In a historic legislative move, Florida has become the first state to formally recognize gold and silver coins as legal tender. Governor Ron DeSantis signed the groundbreaking bill, HB 999, into law in May 2025, a move he described as a vital step toward protecting Floridians’ financial freedom and insulating them from the risks of federal inflation.
While other states, including Utah and Arizona, have passed similar legislation, Florida is the first major state to enact such a comprehensive legal framework. The new law, which takes effect on July 1, 2026, officially designates gold and silver coins that meet specific purity standards as a valid form of currency for the payment of debts. The bill passed with an overwhelming majority in both the House and Senate, demonstrating a bipartisan consensus on the importance of “sound money” principles.
A key provision of the law is the immediate and full exemption of all sales taxes on qualifying gold and silver coins. This tax relief is seen as a crucial step to encourage the use of precious metals in everyday transactions, shifting their role from a mere investment asset to a functional medium of exchange.
The legislation makes the use of precious metals as currency entirely optional for both individuals and businesses. It also lays the groundwork for financial institutions to offer electronic accounts backed by gold and silver, potentially allowing for seamless transactions. However, businesses are not required to accept precious metals as payment, and the law specifies that no one can be compelled to use them.
Proponents of the law argue that it provides a critical hedge against the devaluation of the U.S. dollar and offers a tangible store of value. Opponents, meanwhile, raise concerns about the practical challenges of implementation, such as the logistics of verifying the purity and value of coins in everyday commerce. Despite these questions, the new law positions Florida at the forefront of a growing movement to return to constitutionally-based forms of currency.
