The governor said the legislation gives Floridians “more independence,” adding that they won’t be “wedded to a fiat currency.”
APOPKA, Fla. — Florida Governor Ron DeSantis has signed a new law on Tuesday that permits residents of the Sunshine State to conduct transactions using gold and silver.
Historically, the U.S. dollar was linked to gold under the “gold standard,” a practice that ceased nationally in 1933, with the U.S. ending gold-for-dollar exchanges in 1971.
DeSantis referred to the bill, HB 999, as a “landmark piece of legislation.” He stated that it provides Floridians with “more independence,” emphasizing that they won’t be bound to a “fiat currency.”
“If you bought a home in 1979, the average cost was $75,000; those were the days,” said Rep. Doug Bankson. “If you bought that same home, that same product, now it would be $531,000. However, if you had bought that in gold in 1979, it would’ve been 268 ounces. Today, if you bought that home, 268 ounces. Why? Because it’s a tangible thing that has true value.”
Furthermore, sales tax will not apply to gold and silver, and the new law will authorize money services businesses like PayPal to transmit and accept payments in gold and silver.
DeSantis said the metals will function as “real currency again” and not “just investment vehicles for the wealthy.” He further stated that the law will give Florida residents the ability to protect themselves against “the declining dollar.”
Less than a quarter of all states currently recognize gold and silver as legal tender, including Louisiana, Texas, South Carolina and Utah.
Click here to read the full law. It is set to take effect July 1, 2026.
