Wheels signed a bill last year that made gold and silver legal tender.

Does anyone know how it works? Tried it?

Silver dollars are not worth just a dollar...

So hypothetical scenario:
I go to a store and want to pay with a silver eagle, in Texas. Do they HAVE to take it? Is it worth a dollar or spot value at the time?

If not, what was the point of the bill? I could go to any store owner and barter before. What changed? Was it wheels just politcally posturing? Was it to set Texas up for its own gold/silver backed currency?

Texas has officially recognized gold and silver as legal tender following the signing of House Bill 1056 by Governor Greg Abbott on June 22, 2025. This law establishes a framework for using precious metals in everyday transactions, though the system is being rolled out in phases.

Key Provisions of the Law

• Official Status: Gold and silver specie (coins or bars meeting specific purity standards) are recognized as legal tender in Texas.
• Voluntary Participation: The law does not mandate that businesses or individuals must accept gold or silver; participation in transactions using these metals remains optional.
• Implementation Timeline:
  
  • September 1, 2026: The law takes partial effect.
  • May 1, 2027: The transactional currency system is expected to be fully operational, allowing for digital and debit-based payments.

How the System Works
The state is leveraging the Texas Bullion Depository (the first state-administered precious metals depository in the U.S.) to facilitate these transactions.

• Digital Integration: The Texas Comptroller of Public Accounts is authorized to establish electronic payment systems, such as mobile apps or debit cards, linked to physical bullion held in the depository.
• Conversion at Point of Sale: When a user pays with a state-backed debit card, the system converts the required amount of gold or silver into U.S. dollars at the current market value determined by the comptroller.
• Direct Deposits: Residents can deposit U.S. dollars into the depository, which are then used by the state to acquire an equivalent amount of gold to back the account.

If you have your gold and silver in the Texas Bullion Depository you can use your digital deposit certificates to make purchases (in the form of a debit card) at the 'spot price' as determined by the Comptroller's office.

Is this the logic/reasoning behind the "Goldback" notes being offered over on Texas Precious Metals?

They're a printed precise weight of 24K (.9999 pure) Gold between polymer sheets.... Look like they're in 1/1000 t oz and 5/1000 t oz denominations. So a 1 Goldback note is retailing just over $10 and the 5 Goldback note is $51

https://texmetals.com/products/collections/goldbacks

Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

I would spend your dollars and keep your gold and silver. The former is going down in value, the latter is skyrocketing.

Ol_Ag_02 said:

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Does it make you feel better to insult someone you don't like politically… ?

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New here?

ibAuAg

Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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I agree. Other than "tea sippers", I dislike nicknames intended as insults.

How does it work? Say, if I deposit $5000 USD, when the gold price is $5000/oz, is my account credited with an ounce of gold?

DamnGood86 said:

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Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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I agree. Other than "tea sippers", I dislike nicknames intended as insults.

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F16 is nothing but nicknames intended as insults. My handle is the long form of an insult.

Probably the most pointless piece of legislation passed last session, and the competition for that title is steep.

Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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Its a tongue in cheek nickname. Are you his mother? Lighten up Francis. This is tame as hell.

I have a nice sterling silver flatware set that I was holding on to until silver takes off. Well it's taken off, but refiners are not melting and I'm not getting good percentages of spot anywhere.

How do I sell it or trade it for bullion without taking a big cut?

The dumbed down working cashiers can't even give correct change for a $20 bill. Their heads explode if you give them a couple extra pennies to make an exact $$ or $.50 change amount……

Kenneth_2003 said:

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Is this the logic/reasoning behind the "Goldback" notes being offered over on Texas Precious Metals?

They're a printed precise weight of 24K (.9999 pure) Gold between polymer sheets.... Look like they're in 1/1000 t oz and 5/1000 t oz denominations. So a 1 Goldback note is retailing just over $10 and the 5 Goldback note is $51

https://texmetals.com/products/collections/goldbacks

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I have several goldbacks from different states and in different denominations, but only as a novelty. They generally run about 3 or 4 times the actual value of the gold, so nobody would actually spend them like cash.

Meat prepped by an uncertified butcher results in illegal tender.

I don't know why nicknames stick. It's just human nature. Sometimes the person stuck with the nickname doesn't like it.

Tough *****

Wheels it is. Sometimes I say Hot Wheels.

And I'm as big of a Republican Party supporter as there is.

Gave my 5 nephews and nieces a 1/2 oz American Eagle coin 15-20 years ago. My sisters kids have theirs, my brother in law and his ex lost the 3 for their sons

$2,600+ each now.

Lathspell said:

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Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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Its a tongue in cheek nickname. Are you his mother? Lighten up Francis. This is tame as hell.

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Agree. It's like calling the previous governor, Governor Good Hair for his prodigious use of hair spray.

I had an amputee friend I called Hops. Ok, maybe I am going to hell….

I bought my daughter a bunch of 1 oz coins 20+ years ago. Maybe 8? Gave them to her when she graduated from high school. I paid under 400 for some and didn't pay more than 800 for the last. It was for her education. I bought one back from her so she could do a semester abroad. She has the rest. Doing pretty damn good.

DamnGood86 said:

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Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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I agree. Other than "tea sippers", I dislike nicknames intended as insults.

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What about "Tards" ? LOL

So the legislation, all it really did was create a way for the govenment to control the process.

Do you know if the depository is going to be electronic or is it going to be backed by physical gold and silver? It is my understanding that back in the day, you could take silver and gold certificates to a bank and get phyiscal gold and silver. Also I could get more physical silver six months ago than I could now with let's say a $2 dollar certificate..

If the state is going to back it with physical metal, where is the repository going to be? If it is going to be electronic or certificates, somewhere there HAS to be silver and gold somewhere to back it, right?

In either case, does Texas entering the market not increase the demand and thus won't the price continue to go up (in theory)?

And FWIW, yes. Yes it does make me feel better. You should hear the nickname for my ex-wife and the worst boss I ever had. Wheels is a bad govenor. Better than the alternative we had to choose from, but bad none the less. Wait until you find out what a snowflake is...

I listened to a documentary concerning the siege of Sarajevo which took place during the Bosnian war and lasted almost 4 years (1992 - 1996).

One of the survivors interviewed stated that the most valuable barter commodity were disposable Bic lighters.

Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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Same, I've always thought it was gross.

Ol_Ag_02 said:

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Never understood the "wheels" thing. Does it make you feel better to insult someone you don't like politically because they were paralyzed in an accident.

And no, I'm not really a huge Abbott fan.

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This made my day. pic.twitter.com/iKmfKZvL1V

— Greg Abbott (@GregAbbott_TX) January 30, 2026

What say you?

Wall Street is ROBBING YOU.

At what point does @SECGov actually DO SOMETHING about this fraudulent system?

Shut down the FED. Arrest the bankers, hedge fund managers, and market makers that are responsible for these crimes.

Americans and the world deserve better. pic.twitter.com/u5RFYy5fEE

— Sanders Parker (@FamousVariety) January 29, 2026

Hoosegow said:

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So hypothetical scenario:
I go to a store and want to pay with a silver eagle, in Texas. Do they HAVE to take it? Is it worth a dollar or spot value at the time?

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Probably not. The Potbelly's at Northgate doesn't even accept cash.