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Texas has made a significant move in its monetary policy by passing a law that recognizes gold and silver as legal tender for everyday financial transactions starting May 2027. This legislation, signed by Governor Greg Abbott, allows residents to use these precious metals for payments based on the comptroller's valuation at the time of the transaction. The law does not mandate the acceptance of gold or silver, ensuring that businesses and consumers have the discretion to choose their preferred form of payment.

This decision aligns with Texas' broader strategy to diversify its monetary framework. Alongside the recognition of gold and silver, the state has also approved a strategic Bitcoin reserve, signaling a shift towards alternative assets. Governor Abbott emphasized the constitutional backing for the law, citing the clause that restricts states to using only gold and silver coin as tender. However, he clarified that federal currency remains valid and that the acceptance of metals is voluntary.

The move to legalize gold and silver as legal tender is unprecedented in modern American monetary policy, as the United States has not operated on a gold or silver standard for domestic transactions since 1933. Texas' decision reflects a growing interest in alternative currencies amid concerns about inflation and federal monetary policy. The legislation explicitly preserves the use of Federal Reserve notes, ensuring coexistence rather than replacement.

https://www.ainvest.com/news/texas-legalizes-gold-silver-legal-tender-starting-2027-2507/

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[url=https://www.ainvest.com/news/texas-legalizes-gold-silver-legal-tender-starting-2027-2507/][/url]

Starting in 2027, Texas House Bill 1056 allows Texans to use gold and silver stored in the Texas Bullion Depository as legal tender for everyday transactions via a debit card system. The card converts the value of the precious metals into U.S. dollars at the point of sale,… pic.twitter.com/YDvDi5Up5s

— News 1 (@sanrodriguesz) July 1, 2025

Texas Governor Greg Abbott announced that he had signed House Bill 1056 into law after passage in the state House of Representatives and Senate.

Read more: https://t.co/UnxmMCJ7sV

— unusual_whales (@unusual_whales) July 1, 2025

I guess I need to start carrying a scale and some gold dust.

This is such a brilliant move on our state's part. State sovereignty and individual freedom.

Lots of leftists aren't going to like this at all.

As long as Federal Reserve Notes are still legal tender, Gresham's Law will make this ineffective. Why spend gold when you can spend fiat money?

So you have to turn your gold & silver over to be held by the state?

Just a WAG but within ten years the average Texas house will be able to be bought with 20 ounces of gold or 100 ounces of silver.

Im Gipper said:

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So you have to turn your gold & silver over to be held by the state?

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Yes and then be given a state debit card to use it

Next session, the legislature needs to pass a law requiring ISDs to accept cash as payment for entrance to athletic contests instead of this online only BS. $1.50 "convenience" fee? Screw that. You know what's "convenient"? Me handing you a $5 bill and walking on through the gate. *******s.

I must be missing something. My understanding is that if it is legal tender, then you must accept it in payment of debts.

If not legal tender, we still have that as an option.

Note that when buying something, you can refuse a payment method even if it is legal tender. If you go to the store and buy a suit, you have not incurred a debt. On the other hand, if they let you buy the suit on credit, then there is a debt and they cannot refuse legal tender to pay for it.

On the other hand, if you go to a restaurant where you eat and then pay, you have incurred a debt and legal tender applies to the payment of that debt.

Am I wrong about this?

For what it's worth, when I was a kid I knew a lawyer who loved to abuse legal tender laws. He would go to a cafe and order a cup of coffee. After he drank it, he would hand them a $100 bill to pay for it. Few cafes would have the ability to make change without taking the $100 bill to the bank to get change. He would tell them that he offered legal tender to pay for the coffee and since they refused to accept the legal tender, the debt was extinguished.

He was definitely a scumbag. I've always wondered about his argument.

eric76 said:

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I must be missing something. My understanding is that if it is legal tender, then you must accept it in payment of debts.

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Try paying with cash to attend a sporting event at a Texas high school and see how far that gets you.

Yes! I thought I was the only person who complained about this!

Slicer97 said:

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eric76 said:

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I must be missing something. My understanding is that if it is legal tender, then you must accept it in payment of debts.

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Try paying with cash to attend a sporting event at a Texas high school and see how far that gets you.

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That's not a debt.

