Washington courts to mandate contracts for precious metal bullion payments

A new legislative proposal in Washington, House Bill 2069, is stirring debate as it seeks to redefine the use and taxation of precious metals in commerce. Introduced on April 3, 2025, the bill aims to establish specific provisions for contracts requiring payment in gold or silver bullion, while also addressing the legal tender status of these metals.

At the heart of House Bill 2069 is a push for Washington courts to mandate that contracts explicitly state payment in precious metals, a move that proponents argue could enhance the stability and value of transactions. The bill also stipulates that no individual or entity can be compelled to accept precious metals as payment unless explicitly agreed upon, potentially reshaping how businesses and consumers engage in commerce.

One of the most significant aspects of the bill is its tax implications. It proposes that exchanges of precious metals for legal tender will not incur tax liabilities, a provision that could incentivize the use of bullion in everyday transactions. Additionally, the bill amends existing tax codes to clarify that sales of precious metals will not be subject to certain sales taxes, which supporters believe could boost the market for these commodities.

However, the bill has not been without controversy. Critics argue that it could complicate financial transactions and create confusion in the marketplace. Concerns have been raised about the potential for increased volatility in the economy if precious metals become more widely used as currency. Experts warn that while the bill aims to provide more options for payment, it could also lead to unintended consequences in the financial landscape.

As House Bill 2069 moves through the legislative process, its supporters are optimistic about its potential to reshape commerce in Washington. If passed, it could pave the way for a new era of transactions grounded in precious metals, but the ongoing debates will likely influence its final form and implementation. The bill's future remains uncertain, but its implications for the economy and legal framework surrounding currency are already generating significant interest.