Governor DeSantis signs bill to make gold and silver legal tender in Florida
Florida Governor Ron DeSantis signed a new law on Tuesday that officially recognises gold and silver coins as legal currency in the state and exempts them from sales tax.
The move positions Florida as the largest state to take this step, with the law set to take effect on July 1, 2026, pending ratification by the state legislature.
Addressing a press conference, DeSantis said, "We are the first large state to step up and to get this done." He further explained that the legislation would enable financial service providers, including PayPal and cheque-cashing establishments, to process transactions using precious metals.
"This is right out of the Constitution of the United States. This legislation will authorise money services businesses to accept gold and silver coins that meet specific purity standards," he added.
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The governor highlighted Florida's position as the largest state to enact such legislation.
The bill's sponsor, State Representative Bill Bankson of Apopka, explained that the legislation seeks to "eliminate the tax burden and make it a functional means of transaction between willing parties."
DeSantis said the bill would give Floridians more financial tools and help shield their wealth from inflation and federal spending policies.
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"Florida stands firmly for freedom, economic self-determination, and resistance to government overreach. But for too long, outdated regulations and unnecessary sales taxes have made it impractical for Floridians to enter the gold and silver market. I signed HB 999 today to change that, by initiating the process to recognize gold and silver as legal tender in our state and, with rule ratification from the legislature, free from sales tax," the governor wrote in a post on X.
In a separate post, he said, "From defunding ESG to fighting de-banking, we've taken actions to protect Floridians from the push for more centralized control over currency and transactions. Today, I was pleased to sign HB 999, through which Florida will exercise its authority under the US Constitution to recognize gold and silver as legal tender."
"HB 999 will give Floridians greater financial freedom and more tools to safeguard their hard-earned money. Moreover, this legislation supports inflation-proof assets, so Floridians' wealth is not at the whim of our federal government's reckless spending addiction." he added.
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