Bill Summaries: H448 (2011-2012 Session)

  • Summary date: Mar 23 2011 - View summary

    Provides definitions for the terms (1) gold tender, (2) silver tender, (3) state money, (4) federal money, and (5) registered specie as used in the proposed North Carolina Constitutional Hard Tender Act (Act).
    Directs that state money, meaning any gold tender, silver tender, or registered specie, is legal tender with North Carolina. Prohibits taxing the purchase or exchange of state money.
    Defines registered specie to include gold and silver coin and bullion. Provides that gold coins include: (1) U.S. American eagle coins of all denominations minted under the Gold Bullion Coin Act of 1985, Public Law 99-85; (2) Austrian 100 and 20 corona, and 4 and 1 ducat; (3) British sovereign; (4) Canadian 1 and 1/10 maple leaf; (5) French 20 franc; (6) Mexican 50, 20, 10, 5, and 2.5 peso; (7) South African 1, �_, �_, and 1/10 krugerrand; and (8) Swiss 20 franc. Provides that silver coins include: (1) U.S. dollars required by statute to contain 371.25 grains of fine silver per 'dollar' as referred to in the U.S. Constitution; (2) U.S. half and quarter dollars, and dimes, whenever minted, required by statute to contain fine silver in amounts proportionate to the constitutional silver dollar of 371.25 grains of fine silver per dollar; (3) U.S. American eagle or liberty coins minted under the Liberty Coin Act of July 9, 1985; and (4) Canadian maple leaf. Registered specie also includes stamped silver and gold bullion in bars and rounds from providers that correspond with a certified list and any gold or silver coin, or combination of gold and silver coin. Requires bullion providers to register products as specie and directs the state Treasurer to provide for the registration.
    Includes provisions for the exchange of state money for federal money, the exchange of federal money for state money, and vendor exchanges and acceptance. Provides that the exchange rate is the Current Median of 168- by 24-hour Moving Average Spot Price.