Legal tender, gold and silver

2025-2026 Bill 5115: Legal tender, gold and silver - South Carolina Legislature Online

South Carolina General Assembly
126th Session, 2025-2026
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H. 5115
STATUS INFORMATION
General Bill
Sponsors: Reps. Gilreath, Cromer, Frank, Magnuson, Edgerton, Pace, Kilmartin and White
Document Path: LC-0418DG26.docx
Introduced in the House on February 5, 2026
Currently residing in the House
Summary: Legal tender, gold and silver
HISTORY OF LEGISLATIVE ACTIONS

Date

Body

Action Description with journal page number

2/5/2026

House

Introduced and read first time (
House Journal-page 16
)

2/5/2026

House

Referred to Committee on
Ways and Means
(
House Journal-page 16
)

2/24/2026

House

Member(s) request name removed as sponsor: Harris

View the latest
legislative information
at the website
VERSIONS OF THIS BILL
02/05/2026

A bill

TO AMEND THE SOUTH
CAROLINA CODE OF LAWS BY ADDING ARTICLE 17 TO CHAPTER 1 OF TITLE 1 SO AS TO
PROVIDE THAT CERTAIN GOLD AND SILVER SPECIE ARE LEGAL TENDER IN THIS STATE, AND
TO AUTHORIZE THE STATE COMPTROLLER GENERAL TO ESTABLISH ELECTRONIC SYSTEMS, CONTRACT
WITH VENDORS, AND ADOPT RULES TO IMPLEMENT THE PROVISIONS OF THIS ACT.

B
e it enacted by the
General Assembly of the State of South Carolina:

S
ECTION 1.
C
hapter 1, Title 1 of the S.C. Code is amended by
adding:

A
rticle 17

G
old and Silver as Legal Tender

S
ection
1-1-1110
.
(
A) To the extent
authorized by Article 1, Section 10, Clause 1 of the Constitution of the United
States, gold and silver specie that meet the requirements of this section are
legal tender in this State.

(
B) To
be legal tender in this State, gold and silver specie:

(
1)
must be imprinted, stamped, or otherwise marked with the specie's weight and
purity and may be imprinted, stamped, or otherwise marked with a name or symbol
that identifies a refiner or mint of the specie; and

(
2)
except for the information described by item (1), may not be imprinted,
stamped, or otherwise marked with any name, symbol, or other information or
design, including any suggestion that the specie has been minted or issued by a
government.

(
C)
This section does not:

(
1)
restrict the electronic transfer of gold and silver specie or gold and silver
currency as legal tender for the payment of a debt;

(
2)
apply to United States coins or currency issued or recognized under federal
law; or

(
3)
prohibit or limit the legal tender, acceptance, or use of the Federal Reserve
notes in the payment of a debt.

(
D) A person
may not be required to offer or accept gold and silver specie or gold and
silver currency as legal tender for the payment of a debt, for deposit, or for
any other purpose.

S
ection
1-1-1120
. The Comptroller General may establish or authorize one or more
electronic systems that enable a depositor or vendor to make and receive
payments using a currency backed by gold and silver bullion held in the
depository.

S
ection
1-1-1130
. The Comptroller General may contract with one or more vendors to
implement this article. To the extent consistent with state and federal law, in
contracting with a vendor under this section, the Comptroller General shall
give preference to a vendor whose principal place of business is in this State.

S
ection
1-1-1140
.
T
he Comptroller General shall adopt rules
as necessary or convenient to implement and administer this article, including
rules to:

(
1)
provide for the security of transactions in gold and silver specie and gold and
silver currency and related information;

(
2)
determine the value of the gold and silver currency described at the time of a
transaction or in a commercially reasonable manner;

(
3)
establish a fee that is reasonable and necessary to administer the article:

(
4)
authorize and approve vendors, including financial institutions, to provide an
electronic system; and

(
5)
adopt policies and procedures to prevent:

(
a)
fraud; and

(
b)
transactions in gold and silver specie or gold and silver currency involving a
foreign adversary, or a person associated with a foreign adversary, as
determined under 15 C.F.R. Section 791.4.

S
ECTION 2. This act takes effect upon approval
by the Governor.

----XX----

This web page was last updated on February 5, 2026 at 11:26 AM