Utah House Passes Gold And Silver Currency Bill

The Utah House of Representatives has passed a bill (First Substitute H.B. 317) which would recognize as legal tender gold and silver coins minted by the federal government.  The coins would be allowed to circulate freely in competition to Federal Reserve Notes.  Utah would also accept U.S. gold and silver coins for tax payments.  In addition, the bill would exempt the exchange of gold and silver coins from state tax liabilities and would establish a committee to study alternative currencies for Utah.

It is not clear from the news reports or the bill text how U.S. government gold and silver coins would be valued in transactions, given that the face value of a one Troy ounce gold eagle coin is $50 and that of a one Troy ounce silver eagle coin is $1 while gold is currently trading at over $1400 per ounce and silver at over $30 per ounce.

The bill now goes to the Utah Senate.

For more details, read the articles at the links here and here.

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