Wyoming remains one of the strongest sound money states in the nation. Over the past decade, the state has systematically removed barriers to owning and using gold and silver while expanding legal recognition of precious metals. In 2025, Wyoming took another major step by requiring the state to begin holding physical gold and silver in its permanent trust fund and studying how residents could pay the state using precious metals.

Wyoming recognizes gold and silver specie as legal tender for voluntary transactions. Individuals and businesses may agree to settle payments using precious metals, although no one is required to accept them. This framework was first established in 2018 and strengthened through subsequent legislation.

No Tax on Precious Metals:

Wyoming exempts purchases of gold and silver coins and bullion from state sales tax. The state also does not impose a personal income tax, meaning Wyoming residents do not pay state income tax on gains from precious metals.

State Gold Reserve:

The Wyoming Gold Act (SF 96), effective January 1, 2026, requires the State Treasurer to hold at least $10 million in physical gold and silver (specie) within the Permanent Wyoming Mineral Trust Fund.

The law also allows investments in precious metal leases or bonds payable in precious metals and requires the Department of Revenue to study methods for accepting gold and silver as payment for state obligations.

Wyoming law also permits banks and Special Purpose Depository Institutions (SPDIs) to buy and sell gold, silver, and bullion where allowed under federal law, providing a supportive financial framework for precious metals.

Gold and Silver Ownership:

There is no official survey measuring precious metals ownership specifically among Wyoming residents, however, several indicators suggest Wyoming has one of the highest concentrations of precious metals owners in the country:

Wyoming has maintained legal tender laws and tax exemptions for over a decade.
The state has an active network of coin dealers and bullion businesses.
Wyoming was selected as one of the early Goldback states because of its favorable legal environment and strong grassroots demand.

Nationally, ownership of physical precious metals remains relatively uncommon. Independent surveys generally estimate that roughly 10% of Americans own or invest in gold and silver, although estimates vary depending on methodology.

Use of Gold and Silver in Commerce:

Wyoming is one of the few states where precious metals are used in day-to-day commerce. Wyoming has its own Goldback series, and at least some residents spend small denominations of physical gold in everyday transactions. The Goldback merchant network in Wyoming includes businesses including: Restaurants, Contractors, Retail stores, Farmers, Health practitioners, Automotive businesses, and Coin shops. The Goldback network now includes more than 2,000 participating businesses, with Wyoming recognized as one of the strongest states for merchant participation relative to its population.

While there is no official statewide data on transaction volume, Wyoming is widely viewed as one of the nation's leading examples of voluntary precious metals commerce because of:

favorable legal tender laws,
tax neutrality,
strong grassroots participation, and
an established merchant network.

Wyoming has developed one of the nation's most complete sound money frameworks.

Strengths:

Gold and silver are recognized as legal tender.
No state sales tax on bullion.
No state income tax.
State required to hold at least $10 million in physical gold and silver.
Active Goldback circulation.
Growing merchant acceptance.

Opportunities

Implement systems allowing taxes and state fees to be paid in gold and silver.
Pass a law protecting gold and silver contracts and preventing confiscation.
Increase education about sound money. (Visit: www.SoundMoneyMovement.com )
Encourage additional state reserves in physical precious metals.
Expand merchant adoption of precious metals. You can join the Goldback Guild network here: https://www.goldback.com/gild/

Bottom Line:

Wyoming has moved beyond symbolic sound money legislation and is now implementing practical policies that support ownership, saving, and voluntary commerce in gold and silver. While precise data on the number of Wyoming residents who own or spend precious metals is unavailable, the state's legal framework, growing merchant network, and new state reserve requirements place it among the national leaders in advancing sound money.