Uncle Scrooge take a bow, and move to Utah! What am I talking about, you ask? Well, Utah is the first state in the USA to legalize gold and silver coins as currency. This effectively means that the sale of coins will officially be struck off from state capital gains taxes. And cashing in on the legislation is Craig Franco with the Utah Gold and Silver Depository. What he plans to do is quite simple and effective. You can just give Franco your gold and silver coins which he stores in a vault, and he will issue a debit-like card in return from which you can make purchases depending on what you hold.
Franco, who plans to start business on the 1st of June, says, “Because we’re dealing with something so forward thinking, I expect a wait-and-see attitude. Once the depository is executed and transactions can occur, then I think people will move into the marketplace.” This would be the only way to use your coins as the legislation doesn’t require merchants to accept the coins yet. The face value of the coins is set at $50 per 1-ounce gold coin while the current market value is near$1,500 per ounce.