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SonOfANut and I quickly went over this on Ventrilo earlier, and I'm just posting it here for everyone to see and give their thoughts on.
The base to the economy I propose is: 9 Coal = 1 Iron 9 Iron = 1 Diamond 1 Diamond = 6 Gold 3 Coal = 1 Redstone (Maybe a 1:1 ratio instead, but I figured Redstone is supposed to be a tad more rare)
The reason for Gold being the most valuable is because of how dependent on minecarts this server is, and Powered Rails are in high demand whenever anyone is building a rail. 1 Diamond will get you 6 powered rails, which is enough for a ~150-200 block rail.
What does everyone think of this?
EDIT: Just look down in the comments for a post by forlasanto, he suggested a system that pretty much blows mine out of the water.
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