Phoenix Dollars


DEFINITION of 'Phoenix Dollars '

One-ounce silver disks introduced in October 2005 by an individual named Gordon Hayes. Phoenix Dollars are not legal tender or official currency as they are not endorsed by any sovereign government, nation or state. Phoenix Dollars were introduced as a means of protecting wealth because their value does not depend on fiat currency, but is based on the market price of silver. They have a reeded edge as a security feature.

BREAKING DOWN 'Phoenix Dollars '

Phoenix Dollars are not associated with the city of Phoenix, Arizona. According to their creator, Hayes, they derive their name from the mythical Phoenix bird, as a metaphorical representation of the death of the old currency system and the birth of the new.

  1. Fiat Money

    Currency that a government has declared to be legal tender, but ...
  2. Time-Based Currency

    A currency whose value is based on one man-hour of labor. A time-based ...
  3. Silver Standard

    A monetary system in which a country's government allows its ...
  4. Silver

    An element commonly used in jewelry, coins, electronics and photography. ...
  5. Gold Standard

    A monetary system in which a country's government allows its ...
  6. Lawful Money

    Any form of currency issued by the United States Treasury and ...
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