Thread: Gold as Currency?

Interesting question.

Does Utah have the legal authority to coin it's own money?

Article 1, Section 8 of the U.S. Constitution seems to leave that power soley to the federal government, and specifically to CONGRESS, not the executive branch, either.

Section 8 - Powers of Congress

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Seems to me that if Utah decided to create it's own gold currency (watch out- Glenn Beck will be pitching that idea soon!) that they could run into a Constitutional issue.

I don't think it is that straight forward:
http://www.theconservativeshepherd.c...rican-currency
http://www.truthistreason.net/virgin...serve-meltdown

I also read another article earlier this year (but I can't find it) that there are a growing number of local stores that are PREFERING currencies other than the USD (like, along the Canadian border).

Those dang right-wing Mormons... always trying to start trouble...

Originally Posted by James48843

Interesting question.

Does Utah have the legal authority to coin it's own money?

It says they plan to use coins issued by the federal gov't. Is that the same as coining their own? Sorry if that is a dumb question. It could be a matter of symantics, I just wasn't sure of the distinction between coining your own and using fed gold coins.

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state.

That is true in this case, but there are parts of this country that are either using their own currency, foreign currency, or falling back on the good 'ole barter system.

http://en.wikipedia.org/wiki/List_of..._United_States

Originally Posted by tsptalk

It says they plan to use coins issued by the federal gov't. Is that the same as coining their own? Sorry if that is a dumb question. It could be a matter of symantics, I just wasn't sure of the distinction between coining your own and using fed gold coins.

That might be tough to do. According to the U.S. Mint's website, they aren't making American Eagle gold coins and fractional value gold coins anymore.

http://catalog.usmint.gov/webapp/wcs...category=10191

American Eagle Gold Uncirculated Coins

Production of United States Mint American Eagle Gold Uncirculated Coins continues to be temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Until recently, all available gold bullion blanks were being allocated to the American Eagle Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .”

Although the demand for precious metal coins remains high, lower demand for bullion orders in August and September allowed the United States Mint to meet public demand and shift some capacity to produce numismatic 2010 American Eagle Gold Proof Coins.

However, due to the continued, sustained demand for American Eagle Gold Bullion Coins, 2010-dated American Eagle One Ounce Gold Uncirculated coins will not be produced. American Eagle Uncirculated Fractional Coins were discontinued after the 2008 program year.

http://www.usmint.gov/mint_programs/...merican_eagles

Without any new production coins being made, you'd be limited to those already out there, which certainly would up the value of them, I would think.

I think this undermines the rest of us. Screw Utah.

I doubt there is enough gold to cover our 14 TRILLION Deficit.

The total value of all gold ever mined would exceed US$5.3 trillion at that valuation.

http://en.wikipedia.org/wiki/Gold_reserve

they are proposing to use U.S. coinage right? legal tender if i'm not mistaken?

i'll just take my pay in a $20 gold eagle then thanks, and pay taxes on the $20 of legal tender i just recieved? man that gonna do great things for my tax returns then, puts me in one of the free categories where i get money back.

i'll convert portions of remainder to local currency when i feel a need to scratch that ole consumer itch.

plus i'll probably get to meet wesley snipes.

How big would a 5 cent gold coin be?

Originally Posted by nnuut

How big would a 5 cent gold coin be?

big enough.

The origianal $50 gold coin was a ounce coin and a troy oz. is 31.1 grams.

LOL, a $50 dollar gold piece by todays standard will weigh 1 gram and be about the size of a finger nail. I know because I have some.

Gold could be a monetary standard again but the ugly sister SILVER is what has the greatest potently because the common man can not afford gold any more.

One estimate put the total gold mined in the world at 5.3 billion troy ounces with 1 billion troy ounces of world wide unmined reserves.

5.3 billion troy oz. X $1433=$7,594,900,000,000 or $7.6 trillion of gold in the world. That will not cover our debt, good one Nnuut.

Total U.S. Dollar money supply is estimated to be $8.3 trillion in 2009 and that does not count the currency of the rest of the world or outstanding debt.

So if we go to a One World Order with a one currency gold standard what will the price of gold and silver be? LOL

By the way there is 5 times more gold than silver in the world. Silver is more abundant in the earth but there is less of it that has been mined.

Check out this article.
http://seekingalpha.com/article/2068...-to-buy-silver