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Gov. DeSantis signs bill allowing transactions using gold and silver in Florida
By Malcolm Harvey
WTLV-TV12, Jacksonville, Florida
Tuesday, May 27, 2025
APOPKA, Florida -- Florida Gov. Ron DeSantis on Tuesday signed into law a bill that will allow people in the Sunshine State to make transactions using gold and silver.
The U.S. dollar was originally backed by gold, known as the "gold standard." This practice ended nationwide in 1933 and the U.S. stopped the practice of exchanging gold for dollars in 1971.
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DeSantis called the bill, HB 999, a "landmark piece of legislation." He said it gives Floridians "more independence," adding that they won't be "wedded 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 recognize gold and silver as legal tender currently, including Louisiana, Texas, South Carolina, and Utah.
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