Alaska bill would recognize some gold and silver as legal tender

The bill would describe certain gold and silver as legal tender in Alaska. Specie means gold or silver valued mainly for its metal content, as coins or bullion marked with its weight and purity. Federal specie must be considered legal tender by the federal government. Foreign specie must be considered legal tender at the time of sale or exchange, and its issuer must meet the listed recognition and eligibility rules. State-issued specie qualifies only if a final, unappealable court order confirms the state's authority and the state considers it legal tender. No person or government would have to accept gold or silver specie as payment.

The bill would bar boroughs and cities from taxing the gold or silver value within specie during its sale or exchange. This applies to borough and city sales and use taxes on specie. The restriction applies to home rule and general law municipalities.

The bill would direct a legislative committee to study payment options and consumer issues involving specie. The Legislative Budget and Audit Committee would study other ways to pay debts to the state, including public charges and taxes, and consumer protections and behavior involving specie. If the committee finds another form of payment practical and beneficial, it would prepare legislation for lawmakers to consider; this bill does not itself establish that form of payment.