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Utah Legislature backs gold as legal tender

March 12, 2011 Comments off

sltrib.com

The Senate gave final approval Thursday to a bill taking the first step to recognize gold and silver as legal tender in the state.

It voted 16-7 to pass HB317, and sent it to Gov. Gary Herbert for his signature.

The measure would recognize as legal tender gold and silver coins issued by the federal government — not just their face value, but also their value in gold and silver or to a collector.

It would not require anyone to accept them, however, but make it an option. It also would exempt sales of such coins from capital gains tax. It also would order the state to study whether Utah should establish an alternative form of legal tender, such as one backed by silver and gold.

“It will put some pressure on the federal government. That’s the goal here because Read more…