In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. Utah's bill allows stores to accept gold and silver coins as legal tender. Gold, silver legal tender in Utah, but a long way from ... Therefore, the employee's wages would fall below the threshold of reportable income. It also exempts gold and silver transactions from the state's capital gains tax, though that does not shield exchanges from federal taxes. Answer (1 of 6): Article I, Section 10, Clause 1 of the U.S. Constitution says, "No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in . Gold, silver legal tender in Utah, but a long way from ... In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives The exchange of gold and silver coin is exempt from sales and use taxes. No person or other entity may compel . "Now it's up to the private sector to accept, re-introduce, and encourage the use of gold and silver as forms of payment," reports GSI Exchange. The Constitution allows for States to give their citizens the ability to settle debts in gold and silver, according to Ed Moy, former director of . In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents . Confidence in the U.S. dollar is so low that 13 states are poised to recognize gold and silver coins as legal tender. This shift is rooted in Article 1, Section 10, of the U.S. Constitution, which states that "No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.". Below is a list of US states that accept Gold and Silver as legal tender: WEST VIRGINIA By a unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally introduced by Sen. Craig Blaire (R-Martinsburg), which called for the exemption of taxation on sales of investment metal bullion and investment coins. Titled the Wyoming Legal Tender Act, the new law defines gold and silver specie as "legal tender," meaning it will be recognized as a medium of exchange for the payment of debts and taxes in the state. Many of the proposals would allow state residents to use the coins to buy and sell goods and services. Lawmakers in Minnesota, Idaho, South Carolina, and other states have proposed similar laws in . In other words, only gold and silver are money. They have announced plans to remove taxation on precious metals as of July 19, 2019. However, no one can be compelled to accept coin or bullion containing gold or silver. Citing several provisions of the U.S. Constitution and various rulings by the U.S. Supreme Court, the legislation notes that only gold and silver are to be considered legal tender by the states. Section 1-1-1110. The move has been lauded as making it easier to use these coins as money in the state. Section 59-1-1503 is enacted to read: 53 59-1-1503. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve . So the potential that SC could join the ranks of states allowing gold or silver legal tender is not just a thumb in the eye of the feds, pushing against federal economic tyranny going back to the . The government is charged with "coining money," which means that it can take gold and silver, make it into coins, regulate the weight of the coins and affix value to those coins. 51 that is issued by the federal government. But allowing gold to be used as legal payment is still considered extreme by most governments. Congress may declare anything it wishes a legal tender. In effect, gold and silver specie would be treated as money, putting it on par with Federal Reserve notes in Kansas. We already see a trend of U.S. states like Utah, Oklahoma, and Arizona reasserting their state's rights declaring silver and gold . However, we are quiet busy Advancing the Kingdom. If the Arizona measure were to become law, it would become only the second state in the nation to recognize gold and silver as legal tender. States, however, may not make anything other than gold and silver coin legal tender. Article I, Section 8, Clause 5. Many other states soon followed suit, including: Louisiana, Oklahoma, and Texas, to (Natural News) In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah. W.V. Natural News - by Ethan Huff. A person may not compel any other person to tender or accept gold and silver coin. Reginald Howe, of http://www.goldensextant.com/, and James Turk, Director of . Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Last Monday Arizona lawmakers passed a bill that makes precious metals legal tender. The Constitution already provides for gold and silver coins to be legal tender. - Yes. Section 1-1-1120. A similar bill was vetoed by governor in 2013 . Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. The Congress shall have Power…To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures. Lawmakers in Minnesota, North Carolina, Idaho, South Carolina, Colorado and . Since that time, nine more have joined them. The constitution makes no such definition. A coalition of four Republicans introduced House Bill 2123 ( HB2123) on Jan. 25. Practically speaking, gold and silver specie will be treated as money, putting it on par with Federal Reserve notes in Wyoming. On January 27, 2017, HB224 was introduced in the Utah legislature to build on the Legal Tender Act. Over 20% of all US states accept it as currency. In 2011, Utah became the first State to take a step towards constitutional money again, when Governor Gary Herbert signed legislation removing all state sales taxes on gold and silver purchases, and declared bullion to be legal tender. The bill would not require anyone to accept gold and silver coins as legal tender. The only reference to gold and silver comes from Article 1, Section 10 whic. The bill advanced in the Arizona State Senate with a 17-11 vote in late February and then found approval by the Arizona House Financial Institutions Committee with a 4-2 vote last . The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. Arizona could soon become the second state in the United States after Utah to recognize gold and silver as legal tender if the Arizona State House of Representatives approves SB 1439 (The Constitutional Tender Act). The measure also states that any coin or bullion that has gold or silver content and is issued by the United States Government can be defined as legal tender. Gold and Silver as Legal Tender. The Arizona Senate voted Thursday to approve SB 1439, the Constitutional Tender Act, which allows businesses and the state government to accept payments in gold or silver. Gold and silver were always acceptable. Citizens of Arizona's neighboring state of Utah already have that