Old Prospectors Rejoice: Gold and Silver may soon be useable currency again.

Worried over concerns of hyperinflation the Arizona Senate has begun to take steps to make gold and silver coins acceptable currency.

The U.S. Constitution does not allow for states to mint their own currency.  But, the law is cleverly crafted.   However, there is an exception, proponents argue, that would allow for states to recognize gold and silver coins minted by other countries or businesses.

Considering that each block of Phoenix has a “We Buy Gold” sign, the state might be ready for another gold rush.

And on February 27th, the Arizona Senate gave preliminary approval to the law.

Sen. Farley of Tucson provided a satirical amendment to the law that would allow cotton, citrus, copper, cows, and sunbeams to be allowed as legal tender in Arizona.  There is no word on whether the state seal itself would be allowed as legal tender.

If and, hopefully, when the law comes into effect, business owners that choose to accept gold and silver would need to hire professionals and have a means to accept the precious metals as currency.

Personally, I can’t wait for how sales tax will be calculated. I have my gold nuggets on it being a sales tax of three shavings.

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