Missouri Lawmakers Make Gold and Silver Legal Tender

 

Missouri Approves Gold and Silver as Legal Tender

(Bullion News Network) – In a surprising development, lawmakers in Missouri passed legislation this week that intends to make gold and silver legal tender in the state. The new law is one of several amendments to a finance bill that passed both the Senate and House of Representatives of Missouri. According to the amendment, government entities will be required to accept physical gold and silver and “electronic specie” representing equivalent values in gold or silver as payment for debts. Additionally, the law makes gold and silver legal tender within the state, paving the way for Missourians to use precious metals at private establishments.

The new regulation does not require private businesses to accept gold and silver as payment, but it does allow employees to request payment from employers in the form of gold and silver. Additionally, the amendment prohibits the government from seizing precious metals from citizens. Republican Bill Hardwick sponsored the amendment, telling reporters at the Kansas City Star:

The goal is about restoring economic and political freedom back to everyday Missourians.

While the move is likely to garner support from supporters of gold-backed currencies, some state representatives are raising questions about the new law’s implementation. Democratic leaders in the Missouri House of Representatives allege that the bill lacks clarity, particularly when it comes to guidance for businesses who plan to accept precious metals as currency. One question that remains following the bill’s question in how businesses will be expected to handle giving change. 

The amendment also legalizes the use of “electronic specie,” a term which refers to electronically stored gold and silver, as legal tender within the state. If the bill is signed into law by Missouri Governor Mike Kehoe, Missouri will become the 12th state to codify gold and silver as legal tender. The first state to pass legislation to make gold and silver legal tender was Utah, which passed the Utah Legal Tender Act in 2011.

The legislation will now head to Missouri Republican Governor Mike Kehoe for final approval. 

This page will be updated when new information surfaces.