The United States Constitution provides that "No State shall ... make anything but gold and silver coin a tender in payment in debts." At present four states have laws expressly recognizing gold and silver coin as legal tender...
One important factor in determining the tax treatment of a particular transaction appears to be taxpayer intent. In Thorne and Wilson, Inc. v. Utah State Tax Commission, 681 P.2nd 1237 (1984), the Utah Supreme Court...
Ever since the Coinage Act of 1965, by which President Johnson dispensed with the Constitutional silver dollar standard that had served the country’s economy for 173 years...
Notwithstanding the growing disparity in the purchasing power of the various kinds of dollars in circulation today, federal law continues to draw no legal distinction between specie and paper dollars...
While the general government has expressly withdrawn its consent to obligations requiring tender of a particular type of dollar (31 U.S.C. § 5118(b)), since October 27, 1977...
The Secretary of the Treasury is “to maintain the equal purchasing power of each kind of United States currency.” 31 U.S.C. 5119(a). Significantly, this statutory mandate invokes the market test of “purchasing power”, not merely parity of nominal face value...
For all practical purposes, there exists in the United States today four distinct monetary standards: paper, together with silver, gold and platinum...
