Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued b. While these are not widely accepted as currency everywhere and are not recognized by the United States government, Goldback Notes were originally created with . Its Legal Tender Act of 2011 enables U.S. minted gold and silver coins to to be recognized as monetary currency. Utah House Approves Gold, Silver as Legal Tender by Alex Newman March 7, 2011 In addition to possibly making precious-metal coin lawful money for intrastate and government transactions, the bill. Terry Sacka Discusses Gold & Silver As Legal Tender in Utah Instead, the longtime member of the Utah-based faith is resigning from the church — along with 11 . Billionaire Utah native Jeff T. Green quits LDS Church ... 42G25 f . Please mail to: UPMA/Legal Tender Services, 333 S Main St, Alpine, UT 84004. ARIZONA What's particularly notable about the Wyoming statute as well as the one proposed in Kansas is that each of these pieces of legislation goes a step further in underscoring sound money . The " Utah Legal Tender Act ," as the new law is known, "recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the. Herbert signed a bill into law in March of 2011 that made government-issued gold and silver coins legal tender for transactions and eliminated state capital gains taxes on their exchange, according to CNN Money. States Where Gold and Silver Have Become Legal Tender ... The Utah Goldback is the first local, voluntary currency to be made of a spendable, beautiful, physical gold. It is the opinion of our General Counsel, Larry Hilton, that the Utah Goldback is actually legal tender in the State of Utah under the Utah Specie Legal Tender Act which he himself authored. Utah declares Gold and Silver as Legal Tender - The ... Utah - GSI Exchange The goal is for the Goldback to circulate within the State. These are the coins that Utah designates as legal tender (Federal Reserve notes also remain legal tender). The Utah Legal Tender Act was passed on March 10, 2011, setting the stage for other states to pursue similar legislation. Goldbacks for Sale | What Are Goldbacks? | GovMint.com The result was the Utah Goldback series of gold notes as privately-issued barter notes that can be accepted as legal tender in Utah. Distrust of the Federal Reserve and concern that U.S. dollars may become . It voted 16-7 to pass HB317, and sent it to Gov. Sales Tax Laws on Gold and Silver - Utah has a sales and use tax exemption for sales of ingot, bar, medallion or decorative coin whose contents are at least 50% gold, silver or platinum that is not legal tender of any . Gold and Silver Are Legal Tender in Utah. We have been innovating in the space ever since. Utah's Legal Tender Act Gold and silver coin issued by the federal government is legal tender in the state A person may not compel any other person to tender or accept gold and silver coin There is. Specifically exempted from Utah sales taxes are currencies or coinage that are legal tender of the United States or any foreign nation, and non-legal tender bars, ingots, medallions, and decorative coins that are comprised of at least 50% gold, silver, or platinum. The Beehive State has a new measure on the books that eliminates state taxes on the exchange of gold and silver coins and directs the legislature to study an "alternative form of legal tender." The. Since the end of the gold standard, . In Utah, you can now use gold and silver to buy things like groceries and gas. Arizona may become the second state, after Utah, to recognize gold and silver as legal tender authorized for payments of debts and taxes. News and discussion about economics, from the perspective of economists. The Arizona Senate voted Thursday to approve SB 1439, the Constitutional Tender Act, which allows businesses and the state government to accept payments in gold or silver. Earlier this year, the Utah state legislature passed a law making gold and silver coins legal tender. Wyoming and Oklahoma have since joined. Unless state laws say otherwise, and it doesn't in Utah, Damschen said businesses have leeway to accept whatever they want. This is the most common form of deposit. This means they can be used as money throughout the state. In doing so, it became the first state in the country to recognize gold and silver as a currency . - Yes. Drockton Bullion and Coin Ltd has a proven Retail Partnership Program. 6. This means they can be used as money throughout the state. Utah Goldbacks was the very first local, voluntary currency, made of beautiful, spendable, .999 fine physical Gold, that vendors can choose to accept for transactions. Gold and silver will be used as legal tender." Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 on Jan. 27 creating a foundation for further action to encourage the use of gold and silver as money. Utah does not charge sales taxes on most forms of coins or bullion products. Utah has now become the first State on our list to actually enact a sound money bill into law. It's a different type of war and money is a major player in the war chest. Kansas could become the fourth state to recognize gold and silver as legal tender. Published March 4, 2011 Last Update December 23, 2015 Utah House Passes Bill Recognizing Gold, Silver as Legal Tender By | Fox News Facebook Twitter Flipboard Print Email The Utah House was to vote. When the Utah Legal Tender Act passed in 2011, the state became the first in recent times to recognize certain forms of gold as legal tender. Section 59-1-1502 is enacted to read: 48 59-1-1502. Numismatic Coins. In Utah, gold and silver coins might become acceptable as legal tender. Utah Veterans and Widows Will Get $10 Each; I. W. W. Agent Bound over to Federal Court; Mother's a Girl, Too, and Likes Pretty Things; Parole is Granted Interned Austrian; Salt Lakers Go to Kansas City; Puts "Suit Clubs" of Existence This act provides legislation which makes gold and silver coins produced by the U.S. Mint to be legal tender throughout the state of Utah. That is exactly where the Utah Goldback Notes come into play. So, they are not simply paper notes backed by gold—they are, in fact, gold. Utah's Gold and Silver Legal Tender Law - YouTube Author of the gold and silver legal tender law in Utah, Larry Hilton, discusses the reasons behind this legislation and why it is important for. Utah's action is important for several reasons. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law. by "International Business Times - US ed."; Business, international News, opinion and commentary Dollar (United States) Laws, regulations and rules Precious metal products The measure would recognize as legal tender gold and silver coins issued by the federal government — not just their face value, but also their value in gold and silver or to a collector. The law does not force anyone to accept or pay in precious metals, but rather . Since that time, nine more have joined them. Passage of this bill would build on a foundation set in 2019 when Kansas repealed the sales tax on gold and silver. These Utah Goldback foil notes contain 1/1000 oz .999 fine Gold which is the first local, voluntary currency to be made of a spendable, beautiful, physical Gold. Will it now have its own truly spendable gold legal tender? Wyoming. The Utah Legal Tender Act was passed on March 10, 2011, setting the stage for other states to pursue similar legislation. However, since 1986, the U.S. Mint has issued American Gold Eagle and silver bullion coins in various denominations and designated them legal tender for payment of debts. UTAH Utah became the first state declaring US-minted gold and silver coins as legal tender. Arizona lawmakers approve gold and silver as legal tender. Gold and silver coin. A dozen states have already passed legislation making gold coins legal tender — and others are rushing to follow suit. Passed in 2011, House Bill 317 reads "gold and silver coin issued by the federal government is legal tender in the state." 2018*. Precious metal that is valued solely upon its precious metal content, whether in coin or bar form. or accept specie legal tender. Nationally, such coins may be used as collector items or as investments, but federal law does not require individuals to accept them as money. Utah just became the first US state to recognize gold as legal tender. Utah has been moving toward using gold and silver as a currency for more than a year. Read the full history of the creation of the Goldback here: ~25-50% Struck in 24-karat gold foil, these notes are crafted in increments of 1/1000th of an ounce of highly pure 99.99% fine gold. Though Utah could not tell the rest of the nation what should be accepted as legal tender, it could help open the door to other forms of voluntary, local currencies. Essentially, states are removing sales and capital gains tax on buying/selling precious metals. The apparent legal interpretation is that states on their own cannot declare that something other than gold or silver is legal tender. Drockton Bullion and Coin Ltd has a proven Retail Partnership Program. Herbert signed a bill into law in March of 2011 that made government-issued gold and silver coins legal tender for transactions and eliminated state capital gains taxes on their exchange, according to CNN Money. Goldback Inc. was founded as a new company in 2019. Yes, you read that right. A small handful of patriots lent their private gold holdings in Goldback Inc. in order to produce this series despite there . Coins that must be accepted if offered in payment of a debt. This part is known as the "Specie Legal Tender Act." Amended by Chapter 399, 2012 General Session 59-1-1501.1 Definitions. The U.S. abandoned the gold standard in 1933. Gold and silver have been explicitly made legal tender in the state of Utah. nvr building products; chicken little story pdf. This means that under Utah State law that the Goldback is a voluntary legal tender in Utah. On Friday, March 25th, Gov. The Utah Legal Tender Act of 2011 sought to recognize certain types of gold as acceptable currency within the state. . The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the . Utah House stamps gold, silver as legal tender [The Salt Lake Tribune via AllBusiness] Want more consumer news? UTAH Utah became the first state declaring US-minted gold and silver coins as legal tender. It is the Federal government that can make that decision for all states. calico captive sparknotes. Its Legal Tender Act of 2011 allows U.S. minted gold and silver coins to be recognized as legal tender in the value that The "Utah Legal Tender Act," as the new law is known, "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," according to the bill. The Utah Precious Metals Association formed in 2012 from the "Citizens for Sound Money" and began offering legal tender gold accounts