Most people who amass the pure gold and silver coins produced by the United States Mint do so for collections or investments, not to buy Slurpees at 7-Eleven.
“You’d be a fool,” Tom Jurkowsky, a spokesman for the Mint, said of the Slurpee idea, “but you could do it.”
After all, while the one-ounce American Eagle coin produced by the Mint says “One Dollar,” it is actually worth more like $38 based on the current price of silver. (An ounce of gold is worth more than $1,500.)
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.
Mr. Jurkowsky said the new law “is of no real consequence,” and is purely symbolic, but supporters say it is more than political pocket change. They say that it is just a beginning, that one day soon Utah might mint its own coins, that retailers could have scales for weighing precious metals and that a state defense force could be formed to guard warehouses where the new money would be made and stored.
“This is an incremental step in the right direction,” said Lowell Nelson, the interim coordinator for the Campaign for Liberty in Utah, a libertarian group rooted in Ron Paul’s presidential campaign. “If the federal government isn’t going to do it, then we here in Utah ought to be able to establish a monetary system that would survive a crash if and when that happens.”
Utah has a strong conservative streak, but there are other reasons why it was first to pass such a law.
For many of its supporters, the new law represents an extension of the notion of preparedness that is nurtured by Utah’s powerful founding institution, the Church of Jesus Christ of Latter-day Saints. Many of the law’s supporters believe policies like stimulus spending, the bank bailout and national health care will soon bankrupt the government, sending inflation soaring. Owning gold and silver, they say, will help protect people.
“It’s kind of written into our theology that we’re supposed to be prepared for any eventuality,” said Mr. Nelson, who was involved in early meetings with state lawmakers about the law.
Wayne Scholle, the marketing director for Old Glory Mint, in Spanish Fork, Utah, showed off a commemorative silver coin the company made honoring the new law, one he said he hoped could be a model for a future state-minted coin. The front — or obverse — 二元期权 includes an image representing “the miracle of the gulls,” an important story in Mormon folklore in which seagulls are said to have suddenly appeared and eaten insects that were destroying the first crops Mormon settlers raised, a year after arriving in Utah in 1847.
“Their messaging is spot on with this,” Mr. Scholle said. “It’s preparedness. It’s protecting yourself.”
Old Glory is not the only company that hopes to benefit. Craig Franco, a coin dealer south of Salt Lake City, said he was finishing an arrangement with a bank to create a depository through which people will be able to spend their gold and silver indirectly, by using a Visa credit card that makes charges against the value of their holdings. Mr. Franco noted that state law, for now, left it to the private sector to figure out how conducting business with gold and silver should work.
“The regulation of the system?” Mr. Franco said. “There is no regulation of the system. We are working out the nuances of it.”
Mr. Franco is among several supporters who say the law’s most important feature may be that it eliminates state capital gains taxes on the sale of gold and silver, a move he thinks will prompt individuals and large scale investors outside the state to move their gold and silver to Utah. But federal capital gains taxes would still apply.
“I would hope the federal government would simply concede: ‘O.K., you’re right, it’s money, so we can’t tax it,’ ” said Larry Hilton, a lawyer and insurance broker who first took the idea to lawmakers. “But that may not happen.”
Article 1, Section 10 of the Constitution says no state shall coin money, though Mr. Hilton and some others argue that a phrase used later, saying no state shall “make anything but gold and silver coin a tender in payment of debts” can be read as a license for Utah’s new law and, perhaps, for a state’s right to mint its own coins.
A spokesman for the Mormon church would not comment on the Utah law, but said in a statement that the church’s teachings related to preparedness were “simply a matter of encouraging people to practice sound principles of provident living and to save for a rainy day.”
State Representative Brad Galvez, the freshman Republican who sponsored the bill at the request of party leadership, said he was “not trying to push back against the federal government” but simply to “create an alternative” to the dollar that lawmakers hoped might send a message to Washington about fiscal policy. He noted that the law does not require businesses to accept gold or silver, but only gives them a choice.
