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Tennessee Bill Would Take Step Toward Treating Gold and Silver as Money


NASHVILLE, Tenn. (Jan. 28, 2021) – A bill introduced in the Tennessee Senate would repeal the sales tax on the sale of platinum, gold, or silver bullion. The enactment of this legislation would eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.
Sen. Rusty Crowe (R-Johnson City) introduced Senate Bill 251 (SB251) on Jan. 20. The proposed law would exempt certain coins, currency and bullion from the state sales tax. To qualify for the exemption, it must be manufactured in whole or in part from gold, silver, platinum, palladium, rhodium, or other precious metal; used solely as legal tender, security, or commodity in this or another state, the United States, or a foreign nation; and be sold based on its intrinsic value as a precious material or collectible item rather than its representative value as a medium of exchange. ....

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