Once Gov. Jan Brewer authorizes the bill, retailers in Arizona that are willing to accept gold and silver in lieu of paper money are allowed to let customers purchase goods with precious bullion.
"This gives them the ability to use it as tender and have the same recognition as the paper dollar coming out of the Federal Reserve," Republican State Sen. Chester Crandell tells the Associated Press.
Sen. Crandell is a sponsor of the bill, SB 1439, and helped craft the act to mimic a similar law that was passed in the state of Utah in 2011. Speaking to the AP from Arizona, Scottsdale Bullion & Coin broker Mike Rowlands suggests other states should follow suit before the buying value of the dollar diminishes even further.