Iowa Bill Proposes Accepting Gold and Silver as Legal Tender

The bill aims to establish a state bullion depository and electronic payment system for gold and silver transactions.

Published on Feb. 22, 2026

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The Iowa legislature is considering a new bill, House File 2311, that would make gold and silver bullion recognized as legal tender in the state. The bill would require the state treasurer to set up a bullion depository and electronic payment systems to facilitate transactions using the precious metals. While supporters see it as a supplementary monetary system, critics have raised concerns that it could compete with existing banks and financial institutions.

Why it matters

This bill reflects a growing interest in alternative monetary systems, particularly the use of precious metals as currency. If passed, it could make Iowa one of the few states to recognize gold and silver as legal tender, potentially impacting commerce and financial services within the state.

The details

The proposed legislation defines 'specie' as refined gold and silver bullion that is at least 99% pure. It would require the state treasurer to establish a bullion depository to store these precious metals and develop electronic payment systems to enable their use as legal tender. The treasurer would also be required to submit an annual report to lawmakers on the economic impact of recognizing specie as legal tender.

  • The Iowa legislature is currently considering House File 2311 during its 2026 legislative session.

The players

Rep. David Blom

A Republican state representative from Marshalltown, Iowa, who supports the bill as a supplementary monetary system.

Rep. Adam Zabner

A Democratic state representative from Iowa City, Iowa, who has expressed concerns that the bill sounds like 'socialism' and could compete with existing banks and financial institutions.

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What they’re saying

“The specie system would not replace the current monetary system, instead just giving it a supplementary system.”

— Rep. David Blom, State Representative (97zokonline.com)

“It sounds like socialism to establish a bank that would 'compete' with banks and credit unions we already have.”

— Rep. Adam Zabner, State Representative (97zokonline.com)

What’s next

The Iowa House committee has voted 15-8 to advance the bill, so it will now move to the full state legislature for further consideration and debate.

The takeaway

This bill highlights the ongoing debate around the role of alternative monetary systems, particularly the use of precious metals, in modern commerce. If passed, it could make Iowa a pioneer in recognizing gold and silver as legal tender, potentially inspiring similar efforts in other states.