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IPFS News Link • Precious Metals

Utah Considers Return to Gold, Silver Coins


It's been nearly 80 years since the U.S. stopped using gold coins as legal currency, and nearly 40 since the world abandoned the gold standard, but the precious metal could be making a comeback in the United States -- beginning in Utah.

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative. 


2 Comments in Response to

Comment by Ken Valentine
Entered on:

 Three cheers for Utah!

United States Constitution, Article 1, Section 10:

"No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; ..." 

Comment by Don Duncan
Entered on:

Isn't the U.S. gold eagle legal currency? It is stamped: $50. 

Why would anyone pay taxes with gold money?  A one ounce coin could be converted to paper and eliminate about 30 times the debt. 

The IRS has prosecuted those who received $50 in gold money for not reporting it at its higher unofficial free market paper money equivalent. Did they advise people this was necessary? Is it legal? I doubt it. But then, illegal prosecutions for political gain are common practice by the Dept. of Injustice.