Subject to common definitions and provisions and in consideration of the mutual covenants and warranties contained herein, the person (Account Holder) executing this agreement, and United Precious Metals Association (“UPMA™”), a Limited Cooperative Association operating on a non-profit basis for the benefit of its members, hereby agree as follows:

Contributions. Account Holder may make contributions to UPMA™ by tender of Paper Dollars for conversion into Gold Dollars or Silver Dollars as instructed by Account Holder by means of Dollar Cost Averaging. Once converted through escrow Account Holder contributions shall be held in trust for Account Holder’s benefit. Gold and Silver dollars deposited are treated differently than ones purchased through our system. Members that have deposited specie legal tender may be subject to a fee when redeemed for paper dollars. See the fee schedule for more details.

Deposits. Account Holder may make Specie Legal Tender deposits to be held in trust for the benefit of the Account Holder. Constitutional Silver Dollar (CSD) deposits shall be converted to Silver Dollars (SD) at a rate of $1.50CSD to $1.00SD nominal face value.

Bailments. Account Holder may offer bullion for conversion into Specie Legal Tender deposits to be there held in trust for the benefit of Account Holder. Silver bullion bailments shall be converted to Silver Dollars and gold bullion bailments shall be converted to Gold Dollars at the then current Fix Rate.

Exchanges. Account Holder may exchange Gold Dollars for Silver Dollars and visa versa at the then current relative Exchange Rate. Exchanges in excess of the Monthly Threshold shall be assessed an Exchange Fee as set forth in the Fee Schedule.

Withdrawals. Account Holder may withdraw Gold Dollars and/or Silver Dollars from to the extent of the Account Holder’s available Account Balance, in minimum 50 Gold Dollar or 1 Silver Dollar increments. All shipping costs and related charges as set forth in the Fee Schedule shall be assessed against the Account Holder’s Account Balance.

Redemptions. Account Holder may redeem Specie Legal Tender holdings for Paper Dollars at the then current Exchange Rate for placement on Account Holder’s debit card, or for payment by check, ACH or wire transfer. Redemptions in excess of the Monthly Threshold or redemptions of prior Deposits shall be assessed a Redemption Fee as set forth in the Fee Schedule. Redemption requests shall first be applied against any unredeemed Deposits before being applied to unredeemed Contributions.

Sales. Account Holder may sell or buy goods and services to or from other UPMA™ Members in exchange for Specie Legal Tender.

Escrow Agent. Escrow Agent shall provide all escrow and trust services necessary for Account Holder contributions, deposits, bailments, exchanges, withdrawals, redemptions or sales, which shall be processed by Escrow Agent as soon as practicable. However, Escrow Agent shall not release monies out of escrow or trust without adequate collateral that have not been fully cleared by the financial institution from which they originated. ACH transfers and personal checks can take up to 60 days to clear. Other types of transfers may be similarly delayed.

Vaulting & Insurance. All Specie Legal Tender held for the benefit of Account Holder shall be maintained in the care, custody and control of Escrow Agent, its contracted vaulting facilities, or common carriers, and shall at all times be fully insured against loss or damage.

Statements. UPMA™ shall provide Account Holder with access to on-line monthly statements denominated in Specie Legal Tender, including details of all transactions and fees affecting the Account Holder's Account Balance during the month.

Dividends and Rewards. Account Holders who qualify as UPMA™ members shall be entitled to such dividends, rebates and rewards as may be declared or authorized by the UPMA™ board of directors from time to time to be credited to the Member's Account Balance in Gold Dollars in an amount no greater than the aggregate dues, fees and other charges assessed against the Member's Account Balance.

Voting Rights. If Account Holder qualifies as a UPMA™ Member, Account Holder shall enjoy such association voting rights as may be set forth, now or in the future, in the organic rules of UPMA™.

Privacy Policy. Account Holder agrees to the terms and conditions of the UPMA™ Privacy Policy..

