Gold is legal tender in Texas and Florida.
A new law that allows Texas to begin implementing th eframework to accept certain gold and silver as legal tender came to effect on September 1 but that does not mean gold and silver have already become legal tender in the state. House Bill 1056, authored by Republican state Rep Mark Dorazio of San Antonio, recognizes qualifying privately produced gold and silver specie as legal tender in Texas beginning Sept. 1.
The metal must be marked with its weight and purity and cannot bear markings suggesting that it was issued by a government. No person, business or government agency will be required to accept it.
- The provisions authorizing systems backed by bullion held in the Texas Bullion Depository take effect May 1, 2027, and implementation will depend on action by the state comptroller, local reports said. Before Texas, Florida officially recognized gold and silver coins as legal tender starting July 1.
“I spent forty years building a construction company,” said Dorazio. Dorazio said that although no one is required to use it, the new law provides Texans “a way to protect what they’ve earned. The comptroller’s office will contract with a debit card provider, which will facilitate the conversion of gold and silver deposited into an account to dollar amounts at the point of sale, according to the law.
“I’ve watched inflation eat the paychecks and the savings of the people who build this country. The problem isn’t only that things cost more — it’s that the dollar buys less every year. “How am I supposed to buy groceries or put gas in my car with a gold bar? Dorazio asked during a legislative hearing. That electronic-payment component, however, does not begin Sept. Catch the latest World News and Live updates. Download the TOI app.
“Fortunately, the technology is available today and allows you to pay for goods and services using a gold card through the convenience of a debit card.