Ok, when I first thought about this, I thought it sounded like a really dumb idea. I was picturing people just pulling up to Chipotle and plopping down a gold deblume and expecting the cashier to know if it’s enough to cover the price of their steak burritos.
But the way they are setting it up actually makes sense. Governor Greg Abbott signed a new law that will let Texans use gold and silver to make everyday purchases, kind of like using a debit card.
Texas Law Lets Gold and Silver Be Used as Money
Here’s how it’ll work: under House Bill 1056, written by State Rep. Mark Dorazio from San Antonio, people will be able to deposit gold or silver into the Texas Bullion Depository (basically a state-run vault). Then, they’ll get a debit card that automatically turns the value of that gold or silver into regular dollars when they buy something.
The law uses a little-known part of the U.S. Constitution that says states can only make gold and silver legal money. It’s an old rule that’s rarely used, but Texas is dusting it off and putting it into action.
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