SB 284 Summary

• Defines specie and legal tender: Gold and silver bullion in coin, bar, or round form (with stamped weight and purity) is legal tender in Oklahoma; value based on metal content, not form.

• Authorizes debt payment in specie: Gold and silver bullion coins issued by the U.S. government can be used to pay public debts; silver specie (bars and rounds) can be used for private debts.

• Prohibits forced acceptance: No person can be compelled to accept specie for debt payment except by mutual agreement or contract.

• Tax and property exemptions: Purchase, sale, or exchange of specie is not subject to state taxation; specie is not classified as personal property for taxation purposes.

• State treasurer planning requirement: State Treasurer must develop a plan to store a minimum of 10% of state fund balances in gold and silver legal tender and allow taxpayers to pay ad valorem taxes in specie; includes a deduction for capital gains from specie sales beginning in tax year 2026.