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]

, , , , , , , ,

  • Ironaddict06

    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.

  • Ironaddict06

    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.

    • COIN

      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

        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

  • COIN

    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.

  • Bud Bundy

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

  • Bud Bundy

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

  • IRONADDICT06

    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

  • Sanity

    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!

  • Sanity

    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

      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.

  • Ironaddict06

    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.

  • Pahein

    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.

  • Pahein

    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.

  • Gil

    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.

  • Gil

    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.

  • http://pulse.yahoo.com/_UNLP45OEQMC5MJTZ4KSCSEB6LM Daniel Fisher

     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.

21
More in America, Currency, Gold, Legal Tender, Money, Silver, State Law, United States
Gold And Silver Currency May Be Legalized In U.S. States

Anyone who's been paying attention knows that the United States federal currency has been grossly devalued as the Federal Reserve has been printing paper dollars 24/7 to fund the "stimulus"...

Close