Utah Considers Return to Gold, Silver Coins. Its about time.

Its about time we stoped the madness and the magic of making fake money out of thin air and go back to the Gold and Silver standard.

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....Twelve other states have offered similar proposals: Georgia, Montana, Missouri, Colorado, Indiana, Iowa, New Hampshire, South Carolina, Tennessee, Washington, Vermont and Oklahoma.

UTAH_GOLD_SILVER_COINS
GOLD Advantages/Disadvantages

Nesara.

I don't get it. Isn't voluntarily accepting gold and silver coins in exchange for goods and services the same thing as barter? Is barter not already legal in Utah?
If they really wanted to offer up an alternative to federal reserve notes, they would start issuing and valuing their own gold and silver. They can't force it's use because it's not legal tender, but perhaps they could offer tax breaks or some other incentive for each person issued gold/silver as wages??

If you pay in gold and silver, how do you get change? Are they going to shave off a few slivers of the coin and hand it back to you? Maybe give you some gold/silver dust? Or would this be for larger purchases?

Originally posted by PplVSNWO
I don't get it. Isn't voluntarily accepting gold and silver coins in exchange for goods and services the same thing as barter? Is barter not already legal in Utah?
If they really wanted to offer up an alternative to federal reserve notes, they would start issuing and valuing their own gold and silver. They can't force it's use because it's not legal tender, but perhaps they could offer tax breaks or some other incentive for each person issued gold/silver as wages??

True. Other states are following or atleast showed the interest that might go in this direction.

reply to post by Aggie Man


You don't have to pay in gold or silver, it's illegal to force somebody to accept non legal tender. But, you could always exchange some of your silver for a worthless currency to pay for cheaper goods and services. Then, there is always the junk silver market too, much less value than pure silver coins.

Originally posted by PplVSNWO
reply to post by Aggie Man

 

You don't have to pay in gold or silver, it's illegal to force somebody to accept non legal tender. But, you could always exchange some of your silver for a worthless currency to pay for cheaper goods and services. Then, there is always the junk silver market too, much less value than pure silver coins.

What's the difference then? I mean, I can already go exchange gold and silver for "worthless" currency. Is the difference that business establishments will accept gold & silver as payment?

That was my point up above. It sounds like it's the same thing as barter, which should already be an acceptable payment method. I don't get the bill either, unless it's just making a statement. I guess they should also make a law against the federal gov't confiscating or prohibiting in any way the use of precious metals as payment.

Originally posted by PplVSNWO
That was my point up above. It sounds like it's the same thing as barter, which should already be an acceptable payment method. I don't get the bill either, unless it's just making a statement. I guess they should also make a law against the federal gov't confiscating or prohibiting in any way the use of precious metals as payment.

Agree that gold is simply not practicable as a universal money, but that it operates as an occasional money for rich trading societies, and more commonly as an agent of transfer during periods of currency implosion - whether hyperinflationary, political, or military.

Originally posted by PplVSNWO
I don't get it. Isn't voluntarily accepting gold and silver coins in exchange for goods and services the same thing as barter? Is barter not already legal in Utah?
If they really wanted to offer up an alternative to federal reserve notes, they would start issuing and valuing their own gold and silver. They can't force it's use because it's not legal tender, but perhaps they could offer tax breaks or some other incentive for each person issued gold/silver as wages??

Gold and silver are not usable in barter because they are taxed on sale.

So in order to make gold and silver to be viable as money, two major things have to happen:

1. The taxes on their sale and appreciation have to be totally removed
2. They have to be usable as payment for taxes

Originally posted by Aggie Man
If you pay in gold and silver, how do you get change? Are they going to shave off a few slivers of the coin and hand it back to you? Maybe give you some gold/silver dust? Or would this be for larger purchases?

You use paper dollars to represent a fraction of a coin.

So one gold coin would be valued at 20 dollars, each dollar amounting to 1/20th of a gold coin.

If you hand the bank a 20 and ask to redeem it, they will hand you back one full gold coin.

You can not redeem partial amounts, like a 10 spot.

For fractions smaller than a dollar, real silver, copper, or nickel coins are used directly.

This is just political posturing it has no effect in the real world. If your foolish enough to go into a mcdonalds and try to buy a big mac with nuggets of gold while they give you dollars as change you deserve what your getting wich is ripped off.

Originally posted by Aggie Man
If you pay in gold and silver, how do you get change? Are they going to shave off a few slivers of the coin and hand it back to you? Maybe give you some gold/silver dust? Or would this be for larger purchases?

Hi Aggie Man,

It is not well known but all US pennies minted before 1981 are 95% copper and all US nickels are 75% copper and 25% nickel. At the time of this writing these are the only 2 types of circulating US money that have any real value. At the present time these pennies are worth 2 1/2 to 3 cents a piece for their copper content and the nickels are worth 6 cents for their copper and nickel content.

Some people are hoarding these coins and you can sell $50 worth of pre 1982 pennies for about 75 to 80 bucks on eBay. So by taking your change in these pre 1982 pennies and nickels, you would actually be getting a small premium over face value for your change.

This may seem like a lot of trouble but it would be a small price to pay for a return to sound money with intrinsic value. The idea is that as people become reacquainted with the idea of silver and gold as money, they will quit accepting worthless Federal Reserve paper, and the Federal Reserve would lose its power as a banking cartel.

This would be a huge development, as the Fed and its policies are responsible for all the economic problems we face because the money has no real value.

Originally posted by Aggie Man
If you pay in gold and silver, how do you get change? Are they going to shave off a few slivers of the coin and hand it back to you? Maybe give you some gold/silver dust? Or would this be for larger purchases?

Hi Aggie Man,

It is not well known but all US pennies minted before 1981 are 95% copper and all US nickels are 75% copper and 25% nickel. At the time of this writing these are the only 2 types of circulating US money that have any real value. At the present time these pennies are worth 2 1/2 to 3 cents a piece for their copper content and the nickels are worth 6 cents for their copper and nickel content.

Some people are hoarding these coins and you can sell $50 worth of pre 1982 pennies for about 75 to 80 bucks on eBay. So by taking your change in these pre 1982 pennies and nickels, you would actually be getting a small premium over face value for your change.

This may seem like a lot of trouble but it would be a small price to pay for a return to sound money with intrinsic value. The idea is that as people become reacquainted with the idea of silver and gold as money, they will quit accepting worthless Federal Reserve paper, and the Federal Reserve would lose its power as a banking cartel.

This would be a huge development, as the Fed and its policies are responsible for all the economic problems we face because the money has no real value.

reply to post by drew3604


Yes, and pre-1965 quarters are 90% silver and 10% copper. On occasion, I still get one of these in my change when I make purchases. I've got almost 2,000 of them.

reply to post by Aggie Man


Yup. The idea is to get those pre 1964 quarter dimes and halves back into circulation, trading at their silver content.

The Constitution forbids the states from coining or printing money, but there is no reason we cannot use existing silver coins as currency. As people get used to the idea of using silver and gold as money again, they will accept silver bullion rounds and bars as money as well.

If we can get to the point where most of the country is refusing to accept Federal Reserve notes as money, we can get a hold on the national debt problem. A country that is on a fixed precious metal standard cannot deficit spend, and eventually the debt will be paid off or refuted.