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 payments of debts using this currency. Importantly, participation in the system is voluntary, meaning no party is required to accept gold and silver transactional currency for any transaction.

The bill also outlines the rights of currency holders, allowing them to redeem their currency for either United States dollars or physical gold and silver. It includes provisions for security and anti-fraud measures, as well as trust fund protections to ensure that the assets backing the currency are not subject to legislative appropriation. The bill specifies that the Commissioner may establish reasonable fees for the issuance and maintenance of the currency, and it includes a delayed effective date to facilitate the necessary implementation and regulatory framework development.