Bill No. 1199 amends current Oklahoma law regarding legal tender, specifically focusing on the use of gold and silver coins. The bill defines "legal tender" as a recognized medium of exchange for debts and taxes, and introduces the term "specie," which includes coins with gold or silver content and refined bullion. It establishes that specie or legal tender consists of U.S. government-issued coins or other forms designated by Oklahoma courts. Additionally, the bill clarifies that specie will not be classified as personal property for taxation or regulatory purposes, and that exchanges of legal tender will not incur tax liabilities.

The bill also stipulates that individuals cannot compel others to accept specie as legal tender unless specified by law or contract. The Office of the Attorney General is tasked with enforcing the provisions of this act, while courts are directed to require specific performance of contracts that designate a type of specie as tender in cases of breach. The act is set to take effect on November 1, 2025.