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 currency for transactions.

Additionally, the bill ensures that holders of the gold and silver transactional currency have full redemption rights, allowing them to exchange their currency for either United States dollars or physical precious metals. It includes provisions for security and anti-fraud measures, as well as protections to prevent legislative appropriation of the assets backing the currency. The bill also outlines the establishment of reasonable fees for the issuance and maintenance of the currency, which will be used to cover administrative costs. The act is set to take effect seven months after its enactment, allowing time for the necessary regulatory framework to be developed.