SB 413 West Virginia Senate · 2026 Regular Session

Creating Transactional Gold and Silver Act

SB 413 would make gold and silver bullion (including certified coins) legal tender in West Virginia for paying debts, taxes, and fees. It requires depositories storing gold/silver to meet specific standards (like London Bullion Market Association guidelines) and creates a tax exemption for transactions using these metals. The bill affects individuals, businesses, and authorized depositories within West Virginia by establishing a legal framework for using precious metals as a medium of exchange, while setting duties for the State Treasurer's Office.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 15, 2026 Last action Feb 5, 2026

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What changed between versions

Introduced Version → Committee Substitute · 7 edits

MODERATE

The bill was amended to shift from a narrow focus on 'gold and silver' to a broader framework covering 'bullion' generally. The text was also updated to reflect that the bill was reported by the committee rather than just introduced, and the legislative intent was changed to specific findings. These changes broaden the scope of the law to include any precious metal bullion and clarify the legal basis for the new financial system.

Scope change

The bill's scope expanded from specifically 'gold and silver' to 'bullion' (gold or silver), and the definition of legal tender was updated to reflect state recognition rather than federal constitutional authority.

DEFINITION

The definition of legal tender was changed from relying on the US Constitution to being recognized by the State of West Virginia.

The term 'gold specie' and 'silver specie' were replaced with the broader term 'bullion' throughout the bill.

New definitions were added for 'account holder,' 'allocated,' and 'Treasurer' to clarify roles and ownership structures.

REQUIREMENT

The Treasurer's authority was expanded to include limiting the types of bullion accepted if necessary for the system's stability.

New requirements were added to ensure that all fees and costs charged by the bullion system are reasonable.

TIMELINE

The reporting requirement was updated to be submitted to the Joint Committee on Government and Finance in an electronic format.

ENFORCEMENT

The privacy clause was modified to state that transaction information 'may not' be shared without court authorization, removing the exception for the Treasurer's discretion.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 5, 2026

Committee

To Finance

upper

Feb 5, 2026

Committee

Committee substitute reported, but first to Finance

upper

Jan 15, 2026

Committee

To Banking and Insurance

upper

Jan 15, 2026

Introduced

Introduced in Senate

upper

Jan 15, 2026

Committee

To Banking and Insurance then Finance

upper

1 primary · 2 co-sponsors