Several States Are Beginning to Accept Gold and Silver as Cash

By Franklin Metals Group

Across the U.S., a growing number of states are pushing back against inflation and fiat currency instability by recognizing gold and silver as legal tender or removing taxes on precious metals. These moves represent a shift toward sound money and a modern revival of currency backed by intrinsic value.

A recent victory came in West Virginia, where state lawmakers unanimously approved the removal of taxation on precious metals, effective July 1, 2019. This joins a wider national trend, with more states now legalizing or introducing legislation to accept gold and silver in commerce.

Some states, like Utah, Texas, and Louisiana, have already made firm progress—recognizing gold and silver as legal tender and moving toward building public depositories. Others have taken steps like removing sales tax or introducing legislation that supports the use of these metals in everyday transactions.

And now, Florida joins this evolving list, as its lawmakers and industry leaders begin evaluating precious metals as legitimate, tax-exempt stores of value.

Here’s a breakdown of the U.S. states that have acted on gold and silver legal tender or tax reform:

• West Virginia – Removed taxation on precious metals as of July 1, 2019.
  
  

• Wyoming – Proposed Legal Tender Acts in 2013 and 2015 (both defeated).
  
  

• Utah – First state to declare U.S.-minted gold and silver coins as legal tender (passed in 2011).
  
  

• Arizona – Two legal tender bills were vetoed in 2013 and 2015, despite legislative support.
  
  

• Kansas – House Committee passed a bill in 2013 to declare coins as legal tender and tax-exempt.
  
  

• Oklahoma – Senate Bill 862 signed into law in 2014; recognizes coins as legal tender and tax-exempt.
  
  

• Texas – Introduced SB2097 in 2017 to protect legal tender status and safeguard assets from seizure.
  
  

• Indiana – Proposed Senate Bill 99 in 2013 to grant legal tender and tax-exempt status to U.S.-minted coins.
  
  

• Missouri – Senate Bill 98 proposes income tax deductions on gold/silver capital gains (under consideration).
  
  

• Louisiana – Passed H.B. 682, eliminating sales tax on precious metals.
  
  

• Tennessee – Pending bill SB0350 seeks sales tax exemption for gold and silver coins.
  
  

• South Carolina – House passed a bill in 2013 to recognize gold and silver as legal tender.
  
  

• Florida – Now exploring policy options to recognize and remove tax burdens from precious metals, signaling alignment with sound money initiatives.
  
  

This growing list signals a cultural and financial shift. It’s not just about collecting coins or hedging inflation—it’s about rebuilding trust in currency. While not every measure has passed, these legislative efforts show increasing bipartisan momentum toward monetary reform.

As acceptance grows, the next wave will likely involve digital payment systems—allowing citizens to spend gold and silver through card-based or mobile platforms. This reinvention of money brings the strength of the past into the convenience of the present.

At Franklin Metals Group, we closely track these developments and keep our clients informed on emerging trends in the precious metals space. Whether it’s physical bullion, policy changes, or the evolution of legal tender, we are your trusted source for market insight and strategic direction.