The following terms have special meaning when used in documents which explicitly incorporate them by hyperlink reference:

  1. "Account Holder" means any person who has executed an agreement incorporating these common definitions.
  2. "Account Balance" means the sum of an Member's precious metal contributions or deposits, net of authorized bill/invoice payments, dues, fees, charges, commissions, transfers and withdrawals.
  3. "Constitutional Silver Dollar" means Specie Legal Tender silver coin issued by the United States before 1965 in all its various denominations having 371.25 grains of fine silver per one dollar nominal face value.
  4. "Dollar Cost Averaging (DCA)" means the process by which Escrow Agent converts Paper Dollars into Gold Dollars through a series of separate transactions at the then current Exchange Rate on each business contained within the exchange period, which begins on the next business day following receipt of funds by Escrow Agent and runs for one month, or such other period as Member may designate at the time of tender.
  5. "Escrow Agent" means Legal Tender Services, PLLC, dba Legal Tender Exchange (LTE), or such person or entity LTE may from time to time appoint.
  6. "Exchange Rate" means the number of Paper Dollars per Gold Dollar or per Silver Dollar (rounded to the nearest Paper Cent) set daily by Escrow Agent, according to prevailing retail market prices, for use with respect to all escrowed transactions throughout a given day.
  7. "Gold Cent" or "Quint™" means one hundredth of a Gold Dollar.
  8. "Gold Dollar" means Specie Legal Tender consisting of one fiftieth of a United States American Eagle (22 karat) or American Buffalo (24 karat) coin, having one troy ounce of fine gold content and a "50 dollar" nominal face value, as described in 31 United States Code Annotated (USCA) §§ 5112(a)(7), (a)(11), (i)(1) & (q).
  9. "Member" means an Account Holder who has fulfilled the requirements of membership set forth in article III § 2 of the UPMA™ bylaws.
  10. "Paper Cent" means one hundredth of a Paper Dollar.
  11. "Paper Dollar" means a Federal Reserve Note, as referred to in 31 USCA § 5103, or its electronic equivalent issued through the Federal Reserve Banking system, together with base metal coinage issued by the United States of America.
  12. "Silver Cent" means a one hundredth part of a silver dollar.
  13. "Silver Dollar" means Specie Legal Tender which is a United States American Liberty coin, having one troy ounce of fine silver content and a "One Dollar" nominal face value, as described in 31 USCA §§ 5112(e).
  14. "Specie Legal Tender" means gold or silver coin that is issued by the United States, and as otherwise provided in Utah Code Annotated (UCA) § 1501.1.

The following provisions apply with respect to all documents which explicitly incorporate them by reference:

  1. Gold Clause. Parties to any agreement incorporating these common provisions hereby covenant and agree to transact and settle all electronic payments governed by such agreements for the sale of goods or services in Gold Dollars—at the prevailing Exchange Rate, where applicable—to the full extent of the Member's Gold Dollar Account Balance and thereafter in Silver Dollars—at the prevailing Exchange Rate, where applicable—to the full extent of the Member's Silver Dollar Account Balance.
  2. Dues, Fees, Charges & Commissions. All dues, fees, charges and commissions shall be assessed at the beginning of each month on the basis of all transactions settled during the preceding month. Further, Escrow Agent may alter applicable rates and amounts upon written notice.

