The state of Arizona is considering making U.S. gold & silver coins legal tender, which would allow individuals to use the coins as currency for their fair market value. This would also allow individuals to avoid paying taxes on the purchase or sale of gold and silver coins, as they would be considered legal tender or currency as opposed to a collectible or standard bullion.
The only state in the nation that currently accepts U.S. gold and silver coins as legal tender is Utah. A similar bill was rejected in South Dakota earlier this year, and while Virginia and Indiana have considered similar bills, but both have appeared to stall.
Hard money advocates are excited about the possibility of U.S. gold and silver bullion becoming legal tender, and are hopeful that we’ll continue to see similar legislation proposed throughout the rest of the United States.
For those individuals that are interested, additional details on Arizona’s proposed bill can be found here.