Legalize Precious Metals as Currency

This legislation was drafted to allow for Gold and Silver to be considered legal tender in the State of Arizona.

Unlike FIAT currency, gold and silver increases in value. As a legal tender, it has more value and this is more stable for those accepting it as payment. This law can be re-drafted and created for any others state in the nation.

  • SB 1439
  • – 1 –
  • 1 Be it enacted by the Legislature of the State of Arizona:
  • 2 Section 1. Title 1, Arizona Revised Statutes, is amended by adding
  • 3 chapter 7, to read:
  • 4 CHAPTER 7
  • 5 LEGAL TENDER
  • 6 ARTICLE 1. GENERAL PROVISIONS
  • 7 1-701. Definition of specie legal tender
  • 8 IN THE STATUTES AND LAWS OF THIS STATE, UNLESS THE CONTEXT OTHERWISE
  • 9 REQUIRES:
  • 10 1. “LEGAL TENDER” MEANS AN AUTHORIZED MEDIUM OF EXCHANGE FOR THE
  • 11 PAYMENT OF DEBTS AND TAXES.
  • 12 2. “SPECIE” MEANS COIN OR BULLION HAVING GOLD OR SILVER CONTENT.
  • 13 1-702. Legal tender recognition; use of specie
  • 14 A. LEGAL TENDER IN THIS STATE CONSISTS OF ALL OF THE FOLLOWING:
  • 15 1. LEGAL TENDER AUTHORIZED BY CONGRESS.
  • 16 2. SPECIE COIN ISSUED AT ANY TIME BY THE UNITED STATES GOVERNMENT.
  • 17 3. ANY OTHER SPECIE THAT A COURT OF COMPETENT JURISDICTION RULES BY A
  • 18 FINAL, UNAPPEALABLE ORDER TO BE WITHIN THE SCOPE OF STATE AUTHORITY TO MAKE A
  • 19 LEGAL TENDER.
  • 20 B. EXCEPT AS EXPRESSLY PROVIDED BY CONTRACT, A PERSON MAY NOT COMPEL
  • 21 ANY OTHER PERSON TO TENDER OR ACCEPT SPECIE LEGAL TENDER.
  • 22 1-703. Legal tender exchanges; payment of taxes
  • 23 A. NOTWITHSTANDING ANY OTHER LAW, THE EXCHANGE OF ONE FORM OF LEGAL
  • 24 TENDER FOR ANOTHER DOES NOT GIVE RISE TO LIABILITY FOR ANY TYPE OF TAX.
  • 25 B. ANY TAX THAT IS DUE AS A CONSEQUENCE OF A TRANSACTION THAT INVOLVES
  • 26 SPECIE LEGAL TENDER SHALL BE PAID PROPORTIONATELY IN THE SAME LEGAL TENDER.
  • 27 C. LEGAL TENDER IS MONEY AND IS NOT SUBJECT TO TAXATION OR REGULATION AS PROPERTY OTHER THAN MONEY.
  • 28 1-704. Enforcement
  • 29 THE ATTORNEY GENERAL SHALL ENFORCE THIS CHAPTER WITHOUT PREJUDICE TO AN
  • 30 INDIVIDUAL’S RIGHT OF JUDICIAL ACTION PURSUANT TO THIS CHAPTER.

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