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Alaska House passes bill to make gold and silver legal tender
By Sean Maguire
Anchorage Daily News
Thursday, May 11, 2023
JUNEAU -- In the final days of the legislative session, the Alaska House passed a bill that would allow gold and silver to be used as legal tender.
House Bill 3, introduced by Big Lake Republican Rep. Kevin McCabe, would allow business owners to decide if they want to accept the precious metals as currency. The coin or bar would need to be refined and its value would need to be authenticated, so gold dust or nuggets could not be used.
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McCabe told the House State Affairs Committee earlier in the session that one of his constituents suggested the idea to him because they did not trust the national banking system. More than 10 states have passed similar bills, including Arkansas in April.
The bill specifically exempts local governments from collecting sales tax when U.S. dollars are exchanged for gold and silver. Sales taxes on purchases made with the bullion would still apply. ...
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