In a move reminiscent of historical financial systems, North Carolina has been exploring the concept of specie legal tender, which involves the use of precious metals like gold and silver as recognized legal tender within the state. This initiative follows the trend set by states like Utah, which passed its own Specie Legal Tender Act in 2011, thereby reinvigorating interest in precious metal-backed currency.
What Is Specie Legal Tender?
Specie legal tender refers to money that has intrinsic value, typically in the form of gold or silver coins. Unlike fiat currency, which derives its value from government decree, specie currency’s value is based on the metal content. This type of currency was commonplace in the United States before the adoption of the fiat system in the 20th century.
Legislative Background
While Utah has already enacted such a law, North Carolina’s legislative process is still in its exploratory phase. The interest in such legislation reflects a growing concern about the stability and long-term value of fiat currencies. Advocates argue that gold and silver provide a hedge against inflation and currency devaluation, offering a more stable and trustworthy medium of exchange.
Key Provisions Being Considered
North Carolina’s proposed Specie Legal Tender Act includes several key provisions:
Recognition of Gold and Silver: The act would officially recognize gold and silver coins issued by the U.S. Mint as legal tender within the state.
Tax Exemptions: Transactions involving gold and silver coins would be exempt from state capital gains taxes, similar to the provisions in Utah’s law.
Voluntary Acceptance: Businesses and individuals would not be compelled to accept specie currency unless explicitly agreed upon in contracts, ensuring flexibility in everyday transactions.
State Debt Payments: The state could use gold and silver to pay off debts, potentially enhancing the state’s financial stability.
The Role of Goldbacks and Gold ATMs
In addition to traditional gold and silver coins, there has been a growing interest in more innovative forms of specie currency, such as Goldbacks. Goldbacks are pure 24-karat gold bills —thin, flexible, and durable— that can be used for everyday transactions. They look and feel like cash and even come in multiple denominations. Goldbacks have gained popularity for their practicality and the security they offer against inflation.
North Carolina could potentially include provisions for recognizing Goldbacks as legal tender, further diversifying the state’s monetary system.
Gold ATMs are another innovative development gaining traction. These machines dispense gold in various forms, including Goldbacks, making it easier for consumers to purchase and use gold as currency.
Gold ATMs are starting to be installed in North Carolina in Charlotte, Raleigh and other cities. These Gold ATMs provide a familiar distribution format for small amounts of gold. You can now buy as little as $20 of physical gold right from the convenience of a kiosk. They are a modern and convenient way for residents to access Goldbacks.
This system could significantly boost the use of gold in everyday transactions and promote financial literacy regarding precious metals.
How does a Gold ATM work?
Using a Gold ATM is simple:
Find a Gold ATM – Look for a Gold ATM near you using our website.
Insert cash
The machine calculates the Goldbacks you will receive based on the exchange rate
Watch as Goldbacks are dispensed
The value of the Goldbacks is based on the current market price when purchased.
Where can I find a Gold ATM in North Carolina?
Currently, there is a Gold ATM installed in the Concord Mills Shopping Mall in Concord, NC.
We have plans to install more Gold ATMs in high-traffic areas across North Carolina’s major cities, including Charlotte, Raleigh, and Durham.
Visit a Gold ATM Today!
Ready to buy Goldbacks in North Carolina? Visit our Gold ATM at Concord Mills Shopping Mall today and experience the future of gold investing. Stay ahead of the curve and secure your wealth with the simplicity and elegance of Goldbacks.
Not in North Carolina or the Charlotte metropolitan area?
If you’re not in North Carolina, no worries! We have Gold ATMs being installed in new states and cities every month. Check our Gold ATM locator!
You can also order online from our AuTM® store at shop.goldatm.com with a debit or credit card and have them conveniently shipped to your address.
Conclusion
North Carolina’s exploration of specie legal tender represents a significant step towards diversifying financial systems and providing alternatives to fiat currency. The inclusion of innovative currency forms like Goldbacks and the installation of Gold ATMs could further enhance the state’s financial landscape. While there are challenges to be addressed, the potential benefits of stability, trust, and financial security make it an intriguing proposition. As the state continues to consider this legislation, it will be interesting to see how the conversation evolves and what implications it might have for the broader economy.
Stay tuned for updates as North Carolina navigates this historic financial exploration!
