Relative to establishing gold and silver as legal tender.
Summary
HB 721 would create a new chapter in New Hampshire law declaring gold and silver in coin or bar form to be legal tender for all public and private transactions in the state, so long as the buyer and seller agree on the fair market value of the metal used. The bill also states that a person may possess any amount of gold or silver in coin or bar form and includes a severability clause. The act would take effect July 1, 2025.
In practical terms, the bill would expand the forms of payment recognized under state law beyond ordinary U.S. currency and would potentially allow taxes, fees, vendor payments, and private purchases to be made in precious metals if both parties consent. The fiscal note indicates that state and local governments do not currently have infrastructure to accept gold and silver as legal tender, so implementation could require new security, transport, storage, and administrative procedures. The note also suggests the change could affect tax treatment of certain transactions, including possible impacts on Business Profits Tax revenue, but those effects are indeterminable.
Impact
HB 721 would amend the state’s legal framework by adding a new chapter to the Revised Statutes Annotated recognizing gold and silver coin or bar form as legal tender in New Hampshire. It would not mandate that all transactions be conducted in precious metals, but it would require acceptance where the parties agree on fair market value. The bill could affect state, county, and municipal operations by requiring agencies to develop procedures for receiving, storing, transporting, and accounting for precious metals, and it could also alter the tax treatment of some exchanges involving gold and silver.
Sentiment
The available materials suggest generally favorable sponsorship and a pro-precious-metals policy goal, but no committee transcript or recorded vote is provided to show broader debate. The bill was introduced by multiple sponsors, indicating some legislative support, and the fiscal note treats the proposal as a serious operational change rather than a symbolic measure. At the same time, the fiscal analysis reflects caution about implementation costs and uncertainty, which suggests the proposal may face practical skepticism even if its policy premise is supported by some lawmakers.
Contention
The main points of contention are operational feasibility, security, and fiscal uncertainty. The Treasury Department and Department of Revenue Administration note that the state lacks infrastructure to accept gold and silver as legal tender and would likely incur costs for armored transport, secure storage, and handling procedures. Municipal officials similarly warn that local governments would need additional safeguards and possibly extra staff. Another concern is tax treatment: the Department of Revenue Administration suggests that treating precious-metal transactions as legal tender could change how gains and losses are taxed under the Business Profits Tax, potentially reducing revenue, though the magnitude is unknown.
Removing fees and charges for governmental records under the right-to-know law and reinstating potential liability for disclosure of information exempt from disclosure.