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| Utah Law Makes Coins Worth Their Weight in Gold (or Silver) Posted by Sam Erica on 5/30, 7:30am | ||
| Now, however, Utah has passed a law intended to encourage residents to use gold or silver coins made by the Mint as cash, but with their value based on the weight of the precious metals in them, not the face value - if, that is, they can find a merchant willing to accept the coins on that basis. The legislation, called the Legal Tender Act of 2011, was inspired in part by Tea Party supporters, some of whom believe that the dollar should be backed by gold or silver and that Obama administration policies could cause a currency collapse. The law is the first of its kind in the United States. Several other states, including Minnesota, Idaho and Georgia, have considered similar laws. | ||
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