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Utah Gold & Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings. It's more likely that the states will create electronic depositories and accounts for the coins to make transactions easier, when and if the initial bills are passed, he said.
Plus, calculating the value of the coins - especially if they come from different parts of the globe and are of different sizes and shapes - will get tricky.Ġ:00 / 2:03 Community cash: In each other we trust However, most people aren't going to walk around with such valuable coins in their pockets, said Vieira. Many of the bills would make it possible for residents to exchange the physical coins for goods and services, so you could use coins to buy anything from groceries to a car as long as the store chooses to accept them. Minnesota, Iowa, Georgia, Idaho and Indiana are also considering similar proposals. Republican representatives from Washington State followed suit in January, introducing a bill that would also allow any gold and silver coins to be considered legal tender based on metal values. Pitts said in the bill, which currently has 12 co-sponsors, that the state is facing "an economic crisis of severe magnitude." South Carolina Republican Representative Mike Pitts proposed a currency system that would allow people to use any kind of silver or gold coin - whether it's a Philippine Peso or a South African Krugerrand - based on weight and fineness. "A Utah citizen, for example, could contract with another to sell his car for 10 one-ounce gold coins (approximately $17,000), or an independent contractor could arrange to be compensated in gold coins," said Rich Danker, a project director at the American Principles Project, a conservative public policy group in Washington, D.C. Local currencies: In the U.S., we don't trust Since the face value of some U.S.-minted gold and silver coins - like the one-ounce, $50 American Gold Eagle coin - is so much less than the metal value (one ounce of gold is now worth more than $1,700), the new law allows the coins to be exchanged at their market value, based on weight and fineness. dollars for tax purposes, eliminating capital gains taxes. Under the law, the coins - which include American Gold and Silver Eagles - are treated the same as U.S. The state gold rush: Utah became the first state to introduce its own alternative currency when Governor Gary Herbert signed a bill into law last March that recognized gold and silver coins issued by the U.S. dollar continues to lose ground, the notion has become increasingly appealing to state lawmakers, he said. And since gold has grown exponentially more valuable, while the U.S. To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law. But it allows the states to make "gold and silver Coin a Tender in Payment of Debts." dollars - the Constitution bans states from printing their own paper money or issuing their own currency.
Unlike individual communities, which are allowed to create their own currency - as long as it is easily distinguishable from U.S. the State's governmental finances and private economy will be thrown into chaos," said North Carolina Republican Representative Glen Bradley in a currency bill he introduced last year.
"In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System.