Florida now lets you pay with gold and silver coins starting July 1

DeSantis signs bill with unanimous support

Gov. Ron DeSantis signed HB 999 into law on May 27, 2025, at a ceremony in Apopka. The law recognizes gold and silver as legal tender for paying debts in Florida.

The bill sailed through the legislature without a single “no” vote, passing 113-0 in the House and 38-0 in the Senate. Rep. Doug Bankson, a Republican from District 39 in the Apopka area, sponsored the bill.

Florida is now the largest state by population to pass this kind of law.

Both parties must agree to use metals

The law lets people use gold and silver to pay debts, taxes, fees, and other charges, but only if both sides agree. No person, business, or government agency has to accept precious metals.

Purchases of qualifying gold and silver skip Florida’s state sales tax. Money services businesses like check cashers are now allowed to handle payments in gold and silver.

The law also sets up rules for custodians who hold the metals or manage transactions.

Not every piece of metal qualifies

This is not about tossing gold jewelry on a store counter. The law covers specific forms: rounds, bars, ingots, and bullion coins.

Gold must be at least 99.5% pure, and silver must hit 99.9%.

Every qualifying piece needs a stamp showing its weight and purity, and it may also carry the name or symbol of the refiner or mint.

Jewelry, collectibles, and anything valued for reasons beyond metal content do not count.

Think digital wallets, not gold bars

The law is built around electronic transactions, not people lugging metal into a grocery store. Government agencies that choose to accept gold and silver must do it electronically.

Licensed custodians would hold the physical metal and move it between parties. Those custodians must hold money transmitter licenses and act as fiduciaries to their customers.

Picture a debit card linked to a precious metals account rather than handing coins across a counter.

Backers point to the dollar losing value

Supporters say the law gives Floridians a way to protect savings from the dollar’s declining buying power.

Rep. Bankson noted that a home costing about 268 ounces of gold in 1979 would still cost roughly 268 ounces today, even though the dollar price jumped from about $75,000 to $531,000.

The law draws on Article I, Section 10 of the U.S. Constitution, which says states shall not make anything but gold and silver a tender for debts. Backers call it a step toward “sound money.”

Price swings create real headaches

Gold and silver prices can move several percent in a single day, and that creates problems for everyday purchases.

A business that accepts precious metals would need to manage the gap between what metals are worth at the time of the sale and when they convert back to dollars.

Storing and securing physical metals adds costs that cash and cards do not. Verifying the real value of metals on the spot takes specialized tools or knowledge.

And because acceptance is voluntary, wide use depends on buy-in.

The law does not fully kick in yet

The legal tender provisions do not automatically take effect on July 1, 2026.

Under the law, the Chief Financial Officer and the Financial Services Commission had to adopt rules and submit them by Nov. 1, 2025.

The state legislature must ratify those rules during the 2026 session before the law becomes fully active. If lawmakers do not ratify, the legal tender provisions get repealed on June 30, 2026.

The sales tax exemption on qualifying metals, though, took effect the day DeSantis signed the bill.

Ratification bill moves through committee

HB 1311, filed for the 2026 session, would ratify the rules state financial regulators developed. The bill cleared the House Insurance and Banking Subcommittee in early February 2026.

Rep. Bankson, who also sponsored the original HB 999, is behind this one too. The bill has at least one more committee stop before it reaches the full House floor.

If HB 1311 passes both chambers and the governor signs it, the gold and silver provisions go live on July 1, 2026.

Florida joins about a dozen other states

Utah led the way in 2011, becoming the first state to recognize gold and silver as legal tender. Oklahoma, Wyoming, Arkansas, and Arizona have since passed similar laws.

About a dozen states now have some form of precious metals legal tender law on the books. Many others have dropped sales taxes on gold and silver without granting full legal tender status.

Florida’s law stands out because it builds a full framework for electronic transactions and custodial oversight.

The dollar is not going anywhere

The U.S. dollar remains the country’s primary legal tender.

Federal tax rules still apply, and the IRS taxes gold and silver gains at up to 28% as collectibles. The law does not replace the dollar or push anyone away from traditional currency.

It applies only within Florida unless other states adopt compatible standards. No one can face a lawsuit or penalty for turning down gold or silver as payment.

Custodians must insure every ounce

If the legislature ratifies the rules, the law applies to debts starting July 1, 2026. Custodians handling gold and silver must carry insurance covering 100% of deposits.

They also must send regular account statements and let customers request audit reports. Customer records stay confidential.

One legal detail worth knowing: qualifying metals count as intangible property, not tangible personal property, which matters for probate.

Lawmakers will decide this session

The 2026 Florida legislative session will settle whether the ratification bill passes. If it does, state regulators will oversee custodian licensing and roll out the electronic transaction systems.

From there, businesses and consumers decide for themselves whether to use this option. Other large states may watch how Florida’s experience plays out before moving forward with their own versions.

The long-term impact comes down to how many people and businesses choose to participate.

This article was created with AI assistance and human editing.

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