Bills › 91st General Assembly
Relating to the use of specie as legal tender
Sponsored by Rep. Jennifer J. Smith (R)
Where it is now
- Done: IntroducedFebruary 4, 2026
- Done: SubcommitteeFebruary 11, 2026
- Done: House committeeFebruary 18, 2026
- Skipped: Passes the HouseContinued as HF 2723
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 2723 → Its progress continues under the new number. Go to HF 2723 What’s a funnel?
What’s in it
AI summary Iowa would allow gold and silver to be used as legal money, though businesses would not be forced to accept it. The state treasurer would set up secure places to store the metal and create electronic systems to help people make payments. These transactions would not be subject to state taxes, and the government cannot use them to track people or score their behavior.1
Read the official explanation
This bill provides that specie, defined in the bill, is legal tender in this state and that a person is not required to accept specie as payment. The bill requires the treasurer of state (treasurer) to establish or contract with one or more bullion depositories for the secure storage of bullion, authorize one or more electronic payment systems to facilitate transactions, and adopt rules to implement the bill. Each bullion depository approved by the treasurer must have a contractual relationship with each electronic payment system that is authorized by the treasurer and must insure each deposit under an insurance policy for the full replacement of the deposit. A deposit made in a bullion depository approved by the treasurer is the sole property of the account holder. The treasurer must submit an annual report to the general assembly on approved bullion depositories, authorized electronic payment systems, and the economic impact of recognizing specie as legal tender. The bill provides that transactional gold and silver shall not be used by the state or a public entity as a mechanism for surveillance or social credit scoring. The bill states that a transaction entered into by a person which involves the exchange of specie for some medium of exchange other than specie shall not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or public charge under the laws of this state. The purchase, sale, or exchange of specie shall also not be subject to any sales, excise, gross receipts, income, capital gains, or other form of tax or charge authorized under the laws of this state. The treasurer must implement the provisions of the bill by July 1, 2027.
House subcommittee
Named February 11, 2026. On February 17, 2026 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
1 written public comment to its subcommittee: February 17, 2026 (1) · on the Legislature’s site
Iowa Code it changes
Creates§12L.1§12L.2§12L.3§12L.4§12L.5§12L.6§12L.7§12L.8§12L.9
Lobbying
1 for · 1 against · 5 undecided · Who →