Governor Greg Abbott signed a bill into law allowing Texas residents to use the precious metals for “day-to-day financial transactions” starting in May 2027.
Some Texas residents are already expressing skepticism about a recently passed law recognizing gold and silver as legal tender in the state, as well as “the establishment of a transactional currency” based on the precious metals.
In a Sunday X post, Texas Governor Greg Abbott announced that he had signed House Bill 1056 into law after passage in the state House of Representatives and Senate. The bill, expected to take effect on May 1, 2027, amends the state government code to recognize gold and silver as legal tender and for residents to use them in everyday transactions based on the comptroller’s determined value at the time.
Abbott cited a clause of the US Constitution stating no state shall “make any thing but gold and silver coin a tender in payment of debts,” though the law would not prohibit Federal Reserve notes or other US currency for use as legal tender in Texas. The law would also not require any person to accept gold or silver “for the payment of a debt, for deposit, or for any other purpose.”
