Oklahoma Senate Bill 284: Expanding Gold and Silver as Legal Tender

In February 2025, Oklahoma Senator Jett introduced Senate Bill 284 (co-authored by Senator Bullard) to designate gold and silver coins as legal tender for both public and private debts. The bill expands the definition of legal tender to include U.S. government-issued gold and silver coins, allowing them to be used for paying public debts, including taxes and fees. It also eliminates taxes on the sale or exchange of these metals, including repealing the state’s capital gains tax on bullion sales, and excludes them from personal property assessments.

This initiative is a bold step toward economic security by protecting against inflation and economic instability. By encouraging the use of gold and silver, the bill provides a hedge against the devaluation of paper currency, strengthening financial sovereignty for individuals and businesses. The legislation requires the State Treasurer to develop a plan for facilitating the use of specie, which will enhance financial flexibility and long-term economic resilience.

Building on Oklahoma’s 2014 legislation, which already recognized certain gold and silver coins as legal tender and exempted them from sales tax, this bill further cements the state’s commitment to sound money policies. Additionally, tax deductions on gains from the sale of specie provide new investment incentives, attracting capital and promoting economic growth.

If enacted, SB284 would position Oklahoma as a leader in the movement toward monetary stability, offering a strong alternative to the Federal Reserve’s fiat currency system. By removing tax burdens and broadening legal tender options, this legislation creates new opportunities for financial independence and security. The bill is currently awaiting committee referral as the legislative session

CitizenPortal.ai: Oklahoma's Gold and Silver Legal Tender Bill
Legiscan: OK SB284 2025