Utah has now made official the use of gold and silver coins as legal tender.

This marks the first time since 1971 that any government entity in the United States has legalized the use of gold and silver as currency.

The law, signed by Governor Gary Herbert, does not require citizens to pay or accept payment in gold or silver, but rather offers an alternative to the fiat-based Federal Reserve note.

The Utah law will also exempt the sale of gold and silver coins from state capital gains taxes, according to the Associated Press.

The idea was developed by Republican state Representative Brad Galvez, who sponsored the bill primarily as a protest against the reckless monetary policies of the Federal Reserve. Rep. Galvez stated that the American people are losing faith in the dollar and a sound monetary alternative is necessary. More>>>>