Multiple States Move To Recognize Gold & Silver As Legal Currency
(thefreethoughtproject.com)
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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.