His argument is garbage and he's a thief

What's the going rate in gold for a night with a "lady of the evening?"

So I have a set of Gold Teeth from a long dead relative I obtained and nobody knows who the relative is.

Cool

Champion of Fireball said:

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What's the going rate in gold for a night with a "lady of the evening?"

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Depends on the lady

eric76 said:

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For what it's worth, when I was a kid I knew a lawyer who loved to abuse legal tender laws. He would go to a cafe and order a cup of coffee. After he drank it, he would hand them a $100 bill to pay for it. Few cafes would have the ability to make change without taking the $100 bill to the bank to get change. He would tell them that he offered legal tender to pay for the coffee and since they refused to accept the legal tender, the debt was extinguished.

He was definitely a scumbag. I've always wondered about his argument.

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Next time he showed up, they should have put poison in his coffee. Would not be losing much, after all he is just a lawyer.

Krombopulos Michael said:

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Quote:

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Texas has made a significant move in its monetary policy by passing a law that recognizes gold and silver as legal tender for everyday financial transactions starting May 2027.

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Didn't realize Texas had its own monetary policy. Wonder if we will get our own mint?

Why do things always start a year or three down the road? If it is felt to be the bees knees, start it upon passage, or in six months (at most).

AuAg?

It's just an effort to boost the Texas Bullion Depository which has been a major flop, costing taxpayers tons of money while failing to deliver on its promises. It was a great idea completely screwed up by our former Comptroller (and new Chancellor, Lord help us).

SouthTex99 said:

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Retailers do not have to accept it. It just means it's legal tender. This is all to score political points it won't actually change anything.

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You mean because there was nothing preventing private business from setting up a similar system for a fraction of the cost and multiples more efficient if the market really wanted this.

This is a waste of time and money by the legislature to do some virtue signaling.

Yaaaaay! I finally have the personal freedom to do something that I never would in the first place. I still don't have the personal freedom to gamble or smoke a little weed in my backyard, but I can use my silver stack to buy whiskey on Sunday. Oh wait…..

Reminds me of the old Sonic commercial with those two guys in the car. One of them brought his old coin collection to pay for the food.

"That one's worth about seven bucks."

Ok help me out I am little confused

Step one I put my precious metal on reserve at the State Depository

Step two I get a debit card tied to my reserves

Step three I can use this card for commerce and when I spend money the state converts the dollars to ounces of gold and Adjusts my account accordingly

Do I send the state Dollars to reestablish my reserves

I am missing something or is this how this works

Psycho Bunny said:

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Champion of Fireball said:

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What's the going rate in gold for a night with a "lady of the evening?"

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Depends on the lady

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If they have GPS (golden p**** syndrome)...big bucks!

Hopefully the beginning of a trend to reduce our dependence on government fiat money.

ts5641 said:

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Hopefully the beginning of a trend to reduce our dependence on government fiat money.

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Lol.
Your gold or silver is deposited where the state tells you to.
The state issues you a debit card.
The value of your gold is converted to USD and that amount is available on your debit card.

Yeah. Freedom from fiat currency.

My gold reserves are to be used to buy passage out of the nightmarish hellscape that leftist tyrants want to make out of my country. All this talk of buying groceries with gold debit cards is silliness.

lobopride said:

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Just a WAG but within ten years the average Texas house will be able to be bought with 20 ounces of gold or 100 ounces of silver.

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Sure, but how much will the Texas senate cost?

I'm just a caveman, but I don't see how this does anything. In the end it is effectively just selling your gold for US dollars.

Good thing they wasted their time on this instead of something trivial like property tax reform.

Eff Texas legislators.

Slicer97 said:

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eric76 said:

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I must be missing something. My understanding is that if it is legal tender, then you must accept it in payment of debts.

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Try paying with cash to attend a sporting event at a Texas high school and see how far that gets you.

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That would presumably be a transaction, not a debt.

SouthTex99 said:

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Retailers do not have to accept it. It just means it's legal tender. This is all to score political points it won't actually change anything.

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If a retailer wanted to accept live chickens as payment, they could so. The last I looked, live chickens were not "legal tender".

For what it's worth, I did a small favor for someone the other day and they are going to return the favor by giving me okra in a few weeks.

BMX Bandit said:

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His argument is garbage and he's a thief

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I figured that it was something like that.