Gold, Silver To Be Recognized As Legal Tender In Florida

For those living in Florida and, I presume, those visiting the state, can use gold and silver as legal tender under a law just signed by Gov. Ron DeSantis.

According to the Florida Daily:

Florida Governor Ron DeSantis signed Florida House Bill 999, a bill that recognizes gold coins and silver coins as legal tender for the payment of debts.

“Florida stands firmly for freedom, economic self-determination, and resistance to government overreach,” DeSantis said. “But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market. I signed HB 999 today to change that, by initiating the process to recognize gold and silver as legal tender in our state and, with rule ratification from the legislature, free from sales tax.”

According to the official legal summary of the bill, gold coin and silver coin are defined as the solid, pure form of gold or silver in various physical forms.

The gold coin and silver coin must be imprinted, stamped, or otherwise marked with the coin’s weight and purity and may be imprinted, stamped, or otherwise marked with only the name or symbol that identifies any refiner or mint of the gold coin or silver coin. The bill provides for statutory construction to clarify the scope of gold coin and silver coin being recognized as legal tender.

The use of gold coin or silver coin for payment is optional.

To read more, go here. 

11 States Recognize Gold and Silver As U.S. Currency

Above, silver Franklin half dollars. Photo by Armand Vaquer.

To counter inflation and our "printing press currency", many people are looking to gold and silver to protect their investment portfolios. With that in mind, eleven states are accepting those precious metals as legal tender.

Do you know which states?

The News-Star has posted an article listing them. There is one clue, these states are mostly, if not all, considered red states.

They begin with:

Louisiana may soon start accepting gold and silver as currency if proposed legislation is enacted by legislators in the Louisiana Legislature.

Eleven states currently recognize gold and silver coins as legal tender. Other states, including Louisiana, are either pursuing similar legislation or have made past attempts to do so.

To see which ones, go here.  

What Is U.S. Legal Tender?

Above, a 1945 Walking Liberty half dollar. Photo by Armand Vaquer.

With more states (about ten of them) passing laws allowing gold and silver to be used as legal tender, the question arises, "What exactly is legal tender?"

Numismatic News has posted an article on the history of U.S. legal tender that starts from the days of the founding of the country to present time.

It begins with:

The issue of what is legal tender in the U.S. has confronted America right from 1776 to today. Over the centuries, what was considered legal tender in the U.S. has changed.

In order to look at this history, it is necessary to define what is meant by legal tender. Most definitions refer to a form of money recognized by laws or courts as a means to settle public or private debt.

When the U.S. declared independence in 1776, there did not exist any circulating U.S. coins. The Continental Congress and the various colonies/states issued their own scrip, many of which referred to their redeemability for “Spanish milled dollars or the value thereof in gold or silver.”

When the U.S. Constitution was adopted in 1789, there were still not yet any circulating U.S. coins. But a significant provision in Article One, Section 10 reads, “No state shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts.”

To read more, go here. 

Alaska May Join States Allowing Gold and Silver As Legal Tender

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. 

US States Look To Gold and Silver As Legal Tender

Above, Franklin silver half dollars. Photo by Armand Vaquer.

Note: I accidentally deleted the original post. Blogger was acting a bit erratic this morning. So, the best I can recreate it, here is the topic again. 

More states are looking into recognizing gold and silver as legal tender as the fiat currency (i.e., the dollar) is on shaky ground, rampant inflation, bank collapses and other economy woes are taking place.

On The Spot News posted:

As concerns about inflation and the stability of the US dollar continue to grow, a growing number of states are taking steps to recognize gold and silver as legal tender. 23 states have introduced legislation that would allow citizens to use precious metals to pay for goods and services, according to investment news website Invezz, here.

“Proponents of the legislation argue that gold and silver are more stable forms of currency, as their value is not subject to the same fluctuations as fiat currency,” writes Shivam Kaushik in the Invezz article. 

This sentiment is echoed by many in the precious metals industry, who see the current economic climate as a sign that gold and silver could become increasingly important as alternative currencies.

Several states introduce legislation, significant for the US dollar

The states that have introduced the legislation include Arizona, Wyoming, and Texas, all of which have taken slightly different approaches to the issue. In Arizona, for example, the state Senate has passed a bill that would recognize gold and silver coins minted by the US government as legal tender, and would remove state capital gains taxes on the exchange of precious metals. In Wyoming, a similar bill has been introduced, which would also allow for the creation of a depository to hold precious metals for use in transactions. Texas has introduced legislation that would recognize gold and silver coins as legal tender and create a depository to allow citizens to store their precious metals in a secure facility.

The governor and the Democrat-controlled New Mexico legislature have no interest in following suit even though the state is sandwiched between Arizona and Texas. They are more interested in the abortion issue rather than doing anything to benefit citizens.

To read more, go here. 

Maine Considering Making Gold & Silver Legal Tender

You can add the state of Maine as another state seriously considering making gold and silver legal tender.

I've noticed that in news articles of states making (or considering) gold and silver legal tender, Republicans are in favor and Democrats are opposed. Wonder why?

Of course, as The Federalist blog wrote:

Fascist governments hate untraceable gold, silver and crypto coins.

 

1908 Hungary Gold 100 Korona

In 1918, at the end of world War I, the Austro-Hungarian Empire collapsed and vanished. The Empire's paper money became worthless. But the Empire's gold coins hold their value to this very day.

To read more, go here. 

Arkansas Makes Gold and Silver Legal Tender

The state of Arkansas has made gold and silver legal tender.

According to United States Gold Bureau:

Arkansas House Bill 1718, To Create The Arkansas Legal Tender Act; And To Reaffirm Gold And Silver Coin As Legal Tender, passed the House on April 3 and Senate on April 5. Governor Sarah Huckabee Sanders signed the bill into law on April 11, which goes into effect on July 6. The law will make gold and silver coins legal tender in the state.

The bill was sponsored by Rep. Robin Lundstrum (R) and Sen. Jonathan Dismang (R). There was overwhelming support in both houses from the Republic majority. The bill passed the House 82-8 and 32-0 in the Senate. The eight dissenting votes were from Democrats. Five Democrats and two Republicans did not vote on the bill.

This means gold and silver is to be considered money.

To read more, go here.