How a New Texas Law Puts Gold and Silver Back Into Legal Tender Conversation
By Easton Martin | September 2, 2026
A new Texas law allowing qualifying gold and silver to serve as legal tender took effect this week, giving Texans another option for conducting financial transactions. House Bill 1056 was signed by Governor Greg Abbott in June 2025 and establishes a legal framework for using precious metals in commerce.
The law specifically recognizes certain privately produced gold and silver coins as legal tender. Those coins must clearly identify their weight and purity while avoiding markings that indicate issuance by a government entity.
However, the measure does not require businesses or individuals to accept precious metals for ordinary purchases. Merchants and other parties retain the ability to determine whether they will accept qualifying gold or silver as payment.
Texas lawmakers also included provisions designed to make precious metals more practical for everyday transactions. The legislation authorizes the state comptroller to establish electronic payment systems backed by gold and silver held within the Texas Bullion Depository.
That electronic system is scheduled for a later phase of implementation. The broader transactional currency provisions are expected to become operational in May 2027 depending upon implementation by the comptroller.
The Texas legislation follows a movement among states toward recognizing precious metals within their financial systems. Utah became an early leader after passing its Legal Tender Act in 2011 while Louisiana and several other states have subsequently adopted related measures.