right. The exchange of gold and silver coin is exempt from sales and use taxes. Arizona Senate Bill 1096, or the Constitutional Tender Act, would make gold and silver into legal tender or money in the state. Are Gold and Silver Recognized as Legal Tender? "This is the type of currency we have had over the history of mankind," adds Republican State Rep. Steve Smith. Titled the Wyoming Legal Tender Act, the new law defines gold and silver specie as "legal tender," meaning it will be recognized as a medium of exchange for the payment of debts and taxes in the state. The South Carolina General Assembly finds and declares that the State is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve Notes for silver and gold coin as legal tender in this State. Under proposals in many states — including South Carolina, Washington, Minnesota, Iowa, Georgia, Idaho and Indiana — gold and silver coins would be accepted as legal tender based on their metal content. . (There is a broader list of laws that the States cannot make in the US Constitution, Art 1, sec 10. So you could pay a bill for $66 with two ounces of silver. With Governor Gary Herbert's signature on March 25 on the Utah Legal Tender Act, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at . In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. The legislation, called the Legal Tender Act of 2011, was inspired in part by Tea Party supporters, some of whom believe that the dollar should be backed by gold or silver and that Obama . Source: Utah Code 59-1-1501 through 59-1-1503. facebook. There is a nonrefundable credit established for any capital gains incurred from the exchange of gold and silver coin. Oklahoma's SB 862 reads, in part, "gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. Gospel News Network 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. It includes legal tender among many other things.) Below is a list of US states that accept Gold and Silver as legal tender: By a unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally introduced by Sen. Craig Blaire (R-Martinsburg), which called for the exemption of taxation on sales of investment metal bullion and investment coins. Utah's action is important for several reasons. Utah has been moving toward using gold and silver as a currency for more than a year. (This means that the tax on gold and silver transactions, which sees them as assets, would be done away with.) These are the coins that Utah designates as legal tender (Federal Reserve notes also remain legal tender). However, the line of thinking that it is defined by the constitution as only gold or silver coin is incorrect. The U.S. Constitution, Article I, Section 10, states that no state can make "anything but gold and silver coin a tender in payment of debts." 388 votes, 36 comments. Under the constitution, nothing but gold and silver are legal tender. The images in gold below show you what states are now accepting gold and silver as legal tender. 52 Section 3. Legal tender is a form of payment that meets a financial obligation, such as extinguishing a debt, and the medium is recognized by a legal system. What does this mean for the state of Kansas, and more impo Below is a list of US states that accept Gold and Silver as legal tender: WEST VIRGINIA By a unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally introduced by Sen. Craig Blaire (R-Martinsburg), which called for the exemption of taxation on sales of investment metal bullion and investment coins. Brewer signs off on the bill, Arizona residents will be allowed to use gold and silver as legal tender starting in 2014 — only, of course, in places willing to accept them. Watch the full 27-minute video at http://www.goldmoney.com/howe-turk-interview. If the new Kansas bill passes, they won't be the only state that allows gold and silver as legal tender. A legal tender law simply requires people to accept bad money, and it does take civil coercion to make bad money acceptable. A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts. ( Kitco News ) - Concern about inflation and a weakening U.S. dollar, is pushing more than a dozen states to try and recognize gold and silver coins as legal tender. Its Legal Tender Act of 2011 allows U.S. minted gold and silver coins to be recognized as legal tender in the value that Shepard Ambellas/Intellihub. Section 1-1-1120. Utah recently (May, 2011) made gold and silver coins legal tender in the State, with a valuation from the weight of the metal, not merely the face value of the coin. In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. When Kahre offered to pay his workers in gold and silver, the legal tender laws should have considered those coins at face value. Utah became the first in 2011. This is not money, this is basically forcing the state to accept payment in commodities. So basically every day the state would post the value of an ounce of PM based upon markets. Answer: The claim that the Constitution establishes gold and silver as legal tender appears to come from a documentary called "Fiat Empire". The measure has passed the Utah state legislature and waits only for the governor's signature. 0:00. However, silver and gold coins continued to be issued, resulting in the depreciation of the newly printed notes through Gresham's Law. 1.4m members in the conspiracy community. . The law wouldn't abolish the US dollar in Arizona but instead would allow people to use gold or silver in transactions instead of the dollar. Most people probably won't want to . There is a nonrefundable credit established for any capital gains incurred from the exchange of gold and silver coin. In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases. The law eliminated state taxes on the exchange of government-issued gold and silver coins and recognized them as legal tender in the state. However, there is no line in the Constitution that explicitly backs this claim. This means that an employee receiving 50 American Eagles annually would be making only $2,500 at face value. Arizona may become the second state, after Utah, to recognize gold and silver as legal tender authorized for payments of debts and taxes. Since that time, nine more have joined them. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve . Source: Utah Code 59-1-1501 through 59-1-1503. facebook. Live. Section 1-1-1110. Arizona is the second state after Utah to allow gold coins created by the Fed and private mints to be used as . post. However, in Utah, gold and silver coins might become acceptable as legal tender. 