For all practical purposes, there exists in the United States today five distinct monetary standards: paper notes and base metal coinage (collectively “fiat legal tender”), together with gold, silver and platinum dollars (collectively “specie legal tender”). 31 United States Code (U.S.C) §§ 5103 and 5112, see also, Utah Code Annotated (U.C.A.) § 59-1-1501-1. Specifically, section 5103 of Title 31 of the United States Code reads:

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

In light of the varied and complementary forms of U.S. legal tender, citizens would do well not only to understand, but also to claim the benefits of exercising true choice in currency. Generally speaking, debtors prefer fiat legal tender because it loses value over time, while savvy savers prefer specie legal tender, which historically has retained its purchasing power for millennia. It also makes sense when acquiring capital assets to establish one’s tax basis in an immutable gold or silver dollar standard, rather than using shrinking fiat paper notes, which would subject the owner to the infamous inflation tax upon sale of their then “appreciated” asset.