Politics & Government
There's A New Legal Tender In FL As Law Is Signed
A new law signed by Gov. Ron DeSantis adds a legal tender in Florida.
FLORIDA — Gov. Ron DeSantis signed a bill into law this week recognizing gold and silver as legal tender in Florida. Under House Bill 999, gold and silver coins that meet specific purity standards can be used for transactions, although using it or accepting it is voluntary.
Gold coins must have 99.5 percent purity and silver coins must have 99.9 percent purity to be recognized as legal tender, according to the new law.
Purchases of gold and silver would also be exempt from sales tax.
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The law goes into effect on July 1, 2026.
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"We are the first large state to step up and to get this done," DeSantis said, according to WESH. "And this is right out of the Constitution of the United States. So this legislation will authorize money services businesses like check-cashers or PayPal to transmit and accept payment in gold and silver."
The governor said using the precious metals rather than regular currency offers protection against the falling value of the U.S. dollar, Fox 13 reported.
"This is our ability to give you the financial freedom to be able to protect yourself against the declining value of the dollar," DeSantis said.
State Rep. Bill Bankson from Apopka, who sponsored the bill, said his goal was to "eliminate the tax burden and make it a functional means of transaction between willing parties," according to reports.
He also noted the decreasing value of the dollar during the bill’s signing, saying, "So, simply it brings opportunity without obligation, fiscal stability and security relief to the taxpayer, can I get an amen?And, will once again help Florida lead the way, becoming the gold standard for economic freedom and opportunity."
Gold prices hit an all-time high of $3,500 per ounce in April as the Trump administration's trade policies and tariffs rattled the global economy and wiped out trillions from the stock market, Business Insider reported.
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