Legislation introduced in the Louisiana State Legislature seeks to amend Title 6 of the Louisiana Revised Statutes of 1950 to recognize gold and silver as currency.

State Rep. Raymond Crews, R-Bossier City, prefiled House Bill No. 386 on April 3, and it was read into the record and referred to the House Committee on Commerce on April 14.

The measure is identified for the record as HLS 25RS-424 ORIGINAL HB NO. 386.

The bill seeks to provide definitions “to establish bullion and specie as currency; to provide for rule promulgation; to provide for administration; to provide for bullion depository accounts; to provide for the powers of trustee; to provide for the purchase and issuance of currency; to permit redemption of currency for other legal tender; to provide for valuing currency; to provide for exemptions; to authorize the establishment of fees; and to provide for related matters.”

Crews’ legislation only addresses gold and silver in the context of currency.

The bill identifies bullion as gold and silver issued in uniform weights and sizes, “suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals.”

“Currency” references actual gold and silver, specie and bullion held in a depository account by a depository account holder.

“Specie” is addressed in the proposed bill as “precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”

The complete text of Crews’ proposed legislation can be read online at https://www.legis.la.gov/legis/ViewDocument.aspx?d=1403128.

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