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Subcommittee advances bill declaring gold and silver coinage legal tender in Tennessee

Tennessee House Finance Ways and Means Subcommittee · April 17, 2026

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Summary

HB 2038, which would declare gold and silver coinage legal tender and enable future policy related to state minting and depositories, moved to full finance 12-0 after sponsor remarks about potential long-term state monetary options.

Chairman Hulsey presented HB 2038 to the subcommittee on April 20, proposing that gold and silver coinage be declared legal tender in Tennessee. The sponsor framed the bill as part of a broader agenda to enable state-level monetary options in the event of future digital currency changes and to support related bills on depositories and a potential Tennessee mint.

Chairman Hulsey said several other states have passed similar measures and argued that declaring coinage legal tender could complement future bills on bullion depositories and transactional systems. He also told the committee that if a sufficient number of states adopt similar measures, there could be an approach to the IRS on tax treatment of capital gains related to coinage.

Members had little debate on the bill. The subcommittee voted 12-0 to move HB 2038 to full finance.