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Bill > S846
NJ S846
NJ S846Establishes gold and silver transactional currency system; designates Commissioner of Banking and Insurance as administrator; provides legal tender status; authorizes fees.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill establishes a voluntary gold and silver transactional currency system in New Jersey. The bill creates an electronic currency system backed by gold and silver held in trust, providing an alternative transactional medium while maintaining existing monetary systems. The bill designates the Commissioner of Banking and Insurance as the administrator of the system, with authority to contract with private vendors for implementation. The bill recognizes qualifying gold and silver specie as legal tender under constitutional authority and creates electronic transactional currency backed by precious metals held in pooled depository accounts. Participation in the system is voluntary with no requirement for acceptance of the currency by any party. The bill provides full redemption rights for currency holders in either United States dollars or physical precious metals and includes security and anti-fraud protections. Trust fund protections prevent legislative appropriation of backing assets, and the bill includes a delayed effective date to allow for proper system implementation and regulatory framework development.
AI Summary
This bill establishes a voluntary system for using gold and silver as transactional currency in New Jersey, creating an electronic currency backed by physical gold and silver held in a trust managed by the Commissioner of Banking and Insurance. This system allows for payments using this new currency, which represents a specific amount of gold or silver, and also designates qualifying gold and silver coins (specie) as legal tender for debts, though no one is required to accept them. The Commissioner can contract with private companies to build the electronic system and will oversee a pooled depository account holding the precious metals that back the electronic currency, ensuring that holders can redeem their electronic currency for U.S. dollars or physical gold and silver. The bill also allows for reasonable fees to cover administrative costs and includes protections to prevent the backing assets from being used for other purposes, with a delayed effective date to allow for proper setup.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S846 |
| BillText | https://pub.njleg.gov/Bills/2026/S1000/846_I1.HTM |
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