This is kind of interesting. I'd not heard that other states had done the same as well. How do transactions work? Since the face value (in FRNs) of gold coins is far below their actual value. For instance, I have a 1oz U.S. gold piece minted last year that has a face value of $50, but today that coin would run you a minimum of $1456, for the gold content itself. Would you price things by weight? For large transactions, it wouldn't be that much of an issue, but you'd need fractionals to transact smaller items of value. Since it says you can use U.S. and foreign gold, would that also include rounds? This would be interesting as you can get private mint rounds down to a gram, or even less. I've seen leaf in 1/4 gram increments.
Another interesting idea comes to mind... Let's say you are called for jury duty. Could you demand to be paid in silver for the pitiful $5/day they pay you? If so, I'd like 5 silver eagles, which have a face value of $1, or would accept 5 pre-1933 Morgan/Peace dollars even though they are less valuable from an actual silver content point of view.
If I had a bunch of money to waste, I'd like to do exactly that, right here in Texas, which doesn't have such a law, since it says right there in black and white in the Constitution:
Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility. Unfortunately quoting sections of the Constitution is about as useful, as a battered wife holding a copy of a restraining up, to weld off her husband as he kills her.