Arizona governor vetoes gold and silver as legal tender

Arizona's governor vetoed Thursday the legislation to make gold and silver legal tender in the state, reports Reuters.

Jan Brewer said approving the measure could cause the state to lose tax revenue. Additionally, businesses that buy and sell collectible coins and currency would have an unfair tax advantage.

The state legislature voted in the regulation during April which would have made gold and silver coins, as well as bullion, legal as currency in mid-2014.

Brewer said it was unclear what the resulting burdens would be for taxpayers and the state revenue department. It was also vague whether the law would require the state to exempt transactions involving collectible coins authorized by Congress and used as legal tender.

Related: Arizona to be second state in the US to legally accept gold, silver as tender

Image: Pete Souza, via Wikimedia Commons