Much of the logic of the law is rooted in the belief that the dollar is at risk and that gold and silver, coined around the world for thousands of years, are enduring, stable investments. That, too, is in dispute.
“From an investment standpoint, I’ve always found that if something is heavily advertised on television, it’s not a good thing to do,” said Gary P. Brinson, a philanthropist who spent 40 years as an investment strategist. “Right now, it’s hard to find anywhere on television where you don’t see gold and silver being advertised.”
For all the excitement, so far, it is hard to find anyone who is using gold or silver to buy anything. But here in Farr West, about 40 miles north of Salt Lake City, there is at least some precedent for such transactions.
Decades ago, the rambling Smith and Edwards store, a kind of giant 7-Eleven from the Old West that sells everything from survival kits to sporting goods and copies of the Constitution, had a special sale, offering a very favorable rate if people made purchases with “junk silver” dollars and half dollars. In the 1980s, the store sold a man a $1,200 air compressor for a little less than 4 ounces of gold, recalled Bert Smith, one of the owners, who is now 91.
Mr. Smith said that he liked the new law, and that he was ready to accept silver and gold. But he does not expect to see much brought to his registers.
“I don’t suppose there’s going to be a big run on it,” Mr. Smith said, “because people are going to hang on to their gold and silver more than ever.”
propecia side effects post finasteride syndrome how to wean off lexapro ciprofloxacin hydrochloride ophthalmic finasteride vs dutasteride ciprofloxacin 500mg azithromycin 5 day dose pack cialis 20mg directions ciprofloxacin 250 mg cialis online cialis coupons 2017 acyclovir 800 mg how does lexapro work cialis side effects viagra substitute tamoxifen langzeitfolgen lexapro and weight gain cialis 20mg what is escitalopram acyclovir what is lexapro for what does ciprofloxacin 500mg treat generic cialis tadalafil viagra for sale uk online viagra levitra prezzo in farmacia what is cipro usually prescribed for cipro and tendonitis cost of viagra cialis pharmacy prices viagra tablets buy cialis lexapro bula buy levitra online viagra tablet levitra vs viagra finasteride efectos secundarios cialis dosage strengths what is acyclovir used for viagra tesco cialis for women cialis alternative generic for cialis sex viagra for women tamoxifen and weight gain finasteride reviews how does acyclovir work generic levitra ciprofloxacin nebenwirkungen cialis for sale what infections does ciprofloxacin treat cialis voucher cialis for men finasteride 5mg side effects mayo clinic levitra prices azithromycine 250 mg ciprofloxacin 250mg azithromycine eg 500 mg bijsluiter ciprofloxacin side effects azithromycin drug class viagra en ligne livraison 24h finasteride for hair loss is azithromycin penicillin ciprofloxacin eye drops viagra samples ciprofloxacin hcl 500 mg tab viagra 100 cialis 5mg cialis coupon print what is tamoxifen nolvadex cipro lexapro dosages what works better than viagra ciprofloxacin side effects in women viagra without a doctor prescription usa cipro drug class tamoxifen citrate ciprofloxacin for dogs viagra nebenwirkungen ciprofloxacin hcl 500 mg side effects cialis generic availability viagra single packs lexapro 10mg weaning off lexapro what is viagra cheap cialis withdrawal from lexapro viagra online viagra for women ciprofloxacin 500mg antibiotics lexapro zithromax 500 mg cialis generic tadalafil lexapro manufacturer website ciprofloxacin hydrochloride vardenafil 20mg ciprofloxacin 500mg tablets zithromax finasteride long term effects ciprofloxacin coverage cialis reviews acyclovir dosing viagra on line generic viagra zithromax dosage herbal viagra levitra 10 mg prezzo viagra price buy viagra azithromycin 500 erfahrungen cialis vs viagra cheap viagra levitra 20 mg viagra from