Gold-silver-backed debit cards pitched as new way to pay in Idaho
Originally Published: 5:55 PM, Jan 19, 2026
By: Brady Caskey
BOISE, Idaho (KIVI) — A new way to pay could be coming to Idaho — letting residents buy everyday items with gold or silver using a debit card linked to physical precious metals.
Lawmakers heard how the proposal might work at a meeting on Monday, January 19.
“What we would like to see is a system that is backed by gold and silver, where people can actually use it in the day-to-day sphere,” said Idaho State Sen. Josh Kohl, who is spearheading the idea in Idaho.
“I think there would be a state depository where Idahoans could put in certain accounts, their accounts, of gold and silver, and then they could use that,” he said.
Kohl says the precious metals-based system could help protect Idahoans from inflation.
“But that's actually gold and silver that they're using to make purchases and not a devaluing dollar,” Kohl said.
Similar systems have been implemented in Texas, Louisiana, Missouri, Arkansas, and Florida. Economic author Kevin Freeman said Idaho could benefit from creating a transactional gold and silver system.
“States can make gold and silver coin, let's just make them modern — let's slap a debit card on them and allow people to spend gold and silver as real money,” Freeman said.
He said the move could make owning precious metals more accessible for everyday use.
“Under the system, you could buy $100 or $10 or $50 worth of gold or silver and use it like money,” Freeman said.
For the system to work, the state would need to create a depository to hold gold and silver controlled by individual Idahoans.
“But the underlying value is gold or silver, not paper,” Freeman said.
Even so, prices for gold and silver can still fluctuate.
“It's really optional, it's a choice. Now the downside would be gold could go down in value, it could go down against the dollar,” Freeman said.
“The real question is, how do we make this fit for Idaho best?” Kohl added.
Kohl says he is working on legislation this session to lay the framework for gold and silver to be used in everyday transactions.
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