Cash No Longer King: Florida Makes Gold and Silver Legal Currency

What Happened

Last week, Florida Governor Ron DeSantis signed House Bill 999 into law, officially recognizing gold and silver coins as legal currency within the state. Set to take effect on July 1, 2026, the law gives both government entities and private businesses the right, but not the obligation, to accept physical gold and silver coins as payment.

To qualify as legal tender, coins must meet specific purity standards: at least 99.5% for gold and 99.9% for silver. The coins also need to be stamped with their weight and purity.

In addition to legal tender status, the law eliminates sales tax on purchases of qualifying gold and silver. This applies if the metals meet the purity standards or the total transaction exceeds $500.

Florida isn’t ditching the U.S. dollar. But this move is a direct statement of economic sovereignty and skepticism toward federal monetary policy.

Why It Matters

At first glance, legalizing gold and silver for payments might seem like an odd throwback. After all, these metals were once the backbone of the U.S. economy. But beneath the symbolism lies a serious shift in how some states view the future of money.

Gold and silver are often seen as 'hard assets' that retain value over time, especially during inflation or financial instability. Supporters argue they offer protection against currency devaluation, which is something many Americans have grown more concerned about in recent years.

Since the outbreak of the pandemic in 2020, the U.S. has seen historically high inflation rates. While inflation has cooled slightly in 2025, many goods and services remain significantly more expensive than they were even five years ago.

Florida is hardly the first state to pass similar legislation. States like Utah and Texas have passed similar laws, and the idea of 'sound money' has gained traction among fiscal conservatives, libertarians, and those skeptical of the Federal Reserve.

By recognizing gold and silver as legal tender, Florida is telling its residents they should have alternatives if they lose faith in the dollar.

The tax exemption component is also notable. By removing sales tax from certain precious metal purchases, the state is giving investors more incentive to buy and hold physical gold and silver. This could increase demand in Florida's precious metals market.

How It Affects Readers

This law won’t change how most people pay for groceries or fill up their gas tanks since the U.S. dollar isn't going anywhere. But for individuals who already invest in gold or silver, or have considered it, this law makes it cheaper and potentially more practical and lucrative to own these assets.

The removal of sales tax on certain gold and silver purchases also lowers the cost barrier, making it easier for individuals to hedge against inflation. For example, someone investing $1,000 in silver bars would no longer pay the 6% state sales tax, saving them $60 right off the top.

For small businesses, the law opens the door to accepting gold and silver for goods or services, but it’s entirely optional. Unless you're running a niche shop or catering to customers in the prepping or precious metals communities, you’re unlikely to see coins exchanged over the counter anytime soon.

But there is a bigger cultural impact, as Florida is positioning itself at the forefront of a growing state-level push to give people alternatives to fiat currency. While this could be seen as either smart planning or political theater, it does represent a shift in how Americans are thinking about money and financial resilience.