OH HB206

Requires the Ohio Treasurer of State to issue specie (gold and silver coins) and establish a transactional currency backed by physical gold and silver held in an approved bullion depository

Transactional currency represents actual precious metals measured in fractional troy ounces, transferable electronically and usable as legal tender for payment of debts

Approved depositories include state-controlled facilities in Ohio or the Texas Bullion Depository (or similar U.S. depositories) meeting treasurer-approved standards

Holders may redeem transactional currency for U.S. dollars or physical specie/bullion; the treasurer must maintain sufficient reserves to cover all outstanding currency units

Money, specie, and bullion held in the pooled depository account are held in trust outside the state treasury and cannot be appropriated by the General Assembly; the treasurer may charge fees to cover administrative costs