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H 5544

Public and Private Financial Transactions

2025-2026 Regular Session Introduced by Mike Burns and 1 co-sponsor

The bill limits legal tender for all debts to gold coins, silver coins, or US currency.

Referred to Committee on Ways and Means
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WeVote Research Nonpartisan
Bill Summary · H 5544

Summary of Bill H 5544 (South Carolina), 2025-2026 Session

Title

Public and Private Financial Transactions

Purpose and Intent

This bill seeks to amend the South Carolina Code to redefine legal tender for all debts, whether public or private. Under the bill, legal tender would be limited to (1) gold coins, (2) silver coins, and (3) United States currency. The aim appears to constrain legal tender to specifically described forms of money, rather than other potential instruments or forms of payment.

Key Provisions

  • New Statutory Section Added: Section 34-31-30 to Chapter 31, Title 34 of the South Carolina Code.
  • Definition of Legal Tender (34-31-30(A)): Legal tender for all debts, public or private, includes only:
    • Gold coin
    • Silver coin
    • United States currency (US currency)
  • Definitions (34-31-30(B)):
    • Gold coin: A precious metal with atomic number 79 (gold) in solid form (rounds, bars, ingots, bullion coins) valued by metal content, stamped/imprinted with weight and purity, and at least 99.5% purity. Excludes goods such as jewelry or items like picture frames or collectibles.
    • Silver coin: A precious metal with atomic number 47 (silver) in solid form (rounds, bars, ingots, bullion coins) valued by metal content, stamped/imprinted with weight and purity, and at least 99.9% purity. Excludes goods such as jewelry or items of utility or collectibles.
  • Effective Date (Section 2): The act takes effect upon approval by the Governor.

Who would be Affected

  • Private Parties and Businesses: Any obligation to settle debts would be constrained to the specified forms of payment (gold coins, silver coins, or US currency).
  • Public Entities: Governmental and quasi-governmental bodies would be bound to accept the same forms of payment for debts.
  • Financial Transactions and Payments: The bill potentially impacts contracts, settlement processes, and any scenario where legal tender is invoked.
  • Legal Tender Clarifications: The definitions of “gold coin” and “silver coin” impose purity thresholds and largely exclude non-coin forms of precious metals or other collectible items.

Procedural and Timeline Aspects

  • Introduced and First Reading: April 16, 2026.
  • Committee Action: Referred to the Committee on Ways and Means (ongoing consideration expected for fiscal and financial implications).
  • Governor’s Approval: Required for the act to take effect.

Practical Considerations and Potential Impacts

  • The bill narrows what constitutes legal tender to include only US currency and specified high-purity gold and silver coins. It would not recognize non-coin forms of precious metals or other assets as legal tender for debts.
  • There could be significant practical and economic implications, including:
    • Impacts on private contracts, debt settlements, and daily commerce that traditionally rely on US currency.
    • Questions about availability, pricing, and acceptance of gold/silver coins as payment nationwide.
    • Administrative and legal considerations for state agencies in debt collection and financial obligations.
  • The current text does not specify transition details, exemptions, or guidance on how existing contracts would be treated, leaving many implementation questions to future legislative or judicial action.

Note

This summary reflects the bill’s text as introduced. If amended, additional provisions or changes could alter scope, timelines, or effects.

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

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