Utah Legislature Sends Gold Coin and Silver Coin Currency Bill to Governor

March 14, 2011 - PRLog -- The State of Utah took another step forward last week towards making gold coins and silver coins legal tender as currency within the state’s borders.

Last Thursday, the Utah Senate passed the Substitute Currency Amendments bill (H.B. 317) 16-7 and forwarded the gold coin and silver coin bill to Gov. Gary Herbert for his signature.

The bill would allow gold coins and silver coins be accepted for payments in Utah based on the price of gold or price of silver or the face value of the coin. It would not require anyone to accept the coins as payment and would exempt the sales of coins from capital gains taxes.

The ability to use gold coins and silver coins as currency in Utah could cascade throughout the country as other states may turn to accept gold coins and silver coins as currency as well. If this happens, the demand for gold coins and silver coins could significantly increase.

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