Gov. Ron DeSantis on Tuesday approved a new law allowing Floridians to use gold and silver in certain transactions.
The DeSantis-backed measure, HB 999, recognizes gold and silver coins as "legal tender" to pay down debts incurred after July 1, 2026. At an Apopka press conference on Tuesday, DeSantis claimed this law is the latest example of Florida's push for financial independence.
“These precious metals can start functioning like real currency again," he said. "It’ll be something that you’re going to be able to use. And it’s something that is very likely to hold its value."
Under the new law, gold and silver coins will be exempted from sales tax and check cashers like PayPal could transmit and accept these payments.
And while it allows these coins to be recognized in certain transactions, it doesn't require financial institutions to provide coin-related services.
The law, which serves as a first-step framework for legal tender regulations, requires the Chief Financial Officer to adopt "implementing rules" by Nov. 1 as part of a joint report to the Governor and Legislature.
The United States used the gold standard until 1971, when President Richard Nixon ended the dollar's convertibility to gold. Recently, DeSantis said, the dollar's rising inflation rate has made it difficult for some to purchase homes and pay down debts.
The cumulative rate of inflation since Nixon's decree is nearly 700%. This means a $1 item in 1971 would be the equivalent of a $7.92 item today.
