Gov. DeSantis signs bill to make gold, silver legal tender in Florida
The Brief
Gov. Ron DeSantis signed a bill Tuesday that begins the process of making gold and silver legal tender in Florida.
This goes into effect on July 1, 2026.
The governor argues metals are a protection against a falling dollar.
APOPKA, Fla. - The State of Florida is taking a big step towards making precious metals just as useful as cash.
The backstory
Gov. Ron DeSantis signed a bill Tuesday to start the process of making gold and silver legal tender in Florida.
Starting July 1 of next year, the bill requires all coins to be stamped with weight, purity and mint of origin.
It specifies that using it, or accepting it, is optional.
Purchases of precious metal would be exempt from sales taxes, but gold and silver could be used to pay other kinds of taxes.
What they're saying
"We've really led the way on protecting your economic independence and your financial sovereignty," said DeSantis.
The governor argues metals are a protection against a falling dollar, which he sees as a risk given perennial deficit spending in Washington.
He points out gold has tripled in value since 2015, while, because of inflation, paper money is buying less.
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"This is our ability to give you the financial freedom to be able to protect yourself against the declining value of the dollar," said DeSantis.
At Tampa Bay Coin and Precious Metals, owner Marc Bonnett displayed several silver bars, each weighing 100 ounces.
"You can't print this out of thin air," he said.
He applauded the move, but questioned how it would be implemented.
At $3,400 each, the bars are worth enough to be exchanged for a used car, depending on what rules the state of Florida sets up.
"I think that's a great idea in theory," said Bonnett. "I just don't know how they would implement it."
The bill specifies that businesses accepting gold must be licensed and that check cashers and money service businesses have to accept it.
Once a week, Bonnett says a customer tries to sell him something that's no better than Fool's Gold.
"There's a lot of fake stuff out there," he said. "And then they got to figure out what the stuff is worth compared to what they're selling and stuff and do all that. So I mean, unless they have somebody that specializes in that stuff. I think it'd be very difficult."
Now it's up to the CFO and the financial services commission to write the rules for how this will work.
What's next
A report has to be given to the legislature on November 1, and then the proposed rules must be ratified by the legislature to have them all in effect by July 1, 2026.
The Source
FOX 13's Evan Axelbank gathered the information for this story with assistance from a news conference by the governor on Tuesday.
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