Step aside, $1 trillion coin! Legislators in Virginia are taking steps to give the Commonwealth its own currency.
Virginia Del. Robert G. Marshall is proposing a 10-member commission be formed to study “the need, means, and schedule for establishing a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.”
“This is a serious study about a serious topic,” the Prince William Republican told The Washington Post.
Marshall’s bill was first introduced — and subsequently ridiculed — three years ago. But this week the proposal for the study, which would cost $17,440, was passed in the House of Delegates with a two-to-one majority. The coin would provide Virginia with a safety net should the U.S. experience an economic collapse from the Fed putting too much money into circulation.
The Virginia coin is still far from a reality, however. The bill for the new currency study would have to pass the Virginia Senate, something that could be a challenge.
And the legality of the proposal is also in question. Constitutionally, states do not have the right to make their own currency, but Marshall believes a loophole does exist. In Utah, the only state that recognizes currency other than the U.S. dollar, precious metal coins minted by the federal government, but intended to be investments or collectibles, are considered legal tender. Four other states also have pending bills like Virginia.
