In a groundbreaking step, Florida has become the first major U.S. state to recognize gold and silver coins as legal tender for everyday transactions. On May 27, 2025, Governor Ron DeSantis signed House Bill 999 (HB 999) into law during a ceremonial event in Apopka, setting the stage for Floridians to use precious metals for payments starting July 1, 2026, pending final legislative approval of implementation rules.
A Constitutional and Economic Shift
The legislation, sponsored by Representatives Doug Bankson and Monique Miller, aligns with Article I, Section 10 of the U.S. Constitution, which permits states to designate gold and silver coins as legal tender for settling debts. HB 999 defines “coin” broadly to include rounds, bars, ingots, or bullion coins with at least 99.5% purity for gold and 99.9% for silver. These metals will be exempt from state sales tax, making them a viable alternative to traditional currency.
Governor DeSantis framed the move as a push for financial independence, criticizing the U.S. dollar’s vulnerability to federal monetary policies and inflation. “This is about giving Floridians freedom to use sound money alongside traditional currency,” DeSantis said at the signing, emphasizing protection against the dollar’s declining value. The move follows Utah’s 2011 precedent, where gold and silver were similarly recognized as legal tender, and comes as other states, like Missouri, explore comparable laws.
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Potential Benefits and Challenges
Advocates argue that recognizing gold and silver as legal tender offers a hedge against inflation, especially as analysts predict gold prices could hit $4,000 per ounce by mid-2026 due to global trade tensions and recession fears. Silver, forecasted to reach $39 per ounce by late 2025, also benefits from industrial demand. By removing sales tax on these metals and allowing their use for debts, taxes, and fees, Florida aims to provide residents with a stable store of value in uncertain economic times.
However, challenges remain. Price volatility—silver fluctuated 30% in 2023 alone—poses accounting and pricing issues for businesses. Additionally, private businesses may hesitate to accept precious metals due to the need for employee training and verification processes. The bill addresses this by mandating secure deposit systems, record-keeping, and separate ledger accounts for transactions involving gold and silver.
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What’s Next?
The law’s implementation hinges on rulemaking by the Florida Department of Financial Services and Office of Financial Regulation, with a report due to the legislature outlining rules, recommendations, and potential challenges. The Florida Legislature must ratify these rules in the 2026 session for the law to take effect. If successful, Florida’s move could reshape its financial landscape and inspire other states to follow suit.
A Broader Context
Florida’s decision comes amid growing interest in precious metals nationwide, with eleven states already recognizing gold and silver as legal tender. As economic uncertainty looms, with forecasts of rising gold and silver prices, Florida’s bold step could position it as a leader in the “sound money” movement, offering residents an alternative to fiat currency and a safeguard against inflation.