The E-Sylum:  Volume 9, Number 42, October 15, 2006, Article 24

COLORADO MAN PAYS TAXES IN GOLD COIN

"Recently, Boulder County Treasurer Bob Hullinghorst found there was
still gold in "them thar hills!"

When Lafayette resident, Scott Valentine, came in to pay his taxes
in gold, the folks at the County Treasurer's office found themselves
in a predicament ... how do you make change for gold coins?

On Wednesday, Oct. 4, Mr. Valentine walked into the Boulder County
office with four gold coins and intentions of paying his taxes. The
gold coins, worth about $1,100, are not a common or generally
acceptable form of payment in the Treasurer's office, as the office
is not equipped to weigh or value gold.

Not wanting to disappoint a taxpayer, Treasurer Bob Hullinghorst
did some research. According to Article 1, Section 10 of the United
States Constitution, gold and silver are allowed as acceptable tender
for the payment of debt, although Colorado Law limits the amount that
can be used for property tax payments with coins to their face value.
So, the question of accepting gold coins for payment of taxes was
complicated.

Hullinghorst solved this problem by calling on another Boulder
County taxpayer and local businessman, Stephen Tebo, for help. As
a collector of rare coins, Tebo agreed to come to the aid of Mr.
Valentine and purchase the gold at current market price, which was
approximately $570 per ounce, according to Monex Deposit Company."

"Says Hullinghorst, "It's not every day we get the opportunity to
see a taxpayer leave our office with such a smile on his face.
Today we did."

"Tebo felt it ironic the four gold coins, which could have paid
property taxes on a home when minted in 1907, were valuable enough
to pay taxes on the same home 100 years later.

Hullinghorst stated that while he was pleased to be able to handle
this transaction, he hoped it would be a one time event. "

To read the complete article, see: Full Story

  Wayne Homren, Editor

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