Granite State Considers Adopting Gold and Silver As Legal Tender

As such, many people have been inclined to get rid of our dollars and hold our savings in more stable forms of money, such as gold and silver. Many people who are concerned for their families’ financial wellbeing would love to see this bill passed into law. Astute people hold a large portion of the wealth in the form of gold and silver. Especially in New Hampshire, an ever-increasing number of establishments are accepting gold and silver as payment. But we do need to pay taxes to the state and local governments. Currently, the government only accepts dollars.

real vs fake money

Private vs. Government Currency

Gresham’s Law states that in a competition between currency, bad money will win out over good money over time, in other words, the average person will be more likely to use their US Dollars to purchase goods and services over their Goldbacks because the gold will maintain value, while the US Dollar won’t. Shaffer gave his answer to the dilemma of Gresham’s Law.