0:00 / 14:41 •. A House panel approved a bill that allows gold and silver coins to be legal tender in the state. Above all else, we respect … The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system. No person or other entity may compel another person or other entity to tender or accept gold or silver coin unless agreed upon by the parties ." Read the rest here: [link to www.washingtontimes.com] We are so glad you decided to visit The Daily Coin. "Including Arkansas, 40 U.S. states now fully or partially exempt gold and silver from the sales taxes. A person may not compel any other person to tender or accept gold and silver coin. Whether the federal government wants States to do even that much is open to question. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve . Senate Bill 862, which Oklahoma Governor Mary Fallin signed into law, says gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. To date, eleven U.S. states have either acknowledged gold and silver U.S. bullion coins as currency or are on their way to accepting the two metals as legal tender. In the United States as a whole, legal tender includes various denominations of paper dollar bills and coins, giving the Federal Reserve a monopoly on the American money it prints. In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah.Since that time, nine more have joined them. In many countries, legal tender is paper currency and coins. **The conspiracy subreddit is a thinking ground. House Bill 2014 recognizes gold and silver coins as tender for payments of debt. "Over time this will enable other states to accept gold and silver as legal tender. •. No person or other entity may compel . The legislation would make gold and silver legal tender in the state, recognizing it as a medium of exchange for the payment of debts and taxes. Shepard Ambellas/Intellihub. 49 (1) Gold and silver coin issued by the federal government is legal tender in the state. In doing so, it became the first state in the country to recognize gold and silver as a currency . Arizona is the latest state set to make the move. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract. Gold and Silver as Legal Tender. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract." So . Arizona panel OKs gold, silver as legal tender. Sales Tax Laws on Gold and Silver - Arizona statute 42-5061 states that "the sale of precious metal bullion and monetized bullion to the ultimate consumer" is exempt from state sales tax. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." The state of Arkansas has recently signed legislation that removes sales taxes on gold, silver, platinum, and palladium bullion and coins. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve . Many states already recognize gold and silver as legal currency, which will come in handy once fiat currency crashes Saturday, February 13, 2021 by: Ethan Huff (Natural News) In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah. However, since 1986, the U.S. Mint has issued American Gold Eagle and silver bullion coins in various denominations and designated them legal tender for payment of debts. Practically speaking, gold and silver specie will be treated as money, putting it on par with Federal Reserve notes in Wyoming. I am sure the IRS will be glad to accept $1 in silver coins at face value for taxes. No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract." Herbert signed a bill into law in March of 2011 that made government-issued gold and silver coins legal tender for transactions and eliminated state capital gains taxes on their exchange, according to CNN Money. States using gold and silver as legal tender is an awful idea, and simply won't work unless states can fix the global price of gold and silver and are willing to accept them as payment for taxes. In 2011, Utah became the first state in the country to recognize gold and silver as legal tender. It also would exempt the sale of such U.S. coins from state sales taxes and from capital-gains taxes. If Gov. […] Answer Save. Moreover, the restriction that States not make anything but gold or silver a legal tender does not apply to Congress, only to the States. The Arizona bill defines legal tender as a mode of paying debts and taxes. And then this will inject sound money into the American economy." - gold and silver, irenefranzese, sound money "If all 50 states began using gold and silver instead of Federal Reserve notes, the Fed would no longer have control over the nation's money." 50 (2) A person may not compel any other person to tender or accept gold and silver coin. Rep. Steve Eliason, R-Sandy, a certified public accountant, opposed the bill, saying it could create tax loopholes. There are great signs of encouragement that sound money is taken place in West Virginia . So indeed some governments, in both Australia and the US, cannot make anything but . "Given enough time, these actions may eventually pave the way for other states to adopt gold and silver as legal tender, reinjecting sound money into the American economy." The Legal Tender Act was the first of its kind in the nation. Join Us. Under the proposed law, "gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. Titled the Tennessee Legal Tender Act, the legislation would make gold and silver legal tender in the state, meaning it would be recognized as a medium of exchange for the payment of debts and taxes. Practically speaking, gold and silver specie would be treated as money, putting it on par with Federal Reserve notes in Tennessee. Gold and Silver Coin as Legal Tender Section 1-1-1110. Monday, the Republican . Senate Bill 862, which Oklahoma Governor Mary Fallin signed into law, says: "Gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. The legal tender option and the privacy these American bullion coins afford me (they are IRS 1099 dealer reporting exempt), to me it is worth the premium they carry compared to generic non-legal tender bullion. Utah just became the first US state to recognize gold as legal tender. To the full extent allowed by Article 1, Section 10, Clause 1 of the Constitution of the United States, gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. To the full extent allowed by Article 1, Section 10, Clause 1 of the Constitution of the United States, gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents . Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents .