Options
Gold and Silver Legal Tender in Florida
derryb
Posts: 37,567 ✭✭✭✭✭
derryb
Posts: 37,567 ✭✭✭✭✭
Comments
Excellent. Now you can go to Publix and trade that $1 face value ASE for a can of soup.
I would love to hear all the stories of folk trying to buy stuff with PMs and the values they are quoted for their gold and silver.
Knowledge is the enemy of fear
"Legal tender" doesn't mean a store owner has to accept it in payment. Merchants can dictate what they will or won't accept for payment for their merchandise. Often you see signs in small convenience stores or gas stations saying they won't accept any bills larger than $20 even though $50's and $100's are legal tender.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
always the optimist. LOL
ZeroHedge makes debut at White House press corps briefing
It provides a legal path for purchasing with PMs when both parties agree to the trade. In the past swapping PMs for retail goods was done under the table. If what's his name is dumb enough to trade an ASE for a can of soup then I'm sure he will find many a trading partner.
ZeroHedge makes debut at White House press corps briefing
Plenty of PM's for retail goods happening for centuries across this great nation. No symbolic law needed. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
It seems odd (unduly restrictive) for gold to be 99.5 and silver 99.9 to qualify. Maybe the intent is to reduce fraud, but I would think any gold or silver struck by the US should qualify as well.
The ultimate goal for those who would like to see demonetization of gold and silver would seem to be the elimination of any income tax on a transaction. I can legally use 10 ASEs to buy a car from derryb, but if I bought those ASEs ages ago for $450 each (and he accepts them at $3,300), I would be obligated to pay Federal Income tax. Since Florida does not have a state income tax, I assume the law is silent on this issue?
(As noted by PerryHall, should be AGEs above! )
I think you mean AGEs.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall - yes! AGEs!
I was fantasizing that ASEs would be $3,300!
I knew it would happen.
What's his name would probably trade other metals for a can soup.
Knowledge is the enemy of fear
Had a contractor from out of state in the shop , recently. He sold me some silver bars. He said a guy he did work for didn’t have any money so he paid with silver. Told me after I paid him that it was actually more than what he charged the guy. I said, “ well that’s how lawful money ought to work”.
Do you consider 1986 to be ages ago since that's the earliest AGE that you could possibly have? Whether you choose to pay tax on the gain is up to you. What if you come to me and trade those 10 1986 AGEs for current year issues which would be an equal value exchange so now my basis in the 10 AGES is essentially $3300 each or what I paid for the 2025s. There's no way that you get 2025 AGEs for $450 each unless you take some nimrod to the cleaners. Now you can go and buy your car from Derry.
FWIW Derry doesn't know what your basis in either the 1986 or 2025 coins is and probably doesn't care. You're still on the hook for about $2850 in taxable gains per coin so good luck.
If you're a business and you accept gold how do you determine what value to place on the gold that you're going to accept? Spot? 0.25% back? Would you want to have a place lined up that will immediately take it off of your hands?
Perhaps the correct way of conducting commerce using specie is to price the goods and services in grains or grams of metal. That's how the U.S. dollar to be defined, as a specific quantity of silver or gold.
Except that the price of specie is not constant and definite as it varies throughout the day. A hundred dollar bill is worth $100 towards goods and services anywhere or anytime whereas an ounce of gold may be worth $3300 towards that car purchase at 9 am but worth more or less than $3300 at the close of business. Gold is too high priced to be useful for anything, but large purchases. Also PMs are too susceptible to theft to be worth the hassle of using them.
An ounce of gold might be ok at Whole Foods from what I read.
Many years ago when I participated in a finance/economics discussion elsewhere, I read, and agree with, the following observation. The U.S. dollars (or euros, yen, or francs) that we use to measure the value of something--akin to an economic tape measure--is constantly fluctuating (typically shrinking) due to changes in the money supply and confidence in the issuer of the currency. That is, it is the paper money whose purchasing power is fluctuating and it reflects that reality in the changing prices of specie.
Specie only fluctuates when measured using an inconstant ruler such as the dollar. What if we measured (priced) goods and services in units of specie? That is essentially what we did prior to 1933. In fact, the establishment of the United States of America defined the dollar as a specific quantity of gold or silver per Section 9 of the Coinage Act of 1792.
https://www.usmint.gov/learn/history/historical-documents/coinage-act-of-april-2-1792
That might be, but practically speaking my hundo is still worth a hundo at the start of the day and at the end of the day. The only way it changes to affect me is if a buyer raises [or lowers] their price for an item of interest to me.Using gold or silver to buy everyday stuff would be a royal PITA. YMMV.
We live in a fiat currency society and the unit of account is a constantly depreciating dollar. When the laws are structured around that idea, of course it's going to be more difficult to use a different unit of account.
True, but it works well for everyday business IMO. Easiest way to deal with decrease in value of the dollars is to increase prices that you pay. A far cry better than dealing with the hassle of handling PMs.
Offer an AGE to a dealer at a show and you’ll get different offers. Why would you expect Joe Shopkeeper to do anything different? They will each value it differently depending on their circumstances at that point in time?
The hundred dollar bill or 14 grains of gold. Actually 14.28 grains, but since we dropped the cent, I’ll just keep the .28 grains
Agreed 100%. Counter-party risk.
Knowledge is the enemy of fear
.
So totally wrong.
There isn't a counter-party until an agreement or contract has been made between two parties.
Price negotiations take place prior to entering into an agreement or contract.
.
Yup. Counter-party risk.
.
.
..
.
.
Lol
Knowledge is the enemy of fear
LOL you just defined it brother. SMH!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
You fellas act as though counter party risk is somehow a danger to society , yet it’s existed even before Jesus threw money changers out of the temple.
.
You apparently don't know the difference between "market risk" and "counter-party risk".
They are not the same thing. Pretty basic financial/legal stuff that even a low-end financial advisor/broker/banker should know.
.
.
I defined market risk not counter-party risk.
.
What about a redneck hillbilly?
.
.
.
.
.
.
Knowledge is the enemy of fear
No you didnt.
Knowledge is the enemy of fear
market risk: the chance a market participant takes that his investment will go down instead of up.
counterparty risk: the chance that one's partner in a trade does not honor his commitment.
ZeroHedge makes debut at White House press corps briefing
.
Yes, this is the correct definition.
.
You can't buy things. You can only pay the government if I read the article correctly.
That was my point. You aint gonna go to the store and trade your gold for anything.
Knowledge is the enemy of fear
difference now is that a retailer can lawfully accept it as payment. Look for gun shops and pawn shops to be the first out of the gate.
ZeroHedge makes debut at White House press corps briefing
Pawn shops have been accepting gold (and guns) lawfully for decades.
Knowledge is the enemy of fear
but now they can accept gold for guns. they no longer have to buy the gold, pay out the cash, then take the cash back for a gun they sell to you. realizing that gold is money sure makes life simpler.
ZeroHedge makes debut at White House press corps briefing