Gold, silver coins acceptable forms of payment?

February 22, 2013 in Coins, Gold, Gold Coins, Money, Politics, Precious Metals, Silver, Silver Coins, USA Coins

February 21, 2013 5:00 am  •  HOWARD FISCHER Capitol Media Services ( Arizona Daily Sun

PHOENIX — Arizonans who fear the federal government will make their folding money worthless may soon be able to substitute privately minted gold and silver coins.

The Senate Finance Committee on Wednesday took the first steps to making such coins legal tender in Arizona. SB1439 would give them the same legal status as bills and coins authorized by Congress.

Nothing in the proposal by Sen. Chester Crandell, R-Heber, would force anyone to actually accept these coins as payment for any debt. Their use would be voluntary.

But proponents said it’s only a matter of time before the country suffers hyperinflation, making the greenback worthless.

“We need to have a lifeboat for Arizona so we can construct Plan B,” testified Miles Lester.

The measure is crafted to get around a provision of the U.S. Constitution which bars states from minting their own coins. But supporters also note it says that states cannot “make any thing but gold and silver coin a tender in payment of debts.”

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