[COBOL2Java]

From a practical standpoint, how will this work?

[RWB Patriot]

I’d imagine it’ll be like the “money” we already use...except you’ll be able to get a lot more with less of it since it actually has value.

[InterceptPoint]

From a practical standpoint, how will this work?
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While I’m glad to see this development on general principles I cannot answer your question. I’m hoping someone else can.

[seowulf]

What this means in a practical sense is that in Utah you can exchange paper dollars for precious metals without paying a state income tax.

I don’t know if Utah has a sales tax on precious metals or not.

It will be more like Washington state has been for decades, where there is no state income tax and precious metals are sales tax exempt.

[Eleutheria5]

I think you bring some nuggets into a grocery store, and the grocer puts them on a scale, and then goes to the Internet and looks up the current market quote for gold on the NY futures market, and then tells the shopper, “Mrs. Beazly, we’re at 2,000 USD per ounce, and you’ve got 1/10th of an ounce here, so that’d make 200, but if you’d care to wait ‘til you’ve done your shopping, I think it’s rallying and what you have here might be 205 by the time you bring your purchases forward to the cashier. Or if it’s slumping, he’d tell her he’d give her the credit now, and that way save her some money. But if the market goes the opposite of what her grocer/broker predicts, and works to his advantage, will it end up in small claims court?

[count-your-change]

It won’t work. Remember? Bad money drives out good? A fiat money standard and a gold money standard won’t function together.

[VRWCmember]

Article I
Section. 8. The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow Money on the credit of the United States;

....

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; ....

Article I
Section 10.

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

....

Note that it does not say the state can make gold and silver a legal tender, but rather specifically says gold and silver Coin a legal tender. So the state has the constitutional authority to make gold and silver coin legal tender for payment of debts, but does not have any authority to produce the coins or to set the value thereof. So you can use your $5.00 gold coin as legal tender to buy $5.00 worth of goods and services or to discharge $5.00 worth of debt. (Good luck getting a $5.00 gold coin for a cost south of several hundred dollars.)

[jongaltsr]

"From a practical standpoint, how will this work"?

You tender your gold or silver as payment for "X" product. The value of gold / silver is known per minute. Any cash returned you use like you always do.- only thing is that it is at that point not devalued as much as money you had in the bank because the value of the gold/silver increased.

Don't let it sit in your bank account - That is the trick

Any paper money you spend immediately on your immediate needs. Your keep your gold/silver for emergencies.

[Alex Murphy]

From a practical standpoint, how will this work?

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