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Well, it is being issued by a private company. So not unconstitutional. Actually not a big deal either. When credit cards were new, people might have wondered if they were "creating currency" or "unconstitutional" as well. But they weren't and aren't.

However, I don't see the point, since nobody is making money off of this. And you have to trust that the private company will indeed "buy them back". If that company goes under, or takes the money and runs, then people and merchants are stuck with the paper. Or maybe the company figures they will take people federal dollars in exchange for "Liberty" dollars and just bank the federal dollars and earn interest. When someone wants to exchange the Liberty dollars back for federal dollars, they do so. Which means if enough people signed up for this, the company could make money and survive...but what is the point? Why would people want these darn "dollars" anyway?

People would want these darn dollars because they are interested in returning the US to a value-backed currency system, instead of a debt-backed one.

Take a look at the annual report of your local Federal Reserve Bank. They have "assets" that back up their issuance of the Federal Reserve Notes, but the vast, vast majority, well over 95%, of those "assets" are interest-bearing debt owed to the bank by the US Government.

We are paying interest to the Federal Reserve Banks for the use of our cash.