This bill establishes a framework for the issuance of a transactional currency based on gold and silver held in an approved bullion depository, as overseen by the treasurer of state. It defines key terms such as "approved bullion depository," "bullion," "transactional currency," and "specie," and outlines the responsibilities of the treasurer in issuing this currency and ensuring its usability as legal tender. The treasurer is authorized to contract with a private vendor for the establishment of the transactional currency and must maintain sufficient specie or bullion to allow for the redemption of all issued units of the currency.

Additionally, the bill details the processes for purchasing and redeeming the transactional currency, including the requirement for individuals or states to pay fees for these transactions. It mandates that the treasurer determine the value of the currency based on the current market price of gold or silver at the time of each transaction. The funds and assets related to the transactional currency are to be held in trust outside the state treasury, ensuring they are not available for appropriation by the general assembly. The treasurer is also empowered to set fees for the issuance and redemption of the currency, with any excess funds being directed to the state’s general fund.