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Texas Proposes Gold and Silver Legal Tender Bills to Redefine State Currency

Texas is taking a major step toward redefining money at the state level. In newly filed legislation, Texas State Representative Mark Dorazio has introduced House Bill 1049 and House Bill 1056 — two measures designed to establish gold and silver-backed transactional currencies as legal tender within the state. The proposed bills would make Texas the first state to allow citizens to use fully asset-backed gold and silver for everyday transactions, offering a direct alternative to the U.S. dollar.

According to the Tenth Amendment Center, the proposed laws would authorize the Texas Comptroller to issue gold and silver coins, known as “specie,” through the Texas Bullion Depository. The Depository would maintain 100% physical reserves to back the new currency, ensuring full parity between issued funds and their underlying gold and silver value. This system would allow Texans to make payments or conduct business using precious metals — either physically or electronically.

Mike Maharrey, Communications Director at the Tenth Amendment Center, explained that this initiative could give Texans a “sound money” option, protecting them from the declining purchasing power of fiat currency. Transactions could be handled through debit cards linked to holdings in the Texas Gold Depository, allowing seamless conversions between gold, silver, and dollars.

Constitutional tender expert Professor William Greene also noted that using gold and silver alongside Federal Reserve notes could shift economic dynamics by reintroducing asset-backed money into circulation. This approach aligns with Article I, Section 10 of the U.S. Constitution, which states that no state shall make anything but gold and silver coin a legal tender in payment of debts.

Both bills are expected to move forward when the Texas legislative session begins on January 14, 2025. This proposal marks a significant development in Texas’s financial landscape and could influence broader monetary discussions nationwide.

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