that same year. Fast-forward to the 1970s, when a now-departed US senator from North Carolina named Jesse Helms and an upstart young Congressman from Texas named Ron Paul persuaded Congress to lift the bans on indexation and on the ownership of gold and, furthermore, to authorize the US Mint to emit legal-tender gold coins, albeit at a nominal value. As of September 2020, states that have legislation to coin their own legal tender from Gold and Silver are Idaho, Texas, Utah, Wyoming, Tennessee, Kansas, Louisiana, South Carolina, Missouri, West Virginia, Indiana, Oklahoma, Nevada, New Hampshire. (Real Property) EXECUTION In the Fourth Judicial . Utah Legislature Backs Gold and Silver as Legal Tender; Full Value of Metal, Not Just Face Value March 11th, 2011 Via: Salt Lake Tribune: The Senate gave final approval Thursday to a bill taking the first step to recognize gold and silver as legal tender in the state. The State of Utah was done first in the second half of 2019, Utah was chosen in large part due to the passage of the Utah Legal Tender Act in 2011 but also because Utah is Goldback's home state. Utilizing gold and silver as currency is currently possible in Utah, although for many merchants, it's the furthest thing from their mind. This includes allowing the state of Utah to pay off debts in gold and silver and allowing individuals to transact in gold and silver coins without paying state capital gains tax, among other provisions. SALT LAKE CITY, Utah: Earlier this year, the Utah Legislature passed a law stating that gold and silver coins could be used as legal tender in the state of Utah. You may also include any gold or silver coin or bullion, other than that issued by the United States, if a court of competent jurisdiction issues a final, unappealable judgment or order determining that Utah may recognize the gold or silver coin or bullion as legal tender in the state, or Congress enacts legislation expressly providing that . Utah citizens in May received state government approval to begin using as legal tender gold or silver coins issued by the U.S. government. 11 votes, 12 comments. Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Bullion. 46 This part is known as the "Legal Tender Act." 47 Section 2. Lawrence Hilton 3/11/19 Lawrence Hilton 3/11/19. (Planet-Today) In 2017, four states had laws in place that expressly recognize gold and silver coins as legal tender: Colorado, Missouri, Oklahoma, and Utah. Find many great new & used options and get the best deals for Rand McNally Utah + World + US Pull-Down School Classroom Maps Grade 3 4 5 6 7 8 at the best online . Since then the technology for minting physical gold into a spendable form for small transactions has developed. whitesboro news record obituaries Learn how your business can profit from accepting Gold and Silver without the risks of liquidation, cash flow or other concerns. It also would order the state to study whether Utah should establish an alternative form of legal tender, such as one backed by silver and gold. The Goldback project truly began in spirit with the passage of the Utah Legal Tender Act in 2011 which recognized certain types of Gold as currency within the state. Gold and Silver Are Legal Tender in Utah. And now for some heavy metal news: the Arizona state legislature has officially approved a measure to make gold and silver legal tender. Utah lawmakers today gave their final approval to a bill that would recognize gold and silver as legal tender for the first time in the United States in some three generations. Senate Bill 862, which Oklahoma Governor Mary Fallin signed into law, says: "Gold and silver coins issued by the United States government are legal tender in the State of Oklahoma. HB 317, passed in 2011, states that gold and silver issued by the federal government is legal tender in the state of Utah. In 2011, the Utah Legal Tender Act was passed, recognizing gold as currency. H.B. Utah's Gold & Legal Tender Laws Fiat currency is demanded by individuals in exchange transactions because its acceptance in payments of debts is enforced by the state, because it is required in tax payments, and because reproducing the same currency without state approval is prevented via the threat or use of aggression . The State of Utah became the very first U.S. state to recognize gold as legal tender. Additionally, they are legal tender in the state of Utah. The first state to "reaffirm" gold and silver as legal tender was Utah, back in 2011. 50 (2) A person may not compel any other person to tender or accept gold and silver coin The fact that Utah/Washington is declaring gold & silver coins minted by the US Mint to be good legal tender is not prohibiting anything. Read More. Yes, the Utah Goldback notes are made of real gold! West Virginia. Using gold and silver as money in Utah will not be subject to capital gains tax or sales tax. As RT reported earlier, an effort in the State House and Senate to have precious metals once again considered legitimate currency has garnered an . Gold once again established a level of official recognition as money. Each wafer-thin note is coated with a . Jeff T. Green, Utah's wealthiest native, won't be giving any of his billions to the LDS Church. UTAH GOVERNOR SIGNS GOLD & SILVER LEGAL TENDER BILL! . The Goldback project began with the passage of the Utah Legal Tender Act in 2011 which recognized certain types of Gold as a currency within the state. In 2011, Utah became the first state in over 100 years to formally recognize U.S. precious metal legal tender. The Goldbacks are developing a remarkable base of businesses that are willing to accept Goldbacks as a form of payment. 