Mulligan Mint, Dallas' Most Libertarian Coin-Maker, Filed For Bankruptcy Last Week

Categories: Biz

DeluminatiCoins.jpg
Mulligan Mint
Mulligan Mint is sort of like the companies that hawk gold coins through Sunday newspaper supplements and daytime cable TV, in that the money it produces isn't legal tender, but the similarities end there. While the other companies play on the misty-eyed patriotism of octogenarians who still scour the ads in the Sunday paper, Mulligan's coins are marketed to those libertarian-minded Americans convinced that an economy based on paper currency is unforgivable folly.

A look at their merchandise gives an idea of their philosophical bent. Their "Free Market Heroes" collection includes libertarian economist Ludwig von Mises and former congressman and presidential candidate Ron Paul. Another line pays homage to Ayn Rand's Atlas Shrugged. Their Deluminati coin "repudiates the entire paradigm of a central bank-issued paper currency given legal tender status by the government" and "says no to inflation, crony capitalism and all-powerful government and yes to individual liberty, economic independence and opportunity."

"We were a business that set out to do something important for the world and that was to create a complementary currency system for communities that are overlooked by mainstream banking and finance," company President Rob Gray recently told the Wall Street Journal

Mulligan, established in 2012, quickly found a niche among like-minded gold bugs and now says it's turning out 30,000 to 50,000 coins per month at its manufacturing facility in Dallas, where the company is based.

Despite the early success, the coin-maker is facing two existential crises. One is an nasty schism between its two founders, Rob Gray and Chris Duane, the arcane details of which you can search out on Google. The other is a couple of tons of missing silver.

The WSJ reported over the weekend that Mulligan filed for bankruptcy last week to stop one of its suppliers from shutting down its 20,000-square-foot factory.

The supplier, Miami-based Republic Metals Corp., says Mulligan hasn't paid for 71,473 ounces of silver. Mulligan doesn't deny that it owes money. It just can't find a portion of its $1.4-million silver shipment, according to the WSJ.

And so, on to bankruptcy court, where a judge will determine if Mulligan can fulfill its mission of creating "a hybrid digital currency backed by a commodity, using commodity banking."


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13 comments
dmtrousd
dmtrousd

Huh. Two libertarians hate the government so much that they create their own stupid currency, then when things fall apart, they come crawling back to said tyrannical government. I hope the judge at least writes a humorous ruling.

RTGolden1
RTGolden1 topcommenter

This is the worst sort of libertarianism:  One that decries government encroachment on private affairs, until their private affairs go sideways, then they want the government to bail them out.

Apt name for the company though, a self-fulfilling prophecy, Mulligan, or do-over in golf terms.  I mean, what could go wrong with a business plan that includes buying millions in silver to mint a currency that is not recognized as legal tender anywhere in the world?

P1Gunter
P1Gunter

Libertarians are always so cute.

Greg820
Greg820

Tonight on "The Libertarians:" Two Swindlers, Missing Silver, Hilarity & Hijinks Ensue!

roadsidecouch
roadsidecouch

Mulligan Mint needs to set up the Mulligan Mint Reserve and have a board meeting where they decide to create 85 billion dollars a month out of thin air and use it to buy government bonds and then sell the bonds to give the money to Republic Metals Corp.  

jmckee3
jmckee3

So the shit hits the fan and the go to the government for help and protection?

dingo
dingo

@dmtrousd

Are they libertarians or swindlers marketing to libertarians? Oh, they are both, as implicated in the above article.

And what facts do we base that conclusion on? 

The fact that any bankruptcy tramples on the property rights of creditors would indicate that these folks are fraudsters rather than true libertarians.

Wow, there are shysters involved in alternative currencies; that must mean that all libertarians are dickheads.

dmtrousd
dmtrousd

No, not all libertarians. But when you say "any bankruptcy tramples on the rights of creditors," you're proving my point. I guess libertarians are libertarians until they do something like use their constitutionally created court system, then they're "swindlers."

Bankruptcy is not swindling, it's a perfectly legal method that legitimate business use to resolve debt.

roadsidecouch
roadsidecouch

@Greg820 @roadsidecouch Nope.  It is a wonderful summery of Bernackeomics.  If a Republican becomes president Bernacke will ease off the buy of bonds and the interest rates will go up and the cost of our debt will skyrocket and Republicans will be blamed. 

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