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Tallahassee, FL | May 30, 2025

Gold and Silver Are Money in Florida Now
Florida Governor Ron DeSantis has signed HB 999 into law, declaring gold and silver legal tender in the state beginning July 1, 2026. The legislation exempts qualifying coins from sales tax and authorizes their use in financial transactions—though on a voluntary basis—marking a structured state-level challenge to the U.S. dollar’s sole supremacy in commerce.

“We are the first large state to step up and to get this done,” said Governor DeSantis. “This is right out of the Constitution of the United States.”
Rep. Bill Bankson added that the goal was to “eliminate the tax burden and make it a functional means of transaction between willing parties.”

Key Details
Gold coins must be 99.5% pure and silver coins 99.9%, with both bearing mint or refiner markings. The law exempts these coins from state sales and use taxes, with a statutory presumption regarding their purity. Participation is entirely voluntary—individuals and businesses are not required to accept gold or silver in transactions. For state debts such as taxes, electronic-only transactions may be settled in gold or silver through public depositories. The Office of Financial Regulation will provide oversight, managing licensing, insurance, and disclosure requirements.

Florida Joins Others
Florida follows Utah (2011), Oklahoma (2014), Texas, Wyoming, Kansas, and others in recognizing gold/silver as legal tender. Florida’s version is notably more regulatory, focusing on clarity and infrastructure for electronic transaction settlement.

Implications:
No mandate for merchants to accept metal; but permission granted.

Banks and MSBs (e.g., PayPal) may begin offering gold/silver-based services. (huge)

Potential 6% savings for businesses and consumers due to tax exemption.

Sign of growing state-level resistance to federal monetary dominance.

Ill gladly take that 1oz American Eagle gold coin for its $50 face value.

Only slightly facetious. Be sure you're getting the real thing.
https://tvtropes.org/pmwiki/pmwiki.php/Main/TastyGold

quote:

Sign of growing state-level resistance to federal monetary dominance.

I'm glad to see this.
The Federal Reserve (which is neither federal nor has reserves, discuss) has done a terrible job with our currency. It declines in value due to inflation every year.

So American gold eagles are excluded? That's a little weird. (22 karat, 91.67%)

No Krugerrands either.

Wonder what the IRS has to say about this. If I use my gold coin that cost $1,000 to buy $2,000 do I still have to pay capital gains tax at the collectible rate or at all?

Well...I read the 36 pages of HB 999 and I have 2 comments:

1) Thank God I'm not a lawyer and have to read this stuff all the time.

2) I have a headache and don't speak legalese.

quote:

Originally posted by pace40:
Well...I read the 36 pages of HB 999 and I have 2 comments:

1) Thank God I'm not a lawyer and have to read this stuff all the time.

2) I have a headache and don't speak legalese.

Well that clears things up.

Given FL craziness, my guess is that this is OneGold/Someone else trying to push through a gold/silver debit card.