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Question about 5 oz Silver Coin and "Legal Tender"
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<p>[QUOTE="fatima, post: 1184209, member: 22143"]In the United States putting a trivial legal tender amount on the coin, puts the coin in a nebulous legal state that prevents people from using these US issued gold and silver coins in any transactions. They want to keep you on the Federal Reserve (fiat) Dollar. </p><p><br /></p><p>For example we have this:</p><ul> <li>If you take a $250 silver ATB coin to the IRS to pay your taxes, they will gladly take it and credit you with $0.25.</li> <li>If you take a $1500 gold Eagle to a Federal Reserve bank and deposit it, they will credit your account $50. </li> <li>However if you receive one of these coins as a payment, the IRS will consider that you got paid $250 for the purposes of taxation. (whatever the real value of the coin)</li> <li>They originally placed legal tender status on the American Silver and Gold Eagles back in 1986 for this reason.</li> </ul><p><br /></p><p><br /></p><p><br /></p><p>This little distinction makes these coins useless for any kind of real transactions.[/QUOTE]</p><p><br /></p>
[QUOTE="fatima, post: 1184209, member: 22143"]In the United States putting a trivial legal tender amount on the coin, puts the coin in a nebulous legal state that prevents people from using these US issued gold and silver coins in any transactions. They want to keep you on the Federal Reserve (fiat) Dollar. For example we have this: [LIST] [*]If you take a $250 silver ATB coin to the IRS to pay your taxes, they will gladly take it and credit you with $0.25. [*]If you take a $1500 gold Eagle to a Federal Reserve bank and deposit it, they will credit your account $50. [*]However if you receive one of these coins as a payment, the IRS will consider that you got paid $250 for the purposes of taxation. (whatever the real value of the coin) [*]They originally placed legal tender status on the American Silver and Gold Eagles back in 1986 for this reason. [/LIST] This little distinction makes these coins useless for any kind of real transactions.[/QUOTE]
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Question about 5 oz Silver Coin and "Legal Tender"
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