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 outlines the responsibilities of the state treasurer, who is tasked with approving and overseeing bullion depositories for secure storage, authorizing electronic payment systems for transactions, and ensuring compliance with state and federal laws. Additionally, it mandates that each approved 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 incur any state taxes, including sales or income taxes. The treasurer is required to submit an annual report to the general assembly detailing the status of bullion depositories, the use of electronic payment systems, and the economic impact of recognizing specie as legal tender. The implementation of this act is set for July 1, 2027.