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," and "transactional currency," and outlines the responsibilities of the treasurer, including the authority to issue specie and establish a transactional currency that can be used as legal tender. The treasurer is also permitted to contract with private vendors to assist in these duties and must ensure that all specie and bullion are held in trust for the currency holders, maintaining sufficient reserves for redemption.

The bill details the processes for purchasing and redeeming the transactional currency, requiring the treasurer to issue currency upon payment or designation of bullion, and to determine the value of the currency based on the current market price of gold or silver. It allows holders of the transactional currency to redeem it for United States dollars or for specie or bullion directly. Additionally, the treasurer is authorized to establish fees for these transactions to cover administrative costs, with any excess fees directed to the state’s general fund. Overall, the bill aims to create a secure and regulated system for using precious metals as a form of currency in Iowa.