states consider making gold and silver legal tender.

tahoe98

...according to the latest issue of coin world utah has submitted a bill that would make silver and gold legal

tender. what an interesting concept, yes? do you think it may catch on for the rest of the states?

tahoe98

...OOPS! i see this has been posted earlier.

OKbustchaser

US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?".

questor54

<< <i>US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?". >>



Gold, silver and platinum - every Federal coin ever issued is legal tender. Except the last time it was discussed in the forum there seems to be some lingering possibility that there may be an amount limitation of the minor coins permissable in any one transaction, such as 50 cents.

edix2001

What was interesting about the Coin World issue was "Constitutional Tender" story on one early page, then story about abolishing use of the dollar bill to promote dollar coins on the facing page, along with a new study of cost-cutting alternative metals for circulating coins, topped off with a cover story of the Bernard von NotHaus trial.

tahoe98

...packed with info!

19Lyds

<< <i>US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?". >>

While this is true for the printed value, it's not been true for the bullion value of the coin which is the purpose behind the bill.

botanist

Here's a link to where this topic has been thoroughly thrashed around: thread

questor54

<< <i>

<< <i>US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?". >>

While this is true for the printed value, it's not been true for the bullion value of the coin which is the purpose behind the bill. >>



So the value of the coin would fluctuate? What would be taken as the standard spot price?

Egger

<< <i>

<< <i>

<< <i>US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?". >>

While this is true for the printed value, it's not been true for the bullion value of the coin which is the purpose behind the bill. >>



So the value of the coin would fluctuate? What would be taken as the standard spot price? >>




I dont know yet, I am still waiting behind the little old lady with here dimes and quarters, giving them to the teenager, who cannot count silver yet. when will this line end

IrishMikey

Like I said earlier, if various state legislatures want to spend their time on this, it will keep
them from doing dumber stuff. More power to them!

LindeDad

<< <i>Like I said earlier, if various state legislatures want to spend their time on this, it will keep
them from doing dumber stuff. More power to them! >>



Actually the way I read the Utah article is they hope people are dumb and give them their gold to pay their taxes rather than that paper stuff.

OKbustchaser

<< <i>

<< <i>US gold and silver coins are already legal tender in all 50 states. You can spend them anytime you want to. My question is "Why would you want to?". >>

While this is true for the printed value, it's not been true for the bullion value of the coin which is the purpose behind the bill. >>



Actually, using bullion value as a legal tender instrument would be considered "raising"--a form of counterfeiting and therefore a federal offense regardless of any state statute.

As far as everyday commerce is concerned bartering between two enities as to what a trade item is worth is already legal in all 50 states also.

ProofArtworkonCircs

Article I section 10 of the Constitution says "No state shall ...make any Thing but gold and silver Coin a Tender in Payment of Debts ..."

Moldnut

Its never going to happen! Try taking your silver bars to McDonalds.