The Revolution is Happening in Utah
April 15th, 2012
"Silver circles" being produced at the Old Glory Mint in Utah. Credit: Djamila Grossman for The New York Times
This is old news, but it’s worth repeating for those of you who don’t know it.
The truth is, the revolution has already started– in Utah:
FARR WEST, Utah — 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.
Who’s moving there with me?
And don’t forget to visit our official website to learn more about the Silver Circle Movie:http://SilverCircleMovie.com
