Arizona Becomes Second State to Approve Gold and Silver as Legal Tender

Last Monday Arizona lawmakers passed a bill that makes precious metals legal tender. Arizona is the second state after Utah to allow gold coins created by the Fed and private mints to be used as currency. More than a dozen states have legislature underway to pass similar measures.

The bill comes hot off the heels of one of the largest drops in the price of gold. The metal fell 9% yesterday -- its biggest one-day drop in 30 years. Gold’s volatility may make it hard to go to a grocery store and pay for milk and eggs with bullion coins.
Related: Gold Tumbles Again: Is the Era of Gold Over?

“Yeah, I know gold is down right now,” Arizona State Senator Chester Crandell and sponsor of Senate bill 1439, tells The Daily Ticker. “People are still buying gold and using it as a commodity and I think they want to use it as actual legal tender instead of the dollar."
Senator Crandell says that the differences between gold as a commodity and gold as legal tender are pronounced. Read more >>