Golden Dollar seen as a possibility in these US States
Which States Accept Gold?
Is a Golden Dollar coning to your state? This has been an extraordinary year for devotees of gold-based cash. As a feature of their relocation away from the fiat dollar-based worldwide monetary framework, Russia has presented broad “gold-based financial records” at significant business banks — a straightforward and powerful type of “computerized gold” — while the public authority of India has started giving gold-based government bonds. Just recently, international megabank HSBC announced the launch of a “tokenized gold” platform that will enable gold-based transactions among HSBC’s numerous global clients. A number of states in the United States—in fact, most of them—are pursuing the establishment of a different currency platform based on gold.
43 states in the United States have already passed legislation that makes it easier to use gold and silver coins as money, following the example set by the Utah Legal Tender Act of 2011. This is directly derived from Section 10 of Article I of the Constitution, which states: In order to pay its debts, no state shall accept anything but gold and silver coins. In practice, this has mostly meant removing sales or capital gains taxes from gold transactions at the state level.
Citizens for Sound Money has been working on a legislative platform that, similar to what Texas has already done, establishes State depositories for precious metals. It even goes so far as to establish the foundation for new State-issued currencies, most of which will be based on digital platforms but will still be linked to gold coin as the underlaying asset.
To store gold, you will need to have faith in a third party, which could be a private company or the government. A government solution may be extremely beneficial at a particular time and location. Additionally, it is a straightforward operation of the kind that the government is capable of. State safes could act as the vault for advanced frameworks generally show to the confidential market.
How Many US States recognize gold as legal currency?
The beginning of a Golden Dollar. We should begin with a glance at the Eleven US states that are now accepting gold as legal tender. The following list of states are on a growing list:
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- Arizona
- Indiana
- Kansas
- Louisiana
- Oklahoma
- South Carolina
- Tennessee
- Texas
- Utah
- West Virginia
- Wyoming
As gold regains its place in the nation’s economy, gold owners are becoming increasingly enthusiastic.
“Problem of denomination” has historically been the issue with gold coins”
The “problem of denomination” has historically been the issue with gold coins. Gold is light and useful for large transactions, but it is too expensive for small ones. As a result, there was a demand for smaller copper or silver coins. Since silver became significantly more volatile in the 1870s, “bimetallic” systems that combine gold and silver coinage are not really possible.
For instance, the smallest functional gold coin ever produced weighed approximately 4 grams. This is not much. It would be worth approximately $250 today, which is far too much for the smallest coin in a coinage system.
However, we now have cutting-edge technologies that can address many of these issues. The plastic casing is the first. In the past, coin wear and “intentional wear,” such as clipping, were significant issues. Without the metals, coins would not have their face value. Placing them in plastic cases will prevent this. Already, the US Mint’s one-ounce A clear plastic case houses the Buffalo gold coin. All wear issues are eliminated by this. Today, counterfeits can be easily detected with inexpensive “gold guns” that make use of non-invasive XRF technology.
A plastic-encased 10 gram gold coin has been proposed, which is comparable in size to the original British gold sovereign (a one-pound coin) and would be worth approximately $650. Then you can add a plastic-cased “coin” of one gram, worth approximately $65. This used to be a lot too small, but now it’s simple. Then, you can add a “gold foil note” of 100 milligrams, which actually has 100 milligrams of gold embedded in the plastic. These are available from Valarum and others, and their value is approximately $6.50. You could do considerably more modest gold foil notes, yet normal symbolic coins may be the best answer for categories around the 10mg ($0.65) level, or less. (Actually, the original US penny was worth more.)
With all the discussion of “national bank computerized monetary standards,” many individuals are searching for physical-world other options. paper dollars won’t be a safe haven in this “cashless society” scenario. The Constitution also prohibits states from creating their own coins. However, States may be on their way to an alternative to CBDC tyranny or the fiat dollar by adopting a physical, transactable currency.
How gold can be used to pay state taxes must be addressed by lawmakers. States are also removing sales taxes from gold exchanges on the grounds that, since money is not a commodity, it is not a sale but rather an exchange. They are also looking into ways to get rid of the capital gains tax on gold sales. A few states are thinking about building state depositories to store gold for the financial strength of the state.
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