Gold & Silver Legal Tender
Since the time of President Reagan, the Treasury of the United States has minted U.S dollars in the form of gold and silver coins. These coins are legal tender just like Federal Reserve notes. This means transactions made with gold or silver coins are not considered barter transactions, and therefore cannot be taxed as such.
One ounce of U.S. minted silver is stamped with a one dollar face value. Conversely, one ounce of U.S. minted gold is stamped with a fifty dollar face value. Members may own fractions of a coin. For example, if a member had five and a half ounces of silver in their account it would show as $5.50 silver dollars. If a member owned a half ounce of gold then their account would display $25 gold dollars.
By using these U.S. minted gold and silver coins members can protect themselves from the depreciation of the Federal Reserve Note while avoiding the tax penalties of bartering with bitcoin or other non-legal-tender precious metals.
There are also Goldbacks available, which are excellent for small, in-person transactions. They are an incredible innovation in Sound Money as they allow small units of physical gold to be traded in-person. They can also be vaulted for free through our service. Currently there are several initiatives in process to gain state legal tender status for Goldbacks but they are not Federal Legal Tender as are US Minted Gold and Silver coins.