• seperator

S.C. seeks alternative currency

 

The headline effort to recognize gold and silver coins as an alternative currency to the U.S. dollar has moved on to South Carolina.

South Carolina’s House Judiciary Committee passed a bill that would open the door to using gold and silver coins to make payments.

Foundations of Coin Collecting Master Box

Each element of this multimedia package provides a distinct educational opportunity for any coin collector.

However, individuals trying to use gold and silver coins can only do so if the business they are trying to pay agrees to it.

The South Carolina legislation also exempts the coins from state sales tax, but apparently does not exempt them from capital gains taxes, which is a tax that one pays when the value one receives from something exceeds the price paid.

As a consequence, individuals who find a business to deal with using gold and silver coins, will find that they will trigger a tax event if they receive value that exceeds their original cost.

Contributed by the Associated Press.

More Coin Collecting Resources:

State Quarters Deluxe Folder By Warmans

• Subscribe to our Coin Price Guide, buy Coin Books Coin Folders and join the NumisMaster VIP Program

Strike It Rich with Pocket Change, 2nd Edition

This entry was posted in Articles, General News, News. Bookmark the permalink.

Leave a Reply