The Arizona House of Representatives has given its preliminary approval to a measure that would make privately minted gold and silver coins legal tender in the state.
Under the bill, those coins would be no different under state law than the U.S. dollar printed by the federal treasury. It says gold and silver should be legal currency not subject to tax or regulation as property, although businesses would not be required to accept the coins, and under an amendment approved Thursday, the state Department of Revenue would not have to accept the coins as payment for state taxes.
Thursday’s approval by voice vote sets the measure up for a final vote in the House. The Senate approved the bill in February on a 17-11 near-party-line vote. Supporters say the measure reflects a growing distrust of government-backed money, which critics say it would be a bureaucratic nightmare.