Is Texas accepting gold, silver as payment from September 1? Here’s what you need to know

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.“I spent forty years building a construction company,” said Dorazio. “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.” Dorazio said that although no one is required to use it, the new law provides Texans “a way to protect what they’ve earned.”“How am I supposed to buy groceries or put gas in my car with a gold bar?” Dorazio asked during a legislative hearing. “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.”According to the law, 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. That electronic-payment component, however, does not begin Sept. 1. 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.