The Arkansas Legal Tender Act aims to reaffirm the status of gold and silver coins as legal tender within the state. The bill introduces new definitions and provisions regarding "legal tender" and "specie," specifying that legal tender includes recognized mediums of exchange for debts and taxes, while specie refers to coins with gold or silver content and refined bullion. The act establishes that only specie coins issued by the U.S. Government or those designated by an Arkansas court can be considered legal tender. Additionally, it clarifies that specie will not be treated as personal property for taxation or regulatory purposes.

Furthermore, the bill stipulates that exchanging different forms of legal tender will not incur tax liabilities, nor will the purchase or sale of specie. It also emphasizes that individuals cannot be compelled to accept specie unless specified by law or contract. The Attorney General's office is tasked with enforcing these provisions, and in cases where a contract designates a specific type of specie as tender, Arkansas courts are required to enforce the contract's terms. Overall, the act seeks to provide clarity and legal backing for the use of gold and silver as currency in Arkansas.