An effort to advance the use of gold and silver as currency in Louisiana stalled in a skeptical legislative committee last week, amid broader discussions in several U.S. states about alternatives to traditional currency systems.
Republican state Rep. Raymond Crews earlier introduced
House Bill 386 that would have created the framework for consumers to store physical gold bought online in a vault monitored by the state treasurer and tie it to debit cards that would convert the value of the precious metals to cash.
In 2024, Louisiana has already passed a
bill to recognize gold and silver as legal tender.
Crews’s legislation would allow consumers to use precious metals as money rather than as investments.The bill was aimed to redefine Louisiana’s monetary landscape by recognizing precious metals alongside traditional forms of currency. The proposed currency would have been backed by bullion stored in state-approved depositories, enabling individuals and businesses to transact using assets tied to tangible gold or silver. A fiscal note attached to the bill suggested the state could face increased expenditures if implemented.
The bill mirrored a broader push by several U.S. states to reintroduce precious metals into their financial frameworks.
In Texas, the House
passed a bill earlier in May that would create a 100 percent gold and silver-backed transactional currency recognized as legal tender in the state.
House Bill 1056, now under Senate consideration, would authorize the Texas Comptroller to issue currency backed by precious metals stored in the state-run Texas Bullion Depository. Under the proposal, gold and silver would be held in a pooled depository account, and the currency could be electronically transferred and redeemed for specie or its cash value at market rates. In 2015, the state authorized the creation of the
Texas Bullion Depository—the first state-run precious metals depository in the country. Gov. Greg Abbott, who signed the law, said the facility would increase security and stability for gold reserves.
In Kansas,
Senate Bill 39—introduced in January 2025—passed the state Senate on March 20 and is currently under review by the House Committee on Taxation. The bill would recognize gold and silver coins and bullion as legal tender, exempt such transactions from state taxes (including capital gains taxes), and permit their use in both physical and electronic forms for debts and taxes.
Utah, in March 2025, became the first state to pass what it calls a
“transactional gold bill.” The legislation allows state vendors to be paid in gold and silver and authorizes the treasurer to issue a competitive procurement for a precious-metals-backed electronic payment platform. “In uncertain economic times, Utah gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings,” said bill sponsor Rep. Ken Ivory. Utah Treasurer Marlo Oaks called it “an important step toward making transactional gold a viable option for all citizens.”
In April 2023, Arkansas enacted the
Arkansas Legal Tender Act, reaffirming gold and silver coins as legal tender. Signed by Gov. Sarah Huckabee Sanders, the law defines "specie" as coins or bullion containing gold or silver content and exempts such assets from personal property classification and state taxation. The law stipulates that exchanges involving specie “shall not give rise to any tax liability.”
Oklahoma has recognized gold and silver coins issued by the U.S. government as legal tender since 2014, while clarifying that no one can be compelled to accept them. In 2025, Oklahoma updated its legal tender laws with
House Bill 1199, which expands definitions and exempts exchanges involving specie from taxation. The bill defines "specie" as coins or bullion primarily valued by metal content and makes clear that use of such currency must be agreed upon by parties under law or contract.
Wyoming’s Legal Tender Act,
signed in 2018, recognizes U.S. and foreign gold or silver coins as legal tender and exempts their use from tax. The law makes clear that such use is voluntary.
States including Arizona, Indiana and South Carolina have also considered recognizing gold and silver as legal tender, though no legislation had advanced as of May 2025.
