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Here's an old but good article about the beginnings of a previous attempt at a backed currency, here in New Hampshire!

The Borsodi Constant

From the article:

Dr. Borsodi was more or less content to write and talk about the problem until the U.S. dollar was devalued in 1971. He and his wife were visiting a health resort in southern California at the time and Borsodi was researching a book in the Escondido library when he picked up a newspaper and read of the devaluation. The book was forgotten. Borsodi says, "I began to wonder what would happen if, instead of writing another book about inflation, I were to try to issue a currency that would be inflation-free."

When he returned to his Exeter, New Hampshire home, Borsodi began discussing his idea with the officers of all the banks in town. He also wrote to the head of the Federal Reserve System and talked for hours with Federal Reserve representatives in Boston. Borsodi was very open about what he intended to do and he took the stand that, while the United States Constitution forbids the counterfeiting of this nation's currency, it in no way limits the minting or circulation of a completely alternative medium of exchange.