Saturday, September 3, 2011
The U.S. makes several coins in gold and silver which are technically legal tender. However, as the coins are worth substantially more than their face value, they are not used. Utah recently passed a law designed to change this. It permits businesses to accept these coins based upon market value, as opposed to face value.
Apparently, the law was enacted as a result of some tea party backers who advocate a return to the gold standard. In any event, good luck trying to find someone who will accept the market value of a coin. Good luck also agreeing on market value.
A New York Times article about this is available here.
Mitchell H. Rubinstein