Concern about inflation and a weakening U.S. dollar, is pushing more than a dozen states to try and recognize gold and silver coins as legal tender.
The Constitution allows for States to give their citizens the ability to settle debts in gold and silver, according to Ed Moy, former director of the U.S. Mint.
“What it does allow the states to do is give their citizens the ability to settle debts in gold and silver. It’;s never been exercised since it was written into the Constitution until recently. After the Financial Crisis, a number of states, the current number is 12 of them, are trying to figure out how to operationalize Article 1, Section 10, to allow their citizens to buy and sell things in gold and silver,” Moy told Michelle Makori, editor-in-chief for Kitco News.
A few states have already taking this initiative, said Moy who was the director of the U.S. Mint between 2006 and 2011 under President Bush and President Obama.
“Utah, has already gone ahead and started operationalizing this. Most of these states take several steps, and the first step is gold and silver are exempt from taxes and capital gains,” he said.
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