Virginia to Consider Minting Its Own Coins
House agrees to spend $17K on a special panel
By John Johnson, Newser Staff
Posted Feb 5, 2013 12:19 PM CST
   (Shutterstock)

(Newser) – Virginia is apparently for haters of the Federal Reserve: One state legislator wants the state to mint its own coins in case the US dollar collapses. It may sound pie-in-the-sky, but Virginia's House of Delegates agreed on Monday to set up a $17,000 panel to explore the move. The Virginian-Pilot sees the measure by Republican Bob Marshall as a "conservative shout-out," but Marshall insists he's serious.

"We can’t mint money, but we can mint gold and silver coins," he explained previously, according to NBC News. "It sounds like a small difference, but it is a difference legally." States can't actually "coin money" per the Constitution, but they are permitted to make "gold and silver Coin a Tender in Payment of Debts." Marshall thinks that line, along with some 19th-century Supreme Court decisions, clear the way for a Virginia coin, reports the Washington Post. What's more, Virginia isn't alone in considering an alternative currency, reports CNN. (In other US currency news, America's most fascinating nickel is set to fetch millions.)

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Showing 3 of 123 comments
terrabuilder
Feb 7, 2013 9:20 AM CST
The Federal Reserve is "Federal" in name only. Essentially the printed money is borrowed into existance, which is a mere book entry as a loan. Anything that is designated as a "note" is a debt instrument. Therefore any new money (over and above replacement(s) for worn out "notes") is a reinstatement of the debt owed to the owners of the Federal Reserve. Also when the inventory of this borrowed money increases, it creates inflation, or what was coined as "printing press inflation" back in 1977, which therefore take more "dollars" to make purchases. Gold, or silver always retains its value. For example; in 1935 you could purchase a good suit for one twenty-dollar gold piece. Today you could still purchase that same good suit with that same twenty-dollar gold piece. With all this socialism going on, it is becoming more apparent to resemble the old Soviet Union. The poor population then resorted to an underground economy, for which I have been doing for years, as a matter of survival; will soon become the norm in this country and news of this staying out of the mainstream media. The issue will become mute, or "no comment" from our so-called leadership.
dungbeetle
Feb 6, 2013 8:11 PM CST
This doesn't even start to make sense. If you make a gold coin what will be its value? Can't be $20 or what's its use? You're using gold coins to get rid of U.S. currency. I suppose if you have a gold coin and you want to buy something with it you'll just have to bargain your way to the coin's value in the purchased commodity. After all, if the national currency has collapsed then gold can't be worth $1,000 an ounce because the dollar has no value. "I want this gold coin's worth of potatoes." Then the bargaining starts. How many potatoes is a gold coin worth. The farmer says five potatoes. You say a bushel. And a fierce argument breaks out. We're suddenly back to the Middle Ages. Stupid is as stupid does, and this is stupid! Just sayin' . . .
TheProducer
Feb 5, 2013 10:12 PM CST
if we hit the point where suddenly american currency is worthless. then your shiny pressed rocks aren't going to be getting you much either. Funny thing about a distopic future. The things that have value now, will have no value then. so yes, this bill is a giant waste of time and is nothing more than republican hot air.