Our office will be closed Friday, February 9th. We will reopen on Monday, February 12th. All emails and voicemails will be responded to early next week.

 By Appointment Only

Five Down, Forty Five to Go: Another State Makes Gold & Silver Legal Tender

Share this info!

Gold and Silver
Gold & Silver Coins

Hard money advocates in Oklahoma have reason to celebrate, as the state legislature passed gold and silver legal tender laws this week, which will go into effect on November 1st.  Oklahoma becomes the fifth state to join the fray since Utah first passed a law in 2011 making gold and silver legal tender.

While the law states that no one can be compelled to accept gold and silver coins as legal tender, except if under written contract, this is a step in the right direction for advocates in support of the elimination of legal tender laws.  In addition to Oklahoma and Utah, Texas, Arizona and Louisiana have all passed gold and silver legal tender laws over the past year.

This helps to put gold and silver on a level playing field with other investments, which only requires that taxes be paid on any profits realized from the transaction.  Of course, at one point in time, gold and silver coins circulated as money, and it wasn’t until FDR’s gold confiscation act of 1933 and the debasement of silver from our coinage in 1965 when we began using fiat currency.  President Nixon subsequently severed all ties to a gold standard in 1971, when he effectively put an end to the Bretton Woods agreement.

Tony Davis
Tony Davis
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Tony frequently writes on various economic and numismatic related topics affecting the coin and bullion markets and has been published on some of the industry’s leading websites, including Coin Week, the American Numismatic Association, Coin Collector, Coinflation, and Coin Auctions Help, just to name a few. Visit Atlanta Gold & Coin’s website at atlantagoldandcoin.com to obtain additional information on the products, services and educational resources offered by his company. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744

Share this info!