Us Coins And Currency
Proposed federal law inspired by Utah currency law
A Utah law that allows gold and silver coins to be used as legal currency within the state borders is now the model for a bill that is being introduced in the U.S. Senate.
Sen. Mike Lee, R-Utah, is introducing a bill that would remove the capital gain tax burden that is placed on gold and silver coins that have been declared legal tender by the federal government. The purpose of the bill is to allow people the option of which currency to put their worth into -- the U.S. dollar or gold and silver coins issued by the government. Lee calls the bill good monetary policy.
"Since the Federal Reserve Act of 1913, the dollar has lost approximately 98 percent of its value. This bill is an important step toward a stable and sound currency whose value is protected from the Fed's printing press," Lee said.
Utah's law is optional, meaning at this time a person or business can refuse to take the coins as tender, but the sponsor of the Utah law, Rep. Brad Galvez, R-West Haven, says the choice to use the coins gives the state options in the future should the U.S. dollar lose its value.
"This is simply a preliminary step to an avenue of preparedness and security," said Galvez of his bill that was signed by Gov. Gary Herbert in March.
One Utah man is ready to put the law to the test. Craig Franco has opened the Utah Gold and Silver Depository in South Salt Lake City, a bank that will deal strictly with the government-issued gold and silver coins.
"It is pretty simple," Franco said. "People can deposit their gold and silver and if they opt to they can receive a debit card that will allow them to make purchases like they do with any other Visa credit card they have."
Franco said that those depositing their gold and silver government coins will not be able to spend the full value of their coins -- to protect the depositors and the depository, Franco's customers will be able to have access to 70 percent of their account's worth with the debit cards. Franco also notes that if gold and silver rises in value then a person's account will rise in value as well, the same goes the other way, though, if the metals have a decrease in value.
Franco said he is receiving interest not only from Utahns who wish to deposit their coins but also from around the world.
"We've had inquiries from all points of the globe," Franco said, "which has really caught me off guard."
Twelve other states are considering a law like the Utah law. Lee's proposal in the U.S. Senate is co-sponsored by Sens. Jim DeMint, R-S.C., and Rand Paul, R-Ky.
Us Coins And Currency - News
Michelle K 9 hours ago Maybe the American public would care more for coins and paper money if our economy was no longer based on CREDIT.. Leo 9 hours ago I'd use them, but how are we supposed to get them if they store the danged things instead of
A Utah law that allows gold and silver coins to be used a legal currency within the state borders is now the model for a bill that is being introduced in the US Senate. Sen. Mike Lee, R-Utah, is introducing a bill that would remove the capital gain tax
WASHINGTON, DC - Today, US Senators Jim DeMint (R-South Carolina), Mike Lee (R-Utah) and Rand Paul (R-Kentucky) introduced the Sound Money Promotion Act, legislation that would remove the tax burden on gold and silver coins that have been declared
So, where are US$ coins actually accepted for retail in Zimbabwe? I find it interesting that having adopted a multi-currency system as a country – some retailers neither recognise nor accept US$ coins. Picture this; you want to purchase a product that
Well, the dating of American paper money is quirky compared to coins. Dates don't change every year and notes with older dates were released as was the case with Series 1929. They were actually printed in the first half of 1929.
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