah yes, the Treasury Certificates. Now I like these. They’re basically no different from Silver Certificates, the only difference is the form of backing. These notes will be backed by reserves of foreign currency, like US dollars or Canadian dollars, equal to the silver price. So, for example, a 1 Bear Silver Certificate is backed by 0.1 ounces of silver, while a 1 Bear Treasury Certificate is backed by $4 if silver is $40 an ounce.”
(Editor’s Note: portions of this interview have been trimmed/edited for clarity and readability.)