Bill Would Legalize Use Of Gold & Silver Coins As Currency

DENVER (CBS4) – Some Colorado lawmakers want people to be able to use gold and silver coins as currency.

A bill before the state Senate would legalize the coins. Utah already has a similar measure in place and 12 other states are considering such plans.

Supporters are concerned about the strength of the U.S. dollar. The sponsors say a debt crisis and more money being printed can lead to the dollar’s decline. They cite other countries, such as Zimbabwe, who has a $100 trillion bill worth about 40 cents in the U.S. They say using gold and silver can help ease some fears.

“Over history just about every country in the world that has had a serious debt crisis has intentionally inflated their currency,” said Sen. Kent Lambert, R-El Paso County.

Lambert says that can easily happen in this country, so he’s sponsoring a bill that would allow people to use gold and silver coins like cash.

“Coins that are minted by the U.S. government should be something that we can use in trade,” he said.

Gold and silver have been traded for 5,000 years, but after World War I they were banned as currency in the U.S.

Gold dealer Charlie Rockney says he sees more and more people acquiring precious metals as investments in case the value of the U.S. dollar falls.

“The value of their currency has dropped so much. It can happen here. That’s why they’re looking at gold and silver that will hold its value. It’s always been traded,” Rockney said.

To use gold and silver coins today they have to be converted to paper dollars. So a $20 gold coin in the 1800s is still legally worth $20, even though its real value may be a lot more.

On Friday gold was trading at more than $1,700 an ounce.

Lambert admits if the bill passes people won’t be walking around with bags of gold coins, but it’s an alternative for them to feel more secure with their money.

The bill has already cleared the Senate Finance Committee and needs a vote from the full chamber.

  • David Whittle

    yES,BUT…..States cannot regulate the coinage—-that is relegated to the FEDERAL government——–READ THE CFR ——–the State legislatures have NO standing

    • Matthew

      Well relegated is a word, and even could be appropriate in the context:
      Merriam Webster
      Relegate (verb) to send into exile; to assign a place of insignificance or oblivion; TO ASSIGN TO AN APPROPRIATE PLACE OR SITUATION BY CLASSIFICATION OR APPRAISAL; to submit to someone for appropriate action; to trasfer (e.g. a sports team) to a lower ranking division

      So, Jeremy, your lack of vocabulary doesn’t exactly bode well for YOUR English skill, either.

      David, while you are correct that regulating commerce is a federal power in the Constitution; it is specifically notes states can make coins of gold and silver in Article One, Section Ten, Clause One.

  • David Whittle


    I used the wrong word–its not relegated—but —-reserved –to the FED

    • Jeremy

      Yeah, and the word is REG U LATED…. you aren’t exactly inspiring confidence that you know what you are talking about. Even though what you tried to say was correct. Spell check.

      • Nope

        verb (used with object), -gat·ed, -gat·ing.
        to send or consign to an inferior position, place, or condition: He has been relegated to a post at the fringes of the diplomatic service.
        to consign or commit (a matter, task, etc.), as to a person: He relegates the less pleasant tasks to his assistant.
        to assign or refer (something) to a particular class or kind.
        to send into exile; banish.

        Relegated sort of works in that context. It’s not exactly inspiring confidence that you don’t know that relegate is actually a word.

  • Asodeska

    Just one more proof of the stupidity of our politicians.
    How you can you use a currency where the local and national value fluctuates on a daily basis?

    • Mark

      I understand why mainstream would not understand how this works to protect their money because money is not taught in school to us. We are taught how to get good grades get in debt chasing a degree just to find a good paying job, not how to go out and created your own Business. I have been collecting Silver and Gold since May 13, 2004. My silver value has increased over 500% and my Gold over 300%. Show me a 401k that has performed like that and your holding your money. In fact I now get all of my Gold and Silver 100% Tax Free, and most times 100% Free. I know many people won’t believe that Because of what they have not been taught. The bible said my people parish because of lack of knowledge. It is time to get informed. Have you notice all of the cash for Gold and Silver locations popping up to buy your Silver and Gold? Show me how many of them are selling it back to you. If you would like to contact me for more information my email is

      • elicitarcana

        If you were to convert your silver and gold to it’s value in dollars, to buy anything, you would have to claim the 500%/300% growth as taxable income compared to what you initially paid for it. Otherwise, it’s illegal. Just sayin’

  • TS

    what do you mean “how can you use a currency…[that] fluctuates on a daily basis”? The dollar fluctuates continuously. Everything fluctuates continually in relation to everything else.

  • Mark

    This video is just one more reason it makes sense to Start a Business with Numis Network and protect your money. This is the only way to collect Silver and Gold for free and get paid to do it.

  • scruffy1

    Two bits four bits six bits a dollar? Been there done that and it was awful.

  • Harold pen name Annec

    In the late 50’s I purchased two rolls of 1955 S pennies from LITTLETON Coin Company and I traded them with Pete the Pirate for OLD US coins.
    I still purchase Mint Sets and U.S. Silver $1 from Littleton Coin Company in N.H.
    They have many plans to fill up a collection. One, that I cannot afford, will fill up a U.S. GOLD Coin Collection. The telephone # is 1-800-645-3162.

  • Harold pen name Annec

    Sorry. 1-800-645-3122 twenty-two not sixty-two

  • Charlie sheen

    U r weird

  • Jack Mehoff

    Doesn`t Most of Denver operate on the Mexican peso anyway?

  • ky

    missed the big pickture guy it prepareing you formthe end of the dollar
    like the guy said havent you seen all the gold and silver shops opening \

    the end of the green back is near

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