Are Gold and Silver Accepted as Legal Tender in Michigan?
Can you purchase things in Michigan using gold and silver?
There are many ways to pay for things in the United States. First and foremost, United States currency is of course excepted everywhere in the nation. But can someone purchases goods or services in Michigan using gold and silver?
When it comes to using gold and silver as legal tender, only a handful of states consider that legal with another state pending. Is Michigan one of those states? Nope. For those with a hidden Scrooge McDuck vault full of gold and silver, you'll still have to use U.S. currency to make purchases in the state.
What states accept gold and silver coins as legal tender?
The eleven states that accept gold and silver as legal tender are as follows:
- Utah became the first state in 80 years to make gold and silver coins legal tender in March of 2011, which opened the door for other states to follow.
- West Virginia
- South Carolina
The state of Missouri is pending with Senate Bill 98 up for consideration. However, a similar act in 2013 and 2014 failed.
According to worldpopulationreview.com, if all the states begin to use gold and silver instead of Federal Reserve notes, the Federal government would no longer be able to control the state's money.