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  #1  
Old 03-06-2010, 07:30 PM
silver_miner silver_miner is offline
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Default Idaho may start minting state's own silver currency

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Idaho could soon begin minting its own silver currency.

Silver medallions, proposed by state Rep. Phil Hart, are being pushed as a way to jump-start Idaho's economy and could be used instead of U.S. dollars to pay state taxes.

"There's a lot of interest in the state of Idaho right now for this kind of thing," Hart, R-Athol, told the House State Affairs Committee on Thursday.

The committee agreed unanimously to introduce the bill, which also would create income- and property-tax incentives for anyone setting up a
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Old 03-07-2010, 01:40 AM
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charliedontsurf charliedontsurf is offline
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Be interesting to see how that pans out. If it does, perhaps the idea might spill over to Washington next door.

If it did, what would the feds think? or are they not allowed to think anything?
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Old 03-07-2010, 02:06 AM
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Wow, I know Idaho is a mining state but this is huge. Isn't this like the second state to propose this? Interesting times indeed!
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Old 03-07-2010, 03:45 AM
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Originally Posted by Bring the Gold View Post
Wow, I know Idaho is a mining state but this is huge. Isn't this like the second state to propose this? Interesting times indeed!
so they gonna havce a face value? 1 idaho dollar? or a statement of how many oz is in hteir content? then trade it on a spot price?

wowo nice work , buy a few coin at beginning of month and silver goes up and you pay less rates at end of month?

i cant see it workingif it has a fixed rate of exchange say a 20$ coin as soon as the spot prices of silver goes over $20 they will all disappear.

nice idea id be interested to buy some for my collection tho. i dont have any silver coins
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Old 03-07-2010, 04:49 AM
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i cant see it workingif it has a fixed rate of exchange say a 20$ coin as soon as the spot prices of silver goes over $20 they will all disappear.
And Gresham's law lives on...
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Old 03-07-2010, 12:57 PM
Stretch3479 Stretch3479 is offline
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I doubt the Feds would care about a state (or anyone else) minting silver medallions, but the Supreme Court would eventually get to examine it in view of Article 1 Section 10 of the US Constitution if the state does allow use of such medallions as currency for any purpose in their state.
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Old 03-07-2010, 07:46 PM
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And Gresham's law lives on...
I think it's an immutable law in fact. Note the Chinese stopping buying treasuries and buying gold/oil/mining & drilling rights etc.
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Old 03-07-2010, 08:19 PM
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Zapp Brannigan Zapp Brannigan is offline
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And Gresham's law lives on...
Exactly!
There is no point putting any dollar value on a silver or gold coin, just let the market determine the price and make sure the weight and purity of the coin is precise.
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Old 03-08-2010, 12:57 AM
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they can make a currency as long has it has more value than the federal currency. seems 1 gram of silver would be worth more than a piece of paper.
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