Specie Legal Tender Act

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Policy Status

  • Type: Model Policy
  • Status: Draft
  • Date Introduced: July 23, 2026

Task Forces

  • Commerce, Insurance and Economic Development

    • Tags

  • 2026 Annual Meeting

    • Summary

    This model policy states that refined gold and silver bullion, specie, or coins shall be considered legal tender. 
    Draft

    Specie Legal Tender Act

    BE IT ENACTED BY THE LEGISLATURE OF [name of state]:   

    Findings and Purpose   

    The purpose of this bill is to: Relating to legal tender; provide that refined gold and silver bullion, specie, or coins shall be considered legal tender in the state.   

    Section 1.  

    This act shall be known and may be cited as the [name of state] Specie Legal Tender Act.   

    Section 2. Definitions:   

    As used in this section:  

    1. “Legal tender” means a medium of exchange, including specie, recognized by the State of [name of state] for the payment of debts, taxes, fees, and other obligations.     
    2. “Specie” means:  
      • (a) any refined gold or silver bullion, specie, or coin that has been stamped, marked, or imprinted with its weight and purity of at least ninety-nine percent (99%); and  
      • (b) gold or silver coin issued by the United States or a foreign government.       

    Section 3: Legal Tender 

    1. Gold and silver specie shall be recognized as legal tender in the State of [name of state].   
    2. No person shall be required to offer or accept any recognized legal tender as described in subsection (2)(a) for payment of debts, deposit, or any other purpose, nor shall any person incur any liability for refusing to offer or accept such legal tender, except as specifically provided for by contract or otherwise required by law.   

    Section 4. Effective Date:  

    This act shall become effective on [month,day, year].