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| Above, Alaskan totem poles. Photo by Armand Vaquer. |
Alaska may become the latest in a growing number of states to allow gold and silver as legal tender if a bill, just passed the House, gets passed by the senate and signed by the governor.
The Anchorage Daily News reported:
JUNEAU — In the final days of the legislative session, the Alaska House passed a bill that would allow gold and silver to be used as legal tender.
House Bill 3, introduced by Big Lake Republican Rep. Kevin McCabe, would allow business owners to decide if they want to accept the precious metals as currency. The coin or bar would need to be refined and its value would need to be authenticated, meaning gold dust or nuggets could not be used.
McCabe told the House State Affairs Committee earlier in the session that one of his constituents suggested the idea to him because they did not trust the national banking system. More than 10 states have passed similar bills, including Arkansas in April.
The bill specifically exempts local governments from collecting sales tax when U.S. dollars are exchanged for gold and silver. Sales taxes on purchases made with the bullion would still apply.
To read more, go here.
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