Rep. Mike Pitts of South Carolina announced today that he wants to ban federal currency in his state and mandate that only gold and silver coins be legal tender in South Carolina. This is an interesting proposal that has already drawn lots of comments, not to mention raised eyebrows!
Pitts believes that an economy based on silver and gold would stabalize the currency in his state if the U.S. economic system collapses. Most agree his mandate would be found unconstitutional; however, its a bold idea nonetheless.
Gold and silver may be hard to base a currency system on these days, but the idea of doing away with the paper $1 bill and using coins as the only $1 currency in the U.S. is an idea that has been discussed for years. It's certainly one that is of great interest to us here at World Reserve Monetary Exchange.
What do you think about all of this? Let me know - I'd love to hear your comments.
About The World Reserve Monetary Exchange
- President Jeffrey S. Marsh
- The World Reserve Monetary Exchange is the largest buyer of United States coin and currency second only to the Federal Reserve. The World Reserve Monetary Exchange was established in 2002 and has served millions of people throughout North America. Former Littleton Coin Company Vice President Jeffrey S. Marsh was named President of The World Reserve Monetary Exchange in January, 2010. Marsh has served on the Information Technology Committe of the American Numismatic Association, has written articles and columns published in Multichannel Merchant and DM News and has been a speaker at Direct Marketing Association events. The World Reserve Monestary Exchange is based in Canton, OH and serves collectors and investors worldwide. For more information, visit www.TheWorldReserve.com.