Florida plans to allow payments with gold and silver: The state Executive’s signed regulation eliminates taxes on certain transactions and enables its implementation starting in 2026, subject to legislative review.
The state of Florida approved new legislation allowing the use of gold and silver coins as legal tender, under specific conditions, starting July 1, 2026. The law, identified as HB 999, was signed by Governor Ron DeSantis on Tuesday, May 27, 2025, in the city of Apopka, in the central part of the state. According to NBC Miami, the regulation establishes that these metals may be used to make payments for goods, services, taxes, and other financial obligations, provided they meet specific purity standards.
During the bill signing, DeSantis stated that Florida will become the first large state to implement this type of regulation, based on principles contained in the U.S. Constitution. “We will use our authority under the state Constitution to ensure that gold and silver are recognized as legal currency,” the governor said, according to WFLA.
The legislation also eliminates the state sales tax on transactions involving gold and silver coins that meet the defined criteria. This represents a significant change in how the state regulates financial exchanges with precious metals, as reported by Telemundo 51.
What conditions does the new regulation establish?
Law HB 999 specifies that only gold and silver coins meeting defined purity and authenticity levels will be accepted. These coins may be used by private citizens, businesses, and government entities that voluntarily choose to accept them. State Representative Bill Bankson, the bill’s sponsor, noted that the initiative aims to “eliminate the tax burden and make gold and silver a functional means of transaction between willing parties,” according to statements reported by WESH.
The regulation also allows government entities to accept payments in precious metals for taxes, fees, or other charges. However, these transactions must be conducted electronically and, unless an express exemption exists, will require the hiring of a qualified public depository to act as custodian of the gold or silver, as reported by Telemundo 51.
The law’s effective date is subject to subsequent ratification by the Florida Legislature, which is responsible for approving the specific regulatory framework that will establish how transactions with precious metals will operate. This legislative step is mandatory before the regulation takes effect in 2026, NBC Miami reported.
Who will be able to use gold and silver as a means of payment?
The legislation provides that authorized financial services businesses, such as currency exchange houses, money transfer operators, and digital platforms like PayPal, will be enabled to transmit and receive payments in gold and silver coins. Governor DeSantis highlighted that these types of transactions may also be conducted through regulated channels, which could include traditional and electronic financial services, according to WESH.
There is no generalized obligation for businesses or citizens to accept this type of currency. Transactions with precious metals will depend on voluntary agreement between the parties, making their use optional under the approved legal framework.
The governor shared a message on his official X account (formerly Twitter), stating: “Florida firmly defends freedom, economic self-determination, and resistance to government overreach,” as cited by NBC Miami. In the same post, DeSantis argued that current regulations and taxes had made it difficult for residents to participate in the gold and silver market.
What precedents exist in other states?
The law makes Florida one of the first states to formally recognize the use of precious metals as a legal means of payment, in an operational manner and exempt from sales taxes. In the past, states like Utah and Texas adopted measures related to the creation of state gold depositories or the recognition of the value of these assets, but without practical implementation as a common form of payment, as highlighted by WFLA.
What sets Florida’s legislation apart is that it combines legal recognition, tax exemption, and operational authorization for financial services. These three elements together allow, if the legislative regulations are ratified, gold and silver to circulate functionally as money within the state, something that has not been implemented on this scale elsewhere.
What is the political and social context of the measure?
During the bill signing event at Highland Manor in Apopka, a group of protesters gathered to express their opposition to the governor’s immigration policies. The protesters denounced deportations and the separation of migrant families in Florida. “We want him to recognize that they are benefiting from our labor,” said René Gómez, one of the attendees, as quoted by WESH.
Political support for the bill comes mainly from conservative sectors that promote financial autonomy from the centralized monetary system. Bill Bankson, the bill’s sponsor, mentioned that the value of the dollar has declined since President Richard Nixon disconnected the currency from the gold standard in 1971. In his remarks, Bankson stated that this measure represents “an opportunity without obligation” for taxpayers, according to WESH.
What steps remain for its implementation?
For the law to take effect in July 2026, the Florida Legislature must approve the necessary regulations. These will include technical details on payment operations, authenticity verification mechanisms, conditions for metal custodians, and requirements for businesses participating in the system. Legislative ratification will be decisive for the regulation to be effectively implemented, as explained by Telemundo 51.
Until this set of rules is approved, no official transactions with gold or silver coins as a state-recognized form of payment can take place. Authorities have not yet communicated whether they will develop their own digital platform or integrate existing services to facilitate the use of the metals.
In Summary:
While you can invest in gold and silver in Florida without paying sales taxes (on transactions over $500), and theoretically could find someone willing to accept them as payment in a private transaction, they are not considered mandatory legal tender. No business is required to accept them, and the U.S. dollar remains the standard for all financial transactions in the state.
