Arizona may become the second state, after Utah, to recognize gold and silver as legal tender authorized for payments of debts and taxes.

The Arizona Senate voted Thursday to approve SB 1439 which allows businesses and the state government to accept payments in gold or silver.

The Legal Tender bill specifies that legal tender in Arizona consists of all of the following:

1. Legal Tender authorized by Congress.

2. Specie (containing gold or silver) coin issued at any time by the U.S. government.

3. Any other specie that a court of competent jurisdiction rules by a final, unappealable order to be within the scope of state authority to make legal tender.

Currently all debts and taxes in Arizona and the rest of the United States are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress, or with coins issued by the U.S. Treasury -- very few of which have gold or silver in them.