Utah Approves Gold & Silver Coins As Currency

Via Talking Points:

The Utah House of Representatives has approved a bill that allowing gold and silver coins to be used as currency, though unlike similar bills in other states, it doesn’t force anyone to accept gold or silver as legal tender.

House Bill 317 was introduced by state Rep. Brad Galvez (R) last week, and passed the House by a vote of 47-26. It will now head to the state Senate for a vote.

The Salt Lake Tribune reports that Galvez explained: “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”

As TPM has been documenting, there’s been a recent push for gold and silver coins to be used as currency. Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S. gold or silver coins — including the payment of taxes.

[Continues at Talking Points]

17 Comments on "Utah Approves Gold & Silver Coins As Currency"

  1. Ironaddict06 | Mar 9, 2011 at 3:26 am |

    Here is a free tip for you business owners. Pay the people that work for you with Silver or Gold coins. The U.S. gov’t has to recgonize the stamp value on the coin, not the weight of a coin. Also as a business owner you can legally except coins as payment-gold, silver, copper, etc.
    Here’s an example: Say you sold a wiget for $35. A customer can give you 1 oz. of silver that is stamped for a $1 value. So that is only $1 of income you report to the IRS.

  2. Ironaddict06 | Mar 8, 2011 at 11:26 pm |

    Here is a free tip for you business owners. Pay the people that work for you with Silver or Gold coins. The U.S. gov’t has to recgonize the stamp value on the coin, not the weight of a coin. Also as a business owner you can legally except coins as payment-gold, silver, copper, etc.
    Here’s an example: Say you sold a wiget for $35. A customer can give you 1 oz. of silver that is stamped for a $1 value. So that is only $1 of income you report to the IRS.

    • You can’t really believe that can you? It is dollar amount equal to grain. I am not even going to site source it will be a good fact checking lesson for you.

      • IRONADDICT06 | Mar 9, 2011 at 2:48 pm |

        NO I DON’T BELIEVE IT-I KNOW IT. I KNOW YOU CAN’T SITE THE SOURCE BECAUSE THERE IS NOT ONE–COIN.
        PLEASE TAKE THE 10 MINUTES TO READ THIS-COIN. IT SITES NOT 1 BUT 2 SUPREME COURT CASES.
        This is about business transactions-NOT dollar amount equal to grain.
        If you go to a store and buy Y product and it cost $1.00 if you pay with a $1.00 Silver-1 OZ. coin-You will get no change. If you are the store owner you would report an income of $1.00 not the weight of the coin.
        http://www.rense.com/general78/defeat.htm

  3. You can’t really believe that can you? It is dollar amount equal to grain. I am not even going to site source it will be a good fact checking lesson for you.

  4. Bud Bundy | Mar 9, 2011 at 7:31 am |

    well all that gold the beck fanatics bought has to be dumped somewhere.

  5. Bud Bundy | Mar 9, 2011 at 3:31 am |

    well all that gold the beck fanatics bought has to be dumped somewhere.

  6. IRONADDICT06 | Mar 9, 2011 at 6:48 pm |

    NO I DON’T BELIEVE IT-I KNOW IT. I KNOW YOU CAN’T SITE THE SOURCE BECAUSE THERE IS NOT ONE–COIN.
    PLEASE TAKE THE 10 MINUTES TO READ THIS-COIN. IT SITES NOT 1 BUT 2 SUPREME COURT CASES.
    This is about business transactions-NOT dollar amount equal to grain.
    If you go to a store and buy Y product and it cost $1.00 if you pay with a $1.00 Silver-1 OZ. coin-You will get no change. If you are the store owner you would report an income of $1.00 not the weight of the coin.
    http://www.rense.com/general78/defeat.htm

  7. Changing the article title is indeed disinformation. Utah has not approved this, only one legislative branch, the house, has so far.

    and Ironaddict06, lets hope that tinfoil is also included as a viable currency, you’ll be rich!

  8. Changing the article title is indeed disinformation. Utah has not approved this, only one legislative branch, the house, has so far.

    and Ironaddict06, lets hope that tinfoil is also included as a viable currency, you’ll be rich!

    • Ironaddict06 | Mar 9, 2011 at 7:24 pm |

      You have not own a company and read the link I provided.
      As a business owner you can accept any form of payment you want, and pay how you would like to pay(if the other party agrees). In most states you have a DBA for your business, and are TAXED based on your earnings. As the LAW shows a $1.00 silver OZ. coin is worth $1.00-Therefore you would report $1.00 Income to the IRS.
      I would be willing to buy your gold and silver coins-I will pay you the amount on the coin.
      Step up to the plate I’m offering you cash for your silver and gold coins.

  9. Ironaddict06 | Mar 9, 2011 at 11:24 pm |

    You have not own a company and read the link I provided.
    As a business owner you can accept any form of payment you want, and pay how you would like to pay(if the other party agrees). In most states you have a DBA for your business, and are TAXED based on your earnings. As the LAW shows a $1.00 silver OZ. coin is worth $1.00-Therefore you would report $1.00 Income to the IRS.
    I would be willing to buy your gold and silver coins-I will pay you the amount on the coin.
    Step up to the plate I’m offering you cash for your silver and gold coins.

  10. Finally! The U.S. Constitution demands that each state make gold and silver coin a legal tender for all debts, public and private. So a legislator in Utah is finally awakening to that fact!
    P.H.

  11. Finally! The U.S. Constitution demands that each state make gold and silver coin a legal tender for all debts, public and private. So a legislator in Utah is finally awakening to that fact!
    P.H.

  12. If this mean gold and silver coins can be traded alongside paper money then not much is going to change. You know – Greshams’ law. If you fear inflation and you have both gold money and paper money, which will you use to pay bills and which will you use to save with? Duh! Unless Utah bans all money except gold and silver then the good money will simply disappear quickly from circulation.

  13. If this mean gold and silver coins can be traded alongside paper money then not much is going to change. You know – Greshams’ law. If you fear inflation and you have both gold money and paper money, which will you use to pay bills and which will you use to save with? Duh! Unless Utah bans all money except gold and silver then the good money will simply disappear quickly from circulation.

  14.  Hi,
    Very good post, I was really searching for this topic, as I wanted this topic to understand completely and it is also very rare in internet, that is why it was very difficult to understand.

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