The United States economic troubles resulted in various changes in several states, some a little more drastic than others. In 2011, the state of Utah took a stand against the Federal Reserve monetary policy, which Republican State Representative Brad Galvez backed, at the time, because Americans were losing faith in the dollar. Utah became the first state in the nation to legalize gold and silver coins as currency.
Since then, few states have followed Utah's lead and have stayed true to the national currency. However, Colorado State senators recently began to consider a bill that would also allow residents to use silver and gold coins as currency, reports CBS News. The news source goes on to report that similar bills in 12 other states are also being considered.
Gold and silver coins were barred for legal use as currency for most of the 21st century, but with more state officials leaning toward reinstating these precious metals, investors may make a large profit.
Collectors have long been attracted to the appealing qualities of precious metals such as gold, silver and platinum coins. It has long been thought that after paper money fails, these metals will regain their place in the global economy. It seems that the return of these commodities may be sooner rather than later.
Investors looking to capitalize on the latest trend in gold and silver collecting may want to act fast. If the bill passes in several states, people will be rushing to get their hands on the coins before they are taken off of the market or supplies run short. There has never been a better time to start a collection of rare coins.