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Gold and Silver Legal Tender States 2024

Gold and Silver Legal Tender States 2024

Eleven U.S. states accept gold and silver coins as legal tender, and more states have either tried to reintroduce gold and silver as currency or are in the process.

The shift is rooted in Article 1, Section 10 of the U.S Constitution, stating that “No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts.”

What Is The Impact of Accepting Gold And Silver as Legal Tenders?

The state laws declaring the shift of gold and silver currency would eliminate capital gains taxes on sales of gold and silver in states that accept the two metals as legal tender.

Several states have by now passed bills eliminating these taxes. If all 50 U.S. states start using gold and silver in place of Federal Reserve notes, the Federal government would no longer be able to control the state’s money.

Gold and Silver Legal Tender States

Here’s a list of gold and silver legal tender states. The list includes the U.S. states that have already implemented the bill and those in the process.

Utah

Utah accepted gold and silver as currency on March 10, 2011, and became the first state after 80 years to make the coins legal tender. The act paved the way for other U.S. states to pursue similar legislation.

Louisiana

H.B. 682 was passed with vast support, making Louisiana the second U.S. state to exempt sales tax for gold and silver currency. The bill was later signed into law by Governor Bobby Jindal.

West Virginia

The West Virginia Legislature approved Senate Bill 502 by a unanimous vote. The bill suggested tax exemptions on investment in metal bullion and coin sales. Gov. Jim Justice signed the bill effective on July 1, 2019.

Arizona

Arizona vetoed two bills to declare legal tender status for gold and silver coins. S.B.1439 was vetoed in 2013, and in 2015 Governor Doug Ducey vetoed a similar bill. HB2014 bill reinforces the residents’ ability to use precious metals and diversify away from paper currency, paving the way for gold and silver as currency.

Kansas

The House Committee on Taxation in Kansas passed a bill declaring both the legal tender and tax-exempt status of US-minted coins in 2013.

Oklahoma

In Oklahoma, Governor Mary Fallin signed a law, Senate Bill 862, recognizing gold and silver US-minted coins as legal tender and exempt from taxation on June 4, 2014.

Texas

In March of 2017, SB2097 was introduced, calling for establishing legal tender status for gold and silver, including safeguards from seizure by the state authorities.

Indiana

Senate Bill 99 was introduced in Indiana, declaring US-minted gold and silver coins as legal tender and tax-exempt in 2013.

Missouri

Senate Bill 98, which suggests income tax deduction for capital gains from the exchange of gold and silver, is up for consideration in Missouri, though a similar act failed in 2013 and 2014.

South Carolina

The South Carolina House of Representatives passed a bill declaring gold and silver legal tender on April 11, 2013.

Tennessee

Tennessee's SB0350 calls for the sales tax exemption of gold and silver coins.

Wyoming

HB 103 was passed in 2018. This made gold and silver coins legal tender within the state.

Gold and Silver Legal Tender States 2024

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State
Legal Tender
Notes
AlabamaIllegal
AlaskaIllegal
ArizonaLegal
Two bills declaring legal tender status for gold and silver coins were vetoed despite having passed ...
ArkansasIllegal
CaliforniaIllegal
ColoradoIllegal
ConnecticutIllegal
DelawareIllegal
District of ColumbiaIllegal
FloridaIllegal
GeorgiaIllegal
HawaiiIllegal
IdahoIllegal
IllinoisIllegal
IndianaLegal
In 2013, Senate Bill 99 was introduced to declare US-minted gold and silver coins as legal tender an...
IowaIllegal
KansasLegal
In 2013, the House Committee on Taxation passed a bill declaring both the legal tender and tax-exemp...
KentuckyIllegal
LouisianaLegal
H.B. 682 was passed with overwhelming support, making Louisiana the second state to eliminate sales ...
MaineIllegal
MarylandIllegal
MassachusettsIllegal
MichiganIllegal
MinnesotaIllegal
MississippiIllegal
MissouriPending
Senate Bill 100, which calls for an income tax deduction for capital gains from the exchange of gold...
MontanaIllegal
NebraskaIllegal
NevadaIllegal
New HampshireIllegal
New JerseyIllegal
New MexicoIllegal
New YorkIllegal
North CarolinaIllegal
North DakotaIllegal
OhioIllegal
OklahomaLegal
On June 4, 2014, Governor Mary Fallin signed into law Senate Bill 862, recognizing gold and silver U...
OregonIllegal
PennsylvaniaIllegal
Rhode IslandIllegal
South CarolinaLegal
The South Carolina House of Representatives passed a bill declaring gold and silver legal tender on ...
South DakotaIllegal
TennesseeLegal
TexasLegal
In March of 2017, Sen. Bob Hall introduced SB2097, a bill aimed at establishing a legal tender statu...
UtahLegal
Utah became the first state declaring US-minted gold and silver coins as legal tender. The Utah Lega...
VermontIllegal
VirginiaIllegal
WashingtonIllegal
West VirginiaLegal
By a unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally i...
WisconsinIllegal
WyomingLegal
In 2013, the Wyoming Legal Tender Act was defeated in a 5-4 vote. It was defeated again in 2015. The...
showing: 51 rows

Gold and Silver Legal Tender States 2024

Sources