NJ S846

Creates a voluntary electronic currency system in New Jersey backed by physical gold and silver held in trust, allowing holders to make payments and transfer funds electronically

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

Recognizes qualifying gold and silver specie as legal tender for payment of debts under Article I, Section 10 of the U.S. Constitution, requiring coins be marked with weight and purity only

Allows currency holders to redeem their holdings for either U.S. dollars or physical gold/silver bullion at any time, with assets held outside the State treasury and protected from legislative appropriation

Takes effect on the first day of the seventh month following enactment, with the Commissioner authorized to establish fees for issuance, maintenance, transfer, and redemption to cover administrative costs