The States of Honest Money

A major hurdle has been overcome in the process of validating silver and gold coin as legal tender with the passage by the Utah House of Representatives and Senate of HB317. The bill, according to its official summary,

“…recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability.”

The bill now goes to the desk of the governor for signing.

A number of other states are poised to follow suit including Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington. Similar legislation has been introduced in other states as well such as Virginia but have not been as well supported.

While the Utah bill includes specific language recognizing only “…coins that are issued by the federal government…”, the text also includes a call for the state to “…study the possibility of establishing an alternative form of legal tender…” and present the findings in next year’s session.

On a side note: Virginia State Legislator, Bob Marshall, having lost in his bid for similar action to be taken in the Commonwealth, has won support for legislation calling for the creation of a series of commemorative medallions celebrating past U.S. presidents from the state. There have been eight. He has requested honest money supporters to contact the Virginia governor, Robert McDonnell in support of his efforts.