NORFED was founded by Bernard Von NotHaus. His goal was to provide an alternative currency versus that issued by the US federal government. NORFED currency was backed by gold and silver therefore inflation proof. On March 18, 2011 he was found guilty of “making coins resembling and similar to United States coins”. He was sentenced to 6 months house arrest and 3 years probation. They were minted in $1, $5, $10, and $20 denominations in silver and also came in a gold $500 denomination. This coin is 1 oz of .999 fine silver.