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HB 1312

Legal Tender - Specie - Establishment

2026 Regular Session Introduced by Andrew Pruski

Maryland bill establishing gold and silver coins as legal tender, enabling alternative state currency system alongside federal money.

Motion Special Order until 4/9 (Senator West) Adopted
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WeVote Research Nonpartisan
Bill Summary · HB 1312

Legislative bill overview

HB 1312 would establish a state specie (precious metal) legal tender system in Maryland, allowing certain gold and silver coins to be used as legal tender alongside federal currency. The bill appears to create a framework for recognizing commodity-backed money within the state's financial system.

Why is this important

This legislation could allow Maryland residents an alternative to fiat currency for transactions and savings, potentially addressing concerns about currency devaluation or providing a hedge against inflation. It also raises questions about Maryland's relationship with federal monetary policy and interstate commerce, as specie systems typically operate outside the Federal Reserve framework.

Potential points of contention

  • Monetary authority conflict: Federal law grants exclusive currency regulation to Congress; state-level legal tender systems may face constitutional challenges under the Supremacy Clause
  • Practical implementation challenges: Determining coin valuations, accounting standards for mixed-currency transactions, and tax implications remain unclear without seeing amended language
  • Limited real-world utility: Historical precedent and current market conditions suggest specie-based systems face adoption barriers in modern commerce unless paired with significant regulatory incentives

Compiled from official sources — confirm details with the bill’s official record.

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