Investing in Silver: States Support Move to Metals as Dollar WeakensSubmitted by richybear on Tue, 07/31/2012 - 14:23
Great article, time to really think about where to put your money.
Fourteen States and Counting
While the U.S. Constitution bans states from printing their own paper money or issuing their own currency, it does permit states to make "gold and silver Coin a Tender in Payment of Debts."
The first state to introduce its own alternative currency was Utah. Gov. Gary Herbert signed a bill into law in March that recognized gold and silver coins issued by the U.S. Mint as an acceptable form of payment.
Under the law, the coins, which include the hugely popular American Gold and Silver Eagles, are treated the same as the U.S. dollar for tax purposes, eliminating capital gains taxes. The new law allows the coins to be exchanged at their market value, based on weight and fineness.
Rich Danker, a project director at the Washington, D.C.-based conservative public policy American Principles Project, explained to CNN Money, "A Utah citizen, for example, could contract to sell his car for 10-one ounce gold coins (roughly $17,000), or an independent contractor could arrange to be compensated in gold coins."