Texans Can Now Use Gold to Pay—But There’s a Catch

I'd like to introduce House Bill 1056 which Gov. Abbott recently signed into law. This bill recognizes gold and silver as legal tender across the state of Texas.

I guess this was something people wanted for a while, given that the bill passed in the House with 89 yeas to 45 nays.

Spearheaded by State Rep. Mark Dorazio (R-San Antonio), this is meant to afford Texans with our God-given right to engage in commerce with gold and silver. No, seriously.

Get our free mobile app

Rep. Dorazio quoted the Bible on the House floor, specifically Genesis chapter 2 where the placement of gold in the land was declared good.

Restrictions to HB 1056 in Texas

First of all, McDonald's or your cousin Ricky who sold you a bed frame can't require you pay in gold or silver as the only form of payment. Even if you do choose to pay in this form, it has to be through the state-approved digital platform or app.

The way this works is that the state comptroller can establish certain electronic systems for Texans to use where they can make and receive payments using the gold, silver, or precious metals they currently own in a state depository.

Can I Now Buy a Candy Bar with Silver?

Now, this doesn't mean you can just take your great grandmother's jewelry and head on down to the grocery store to pay at the register.

This must also be done through the transaction app. Believe me, it'll be a lot easier converting your gold to cash on your phone than walking into Burger King with a sack of jewels like a hungry pirate.

I'm not sure if you knew this or not, but any chance to make a few bucks and businesses and governments will jump on it. This is why the comptroller can also charge fees to third parties during this transaction process.

It's also important to know that this is not a requirement for anyone. It's simply a secondary option for those who own gold and silver to actually spend their accumulated precious metals rather than have them sit and collect dust... and interest.