FAQ's
Are OMG Collectables legal tender?
NO! … But neither are the other forms of payment that we use every day in the UK.
“Many people are confused about what legal tender means… Debit cards, cheques and contactless aren’t legal tender anywhere … Legal tender has a narrow technical meaning which has no use in everyday life… It means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay… It’s actually about settling debts rather than how you can pay for things”
Bank of England
Debt
IOU (I owe you) printed on cheap polymer notes
Debt-Free
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OM (Our Money) printed on 24 carat gold notes
Can businesses accept OMG Collectables as payment?
YES! … Every business has the sole discretion to accept whatever form of payment they choose to. When presented with the difference in value between an IOU (I owe you = debt) note printed on polymer, and a meaningful debt-free note printed on 24 carat gold, it’s immediately obvious to any discerning business owner which note has the most value.
“A shop owner can choose what payment they accept. If you want to pay for a pack
of gum with a £50 note, it’s perfectly legal to turn you down. Likewise for all other banknotes, it’s a matter of discretion. If your local corner shop decided to only accept payments in Pokémon cards that would be within their right too.”
Bank of England
Can I change my OMG Collectable back to Fiat Currency?
Definitely! … We would be more than happy, as would many of our members who recognise the current value and can see the future potential, to exchange your OMG Collectable for the equivalent face value in fiat currency. Although we would be curious as to why anybody would want to change back to fiat currency, especially considering that it represents a broken promise to pay and is backed by absolutely nothing except our trust in the very system that continues to break its promise over and over again. In essence, OMG Collectables allows people to simply convert IOU debt notes (aka - Fiat Currency) into 24 carat gold notes, fulfilling the original promise ourselves through mutual consent and collective agreement.
“If you look closely at any Bank of England banknote, you will notice it contains the ‘promise to pay’ inscription … Historically, you could exchange banknotes issued by us for gold. But the link between notes and gold was broken a long time ago … Since then, banknotes have been a form of 'fiat money': money that is not convertible to gold or any other asset ... We stand by the ‘promise to pay’, but exchange into gold is no longer possible: today, our notes can instead be exchanged for other Bank of England notes of the same face value … so nowadays it makes more sense to think of money as a kind of IOU (I owe you)”
Bank of England
Where can I use OMG Collectables as payment?
Although we envisage a number of people preferring to keep the notes purely as a physical portfolio of gold collectables, some people will naturally wish to use the notes as payment. Initially you will be able use OMG Collectables as payment for workshops, retreats, activities and events at the Inspiration Hub, or for pure drinking water produced by our Atmospheric Water Generator and packaged in reusable plant-based bottles.
As the number of in-house and external projects using OMG Collectables for fundraising grows, so too does the number of places that will accept OMG Collectables as payment. In addition, the Inspiration Hub DHO will actively promote and create awareness about the project to local independent businesses, highlighting the potential of OMG Collectables to become a valuable contribution to the success of the business, while increasing their customer base and the value of their bottom line.
When will OMG Collectables be launched?
There are a few steps that need to be taken before OMG Collectables is ready for the launch of the first OM Series, but it’s highly likely that the official launch will be sometime before the end of October 2025. The design is yet to be finalised and remains subject to review and acceptance for gold printing by the producer, we are seeking to acquire the services of an independent bullion dealer to assist in the importation, distribution and vaulting of OMG Collectables, and we are exploring options for the implementation of an interactive crowdfunder that reflects the progress of the project in real time.
How can I get involved in the project?
There are a number of roles in the project, that invite proposals from members who are interested in contributing to the marketing, administration and social media aspects of the project. The first stage of getting involved in the project is to become a free member by subscribing to our email list, which will help to ensure that you are provided with important updates and priority access to OMG Collectables at the launch.
As a member of the Inspiration Hub DHO, you can submit a proposal to fill a role, describing how you would fulfil the objectives and goals of the role to achieve the projected outcomes of the project. After a consultation round, the other members of the DHO will vote on the proposal and if successful, you will fill the role and receive remuneration according to the terms agreed for your contribution to that role.
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All members have a voice and a vote on the direction and growth of the Inspiration Hub DHO and all associated projects, including OMG Collectables, which includes you too if you choose to join us on this exciting journey!
OUR MONEY, GOLD (OMG) Collectables