Arkansas Bill Would Make Gold and Silver Legal Tender in the State

[Free Vulcan]

 A bill introduced in the Arkansas House would make gold and silver legal tender in the state and would effectively repeal the state capital gains tax on gold and silver. Passage into law would eliminate barriers to using gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.

Rep. Robin Lundstrum (R) and Sen. Jonathan Dismang (R) introduced House Bill 1718 (HB1718) on March 27. The legislation would make “gold and silver specie” legal tender in the state, meaning it would be recognized as a medium of exchange within the state. Practically speaking, this would allow Arkansans to use gold or silver coins as money rather than just as mere investment vehicles. In effect, it would put gold and silver on the same practical footing as Federal Reserve notes.

“Specie” is defined as a “coin having gold or silver content; or refined gold or silver bullion that is coined, stamped, or imprinted with its weight and purity and valued primarily based on its metal content and not its form.” Under the proposed law, specie would include coins issued by the U.S. government or “other specie that an Arkansas court rules to be within state authority to make or designate as legal tender.”

https://blog.tenthamendmentcenter.com/2023/03/arkansas-bill-would-make-gold-and-silver-legal-tender-in-the-state/

[Bigun]

Hope it passes and catches on with other states.

[Fishrrman]

Considering the value of gold, trying to use it in "everyday quantities" is going to be a problem. How are you going to spend a 1/4 oz. of gold at the market?

Not nearly as much trouble with silver.
Perhaps a posted "daily value" (to dollars) for 1/2, 1/4, 1/10 oz. silver coins, or a similar daily value for 90% silver coins?

[Free Vulcan]

Considering the value of gold, trying to use it in "everyday quantities" is going to be a problem. How are you going to spend a 1/4 oz. of gold at the market?

Not nearly as much trouble with silver.
Perhaps a posted "daily value" (to dollars) for 1/2, 1/4, 1/10 oz. silver coins, or a similar daily value for 90% silver coins?

More of a junk silver guy myself for actual day-to-daypurchases. If you're wealthy and want to protect it from FRN collapse, it's probably the best bet after land and equipment.

[catfish1957]

Considering the value of gold, trying to use it in "everyday quantities" is going to be a problem. How are you going to spend a 1/4 oz. of gold at the market?

Not nearly as much trouble with silver.
Perhaps a posted "daily value" (to dollars) for 1/2, 1/4, 1/10 oz. silver coins, or a similar daily value for 90% silver coins?

They make fractional like you mentioned in 1/2, 1/4, and 1/10 oz versions of bars, coins, and rounds in gold now too.  You also can add platinum to the list which is roughly right now about half the value of gold.

I too extremely endorse this action by the states.  And hope participant states ramp up production of making these coins are using existing ones.   

As much as we worry about world decoupling from $USD, our stupid government, and especially the Fed and Treasury should also fear some internal decoupling too..