This bill establishes that specie, defined as bullion stamped into coins suitable for currency, is recognized as legal tender in Iowa, allowing individuals to use it in financial transactions, although acceptance is not mandatory. The bill mandates the state treasurer to either establish or contract with approved bullion depositories for secure storage of bullion and to authorize electronic payment systems to facilitate transactions involving specie. Additionally, it requires that each bullion depository must have a contractual relationship with authorized electronic payment systems and must insure deposits for full replacement value.

Furthermore, the bill includes provisions to protect the privacy of account holders and prohibits the use of transactional gold and silver for surveillance or social credit scoring. It also stipulates that transactions involving specie will not be subject to various forms of taxation, including sales and income taxes. The treasurer is tasked with submitting an annual report to the general assembly detailing the status of bullion depositories, the implementation of electronic payment systems, and the economic impact of recognizing specie as legal tender, with a deadline for implementation set for July 1, 2027.