NJ S846

Creates a voluntary electronic currency system in New Jersey backed by gold and silver bullion held in trust in pooled depository accounts at qualified depository institutions.

Designates the Commissioner of Banking and Insurance as system administrator with authority to contract with private vendors, giving preference to New Jersey-based companies.

Grants legal tender status to qualifying gold and silver specie (coins marked with weight and purity) for debt payment under Article I, Section 10 of the U.S. Constitution, while preserving Federal Reserve notes as legal tender.

Allows currency holders to redeem their holdings for either U.S. dollars or physical precious metals, with the Commissioner authorized to charge reasonable fees for issuance, maintenance, transfer, and redemption.

Protects backing assets from legislative appropriation by holding them outside the State treasury as trustee funds, with the bill taking effect seven months after enactment.