Confidence in the U.S. dollar is so low that 13 states are poised to recognize gold and silver coins as legal tender.
Arizona is the latest state set to make the move.
Monday, the Republican sponsored Arizona measure sailed through the House of Representatives 36-2. The bill moves on for another vote in the Senate, where it got its first nod Feb. 28 in a 17-11 vote.
Should it land on Gov. Jan Brewer’s desk, it’s good as gold.
Sen. Chester Crandall (R-AZ), the bill’s sponsor, says the move “is the logical thing for the state of Arizona to do.”
The bill doesn’t mean residents will pay for groceries and utilities with the coins. It’s more of a backup plan that provides “a lifeboat for Arizona so that we can construct Plan B” when paper currency is no longer widely accepted.
Utah led the way in 2011 when it sanctioned bullion as currency with the Legal Tender Act.
States considering similar bills include Colorado, Kansas, Idaho, Indiana, Missouri, Montana, New Hampshire, South Carolina and Virginia. …