canada zithromax z-pak buy viagra online azithromycin 250mg tablets 6 pack viagra for men how long for azithromycin to take effect generic cialis at walmart best price viagra lexapro 5mg acyclovir cream cialis savings card cialis patent expiration date extended viagra kaufen cialis patent expiration zovirax dosage generic for lexapro azithromycin pregnancy category discount cialis buy cialis online discount viagra viagra vs cialis vs levitra ciprofloxacin ophthalmic solution cialis 30 day trial coupon viagra wiki azithromycin without a doctor’s prescription viagra sans ordonnance levitra vs viagra viagra bestellen azithromycin eye drops levitra 20mg cost per pill what is acyclovir for cialis otc tamoxifen side effects in women over 55 acyclovir ointment finasteride dosage levitra rezeptfrei deutschland azithromycin pregnancy what is ciprofloxacin used for ciprofloxacin 500mg antibiotics side effects ciprofloxacin dosage is ciprofloxacin a penicillin cialis daily what is lexapro side effects lexapro 200 cialis coupon buy levitra what is azithromycin for lexapro 20mg finasteride and enlarged prostate escitalopram effets secondaires common side effects of ciprofloxacin 500 mg how does cialis work azithromycin medscape zovirax finasteride 5mg cheap levitra cialis discount cialis coupon 20 mg viagra vs cialis viagra 100mg side effects of lexapro in women cialis coupon acyclovir 400 mg cialis copay card cipro dangers free cialis what is finasteride generic cialis cilias pfizer viagra viagra without a doctor prescription lexapro generic name zovirax ointment side effects of ciprofloxacin 500 mg cost of cialis levitra erfahrungen zovirax cream tamoxifen and foods to avoid lexapro and weight gain in women generic levitra vardenafil 20mg cialis canadian pharmacy levitra vs viagra for hardness lowest cialis prices cipro for uti canada viagra 9 levitra at walmart price cialis zithromax antibiotic azithromycin side effects acyclovir 800mg cialis coupons propecia what is cipro viagra effects tamoxifen side effects in women cialis free trial azithromycin pediatric dosing cialis testimonials cialis without a doctor’s prescription finasteride tablets viagra 100 mg escitalopram cialis prices effects of stopping lexapro suddenly lexapro weight gain escitalopram 10 mg para que sirve cialis tadalafil free viagra cialis cyalis wholesale cialis azithromycin coverage how much does cialis cost finasteride for women viagra uk acyclovir for shingles cialis price escitalopram 10mg tamoxifen side effects canadian cialis ciprofloxacin hcl lexapro coupons utilisation viagra side effects of acyclovir side effects of tamoxifen tamoxifen therapy antibiotic ciprofloxacin finasteride 5mg tab liquid cialis what is finasteride used for acyclovir 400mg levitra 20 mg cost walmart lexapro side effects lexapro and wellbutrin combination therapy what is ciprofloxacin prescribed for viagra cialis ciprofloxacin 500 what bacteria does ciprofloxacin kill ciprofloxacin dose levitra generic cipro side effects in elderly acyclovir 800 mg 5 times a day ciprofloxacin class how to get off lexapro how long for lexapro to work azithromycin 500mg azithromycin 250 mg lexapro vs zoloft escitalopram side effects ciprofloxacin drug class cialis 30 day sample azithromycin 250 finasteride 5mg side effects lexapro side effects in men stopping lexapro wellbutrin and lexapro cialas azithromycin three times a week viagra pills lexapro side effects men ciprofloxacin side effects of lexapro 10 mg cealis viagra on line no prec azithromycin uses cialis 10 mg canada cialis ciprofloxacin 500 mg for urinary tract infection cialis from canada how to take cialis cialis pills lexapro reviews erectile dysfunction cialis viagra cost finasteride 5 mg tab what does azithromycin treat viagra natural sophia viagra azithromycin tablet cialis patent expiration 2017 is tamoxifen chemotherapy viagra for sale finasteride permanent side effects revatio vs viagra