US States continue to confront the dilemma of precious metals in modern economies. Which is: Are they money, or not? The latest in the growing list of states pondering this is West Virginia. Bill SB 502 removes sales tax from precious metals transactions, on the theory that precious metals have a legitimate role as money.
This legislation doesn’t go as far as some proposals, such as Texas which stipulates a role as a central asset for precious metals, but it will help West Virginians trade their silver at lower costs. What do you think – should states recognize gold and silver as currency, and if so in what forms?