New Texas Law Makes Gold and Silver Legal Tender

(KNUE-FM) Texas just created what some are calling the most comprehensive precious metals transaction framework in the country. According to KXAN, on June 29th, Governor Greg Abbott signed House Bill 1056 into law meaning that Texas has established gold and silver currency systems.

What Does This Mean to Texans Who Collect Precious Metals?

This now allows Texans to use precious metals in the state-run Texas Bullion Depository for everyday purchases through debit cards and mobile apps.

Supporters of this bill are excited as the measure could protect against inflation. This bill had strong public support.

When Will This Law Take Effect?

Beginning in September of 2026 the Texas Comptroller will establish electronic systems that convert gold and silver holdings into U.S. dollars at the point of sale. The entire transactional currency system is expected to be operational by May 1, 2027.

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This Currency System is Proven Already

States like Arkansas, Florida, and Missouri have already advanced precious metal currency legislation this year.

When a customer wants to use funds from a gold-backed payment card, the merchants face no additional fees or system changes as the technology is already working through MasterCard networks.

Essentially this measure will allow people to use their precious metals through an electronic payment infrastructure, so they can make everyday purchases, instead of just collecting and holding on to gold or silver as a savings method.

When users decide to make purchases using their precious metals, the business owners will have no idea as it works just like every other debit card.