  3. Notices.  Any notices to be given by one party to another shall be in writing and may be transmitted either by personal delivery, registered mail or through the on-line account management system maintained by Escrow Agent.
  4. Governing Law.  This agreement shall be governed by and construed in accordance with the laws of the State of Utah and of the United States of America. For purposes of construing the legal tender status, valuation and treatment of Paper, Gold and Silver Dollars, the following authorities shall be controlling: UCA §§ 59-1-1501 et seq.; 31 USCA §§ 5101, 5102, 5103, 5112(a)(7), (a)(11), (h), (i)(1) & (q), 5118(d)(2) & 5119(a); together with the following U.S. Supreme Court Decisions: New York ex rel. Bank of New York v. Board of Supervisors, 74 U.S. 26 (1869); Lane County v. Oregon, 74 U.S. 71 (1869); Bronson v. Rodes, 74 U.S. 229 (1869); Butler v. Horowitz, 74 U.S. 258 (1869); Thompson v. Butler, 95 U.S. 694 (1878); and such other relevant authorities and precedents as the parties to this agreement may invoke.
  5. Venue. Any action at law or in equity instituted in connection with this agreement shall be brought in the appropriate court located within Salt Lake or Utah Counties, Utah.
  6. Attorney's Fees and Costs.  If any legal action is necessary to enforce or interpret the terms of this agreement, the prevailing party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which that party may be entitled.
  7. Advice of Counsel. Member acknowledges having been afforded the opportunity to consult with legal counsel, as well as tax and financial advisors, at the Member's own expense, regarding the provisions of this agreement prior to execution of the same.
  8. Tax Law Compliance. Neither this agreement, nor any provision contained herein, is intended to be, to operate as, or to be construed in any manner as an "abusive tax shelter" or other unlawful means or device to defeat or evade (in whole or in part) any lawful tax or other public charge, due, debt, reporting requirement, or any other duty or obligation imposed by law or arising out of contract or other underlying transaction to which this agreement pertains.
  9. Escrow Services. The parties agree that all conversions of one form of legal tender to another shall be performed by Escrow Agent. Paper Dollar deposits or contributions by the Member with Escrow Agent shall by default be converted to Gold Dollars by means of Dollar Cost Averaging. Conversions of Gold Dollars to Paper Dollars for purposes of paying a bill or invoice tendered by Member shall be performed by Escrow Agent on the due date specified by Member or the closest business day.
  10. Conflict Waiver. The parties agree to waive any and all potential conflicts of interest that may or do exist by virtue of Escrow Agent or any of its owners, officers, directors or employees being in privity of contract with both Member and an entity which is in privity of contract with the Member. Any legal services provided by Escrow Agent to Member other than those contemplated herein shall be subject to a separate attorney/client agreement containing such conflict of interest disclosure and waiver provisions as may be warranted under the circumstances.
  11. Sanctions and Financial Crime Regulatory Compliance. The parties hereby represent and warrant that after inquiry neither they nor any affiliate or representative is known to: (i) be listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Asset Control, Department of the Treasury ("OFAC") pursuant to Executive Order number 13224, 66 Federal Register 49079 (September 25, 2001) (the "Order"); (ii) be listed on any other list of terrorists or terrorist organizations maintained pursuant to the Order, the rules and regulations of OFAC or any other applicable requirement contained in any enabling legislation or other executive orders in respect to the Order (hereinafter collectively the "Orders"); (iii) be engaged in activities prohibited in the Orders; or (iv) have been convicted, pleaded nolo contendere, indicted, arraigned or detained on charges involving money laundering or predicate crimes to money laundering.
  12. Confidentiality. The parties hereto agree to maintain in confidence all information relating to this agreement as well as to the nature and extent of the relationship between the Member and Escrow Agent to the full extent permitted by law.
  13. Termination. Either party may terminate this agreement upon 30-days notice to the other party. Upon termination, full Account Balances shall be refunded to the Member in minimum single coin increments, with Escrow Agent retaining any amount under the minimum increment.
  14. Modification.  Any modification of this agreement will be effective only if in writing, executed by the party to be charged.​
  15. Waiver.  The failure of either party to insist on strict compliance with any of the terms, covenants, or conditions of this agreement by the other party shall not be deemed a waiver of that term, covenant, or condition, nor shall any waiver or relinquishment of any right or power at any one time or times be deemed a waiver or relinquishment of that right or power for all or any other times.​
  16. Severability. The parties hereby agree that if for any reason any provision of this agreement is found to be unenforceable by a court of competent jurisdiction, all remaining provisions shall continue in full force and effect.
  17. Successors/Assignments.  This agreement shall be binding upon and inure to the benefits of the respective successors, assigns, and personal representatives of the parties, except to the extent of any contrary provision in this agreement.  This agreement may not be assigned by any party without the advance written consent of the other party.​ 
  18. Electronic Execution.  Pursuant to the provisions of the Electronic Signatures in Global and National Commerce Act (E-SIGN, 2000) and the Uniform Electronic Transactions Act (UETA, 1999), execution of this agreement by electronic means provided on websites or mobile applications maintained by the Escrow Agent for that purpose carries the same weight and legal effect as traditional paper documents and handwritten signatures.

Explanation of Fees

All funded accounts are assessed monthly membership dues of approximately $2.50*, which covers vaulting and insurance of the first two gold coins, or fractions thereof. After that, vaulting costs about $0.25 cents per gold coin per month. The vaulting of silver coins costs about a penny per coin per month. Consider these example accounts:

Dollar Value of Account* Estimated Monthly Cost
$2,500 Gold Account $2.50
$10,000 Gold Account $4.00
$50,000 Gold Account $12.00
$100,000 Gold Account $17.00
$2,500 Silver Account $3.50
$10,000 Silver Account $7.50
$50,000 Silver Account $27.50

Members may redeem up to $10,000* of silver or gold obtained through the UPMA exchange for cash at a 0% buy/sell spread in any 30-day period. Such redemptions may be taken as additions to a reloadable UPMA debit card, by check, or as transfers to the member’s bank account. Members may also take physical possession of their coins.

If a member wishes to redeem more than $10,000* within a 30-day period, the redemption rate drops to 3.55% above spot for gold and 15.25% above spot for silver, which is much better than the typical coin dealer because we can reallocate the coins within the UPMA network. If however, a member’s redemption request exceeds an amount that can be processed in network, out-of-network liquidation costs would be passed along to the redeeming member. Please note however, that since UPMA operations began in 2012 this has never been necessary.

