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Author Topic: Arizona lawmakers pass bill making silver, gold legal tender  (Read 953 times)
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« on: May 03, 2013, 06:56:55 AM »

In other Global Currency Trends ...  Cheesy

Arizona lawmakers pass bill making silver, gold legal tender
By David Schwartz | Reuters Tue, Apr 30, 2013




PHOENIX (Reuters) - The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.
The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

If signed into law, Arizona would become the second state in the nation to establish these precious metals as legal tender. Utah approved such legislation in 2011.

More than a dozen states have considered similar legislation in recent years, according to the National Conference of State Legislatures.
The use of gold and silver as currency would be strictly voluntary, with businesses left free to accept the precious metals as payment for goods and services as they choose.

State Senator Chester Crandell, a Republican and sponsor of the bill, said the ability to use gold and silver in everyday life in the state is still a "work in progress" and that more legislation was needed before it could be viable.
"This is the first step in getting it into the statute so we can build on it," Crandell said at an earlier hearing on the bill.

But Democratic state Senator Steve Farley said the bill could create massive problems for businesses in the state and government officials trying to administer what would in effect be a dual monetary system.

"There's no reason for us to do this," Farley told lawmakers during the final vote on Tuesday. "This is another one of those things that gets national press for us - and not in a good way."

He also pointed to the recent decline in the value of gold - which sank to $1,321.35 per ounce on April 16, its lowest price in more than two years - noting that "anybody who thinks gold or silver is a really safe place to put your money had better think again."

The push to establish gold and silver as currency has become increasingly popular in the United States in recent years among some hardline fiscal conservatives, with the backing of groups including the Tea Party movement, American Principles Project and the Gold Standard Institute.

Keith Weiner, president of the Gold Standard Institute advocacy group and a supporter of the bill, said the legislation was needed to counter what he sees as insolvency in the global monetary system.

"The dollar system and all of the other derivative currencies, including the euro, are a recipe for worldwide bankruptcy," Weiner told lawmakers at an earlier hearing, adding that a "sound and honest money system such as gold and silver" was needed to bring stability.

(Editing by Tim Gaynor, Edith Honan and Eric Beech)

http://news.yahoo.com/arizona-lawmakers-pass-bill-making-silver-gold-legal-011925729.html
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« Reply #1 on: May 03, 2013, 04:37:05 PM »

Beware of Counterfeit American Eagles

In the wake of Utah passing laws making gold & silver legal tender, many other states pushing for such laws, and now Arizona, becareful that those of you who collect American eagles do not inadvertently buy counterfeit.

My friend Ellis just finished interviewing David Morgan the Silver Guru about the counterfeit American Eagles.

<a href="http://www.youtube.com/watch?v=agjXxAtC5O4" target="_blank">http://www.youtube.com/watch?v=agjXxAtC5O4</a>
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« Reply #2 on: May 06, 2013, 03:45:25 AM »

In other Global Currency Trends ...  Cheesy

Arizona lawmakers pass bill making silver, gold legal tender
By David Schwartz | Reuters Tue, Apr 30, 2013




PHOENIX (Reuters) - The Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.

The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.
The bill calls for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government....

http://news.yahoo.com/arizona-lawmakers-pass-bill-making-silver-gold-legal-011925729.html


Brewer vetoes bill making gold legal tender
Arizona Gov. Brewer vetoes bill that would make gold legal tender


By Cristina Silva, Associated Press | Associated Press Thu, May 2, 2013

PHOENIX (AP) --
Republican Gov. Jan Brewer vetoed a bill late Thursday that would have made Arizona the second state in the nation to recognize gold and silver as legal tender.

Brewer said she shared concerns with the measure's proponents about a declining dollar, but she said the proposal was sloppily put together and did not address basic issues such as how transactions using precious metals would be taxed.

"While I believe the concern over a devalued dollar as a result of an unsustainable federal deficit is justified, I am unable to support this legislation," she wrote in a letter to Senate President Andy Biggs. "I believe the provisions in this legislation need to be more carefully examined and there should be prior coordination with those government agencies tasked with the oversight of these transactions."

State officials had previously raised issues with the bill. It passed in the GOP-led House only after an amendment was added to exempt the Department of Revenue from having to accept precious metals as tax payments.

