South Carolina Bill Proposes Gold and Silver as Legal Tender

In November 2019, South Carolina Representative Stewart Jones prefiled House Bill 4678 (H.4678), proposing to recognize gold and silver coins, both foreign and domestic, as legal tender within the state. This legislation would allow residents to use these precious metals for paying taxes and other debts owed to the state, effectively placing them on equal footing with Federal Reserve notes. Importantly, the bill stipulates that acceptance of gold and silver coins is voluntary and must be mutually agreed upon by the parties involved. If enacted, South Carolina would join states like Utah, Wyoming, and Oklahoma in reestablishing constitutional money, potentially challenging the Federal Reserve's monetary monopoly by introducing currency competition at the state level.

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