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 being used. The bill also states that a person may possess any amount of gold or silver in coin or bar form, and it includes a severability clause. The act would take effect July 1, 2025.
In practical terms, the bill would add an alternative form of payment alongside existing currency and could allow gold or silver to be used to pay taxes, fees, vendors, contractors, and other obligations if accepted under the bill’s framework. The fiscal note indicates that state and local impacts are difficult to predict because the frequency and scale of precious-metal transactions are unknown. Agencies noted that implementing the bill could require new security and handling procedures, and the Department of Revenue Administration raised the possibility that some exchange transactions could be treated differently for Business Profits Tax purposes, potentially reducing revenue.
Impact
The bill would amend New Hampshire law by inserting a new chapter, RSA 5-E, establishing gold and silver as legal tender and affirming the right to possess unlimited amounts of those metals in coin or bar form. It would affect state and local government operations by potentially requiring agencies to accept or process precious metals for payments, which could trigger new administrative, security, transportation, and storage costs. The fiscal note also suggests possible, but unquantifiable, effects on General Fund, Education Trust Fund, county, and municipal revenues and expenditures, including possible tax treatment changes for certain transactions.
Sentiment
The available materials suggest generally favorable sponsorship and no recorded committee vote or transcript opposition in the provided record, but the fiscal note reflects caution from state and local agencies about implementation. Support appears to come from the bill’s sponsors and the concept of expanding payment options, while the Treasury Department, Department of Revenue Administration, and New Hampshire Municipal Association emphasize operational uncertainty and added costs. Overall, the bill appears to have been introduced as a policy proposal rather than one with a documented consensus or final legislative outcome in the provided materials.
Contention
The main points of contention are practical and fiscal rather than constitutional or criminal. Opponents or concerned agencies focus on the lack of existing infrastructure to accept gold and silver, the need for secure storage and transport, and the difficulty of predicting how often such payments would occur. The Department of Revenue Administration also flagged a possible reduction in Business Profits Tax revenue if precious-metal exchanges are treated differently, while municipalities warned that handling physical metals in an electronic-payment environment could require additional security and staffing. The bill’s supporters, by contrast, appear to favor the concept of legal tender diversification and the ability to use precious metals in commerce.
Relative to establishing certain due process rights for students, student organizations, and faculty members facing disciplinary actions by state institutions of higher learning.
Removing fees and charges for governmental records under the right-to-know law and reinstating potential liability for disclosure of information exempt from disclosure.