In May 2023, the Alaska House passed House Bill 3, introduced by Rep. Kevin McCabe (R-Big Lake),...
Alaska Proposes Gold and Silver as Legal Tender with HB1
In January 2025, Alaska Representative Kevin McCabe, determined to see it through, introduced House Bill 1 (HB1), proposing the official recognition of gold and silver as legal tender within the state. The bill defines "specie" as gold or silver coins or bullion, allowing these precious metals to serve as valid mediums for debt payment. Additionally, HB1 seeks to repeal local sales taxes on transactions involving gold and silver, aiming to remove financial barriers and encourage their use in everyday commerce. If enacted, Alaska would join states like Utah, Wyoming, Oklahoma, Arkansas, and Louisiana in recognizing gold and silver as legal tender. This move intends to introduce competition into the monetary system, potentially challenging the Federal Reserve's monopoly on money by providing Alaskans with sound alternatives that protect them from inflation.
