Governor Ron DeSantis signed legislation Tuesday making Florida the first major state to recognize gold and silver as legal tender, calling it protection against federal monetary policy and the declining dollar.
The Republican governor signed House Bill 999 during a ceremony in Apopka, saying the measure gives Floridians “financial sovereignty” as alternatives to traditional currency.
“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy,” DeSantis said.
The law takes effect July 1, 2026, if state regulators approve implementation rules by November 2025.
Under the legislation, gold and silver coins meeting the purity standards of 99.5% and 99.9%, respectively, can be used to pay debts. The measure eliminates state sales tax on qualifying precious metals transactions.
Money service businesses like check cashers and PayPal would be authorized to transmit and accept gold and silver payments electronically. However, participation remains voluntary. No person or business can be required to accept precious metals as payment.
State Representative Doug Bankson, who sponsored the bill with Representative Chip LaMarca and Senator Ana Maria Rodriguez, said the measure aims to “eliminate the tax burden” on precious metals transactions. The legislation passed unanimously in both chambers — 113-0 in the House and 38-0 in the Senate.
Florida joins seven other states recognizing gold and silver as legal tender, though it’s by far the largest. Utah led the movement in 2011, followed by Wyoming, Oklahoma, Arkansas, Louisiana, Idaho, and Alabama.
The signing comes as gold prices have reached historic highs above $3,500 per ounce amid economic uncertainty and inflation concerns.
DeSantis positioned the law as part of his broader opposition to federal initiatives, including central bank digital currencies and environmental, social and governance policies.
“Florida stands firmly for freedom, economic self-determination, and resistance to government overreach,” DeSantis said in a statement.
The legislation draws authority from Article I, Section 10 of the US Constitution, which allows states to make gold and silver legal tender for debt payment.
All qualifying coins must be stamped with weight, purity, and mint of origin. The law establishes consumer protections and guidelines for precious metals custodians. Businesses accepting precious metals must be licensed. The measure requires additional regulatory framework before implementation.
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