Brewer said it was unclear whether the state would have to exempt income tax related to a transaction involving precious metals under Senate Bill 1439. She said it could give businesses that buy and sell collectable coins an unfair tax advantage.

The bill would not have gone into effect until 2014. Republican Sen. Chester Crandell, the measure's sponsor, said he included the delay to give lawmakers time to craft and debate other bills next year that would implement the legislation.
Proponents said the measure would allow people to invest in gold and silver and not worry about the rise and fall of the dollar.

But critics blasted the effort as a far-right proposal that would only create confusion and chaos at the cash register as consumers and store clerks examined and weighed the precious metals. The bill would have let people use gold and silver as money as long as businesses agreed to take them.

"There's no reason for us to do this," Democratic Sen. Steve Farley told lawmakers during debate. "This is another one of those things that gets national press for us and not in a good way."

Utah became the first state to allow gold or silver payments in 2011. Lawmakers in Minnesota, North Carolina, Idaho, South Carolina, Colorado and other states have debated copycat laws in recent years. The Maine Senate and House recently rejected a similar measure.

Gold-backed money fell out of favor during World War I because the U.S. and many other countries needed to print more cash to pay for the war. President Richard Nixon formally abandoned the gold standard in 1971.

http://news.yahoo.com/brewer-vetoes-bill-making-gold-015113547.html



I'm beginning to see why friends of mine who live in Arizona, refer to her as Governor Brainfart.  Grin
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« Reply #3 on: May 06, 2013, 04:03:04 AM »

Beware of Counterfeit American Eagles

In the wake of Utah passing laws making gold & silver legal tender, many other states pushing for such laws, and now Arizona, becareful that those of you who collect American eagles do not inadvertently buy counterfeit.

My friend Ellis just finished interviewing David Morgan the Silver Guru about the counterfeit American Eagles.

<a href="http://www.youtube.com/watch?v=agjXxAtC5O4" target="_blank">http://www.youtube.com/watch?v=agjXxAtC5O4</a>


CBC News in Canada reports an explosion in fake U.S. silver eagle coins being discovered in Hamilton, Ontario:

http://www.cbc.ca/hamilton/news/story/2013/04/25/hamilton-fake-silver-coin.html


Fake U.S Silver Eagle coins soaring through Hamilton, police say
Hamilton Police say they've gathered over 500 fake U.S Silver Eagle coins sold across the city over the past few months.
CBC News Posted: Apr 25, 2013 3:18 PM ET


<a href="http://www.youtube.com/watch?v=ljL-AKCeYPU" target="_blank">http://www.youtube.com/watch?v=ljL-AKCeYPU</a>

Hamilton coin collectors and pawn shops are getting duped.

Police are warning that fake U.S silver eagle dollar coins have been circulating in the city and have been sold to various establishments over the past few months.

"You wouldn't be able to tell the difference (with) the naked eye. The coins are actually very high quality fakes," Const. Mike La Combe said in a Hamilton Police YouTube video. "They are silver and nickel-plated, which gives them the look of an actual silver dollar. However, when you cut them open, you can clearly see on the inside, they are brass filled."

The video shows some of the roughly 500 fakes that have been confiscated so far.

"They are worth practically nothing, just a couple cents each," La Combe explained.

LaCombe is a pawn unit investigator and says the coins are being bought online, then sold at "golden" times for the seller when shops are busy or with little staff. During the rush, employees may not have the time to do all the proper authenticity checks, giving criminals the chance to sell fast without getting caught.

"Only buy them from reputable dealers, a place that is established, an expert who works there who knows the difference between real and fake. Don't buy them off the internet. and don't buy them from people from the public who aren't considered experts because more than likely you're going to get a fake," added Le Combe.

Hamilton Police: real vs. fake
  • Real coins should all weigh the same, fake coins have varying weights.
  • Liberty female's head is different on a fake coin compared to that of an authentic coin.
  • Stars on the reverse of the coins above the eagle and shield are further spaced apart on a fake, in contrast to a real coin.
  • Lettering on the fake coin is thinner and less-defined than the real coin
  • "Scratch" test-filling a part of the coin away to reveal the interior alloy of the coin will often expose the brass on the inside, confirming it is fake
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