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Precious metals are legal tender in Utah but are not yet accepted

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November 29, 2011

Utah

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. 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. Bowen asks, "When is Utah going to accept its own legal tender?"[1]

Bowen says that he has been able to pay several companies as well as his tithe to The Church of Jesus Christ of Latter-day Saints using the coins, but the county and state treasurers have rejected the payment. Utah State Treasurer Richard Ellis said that "In my mind there’s still no practical way of making this happen." He claims that the state is unequipped to accept, process, or store precious metals in the form of gold and silver.[1]

Senate Majority Leader Scott Jenkins, who co-sponsored the bill said the following: "It doesn’t allow much, but the concept behind it is powerful. Little by little our currency is being devalued... It’s a little pushback on one hand, but on the other, maybe it will make us look at the value of our currency and strengthen it.”[1]

Plans are being formulated to make transactions using precious metals more common and easy to conduct. One possible means would be the use of gold debit cards, cards that would allow one to draw upon stored gold reserves to make everyday purchases.[1]

References

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