Arizona 2nd US State To Accept Gold & Silver As Currency

It was almost exactly two years ago when Utah passed a bill to legalize gold and silver coins as official currency. The Huffingtonpost wrote in May of 2011:

Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being “as good as gold.” To make that point, they’ve turned it around, and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes.

This week it is Arizona who is one step away of adopting gold and silver official as currency on a state level. The Senate voted 18-10. It is the governor who needs to sign off (but could refuse as well in extremis). The bill will make gold and silver coins legal tender as of mid-2014.

“The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose,” writes Yahoo.

A lack of confidence in the international monetary system was the reason to accept the bill. Yahoo continues:

The push to establish gold and silver as currency has become increasingly popular in the United States in recent years among some hardline fiscal conservatives, with the backing of groups including the Tea Party movement, American Principles Project and the Gold Standard Institute.

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