Last month, Gov Gary Herbert of Utah signed legislation that makes gold and silver coinage issued by the US Treasury an alternative form of "legal tender" for Utahns (Riley, 2011). Other states are considering similar legislation, including South Carolina, Virginia and New Hampshire (Benko, 2011). Hence, Americans may soon be holding and spending multiple forms of money by necessity, especially if inflation benights the value of Federal Reserve Notes globally. In the coming years, society could see all of the following forms of money in cash register drawers.
The question of "what is money" is likely to become more than a rhetorical muse in the coming years...
Riley, C (2011, March 29), Utah: Forget Dollars. How About Gold? CNN Money.
Benko, R (2011, March 2), Gold and Silver: The States' New Currency? Christian Science Monitor.
Economic Competence Revisited
1 hour ago