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

This Iowa bill makes gold and silver coins (defined as "specie") legal tender for transactions within the state, meaning residents can use them to pay for goods or services. Businesses are not required to accept specie, but the bill mandates the state treasurer to establish secure storage facilities ("bullion depositories") for gold/silver and authorize electronic payment systems to process transactions using "transactional gold and silver" (fractional amounts held in depositories). It exempts all specie transactions from state taxes, requires full insurance for deposits, and prohibits using these systems for surveillance or social credit scoring. The treasurer must report annually on depository operations and the economic impact of the policy.