Coin of the Realm (COTR) will begin offering tenth ounce silver coins for use at Renaissance Fairs and other festivals. COTR’s product line was previously limited to copper coins, minted for the over 100 independent organizations and community initiatives that rely on the American Open Currency Standard as the backbone for the local trading system.
The new coins will allow customers more options and an opportunity to start their own small silver investments. They will also introduce many young people to the concept of hard currency. Robert Murphy of the Mises Institute recently advised young people to buy gold and silver.
“Once a young person has accumulated at least a month’s window in cash and has neutralized variable-rate debts, I think an excellent outlet for some of the saving each month is the acquisition of gold and silver coins,” Mr. Murphy said.
COTR’s mission is to introduce to the old-fashioned idea of barter and token-based trading to local communities. Its customer base began with Renaissance Faires and expanded to community events, county fairs and other events that use its coins as tokens.
Customers may choose the design of their token from hundreds of existing designs. They may also submit their own design or work with COTR’s die experts to create a new one. In addition to the new, one tenth ounce silver coins, COTR also offers 39mm one ounce and 28.5mm half ounce copper coins.
The addition of silver coins to the product line may increase what is already a windfall revenue stream for customers. While most of the tokens are exchanged by vendors for cash at the end of the event, customers choose to keep some coins as souvenirs. COTR’s research has shown that an average of 15% of Coin of the Realm tokens are saved by visitors and not spent, with the difference going to the event planners. Each silver coin kept by a customer represents an even higher ticket item sold by the event.