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Politics : Welcome to Slider's Dugout
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To: Torah Wolfe who wrote (8423)3/16/2008 9:03:22 AM
From: inchingup  Read Replies (3) of 50720
 
"Can I walk down to Wal-Mart with a $100 gold coin in hand, worth over $1000 and buy a weed-eater and get gold in change. We don't want dollars in change."

Unfortunately not, but you would face the same problem if you walked into the store with a treasury note, stock certificate, deed to your home or a title for your automobile.

"Will Tom Cardealer accept a bar of gold for a Lincoln Mark IV?"

Maybe or maybe not. I have been involved in such a transaction in the past. However, one must file a form 8300 with the IRS for all transactions of $10,000 or more in either cash or coin (and other miscellaneous instruments).

irs.gov

"Shall we buy bars of the stuff and put them safe deposit boxes."

That is one possibility.

"Then how do we use in commerce?"

Convert it to some form of cash.
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