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HB2038 • 2026

Public Funds and Financing

AN ACT to amend Tennessee Code Annotated, Title 9, Chapter 1, relative to precious metals.

Taxes
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Hulsey, Taylor
Last action
2026-04-09
Official status
Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2026
Effective date
Not listed

Plain English Breakdown

The official source material does not provide specific details on the financial impact beyond estimates for state expenditures, leaving some uncertainty regarding local impacts and exact figures.

Making Precious Metal Coins Legal Tender in Tennessee

This bill makes precious metal coins legal tender for paying debts and taxes in Tennessee but prohibits forcing others to accept them unless agreed upon by contract or law.

What This Bill Does

  • Defines what a 'coin' is, including precious metal coins that are uniform in shape, size, design, content, weight, and purity.
  • Makes precious metal coins legal tender for paying debts and taxes in Tennessee.
  • Prohibits forcing someone to accept or use precious metal coins as payment unless both parties agree or it's required by law.

Who It Names or Affects

  • People who want to use precious metal coins as a form of payment.
  • Businesses that might receive payments in the form of precious metal coins.
  • State and local government agencies accepting precious metal coins for debts and taxes.

Terms To Know

Legal tender
Money or something else that is officially accepted to pay for goods, services, or debts.
Precious metal
Metals like gold and silver that are valuable because they are rare and have special qualities.

Limits and Unknowns

  • The bill does not specify how much state expenditures will increase due to accepting precious metal coins.
  • It's unclear how local government agencies might be affected by the changes in terms of additional costs or staffing needs.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

Amendment 1-0 to SB1827

Plain English: The amendment adds new definitions and provisions regarding precious metal coins in Tennessee, making them legal tender but prohibiting forced acceptance unless agreed upon.

  • Adds definitions for 'coin', 'legal tender', 'person', and 'precious metal'.
  • Specifies that precious metal coins are legal tender in Tennessee.
  • Prohibits compelling another person to use or accept precious metal coins as legal tender, except by agreement.
  • The amendment does not specify how the new provisions will be enforced or regulated.

Bill History

  1. 2026-04-09 Tennessee General Assembly

    Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2026

  2. 2026-04-07 Tennessee General Assembly

    Recommended for passage with amendment/s, refer to Senate Finance, Ways, and Means Committee Ayes 7, Nays 2 PNV 0

  3. 2026-04-01 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 4/7/2026

  4. 2026-03-11 Tennessee General Assembly

    Sponsor(s) Added.

  5. 2026-03-11 Tennessee General Assembly

    Placed behind the budget

  6. 2026-03-10 Tennessee General Assembly

    Action deferred in Senate Commerce and Labor Committee to 3/17/2026

  7. 2026-03-04 Tennessee General Assembly

    Placed on s/c cal Finance, Ways, and Means Subcommittee for 3/11/2026

  8. 2026-03-04 Tennessee General Assembly

    Action Def. in s/c Finance, Ways, and Means Subcommittee to 3/11/2026

  9. 2026-03-04 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 3/10/2026

  10. 2026-03-03 Tennessee General Assembly

    Sponsor(s) Added.

  11. 2026-03-03 Tennessee General Assembly

    Action deferred in Senate Commerce and Labor Committee to 3/10/2026

  12. 2026-02-26 Tennessee General Assembly

    Placed on s/c cal Finance, Ways, and Means Subcommittee for 3/4/2026

  13. 2026-02-24 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 3/3/2026

  14. 2026-02-17 Tennessee General Assembly

    Action deferred in Senate Commerce and Labor Committee to 3/3/2026

  15. 2026-02-10 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 2/17/2026

  16. 2026-02-04 Tennessee General Assembly

    Assigned to s/c Finance, Ways, and Means Subcommittee

  17. 2026-02-04 Tennessee General Assembly

    P2C, ref. to Finance, Ways, and Means Committee

  18. 2026-02-02 Tennessee General Assembly

    Intro., P1C.

  19. 2026-02-02 Tennessee General Assembly

    Passed on Second Consideration, refer to Senate Commerce and Labor Committee

  20. 2026-01-22 Tennessee General Assembly

    Filed for introduction

  21. 2026-01-22 Tennessee General Assembly

    Introduced, Passed on First Consideration

  22. 2026-01-21 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
SENATE BILL 1827
By Taylor

HOUSE BILL 2038
By Hulsey
HB2038
007995
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 9,
Chapter 1, relative to precious metals.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Title 9, Chapter 1, is amended by adding the
following as a new section:
(a) As used in this section:
(1) "Coin" means:
(A) Precious metal fabricated into a product of uniform shape,
size, design, content, weight, and purity that is suitable for or customarily
used as currency, as a medium of exchange, or as the medium for
purchase, sale, storage, transfer, or delivery of precious metal in a retail
or wholesale transaction; or
(B) Refined precious metal bullion, stamped or imprinted with its
weight and purity and valued primarily based on its metal content and not
its form;
(2) "Legal tender" means a recognized medium of exchange for the
payment of debts and taxes;
(3) "Person" means an individual; state, local government, political
subdivision, or any agent or agency thereof; company; corporation; partnership;
firm; trust; organization; or association; and
(4) "Precious metal" means gold and silver.
(b) Precious metal coins are legal tender in this state.

- 2 - 007995

(c) A person shall not compel another person to use or accept precious metal
coins as legal tender, unless expressly agreed to or authorized by law or contract.
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.