Members may take physical possession of their coins on site with 48 hours advance notice or by shipment to the member at cost. A government issued ID will be required to verify identity for such withdrawals.

Vaulting and membership dues are denominated in gold and silver cents so that members need not set up separate payments to cover recurring costs. Membership dues appear on the statement as 10 gold cents (remember that an ounce of gold is $50 gold dollars). The price of vaulting each gold coin after the first two is 1 gold cent per month. The price of vaulting silver is one silver cent for every twenty silver coins. At current exchange rates this equates to about a penny per silver coin per month and one quarter per one gold coin per month. Vaulting discounts are available on large accounts.

Member to Member transaction fee:

Within the UPMA closed-loop network, members may pay one another for goods and/or services using their silver or gold holdings. A 2% transaction fee, capped at one gold dollar, applies to each transaction.

Debit Card Fee:

An activated True Link visa debit card costs $10* per month. This fee is waived if the account is funded in excess of forty gold coins ($2,000 gold dollars) or the silver equivalent, or if the member increases his holdings by a net $1,000* per month.

Exchange Fee

A 1% fee applies to exchanges of gold for silver or visa versa.

Discount for Large Accounts:

Costs of vaulting and insurance for gold holdings in excess of 40 coins is discounted by 50% for all additional coins.

Fee Description Fee Type
Member Dues for unfunded accounts Free N/A
Physical Withdrawal of Gold or Silver coins. Free N/A
Member Dues for Funded Accounts $0.10 Gold
Vaulting/insurance for up to $100 Gold Dollars Free N/A
Monthly vaulting/insurance for each increment of $50 Gold Dollars above the initial $100 Gold Dollars $0.01 Gold
Monthly vaulting/insurance for each increment of $20 Silver Dollars $0.01 Silver
Up to $10,000 Paper Dollar monthly volume in redemptions of prior contributions Free N/A
Switching holding from gold to silver or vise versa. 1.00% Either
Silver dollar redemptions in excess of $10,000 in a 30 day period. 4.75% Silver
Silver redemptions if forced to sell out of network (i.e, a member wants to sell $1,000,000 worth of silver immediately) 9.50% Silver
Gold redemptions in excess of $10,000 in a 30 day period. 2.25% Gold
Gold redemptions if forced to sell out of the network (i.e, a member wants to sell $1,000,000 worth of gold immediately) 4.75% Gold
Monthly True Link Debit card fee when activated if not exempt $10.00 Paper
Member to Member transfers **2.00% Either

Notes: * References to “dollars” mean Federal Reserve Notes unless designated as gold or silver dollars. ** Capped at $1 gold/silver dollar.

For further information, please call 888-210-8488 or email


As provided in the applicable member agreement of the United Precious Metals Association (“UPMA”), each member agrees to accept the terms and conditions of this privacy policy.

Storing Personal Information

UPMA securely stores the basic personal information each member provides when creating or updating an account. Such information includes full legal name, date of birth, physical and email addresses, telephone numbers, security questions and banking details, such as routing and account numbers. UPMA does not divulge this information to third parties except: (1) as provided below; (2) at the member's request; or (3) if legally obligated to do so. This policy also applies with respect member balances and other financial information the association possesses.

Sharing Personal Information

UPMA does not sell or otherwise disseminate member contact information to any third party. The only exception to this may be disclosures to entities contracted to use such information exclusively for the direct benefit of UPMA’s membership, such as the association’s independent general counsel who provides escrow, legal and fiduciary services, and financial institutions providing bank accounts and/or debit/credit cards for members’ use. In addition, account information may be shared with the joint tenants, agents or beneficiaries designated for a given account.

When members offer their goods or services to each other and use their specie legal tender holdings in such transactions, each consents to the release of identifying information to one another.

Altering Personal Information

Members may request changes to their personal information stored by the association. All such requests must be submitted on-line following authentication of member login credentials or through the member’s verified email. If a member loses control of the email registered with UPMA, we reserve the right to require proof of identity.

Proving Identity

Normally, neither UPMA nor its contracted service providers request or store information such as social security, passport or driver’s license numbers, except in the following instances:

  1. when a member requests the withdrawal of physical coin, government-issued photo id may be required to verify identity;
  2. address changes or shipping orders may require proof of residency such as a utility bill or bank statement;
  3. name change requests require documentation such as a marriage license;
  4. financial institutions providing services to UPMA members, such as reloadable debit cards, may requiring proof of identity, including perhaps the member’s social security number; and
  5. in the event of a member’s passing, a death certificate will be required before any transfer of funds to designated beneficiaries.