What will Utahs Gold and Silver law do to CRH?

[mleblanc138]

What will Utah's Gold and Silver law do to CRH?

A bill turning Gold and Silver into legal tender for metal value has passed the Utah statehouse, and now only requires the Governor's signature to be written into law. I'm wondering what this will do to CRH. Will banks sell Silver dimes at $2.50 each for instance? Would it actually be viable to CRH out of state then spend it all for melt value in Utah?

And more importantly, Utah is not the only state that might do this. From west to east, Washington, Montana, Colorado, Oklahoma, Iowa, Missouri, Tennessee, Indiana, Georgia, South Carolina, Virginia, and New Hampshire are all considering similar legislation. And once one state actually signs it into law, many others will probably follow.

 

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[SFBayArea]

Re: What will Utah's Gold and Silver law do to CRH?

The law doesn't make sense to me.. how is some grocery store going to take your silver? The comex changes everyday, every minute, how are they going to account for the latest fluctuations in the market? They'll have to force their employees to understand coins too? Yes, this is bad because it raises awareness that will hurt this hobby.

Those elected officials in Utah aren't too bright. But then again, they're politicians not experts or rocket scientists. I just think that people with expertise in economics or science should run for office rather than some backwoods simple minded loud talkers.

 

[Agro]

Re: What will Utah's Gold and Silver law do to CRH?

as awareness increases, CRHing transforms from being a niche hobby into a smart thing that 'everyone' should do.

 

[ArkieBassMan]

Re: What will Utah's Gold and Silver law do to CRH?

The law doesn't make sense to me.. how is some grocery store going to take your silver? The comex changes everyday, every minute, how are they going to account for the latest fluctuations in the market? They'll have to force their employees to understand coins too? Yes, this is bad because it raises awareness that will hurt this hobby.

Those elected officials in Utah aren't too bright.

There are already stores accepting gold and silver as payment. I don't have the link, but I saw a video on youtube. Shouldn't be hard to find.

 

[quiksilver]

Re: What will Utah's Gold and Silver law do to CRH?

The same thing this forum does , increase the competition.

 

[mleblanc138]

Re: What will Utah's Gold and Silver law do to CRH?

If all it does is increase competition, then great. I'm willing to bet many give up after a few skunk boxes leaving only the truely dilligent ones similar to now. Unfortunately, it could quite possibly eliminate "lucky teller trays" as now the banks would probably sell for the legal tender metal value. Hopefully as more get spent though, more get wrapped in rolls, turning Utah into a CRH mecca. But then, if the coins have different legal tender values, they would probably get rolled up as seperate "silver" rolls, killing the dream of scoring a solid silver roll for "face value."

 

[SFBayArea]

Re: What will Utah's Gold and Silver law do to CRH?

THis certainly is bad news for you.. and perhaps it will trickle down to the rest of us.

I'm guessing if it passes, they're going to cull the silver at sorting facilities just like in Canada. The only thing is public awareness. Does the public know about that law? Does the local paper or news channel talk about it? Is the governor actually going to sign it? It's just not cost effective to me. It also costs banks and merchants a bunch of money to convert to this new setup. Plus you hardly find silver out circulating anyhow. This law just doesn't make sense to me. You'd better do as much CRHing now before this thing passes.

 

[thrillathahunt]

Re: What will Utah's Gold and Silver law do to CRH?

If this law passes and silver and gold are "taken" at melt value...what about copper cents? Can we get 2.7 cents in trade for our copper pennies??