Arizona panel OKs gold, silver as legal tender

[jeff of pa]

[FONT=Arial, Helvetica]"PHOENIX — Calling it a "constitutionally protected right,'' a House panel voted Wednesday to allow — but not require — the state and businesses here to accept gold and silver coins as legal tender."
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[Marchas45]

I see more States adopting that stand but I believe they are a little bit late (Well Better Late Than Never). Lol Keep Stacking

 

[pgfhgs]

[FONT=Arial, Helvetica]"PHOENIX — Calling it a "constitutionally protected right,'' a House panel voted Wednesday to allow — but not require — the state and businesses here to accept gold and silver coins as legal tender."
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I wish Wisconsin would do the same, here they charge TAX on sales of silver and gold coins, TAX on an exchange of money really!!!!

 

[fistfulladirt]

I wish Wisconsin would do the same, here they charge TAX on sales of silver and gold coins, TAX on an exchange of money really!!!!

It's because they aren't considered money, but precious metals, or a commodity. That's why there is no melt ban on silver US coin, but there is on present-day coinage.

 

[jim4silver]

It's because they aren't considered money, but precious metals, or a commodity. That's why there is no melt ban on silver US coin, but there is on present-day coinage.

I thought the present day ban on melting was only on nickels and pennies, due to the fact that they contain commodities worth more than their face value (that was how it was when the ban was enacted a few years ago when people were melting nickels and pre 82 pennies). I am not aware of any ban on melting modern dimes, quarters, halves, presidential dollars, etc.

States that tax PM sales are just being greedy for tax dollars. Most who buy PM's treat them like an investment, yet we don't see state sales tax on stocks, ETF shares, futures contracts, annuities, bonds, etc.

I think if a state wants to stop taxing PM sales it could be done legislatively without any mention of "legal tender" status, etc. In fact, I know of at least one state that taxes any PM sales if the value exceeds 50% of face value, yet that same state does not tax privately minted bullion/rounds.

If I lived in a state that taxed PM's I would be buying online or from private individuals. No way would I buy silver if in addition to the already high premiums I had to add another 7 or so percent.

Just my opinion.

Jim

 

[jeff of pa]

I thought the present day ban on melting was only on nickels and pennies, due to the fact that they contain commodities worth more than their face value (that was how it was when the ban was enacted a few years ago when people were melting nickels and pre 82 pennies). I am not aware of any ban on melting modern dimes, quarters, halves, presidential dollars, etc.

States that tax PM sales are just being greedy for tax dollars. Most who buy PM's treat them like an investment, yet we don't see state sales tax on stocks, ETF shares, futures contracts, annuities, bonds, etc.

I think if a state wants to stop taxing PM sales it could be done legislatively without any mention of "legal tender" status, etc. In fact, I know of at least one state that taxes any PM sales if the value exceeds 50% of face value, yet that same state does not tax privately minted bullion/rounds.

If I lived in a state that taxed PM's I would be buying online or from private individuals. No way would I buy silver if in addition to the already high premiums I had to add another 7 or so percent.

Just my opinion.

Jim

the ban on melting pennies & Nickels is because

they are worth more melted and because they are still circulating on a large scale.

They are afraid Mass Melting will cause a Shortage .
at least that is their excuse

 

[Marchas45]

the ban on melting pennies & Nickels is because

they are worth more melted and because they are still circulating on a large scale.

They are afraid Mass Melting will cause a Shortage .
at least that is their excuse

IMO we will see pennies and nickels for a while yet as it cost more to make them than what their worth. Job Security you know. Lol Keep Stacking

 

[kayakpat]

that is one of the stupidest moves I heard yet, You can buy and sell metals in every state already, so what is the value? They don't have to accept it, can you imagine everybody carrying a kit to check the metal purity and a scale to weigh it, and a instant device to know the moment by moment changes in the metals price.. just to do daily business. Stupid

 

[jim4silver]

IMO we will see pennies and nickels for a while yet as it cost more to make them than what their worth. Job Security you know. Lol Keep Stacking

I am seeing lots of pre 82 pennies in my change over the past months. I wonder if hoarders of them are turning them loose since copper is down?

Jim

 

[jim4silver]

that is one of the stupidest moves I heard yet, You can buy and sell metals in every state already, so what is the value? They don't have to accept it, can you imagine everybody carrying a kit to check the metal purity and a scale to weigh it, and a instant device to know the moment by moment changes in the metals price.. just to do daily business. Stupid

The supposed reason for such "legal tender" laws is not so people can spend gold/silver coins as money when they go to the stores, etc. Instead, it is so that those states can no longer charge a sales tax when someone buys said gold/silver from their local coin store, etc. and in some states to prevent someone who sells gold/silver at a profit from having to pay state income tax on the capital gains.

In fact, the gov/laws, etc, cannot force anyone to accept anything with respect to money. The fact that our dollar is considered legal tender for all debts... means that if a contract does not specify what will be traded or paid for value, then dollars must be accepted. However if a store only accepted sea shells, you can't force them to take dollars.

Just my opinion.

Jim

 

[DDancer]

Sea shells, beads and blankets indeed. Hahh! There are a few places that will take metals in trade and if things ever tank on the dollar I expect there will be more. Deal is it takes a certain savy to trade silver quarters for more than a quarter or a 5 dollar gold for more than 5 dollars. To many people just don't understand. Getting taxed for that type of barter silly.

 

[Mad Machinist]

that is one of the stupidest moves I heard yet, You can buy and sell metals in every state already, so what is the value? They don't have to accept it, can you imagine everybody carrying a kit to check the metal purity and a scale to weigh it, and a instant device to know the moment by moment changes in the metals price.. just to do daily business. Stupid

Really no different than most stores now using "markers" to check for counterfit bills. You'll always have those who want to cheat the system. Punishing the many for the deeds of the few is what is stupid. Deal with the "cheaters" swiftly and harshly and the vast majority of it will disappear rather quickly.