In a particular U.S. territory, transactions can be executed using gold and silver as currency for various goods.
Florida Governor Ron DeSantis signs bill recognizing gold and silver as legal tender
In a move aimed at promoting financial sovereignty, Florida Governor Ron DeSantis has approved House Bill 999, which recognizes gold and silver as legal tender. As a result, residents will be allowed to use these precious metals in payment transactions from July 1, 2026, unless earlier rule implementation is approved by the legislature.
The legislation outlines that gold coins must have a minimum purity of 99.5%, while silver coins must meet a minimum purity of 99.9%. Moreover, coins qualify as legal tender if they are stamped with their weight and purity. Government organizations can also accept gold or silver, although only in electronic transfer form.
A sales tax exemption applies to qualifying gold and silver purchases exceeding $500, provided purchasers can demonstrate their eligibility. This initiative encourages economic freedom, allowing money services businesses to transmit and acceptpayment in gold and silver. Floridians will now have the option to use these precious metals as a safeguard against inflation and the weakening U.S. dollar.
Utah was the first state to recognize gold and silver as legal tender back in 2011, which is a precedent that Florida has now followed. With Florida's implementation, more states may consider similar legislation, making precious metals a more common form of transaction in specific situations.
Florida’s bill defines essential terms such as "gold coin," "silver coin," and "electronic transfer." Foreign gold or silver coins do not consider legal tender under federal law but can still be bought, sold, or owned as commodities or investments.
Governor DeSantis explained the reasoning behind this move, stating: “Florida stands for freedom, economic self-determination, and resistance to excessive government intervention. Unnecessary sales taxes and outdated rules have previously hampered the practicality of the gold and silver market for Florida residents.” This legislation marks Florida's commitment to fostering financial independence and further solidifies the state's position as a leader in economic freedom.
The legislation in Florida against gold and silver recognizes these precious metals as a means to encourage economic self-determination and financial freedom, intertwining them with the state's business transactions and general-news headlines. Given Utah's precedent, this decision may spur similar politics across other states, transforming the role of gold and silver in the nation's commerce and finance.
