Multiple States Move To Recognize Gold & Silver As Legal Currency
(thefreethoughtproject.com)
Comments (22)
sorted by:
Looks like i can deposit my bullion with the state treasure of Oklahoma and recive a transaction card.
I might need to grab a shovel. Kek or find that silver i lost in a boating accident.
Paging u/BoatingAccident
I call this ---- not just currency ---- but real "money" ----- an object of value for universal barter.
"As of this writing the Tenth Amendment Center reports the states of Alabama, Arizona, Florida, Idaho, Iowa, Michigan, Missouri, Montana, North Dakota, Oklahoma, Tennessee, and Wyoming are all in the various stages of enacting bills that would recognize gold and silver as valid legal tender as the constitution stipulates, with more states likely to follow."
This is great news. I am addicted to buying bullion. Glad to see my “collection” is becoming a highly desired item for everyday transactions. Im getting that daily craving to buy more.
Hi. My name is CrusherPlay and Im addicted to buying gold and silver.
Yeah well..."Be that as it may" 🤓🤓🤓...
Whatcha gonna do? Hand over a $35 silver eagle that says $1 on it?
Seems like a real neat gesture...but "around these parts" if the average cashier rang up your bill and it came to $16, and you handed over $21, retard finder gets deployed...It's the smell!
Imagine arguing with a cashier about intrinsic vs face value?
Here's your sign...
https://www.goldback.com and https://valaurum.com
“The Goldback solves a 2,600 year old problem in that gold can be spent in small, interchangeable increments.”
— DR. MARK VOELKER, UNITED PRECIOUS METALS ASSOCIATION BOARD MEMBER
If gold (now $93/gram) goes over $100/gram
gold will weigh less than an equal value of $100 bills.
A gram of gold and a $100 bill weigh about the same.
Yes, a bill is 1 grams new.
FYI, in case anybody didn't know courtesy of Google AI twat:
In the context of gold and other precious metals, a "grain" is a unit of mass, historically based on the weight of a single grain of barley or wheat, and now defined as 64.79891 milligrams.
Historical Origins:
The grain unit of mass has roots in the Bronze Age and was used to measure the weight of things like barley or wheat grains.
Modern Definition:
Today, a grain is defined as exactly 64.79891 milligrams.
Use in Precious Metals:
While not the primary unit for measuring gold in today's market (which often uses grams or troy ounces), grains are used as a smaller unit of measurement, especially when dealing with very small quantities of gold or other precious metals.
Troy Weight System:
The grain is a unit in the troy weight system, which is commonly used for precious metals.
Funny thing
The Metric System was invented to make base 10 math by hand easy ---- but we have to use obscure units to do this.
No one today --- does base 10 math by hand.
The units are still obscure and the verbiage is cumbersome to say ----- mile vs kil-o-me-ter, inch vs cen-ti-me-ter.
I know. I have to use both somewhat fluently for work. It's definitely made American's brains wired differently. However, there are plenty who still can't read a tape and even less that know decimal equivalents off the top of their head...
I still have to cheat tho when it comes to estimating in metrique... for instance, I don't intuitively know something 18" long is around 400 mm, because I didn't grow up using it. On the surface it makes sense...
Think in terms of 100mm cigarettes ---- about a hand (4in) ----- 1/3 foot
Thanks! I'll check it out 🍻
Goldbacks are an interesting currency. You need to have them from every State and then the Federal Reserve can go pound sand.
They are a "certificate" ------ not a "note" of debt
IMO money vs fiat currency
They aren't saying they will be using gold bullion or coins at the WalMart, the closest to that is Idaho "Unless expressly provided by statute or by contract, no person or other entity may compel another person or other entity to tender or accept gold or silver coin or specie unless agreed upon by the parties"
Admittedly I'm a little dumb in this area, but it reads as though States will back their money with gold and silver, much the same as the Federal gov did with gold and silver certificates. Some mention something of electronic transaction with the metals to back it. They're all different but it feels to me like a step in the correct direction. Assuming the bills pass.
I could be misinterpreting this whole thing too.
I just hand him my Oklahoma bullion transaction card.
https://citizenportal.ai/articles/2331936/Oklahoma/Oklahoma-legalizes-gold-and-silver-deposits-as-currency-in-new-bullion-depository-law
I'm glad to see my home state, Tennessee, as one of the forward-thinking states on this matter.
This will undoubtedly generate a not insignificant amount of entertaining headlines. As there will undoubtedly be people who try to pay at retail stores with both real and fake Gold and Silver for purchases. And then inevitably cause problems when they predictably run into snags.
Greshams law is going to prevail until this system gets reset. Bad money drives out good money. Who would pay in gold/silver when they can give them FRN's?
I can think of a few people who would. And know they likely wouldn’t hesitate to screech at a Teenage clerk. Who doesn’t know how to handle a transaction in Gold and Silver.
I was mostly talking about the fringe cases after it becomes legal. Rather than in the context of a broader societal shift towards paying in Gold and Silver.
And even if there was such a shift. It’s unlikely going to become part of daily transactions. Unless they’ve recently discovered a shitload more of it.
It’d be comparatively easier to rotate FRN notes out of circulation in exchange for new notes. As even if it’s technically possible to exchange a new note for its equal value in gold/silver. Most people are unlikely to do so. Viewing the hassle as too high.