In a move that harks back to older times but with a modern twist, Oklahoma is on track to offer its citizens an alternative way to save and spend, utilizing precious metals. Rep. Cody Maynard, R-Durant, successfully passed House Bill 1197 in the Oklahoma House of Representatives, which grants permission for the creation of a state-run gold and silver depository, as reported by the Oklahoma House Media Division.

As stated by Maynard, this development is not just about recognizing gold and silver as historical currencies, but also offering a way to protect against inflation and economic uncertainty. The goal is to give Oklahoma residents the option to use gold and silver for saving and transactions. With $800 billion in gold within the U.S., Oklahoma could be the first state to allow people to spend these assets. The bill outlines that the state treasurer could either set up a state depository or work with third-party vendors to help people buy, deposit, and spend gold and silver using a special transaction card, according to the Oklahoma House of Representatives.

The mechanics of this proposed system involve sophisticated software, capable of calculating the real-time value of gold or silver and converting it into U.S. dollars for everyday transactions. "This measure would establish Oklahoma as the first state to allow a person to use their gold or silver as a spendable asset," said Rep. Maynard, highlighting the innovative aspect of the bill and how it leverages the technological advancements available, as stated by the Oklahoma House of Representatives.

Rooted in centuries of use and viewed through the lens of stability, gold and silver have served societies for more than 5,000 years as forms of money, as highlighted by Rep. Maynard, and with this bill, he reasserts the constitutional provision that allows states the discretion to decide on using gold and silver as legal tender; this opens up a constitutional right that states have but is not often put into practice at the state level, and it potentially brings that concept into the day-to-day financial lives of those who choose to opt into the system. HB1197 is now poised for consideration in the Senate, where it is being championed by Sen. David Bullard, R-Durant, who is shepherding the bill through its next legislative phases, as per the Oklahoma House of Representatives.