A bill for an act relating to the use of specie as legal tender.

HF 2723 designates physical gold and silver bullion (meeting purity standards) as legal tender in Iowa, meaning residents can use it for transactions but businesses are not required to accept it. The bill establishes secure storage facilities ("bullion depositories") for gold/silver, requires electronic payment systems for transactions using this "specie," and mandates the state treasurer to approve these depositories and payment systems. Key provisions include tax exemptions for gold/silver exchanges, protections preventing state seizure of bullion deposits (which remain solely owned by account holders), and prohibitions against using the system for social credit scoring or surveillance. The treasurer must report annually on depository operations, payment system usage, and the economic impact of this change, with implementation required by July 2027.