Idaho Reaffirms Gold and Silver As Legal Tender

BOISE, IDAHO / ACCESS Newswire / March 21, 2025 /For the second time this month, new sound money legislation has become law in Idaho.

Faced with the overwhelming likelihood of a veto override from the legislature, Idaho Governor Brad Little signed the Idaho Constitutional Money Act of 2025reaffirming gold and silver as legal tender and making a symbolic statement in favor of sound money principles.

House Bill 177, sponsored by Rep. Steve Miller, marks the third pro-sound money bill enacted this year, highlighting a sustained national trend that continues to grow.

HB 177 simply affirms that gold or silver coin and specie issued by the United States government are considered legal tender whenever voluntarily agreed upon by both parties to a contract. The measure enjoyed popular support, earning approval in the state House with a 66-3-1 vote and unanimous passage, 35-0, in the Idaho Senate.

This concept is consistent with the U.S. Constitution. In fact, Article 1 Section 10 reads: "No state shall…coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts…"

America 's 54-year experiment in a purely fiat currency system has gone poorly. Without backing of gold or silver, the Federal Reserve note "dollar" has continuously declined in purchasing power. The nation has faced a series of Fed-created booms caused by interest-rate manipulation, followed by busts and an explosive growth in government spending.

When savers, wage earners, and investors seek ways to protect their savings from the ravages of inflation, they often choose precious metals over fiat currency because precious metals have preserved purchasing power over time.

This bill provides symbolic support to Idaho citizens making this choice, and it is a modest step toward establishing sound money policies in the state.

"States all over the country, most recently Idaho, are reaffirming what the U.S. Constitution already says: gold and silver are money," said Jp Cortez, executive director of the Sound Money Defense League.

Political observers have noted that Governor Little appears worried about the potential of a conservative primary challenger in the upcoming 2026 election and also faces a high likelihood of veto overrides, so he has signed bills this session that the liberal Republican might normally be expected to veto.

Last year, Little violated his fiduciary duty to taxpayers by vetoing a bill that would have merely permitted, not required, the State Treasurer to hold physical gold to hedge risks endemic to the state 's large debt paper holdings. Idaho 's $12 billion debt paper holdings have continued to lose real value as a result.

Alabama, Utah, Wisconsin, Nebraska, and Louisiana passed legislation in 2024 ending sales and capital gains taxes on precious metals, declaring that Central Bank Digital Currencies are not valid money in their state, or empowering state treasurers to invest state funds in gold and silver.

This year, in addition to this legal tender bill, Wyoming has established a $10 million gold reserve for the state and Idaho has ended capital gains taxes on gold and silver.

The Sound Money Defense League and Money Metals Exchange are actively working on nearly 20 other sound money bills in more than a dozen states this year.

TheSound Money Defense League is the nation 's leading public policy group working to restore sound money at the state and federal level since 2014 and publisher of theSound Money Index.

jp.cortez@soundmoneydefense.org
208-258-2528

SOURCE: Sound Money Defense League

View the original press release on ACCESS Newswire

© 2025 ACCESS Newswire. All Rights Reserved.