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Utah: Parliament Approves Gold and Silver Coins As Currency
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TOPIC: Utah: Parliament Approves Gold and Silver Coins As Currency

Utah: Parliament Approves Gold and Silver Coins As Currency 8 years, 8 months ago #1201

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Utah: Parliament Approves Gold and Silver Coins As Currency

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.

The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins.

State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of the dollar. Others, casting their eye nationwide, said it could spur a broader move by Congress or states to readopt a gold standard.


Utah’s bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state’s capital gains tax, though that does not shield exchanges from federal taxes.

The legislation directs a state committee to look at whether Utah should recognize an official alternate form of legal tender which could become a path for creating a formal state gold standard.

While similar legislation has been proposed in nearly a dozen states, Mr. Galvez said that if Mr. Herbert signs his bill, Utah will be just the second state to official recognize the coins as legal tender. Colorado has recognized gold and silver for decades, he said.

Utah’s move on gold comes at a time when states across the country are seeking ways to push back against the federal government on everything from environmental regulations to health care.

The Salt Lake Tribune reports that state Rep. Brad 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.”

"Our hope is to help stabilize the currency within our own state long term," said Senate Majority Leader Scott Jenkins, R-Plain City.

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Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants, but debt is the money of slaves.
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