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Thread: Idaho may start minting state's own silver currency

  1. #1

    Default Idaho may start minting state's own silver currency

    Idaho could soon begin minting its own silver currency.

    Silver medallions, proposed by state Rep. Phil Hart, are being pushed as a way to jump-start Idaho's economy and could be used instead of U.S. dollars to pay state taxes.

    "There's a lot of interest in the state of Idaho right now for this kind of thing," Hart, R-Athol, told the House State Affairs Committee on Thursday.

    The committee agreed unanimously to introduce the bill, which also would create income- and property-tax incentives for anyone setting up a
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    The fool hath said in his heart, There is no God. They are corrupt, they have done abominable works, there is none that doeth good.

  2. #2

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    Be interesting to see how that pans out. If it does, perhaps the idea might spill over to Washington next door.

    If it did, what would the feds think? or are they not allowed to think anything?

  3. #3

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    Quote Originally Posted by silver_miner View Post
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    Wow, I know Idaho is a mining state but this is huge. Isn't this like the second state to propose this? Interesting times indeed!


    Condemnation without investigation is the highest form of ignorance.- A. Einstein

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  4. #4

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    Quote Originally Posted by Bring the Gold View Post
    Wow, I know Idaho is a mining state but this is huge. Isn't this like the second state to propose this? Interesting times indeed!
    so they gonna havce a face value? 1 idaho dollar? or a statement of how many oz is in hteir content? then trade it on a spot price?

    wowo nice work , buy a few coin at beginning of month and silver goes up and you pay less rates at end of month?

    i cant see it workingif it has a fixed rate of exchange say a 20$ coin as soon as the spot prices of silver goes over $20 they will all disappear.

    nice idea id be interested to buy some for my collection tho. i dont have any silver coins

  5. #5

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    Quote Originally Posted by savagegoose View Post
    i cant see it workingif it has a fixed rate of exchange say a 20$ coin as soon as the spot prices of silver goes over $20 they will all disappear.
    And Gresham's law lives on...
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  6. #6

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    I doubt the Feds would care about a state (or anyone else) minting silver medallions, but the Supreme Court would eventually get to examine it in view of Article 1 Section 10 of the US Constitution if the state does allow use of such medallions as currency for any purpose in their state.

  7. #7

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    Quote Originally Posted by cphine View Post
    And Gresham's law lives on...
    I think it's an immutable law in fact. Note the Chinese stopping buying treasuries and buying gold/oil/mining & drilling rights etc.


    Condemnation without investigation is the highest form of ignorance.- A. Einstein

    Always DYODD. Do not take anything I say as a financial tip as it is not.

    Where I got my name a funny video:

    http://www.youtube.com/watch?v=PRA_9_djcPo

    Check out and contribute to the Rare Earths Thread!

  8. #8

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    Quote Originally Posted by cphine View Post
    And Gresham's law lives on...
    Exactly!
    There is no point putting any dollar value on a silver or gold coin, just let the market determine the price and make sure the weight and purity of the coin is precise.
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    they can make a currency as long has it has more value than the federal currency. seems 1 gram of silver would be worth more than a piece of paper.
    U.S. Navy ret.
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  10. #10

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    I am an Idaho resident, and I sincerely doubt they will mint silver anytime soon.

    If it were to start happening the only money the state could make is the seniorage, and the would withdraw all federal monies they "donate" to Idaiho in retaliation, the seniorage would be way less than the federal "donations" so I doubt any real secondary money system can arise.

    The best way to fix the money problem would be to make the "state" of the "Untied States" one of the states, and grant to her the same constitutional restraints that the several states have. Make her subject to the constitution instead of the whims of congress.

    I am afraid people don't realize that 14th amendment citizens of the Untied States are actually citizens of the area described in the constitution here

    in section 8:
    To exercise exclusive legislation in all cases whatsoever, over such District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dockyards, and other needful buildings;--And


    Since the congress has "exclusive" in all cases whatsoever, it is not subject to the Gold and silver clauses that restrain the several states.

    If that article is changed so that the area described in this paragraph is subject to the Constitution and bill of rights, the whole democracy will collapse and our country will revert to a republic as intended by our forefathers, including the idea that silver and gold are money.
    2Ch 9:20* b. Silver was not considered valuable in the days of ..Goldman Sachs...

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