Finance
Florida’s Golden Move: DeSantis Signs Bill to Make Gold and Silver Legal Tender
- Florida Governor Ron DeSantis signed a law allowing gold and silver as legal tender from July 1, 2026, aiming to protect against the declining dollar and promote financial freedom.
- While praised for its potential to restore value-based currency, the move faces scepticism over practical challenges like implementation, volatility, and storage.
In a bold and much-discussed move, Florida Governor Ron DeSantis signed a bill recognising gold and silver as legal tender in the Sunshine State. What we understand is that, from July 1, 2026, through HB 999, the law allows Floridians to pay for goods and services using precious metals, thus giving an alternative option to paper money. But what’s this all about, and why is it causing such a buzz? Let’s dive in.
A Hedge Against the Declining Dollar
DeSantis, never one to shy away from making waves, signed the bill on May 27, 2025, in Apopka, calling it a way to protect Floridians� “financial sovereignty�. “This is our ability to give you the financial freedom to be able to protect yourself against the declining value of the dollar,� he said at a press conference. The governor’s argument is straightforward: with the US dollar’s value wobbling down nearly 90% in purchasing power since the gold standard was abandoned in 1971, gold and silver could be a stable fallback. In GBP terms, with gold currently trading at around £2,100 per ounce and silver at roughly £25 per ounce, these metals aren’t just shiny trinkets; they’re serious financial players.
The bill, sponsored by Representatives Doug Bankson and Monique Miller, doesn’t force anyone to use gold or silver. “A person may not be required to offer or accept any recognised legal tender, as described in this subsection, for the payment of a debt,� the legislation clearly states. It’s all about choice—businesses and individuals can opt in voluntarily, and government agencies can accept these metals via electronic transfer or debit card. Think of it like choosing between paying with cash, card, or, now, a gold coin stamped with its weight and purity.
Why Gold and Silver?
So, why go back to metals? DeSantis argues it’s about independence from “fiat currency”—money not backed by a physical commodity, like the US dollar (GBP 0.76). Since President Nixon ditched the gold standard in 1971, inflation has soared, making everyday items pricier. For example, a house costing $75,000 (£57,000) in 1979 would set you back $531,000 (£405,000) today. That’s a staggering jump, and DeSantis believes gold and silver, which tend to hold value during inflationary times, can help Floridians keep their buying power.
Florida’s not alone in this move. States like Utah, Louisiana, and Arkansas have already recognised gold and silver as legal tender, but Florida is the first major state to jump on board. “We are the first large state to step up and to get this done,� DeSantis proudly declared. The bill requires gold coins to be 99.5% pure and silver coins 99.9% pure, with clear stamps for weight and purity to avoid any dodgy dealings.
Practical or Pie-in-the-Sky?
While the idea sounds intriguing, not everyone’s sold. Marc Bonnett, owner of Tampa Bay Coin and Precious Metals, loves the concept but wonders how it’ll work in practice. “I think that’s a great idea in theory,� he said. “I just don’t know how they would implement it.� With a 100-ounce silver bar worth about £2,500, you could theoretically trade it for a used car, but businesses accepting gold or silver must be licensed, and the logistics, like weighing and verifying metals, could get tricky.
Sceptics, like finance professor Abdel Missa, point out that gold and silver prices can be volatile. “Gold can, in a few weeks, lose 20% or 30%,� he noted, highlighting potential risks for businesses and consumers. Storage is another headache—gold and silver are heavy and bulky, not exactly pocket change.
On the flip side, supporters see it as a win for financial freedom. The bill exempts gold and silver coins from Florida’s sales tax, making them more attractive for transactions. Plus, it’s a jab at federal policies like central bank digital currencies, which DeSantis and others view as potential government overreach. “Florida stands firmly for freedom, economic self-determination, and resistance to government overreach,� the governor said on X.
A Constitutional Nod
This move isn’t just a whim—it’s rooted in the US Constitution. Article I, Section 10 states that no state shall “make anything but gold and silver coin a tender in payment of debts.� DeSantis and supporters argue this bill brings Florida in line with that principle, challenging the Federal Reserve’s monopoly on fiat currency. With gold prices hitting record highs—�2,100 per ounce in late October 2024—it’s no surprise some see precious metals as a safe bet.
What’s Next?
The road to making gold and silver everyday currency isn’t paved yet. The state’s Chief Financial Officer has until November 1, 2025, to hammer out the nitty-gritty rules, which then need the legislature’s nod. If all goes well, Florida would be setting an example for others and maybe changing our notions about money. Currently, it is a brave experiment that has an equally large following of fans as well as sceptics watching up close. Are you going to be hoarding some gold coins for your next shopping splurge? Only time will tell.
But it’s not all smooth sailing. The Florida Department of Financial Services, led by Chief Financial Officer Jimmy Patronis, must submit implementation rules by November 1, 2025, for legislative approval. These rules will cover everything from secure deposits to record-keeping, ensuring businesses like PayPal or cheque cashers can handle gold and silver transactions. If all goes well, Floridians could be paying for their coffee (or maybe a new car) with gold by mid-2026.