317, sponsored by Rep. Brad J. Galvez and Sen. Scott K. Jenkins, "recognizes gold and silver coins that are issued by the federal… In light of the foregoing precedents and authorities, there appears to be no credible basis for challenging a state's right and Constitutional authority to declare gold and silver coin to be legal tender, including the statutory framework established in Utah's own legal tender statutes. The following definitions apply to products on which taxes must be collected in Utah: Legal Tender. Learn how your business can profit from accepting Gold and Silver without the risks of liquidation, cash flow or other concerns. 1.8m members in the Economics community. (3) Gold or silver coin or bullion, other than gold or silver coin that is issued by the United States, is . Congrats, by the way, to the newcomer on the list, "Take Me Home, Country Roads" West Virginia. Should our currency by on a gold standard? The law recog nizes gold and silver coins issued by the federal government as legal currency in the state. Since that time the technology to mint gold into a usable form for small . More states will continue to pass legislation allowing gold and silver to be held in reserve (protecting them from inflation). Coins that qualify as legal tender are not taxable in the state of Utah. The makers use cutting . UTAH 2019 - PRESENT. Intelligent Choice Oklahoma did it in 2014 and Wyoming picked up the baton in 2018. In addition to accepting gold and silver as legal tender, Utah's bill also arranges for a study on whether or not to establish some sort of metal-backed money system. Wednesday, June 25, 1986 777 V QJJ&JUU, Orem-Geneva Times- 77 , mt0" w vr LEGAL NOTICE ' SHERIFF'S SALE t NOTICE OF SALE SHERIFF'S No. The law eliminated state taxes on the exchange of government-issued gold and silver coins and recognized them as legal tender in the state. * Wyoming has more legislation to finalize (but almost there) Utah, South Carolina, and Oklahoma have been the "gold standard" in setting legal precedent for returning to gold and silver legal tender. The Utah Legal Tender Act, which was passed March 10, 2011, recognizes gold and silver coins as legal tender in the state of Utah. Now, a Salt Lake City-area numismatist hopes to set up a system that will allow Utahans to use . Are Gold and Silver Recognized as Legal Tender? Utah Code Page 1 Part 15 Specie Legal Tender Act 59-1-1501 Title. Utah was the first state to reinstate gold and silver as legal tender by signing into law the "Legal Tender Act" in 2011. Utah has been moving toward using gold and silver as a currency for more than a year. It doesn't matter whether those coins are legal tender in the United States or elsewhere, or whether they have been minted in gold, silver or another precious metal. Gary Herbert’s signature on March 25, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at their true value, prompting praise from sound-money advocates warning about the future of the Federal Reserve System and its fiat. The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government. The Sooner State is the fourth (following Utah, Texas, and Louisiana) to affirm that gold and silver coins can be used as media of exchange. 2019. Utah led the way, reestablishing constitutional money in 2011. The Utah Legal Tender Act, which was passed March 10, 2011, recognizes gold and silver coins as legal tender in the state of Utah. Beginning with Utah in 2011, Gold & Silver have been ruled as legal tender in TWELVE states. 5. Gary Herbert for his signature. Despite this law, it is not yet possible to pay the state in this manner, as evidenced by Carlton Bowen attempting to pay his property tax using silver coins. The Goldback project truly began in spirit with the passage of the Utah Legal Tender Act in 2011 which recognized certain types of Gold as currency within the state. You may even send a physical check via bill-pay which can be done through your bank or credit union. Utah was the first state that Goldbacks were created for, which was made possible by the Utah Legal Tender Act of 2011 and became the first state to accept Goldbacks as legal tender, followed by Nevada, New Hampshire, and soon, Wyoming. Thanks to the passage of the Utah Legal Tender Act in 2011, a large number of local merchants and vendors are willing to accept a new currency called "Goldback Notes" as payments. Since that time the technology to mint gold into a spendable form for small transactions has come to fruition. Utah Goldbacks. In doing so, it became the first state in the country to recognize gold and silver as a currency . ARIZONA The state-level act in Utah sought to establish acceptable forms of gold for use as currency within the state. With Gov. Free Online Library: Utah and other states push gold as legal tender, prepares for US dollar collapse. 2) Personal checks, cashier's checks, or money orders, all payable to: Legal Tender Services PLLC. 49 (1) Gold and silver coin issued by the federal government is legal tender in the state. THE UTAH GOLDBACKS. Is it legal to refuse cash in Utah? 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