State Makes Gold & Silver Legal Tender

Arkansas Gov. Sarah Huckabee Sanders (R) signed legislation to make gold and silver legal tender in The Natural State.

The bill also removes taxes on gold and silver.

Arkansas Law Makes Gold and Silver Legal Tender in the State @schiffgold https://t.co/hmzhFuzudf

— Peter Schiff (@PeterSchiff) April 19, 2023

Arkansas Passes Legal Tender Act, Removes Taxes On Gold and Silver https://t.co/SPBbHKQ60K

— zerohedge (@zerohedge) April 19, 2023

Arkansas HB 1718, also known as “The Arkansas Legal Tender Act,” defines “Specie” as:

A. Coin having gold or silver content; or

B. Refined gold or silver bullion that is: 

i. Coined, stamped, or imprinted with its weight and purity; and

ii. Valued primarily based on its metal content and not its form.

The bill continues, “Specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes.”

It also states, “The exchange of one (1) type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability. (2) The purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.”

Headline USA reported:

Backed by the Sound Money Defense League, Money Metals Exchange, and sound-money advocates and supporters throughout the state, HB 1718 reaffirms gold and silver as legal tender, as well as ends all taxes on purchase, sale or exchange of specie, including state capital-gains taxes.

The Arkansas Legal Tender Act, introduced by state Rep. Robin Lundstrum and state Sen. Jonathan Dismang, passed overwhelmingly out of the House by a vote of 82–8, passed unanimously out of the Senate with a 32-0 vote, and ultimately received Gov. Sarah Huckabee Sanders’s signature on April 11.

As Good as Gold? Arkansas Allows Use of Gold, Silver As Legal Tender https://t.co/oQd1tfiPRW

— MRCTV (@mrctv) April 19, 2023

Schiff Gold added further details:

By allowing the court to designate additional specie to be used as legal tender, Arkansas could free its citizens from potential supply constraints imposed by the use of only United States-minted gold and silver coin. More importantly, the people of the state of Arkansas will be able to define what specie is considered constitutional tender, further distancing themselves from potential control of their competing currency by Washington D.C.

cont.

The law builds on a foundation set in 2021 when Arkansas repealed the sales tax on gold and silver.

Taxes on gold and silver raise investment costs. Repealing these taxes knocks down one barrier that might keep some investors from considering physical metal for their portfolios.

Also, with the advent of electronic payment services, it’s easier than ever to use precious metals in everyday transactions. Companies like GoldMoney facilitate this. But taxes on precious metal bullion erect barriers to using gold and silver as money by raising transaction costs. Tax repeals take a small step toward undermining the Federal Reserve’s monopoly on money by eliminating one hurdle to using gold and silver in everyday transactions.

In effect, states that collect taxes on purchases of precious metals act as if gold and silver aren’t money at all.

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35-cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what a sales tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, states treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

Read Arkansas HB 1718 (The Arkansas Legal Tender Act) below:

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