The Republic of Minerva was a micronation consisting of the Minerva Reefs. It was one of the few modern attempts at creating a sovereign micronation on the reclaimed land of an artificial island in 1972. The architect was Las Vegas real estate millionaire and political activist Michael Oliver, who went on to other similar attempts in the following decade. Lithuanian-born Oliver formed a syndicate, the Ocean Life Research Foundation, which had considerable finances for the project and had offices in New York and London. They anticipated a libertarian society with "no taxation, welfare, subsidies, or any form of economic interventionism." In addition to tourism and fishing, the economy of the new nation would include light industry and other commerce. According to Glen Raphael, "The chief reason that the Minerva project failed was that the libertarians who were involved did not want to fight for their territory." According to Reason, Minerva has been "more or less reclaimed by the sea". History The reefs were put on the charts by Captain John Nicholson of LMS Haweis in December 1818 as reported in The Sydney Gazette 30 January 1819 and had been marked on charts as "Nicholson's Shoal" since the late 1820s. Captain H. M. Denham of HMS Herald surveyed the reefs in 1854 and renamed them after the Australian whaler Minerva, which collided with South Minerva Reef on 9 September 1829. In 1971 barges loaded with sand arrived from Australia, bringing the reef level above the water and allowing construction of a small tower and flag. The Republic of Minerva issued a declaration of independence on 19 January 1972, in letters to neighboring countries and even created their own currency. Morris C. "Bud" Davis was elected as President of the Republic of Minerva. Prior to 1972, Tonga had not claimed sovereignty over the Minerva Reefs. In 1887, when King George Tupou I of Tonga first proclaimed Tonga’s territory, the Minerva Reefs were not included. When asked about the Minervan's project, the King of Tonga, Taufaahau Tupou IV, denied rumors that Tonga meant to claim sovereignty over it, yet said "it was in the best interest of Tonga not to allow a group of people, whose objects were to make money and whose activities could be harmful, to become established on the reefs." Neighboring countries agreed; Fiji’s Prime Minister, Ratu Sir Kamisese Mara, claimed the actions of the Minervans set a dangerous precedent: