This bill establishes a voluntary gold and silver transactional currency system in New Jersey, creating an electronic currency backed by gold and silver held in trust. The Commissioner of Banking and Insurance is designated as the administrator of this system, with the authority to contract with private vendors for its implementation. The bill recognizes qualifying gold and silver specie as legal tender, allowing for the creation of electronic transactional currency that is supported by precious metals stored in pooled depository accounts. Participation in this system is entirely voluntary, meaning no party is required to accept the currency for transactions.

Additionally, the bill outlines the rights of currency holders to redeem their holdings for either United States dollars or physical gold and silver. It includes provisions for security and anti-fraud measures, ensuring the protection of the assets backing the currency. The bill also establishes trust fund protections to prevent legislative appropriation of these assets. The effective date of the bill is set for the first day of the seventh month following its enactment, allowing time for the necessary administrative actions and regulatory framework to be developed.