What if you could spend gold and silver just like typical currency?

State lawmakers are working on a pair of bills to create a state-run gold and silver depository, which would let you do exactly that.

Here’s how it works.

You would deposit your gold and silver with the state, and then the State Treasurer, working with a third-party vendor, would issue you a special debit card that you could then use to make everyday purchases from your gold and silver account.

One of the bill’s authors, State Senator David Bullard, says other states have the very same plans.

“Arkansas just passed it, it’s sitting on the Governor’s desk right now. Utah’s working on this, they’re close to getting it on their desk right now. Florida, Texas,” Bullard said.

Bullard’s office says the special gold/silver debit card would be able to be used for out-of-state purchases and transactions as well.

The value of your deposit would fluctuate with the value of gold and silver, but supporters think it would do a better job of keeping pace with inflation.

A separate bill would remove the capital gains tax from precious metals, which caused some concern for at least one state lawmaker who wonders if the state depository system would be used as a tax shelter.