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Thu Feb 21, 2013, 10:22 AM

Arizona committee backs privately minted gold, silver coins

Source: Arizona Daily Sun

Arizonans who fear the federal government will make their folding money worthless may soon be able to substitute privately minted gold and silver coins.

The Senate Finance Committee on Wednesday took the first steps to making such coins legal tender in Arizona. SB1439 would give them the same legal status as bills and coins authorized by Congress.

Nothing in the proposal by Sen. Chester Crandell, R-Heber, would force anyone to actually accept these coins as payment for any debt. Their use would be voluntary.

But proponents said it's only a matter of time before the country suffers hyperinflation, making the greenback worthless.

... But Sen. Steve Farley, D-Tucson, questioned whether something else was at play. He said a similar Utah law adopted in 2011 was pushed by Old Glory Mint, a company that makes these gold and silver coins.

Read more: http://azdailysun.com/news/local/state-and-regional/gold-silver-coins-acceptable-forms-of-payment/article_b76732d4-6968-5d09-809c-b2b1b2eb5e83.html

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