Free Market Gold Coinage Act

Summary

Free Market Gold Coinage Act - Declares the policy of the United States to recognize the right of free coinage of gold at a free market price. Directs the Secretary of the Treasury to offer the gold bullion reserves of the United States for public sale in the form of gold coins minted in accordance with this Act. Sets forth specifications for four types of gold coins. Permits any State or local government or any person to mint gold coins. Directs the Secretary to establish a formula for determining on an hourly basis the Official Conversion Rate of gold. Directs the Secretary to exchange gold bullion or gold coin from any source for its equivalent weight in gold coins minted under this Act. Directs the Secretary to use the proceeds of the sale of gold coins to redeem and cancel the gold certificates held by the Federal Reserve System. Prohibits the United States or any State from: (1) imposing an excise or transaction tax upon the use of gold or upon banking services that involve the promise to pay with gold; or (2) restricting the convenient transfer of any ownership interest in gold. Directs the Secretary to encourage the public to recognize and use the gold coins minted under this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 October 1981

  Open at official source

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