Utah man wants to pay taxes with silver

[jeff of pa]

A Utah man who wants to pay his taxes with silver coins has been rebuffed by state and county officials who claim it's impractical to accept the precious metals despite a state law making them legal tender.

Earlier this year, Utah became the first state in the country to legalize gold and silver coins as currency. But because the law doesn't require businesses to accept the metals, most government agencies and private merchants have not embraced the alternative method.

Orem resident Carlton Bowen told The Salt Lake Tribune (http://bit.ly/vUIqQL) he learned that the hard way when Utah County wouldn't let him cover his property tax with silver. The state has also told him they will not accept silver.



Read more at the Washington Examiner: http://washingtonexaminer.com/news/2011/12/utah-man-wants-pay-taxes-silver/1971656#ixzz1fhTTae6O

 

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[sniffer]

it's not up to the state to accept it or not. the federal government has already determined that all US currency can be used for payment of all debts, public and private.
Utah is still a part of the US, isn't it?

 

[jim4silver]

it's not up to the state to accept it or not. the federal government has already determined that all US currency can be used for payment of all debts, public and private.
Utah is still a part of the US, isn't it?

Yes you are correct, if a person wants to spend their junk silver at face value. I have not read the story the OP mentioned, but I imagine the person wanted to pay his taxes and receive the melt value of silver the coins contained, not face value.

I would rather pay my bills with paper money and keep the silver stashed. Otherwise, you will have to go out and buy more silver to replenish your stash, that means paying premiums on that new silver.

Jim

 

[jeff of pa]

You are correct Jim.

you can go in any store or Gov. Office & Pay
with Silver Coins, as long as you don't try using
alot of them. Of course same goes for Clad.
of course in the case of silver some tellers
may think they are fake or Foreign.

This guy wanted the Tax office to be set up
to weigh & give him Melt value.

Problem I see it would be Gambling By the city Government
by accepting silver one day at 32 Dollars an OZ
& not Knowing what it will be the Next.

 

[sniffer]

if he wanted melt value, he should have gone to a silver buyer and take his chances like the rest of us

 

[mleblanc138]

Speaking as someone who lives in the same town as this man, universal acceptance of Gold and Silver at all businesses and for all debts in Utah would be totally impractical for now. I can only imagine the fun I would have if I walked into a fast food restaurant, and tried to pay with one of my 40% Halves.

They would try to take it for 50 cents, while I explain the Utah Legal Tender Act and then cite coinflation.com as I say that this coin has 0.1479 ounces of Silver in it and according to the Utah Legal Tender Act is worth $4.83 in legal tender, given Silver's current price of $32.66 an ounce. The teenager working the register would most likely have no idea what I'm talking about, and neither would most adults for that matter. I can picture myself being laughed out of the establishment.

And can you imagine how much more confusion there would be if I tried paying with my 2 80% Silver Canadian Dimes instead. How about my 50% Silver Canadian Quarter with a hole punched in it? Businesses would have to get scales, know the precise Silver/Gold content of anything their customers use to pay with, the precise spot price of Gold/Silver, which fluctuates by the minute, as well as train ALL of their employees about all of the above.

 

[jeff of pa]

Yes I think the Law was only there to give buisnesses
the Legal right to accept Silver & Gold IF they want to.

Probably something to do with Paying Taxes
at the end of the year & Prevent someone who takes Gold
& Silver in exchange, From only counting
Silver & Coin Face Value when Doing their Taxes.

Example someone who too in
$20,000 saying "I only took in $3000 Last Year"