viagra generico cialis generic how does viagra work cialis pricing cialis for bph cialis on line finasteride azithromycin for pneumonia levitra coupons levitra without a doctor prescription ciprofloxacin bnf escitalopram oxalate viagra costs ciprofloxacin spc cialis coupons from manufacturer tamoxifen and bone pain viagra coupons lexapro benefits for women cialis samples overnight side effects of viagra azithromycin cost lexapro 10 mg viagra medicine viagra 100mg tablets retail price levitra 20 mg precio farmacia ciprofloxacin used for azithromycin for strep throat finasteride medication lexapro side effects in women cialis pills for sale viagra vs cialis vs levitra female viagra viagra prices women viagra levitra coupon lexapro withdrawal symptoms cialis effects tamoxifen viagra ohne rezept aus deutschland viagra vs cialis acyclovir vs valacyclovir azithromycin for uti levitra bayer 20mg meilleur prix azithromycin tablets what does viagra do cialis 5mg daily viagra pillen kruidvat cialis sample cipro antibiotic how long does viagra last acyclovir side effects viamedic cialis lexapro vs wellbutrin levitra online finasteride hair loss acyclovir 200mg lexapro para que sirve lexapro dosing buy generic viagra generic viagra 100mg lexapro withdrawal viagra pill cialis cost tamoxifen bijwerkingen when will cialis go generic viagra side effects what is cipro used for generic lexapro ciprofloxacin drops viagra dosage cialis for daily use cialis or viagra side effects of finasteride 5mg cialis dosage recommendations finasteride side effects in men finasteride results how to use viagra cipro antibiotics where to buy viagra order viagra cialis 20 mg first few days on lexapro finasteride 1mg side effects of azithromycin 250 mg cialis cheap lexapro dosage cipro side effects acyclovir medication cialis samples what is acyclovir ciprofloxacin dosierung cipro uses azithromycine what is ciprofloxacin vardenafil vs viagra side effects of lexapro escitalopram 20 mg zovirax for cold sores azithromycin 500 mg viagra sex acyclovir ointment 5 side effects of ciprofloxacin buying viagra cialis canada escitalopram nebenwirkungen side effects of azithromycin cialis vs viagra viagra activate lexapro overdose thuoc azithromycin cipro dosage acyclovir dosage for cold sores acyclovir dosage cialis 5 mg cialis trial ciprofloxacin uses azithromycin and alcohol buy generic levitra cialis dosage acyclovir 800 mg for shingles azithromycin dosage canadian viagra side effects of cialis viagra acyclovir dose viagra soft online cialis zovirax pills cialis coupons printable side effects of finasteride azithromycin 500 what is azithromycin used for how to wean off lexapro without withdrawals what is lexapro used for what does ciprofloxacin treat viagra generic levitra 20 mg von bayer ciprofloxacin 500 mg is lexapro a controlled substance levitra pfizer viagra coupons from pfizer lexapro medication viagra receptfritt ciprofloxacin 500 mg tabletten ciprofloxacin hcl 500 mg cialis professional viagra 50mg viagra alternative viagra wikipedia tamoxifen lawsuits what is tamoxifen used for escitalopram 10 mg azithromycin class azithromycin zoloft vs lexapro daily cialis levitra dosage levitra 20mg viagra alternatives viagra coupon tamoxifen nebenwirkungen lexapro vs celexa does lexapro cause weight gain azithromycin 250 mg treatment over the counter viagra acyclovir for cold sores viagra ohne rezept auf rechnung equipe argentine viagra finasteride 5 mg tamoxifen interaction what is cialis lexapro and weight loss tamoxifen cost is azithromycin natural viagra cialis medication what does finasteride do azithromycin z pak celexa vs lexapro finasteride side effects cialis website azithromycin liquid lexapro for anxiety azithromycin 250mg viagra canada effects of stopping finasteride lexapro generic azithromycin vs erythromycin cipro 500 finasteride effets secondaires what is azithromycin ciprofloxacin side effects after age 60