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In a groundbreaking move for financial sovereignty, Florida Governor Ron DeSantis signed HB 999 into law on May 27, 2025, officially recognizing gold and silver as legal tender in the Sunshine State.
This landmark legislation, set to take effect on July 1, 2026, positions Florida as the first large state in the U.S. to embrace precious metals as a functional currency, aligning with constitutional principles and offering residents a hedge against the declining value of the U.S. dollar. At True Gold Republic, we see this as a pivotal moment in the fight for sound money and economic freedom.
The bill, sponsored by State Representatives Doug Bankson and Chip LaMarca, and Senator Ana Maria Rodriguez, draws inspiration from Article I, Section 10 of the U.S. Constitution, which permits states to make gold and silver coin a tender for payment of debts. HB 999 establishes a framework for gold and silver coins—meeting specific purity standards of at least 99.5%—to be used voluntarily in transactions and for certain tax payments. This move not only revives the historical role of precious metals as "real money" but also challenges the dominance of fiat currency, which Governor DeSantis has criticized as vulnerable to inflation and federal overreach.
Governor DeSantis emphasized the bill’s significance during a press conference in Apopka, stating, “We’ve seen a lot of problems with the D.C. swamp. This is our ability to give you the financial freedom to protect yourself against the declining value of the dollar.” He pointed to gold’s tripling in value since 2015 as evidence of its stability compared to paper money, which has lost purchasing power due to inflation and perennial deficit spending in Washington.
HB 999 is designed to make gold and silver practical for everyday use, not just as investment vehicles for the wealthy. Here’s what the legislation entails:
Legal Tender Status: Gold and silver coins, bars, ingots, or bullion stamped with weight, purity, and mint of origin are recognized as legal tender for paying debts, including taxes, if both parties agree.
Tax Exemptions: Purchases of qualifying gold and silver are exempt from Florida’s sales tax, and sales exceeding $500 are also tax-free, reducing barriers to owning and using precious metals.
Electronic Transactions: Money service businesses like check cashers or PayPal can transmit and accept payments in gold and silver, potentially via electronic transfers or debit cards, making precious metals more accessible in the digital age.
Optional Use: No individual or business is required to accept gold or silver, ensuring flexibility and freedom of choice.
Regulatory Framework: The Chief Financial Officer and Financial Services Commission must submit implementing rules by November 1, 2025, for legislative ratification, ensuring consumer protections and secure transaction guidelines.
These provisions aim to integrate precious metals into Florida’s economy, offering residents an alternative to fiat currency that DeSantis argues is devalued by federal borrowing and spending.
At True Gold Republic, we’ve long advocated for the return of sound money—currency backed by tangible value rather than government promises. The U.S. abandoned the gold standard in 1933 and ended dollar-to-gold convertibility in 1971, leading to a cumulative inflation rate of nearly 700%. As Representative Bankson noted, a home costing $75,000 in 1979 would now cost $531,000, but its value in gold (268 ounces then and now) remains stable. This illustrates why gold and silver are powerful tools for preserving wealth.
Florida’s legislation is a direct response to economic uncertainty, including concerns over the U.S. credit rating, bond market volatility, and potential inflation from federal policies. DeSantis highlighted gold’s recent price surge as evidence of investors seeking stability, predicting it will “remain on an upward path.” By recognizing gold and silver as legal tender, Florida empowers its citizens to protect their financial independence from what DeSantis calls the “D.C. swamp.”
Florida joins a small but growing list of states—Utah, Wyoming, Oklahoma, Arkansas, Louisiana, Idaho, and Alabama—that recognize gold and silver as legal tender. Utah’s 2011 Specie Legal Tender Act, for example, sparked a robust precious metals economy, including the creation of the Goldback, a spendable gold-based note. Florida, as the eighth state and the largest by population, could set a precedent for others to follow, potentially weakening the Federal Reserve’s fiat-based system.
Social media reactions on X reflect excitement among sound money advocates. One user called the bill “the first major crack in the fiat system,” while another praised Florida for “standing up to the Fed—one ounce at a time.” However, some critics question the practicality of using gold and silver in daily transactions, citing the need for businesses to weigh metals or the potential loss of state revenue from sales tax exemptions.
Implementing HB 999 will require careful rulemaking to ensure seamless integration into Florida’s economy. Questions remain about how businesses will verify purity, handle valuations, or process electronic payments in precious metals. The legislation’s success will depend on private sector adoption and public willingness to embrace gold and silver as currency. Utah’s experience suggests that clearing legal and tax hurdles can foster innovation, such as gold-backed debit cards or depositories, which Florida could replicate.
At True Gold Republic, we believe this is an opportunity for Floridians to reclaim control over their wealth. Gold and silver have been trusted stores of value for centuries, offering stability in times of economic turmoil.
As DeSantis noted, “The same people pushing bad policies wouldn’t want you doing gold and silver,” suggesting resistance from those invested in the fiat system. By signing HB 999, Florida is taking a stand for economic self-determination.
As the July 2026 effective date approaches, True Gold Republic will closely monitor the development of HB 999’s implementing rules and their impact on the precious metals market. We encourage Floridians to educate themselves about gold and silver, explore their options for ownership, and consider how these metals can protect their financial future. Whether you’re paying taxes with silver coins or settling a debt with gold bullion, Florida’s new law opens the door to a more resilient economy.
Governor DeSantis has set a bold example, declaring, “Florida stands firmly for freedom, economic self-determination, and resistance to government overreach.” We couldn’t agree more. This is a victory for sound money, and we’re proud to see Florida leading the charge. Will your state be next?
Stay tuned to True Gold Republic for updates on Florida’s sound money revolution and tips for navigating the precious metals market.
Sources:
FOX 13 Tampa Bay
ClickOrlando
Florida Politics
NBC Miami
FOX 35 Orlando
Metals Mine
Business Insider
Florida’s Voice
Tenth Amendment Center
Posts on X
Disclaimer: True Gold Republic is committed to promoting sound money principles. Always consult financial advisors before making investment decisions.
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