Bill No. 1199 amends current Oklahoma law regarding legal tender, specifically focusing on the use of gold and silver coins. The bill removes the previous language that limited legal tender to gold and silver coins issued by the United States government. It introduces new definitions, clarifying that "legal tender" is a recognized medium of exchange for debts and taxes, while "specie" includes both coin with gold or silver content and refined bullion. The bill establishes that specie or legal tender will not be classified as personal property for taxation or regulatory purposes and outlines that exchanges of legal tender will not incur tax liabilities.

Additionally, the bill stipulates that individuals cannot compel others to accept or tender specie unless specified by law or contract. The Office of the Attorney General is tasked with enforcing the act, and it allows Oklahoma courts to require specific performance in cases where a contract designates a type of specie as tender. The act is set to take effect on November 1, 2025.