Gold and silver coins now legal tender in Oklahoma

Last week the state of Oklahoma made it official: Gold and silver are legal tender, effective Nov. 1.

Oklahoma Gov. Mary Fallin signed Senate Bill 862 into law on June 4. It makes gold and silver coins issued by the U.S. government legal tender, as long as the two parties exchanging the coins agree to the transaction. The bill also exempts the sale of such coins from state sales taxes. Oklahoma thus has followed the lead of similar laws in Utah, Texas, and Louisiana.

“With the Federal Reserve actively suppressing interest rates and eroding the purchasing power of the U.S. dollar, it is welcome news to see one more state give its citizens free access to money that holds its value over time,” wrote Bob Adelmann at The New American.

“It’s about options. When citizens become comfortable with using money that retains its value over time, it will mark the beginning of the end of paper currency backed by nothing.”

The dollar has lost more than 90% of its purchasing power to inflation since the Federal reserve was created in 1913, according to some estimates. Investors with an eye toward the future – as well as on America’s $17.5 trillion national debt and its impossible-to-pay fiscal obligations – might do well to exchange some of those backed-by-nothing Federal Reserve notes for real money based on Constitutionally affirmed principles.