Gold and Silver Approved as Legal Tender by Arizona Senateselfnews Post The Arizona Senate voted Thursday to approve SB 1439 which allows businesses and the state government to accept payments in gold or silver. The Legal Tender bill specifies thatlegal tender in Arizona consists of all of the following: Currently all debts and taxes in Arizona and the rest of the United States are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress, or with coins issued by the U.S. Treasury very few of which have gold or silver in them. The law also exempts taxing the exchange of gold and silver into any other currency, and states that gold and silver as legal tender would not be subject to tax or regulation as property other than money. S.B. 1439 is legislation modeled after Utahs which was the first to pass and be signed into law. Several other states have introduced similar measures motivated by the dollar instability caused by the Federal Reserves recent monetary policies. Gold and silver have historically held their value compared to unstable dollars. The value of the U.S. dollar has plummeted 98% against gold in the last 100 years since the Federal Reserve took over as the U.S. central bank in 1913. As the Federal Reserve continues debase the currency through persistent quantitative easing, many more states may be looking to cushion themselves against further declines by legalizing competing currencies like gold and silver in the near future. Arizonas S.B. 1439 must still pass in the State House and be signed by Governor Jan Brewer before becoming law. Read other articles by selfnews Post Here 