The Commonwealth of Virginia would begin minting its own gold and silver coins as an alternative currency to the U.S. dollar under a bill that Virginia Del. Bob Marshall (R-Prince William) says he will file in coming days.

Marshall will ask the General Assembly to consider the idea when it convenes for its annual legislative session Jan. 12. It is a companion bill to a proposal he has already filed to establish a study committee to examine alternative currencies to that distributed by the Federal Reserve System "in the event of a major breakdown of the Federal Reserve System."

Marshall said his intention is to inject competition into the national economy and force the federal government to change monetary policy he believes is leading to hyperinflation. According to his bill, "many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future." His critique mirrors that of the Tea Party movement, some of whose members have called for the end of the Federal Reserve system.