Florida’s legislature has passed a groundbreaking bill establishing gold and silver as legal tender, positioning the state at the forefront of a growing movement to return to constitutional currency standards.
At a Glance
- Florida’s House Bill 999 designates gold and silver as legal tender and eliminates sales tax on precious metal transactions
- The legislation passed nearly unanimously – with overwhelming support in the House and unanimous approval in the Senate
- Governor Ron DeSantis has indicated he will sign the bill into law
- Implementation is scheduled for July 1, 2026, pending additional legislative action
- Florida joins Arkansas in passing similar legislation, while Utah’s governor recently vetoed a comparable bill
A Return to Constitutional Currency
Florida lawmakers have taken a decisive step toward financial sovereignty with the passage of House Bill 999, which establishes gold and silver as legal tender for debt payment and eliminates sales taxes on precious metal transactions. The legislation received overwhelming bipartisan support, passing the House with just one dissenting vote and securing unanimous approval in the Senate. Governor Ron DeSantis has signaled his intention to sign the bill, which would make Florida the second state after Arkansas to recently adopt such measures.
Representative Doug Bankson, the bill’s sponsor, framed the legislation as part of Florida’s commitment to financial freedom and opportunity. The bill allows governmental entities to accept precious metal-based coins as legal tender and provides a framework for their use in everyday transactions. Proponents argue this move aligns with Article I, Section 10 of the U.S. Constitution, which they interpret as supporting gold and silver as the only constitutionally-sanctioned forms of money.
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A Phased Implementation Approach
Despite strong legislative support, Florida’s approach to implementing the new monetary system will be methodical. The Senate passed the bill with a strike-all amendment that included additional requirements for deposit security, record keeping, and separate ledger accounts for precious metal transactions. This more ambitious language required the House to reconsider the bill before its final passage. The legislation directs Florida’s Chief Financial Officer and Financial Services Commission to develop implementation rules by November 1.
These rules must receive legislative ratification, and the bill will not take effect until July 1, 2026, unless reenacted earlier. Senator Ana Maria Rodriguez, who sponsored the Senate version, emphasized this measured approach: “We’re going to trust our agencies to provide recommendations back to us, and we’ll have further legislative direction when we get to the 2026 session.” This timeline allows Florida to develop a comprehensive framework while addressing potential implementation challenges.
Concerns and National Context
Not everyone shares the enthusiasm for the transition to precious metals as currency. During legislative debates, concerns were raised about the absence of a comprehensive feasibility study and potential fraud in the gold market. Democratic Senator Tracie Davis referenced a previous feasibility study commissioned by former Chief Financial Officer Jimmy Patronis, suggesting more research might be needed before full implementation. These concerns explain in part why the legislation includes a delayed implementation timeline.
Florida’s move comes amid similar legislative efforts across the country. While Arkansas recently passed comparable legislation, Utah’s governor Spencer Cox vetoed a similar bill that had been approved by that state’s legislature. Financial sovereignty advocate Kevin Freeman, host of Economic War Room, played a significant role in supporting Florida’s legislation and frames these state-level actions as necessary defenses against inflation and federal monetary policy overreach.
The growing interest in gold and silver as legal tender reflects increasing concern among conservatives about inflation, national debt, and the Federal Reserve’s monetary policies. Proponents view state-level action as a constitutional remedy to what they perceive as the problems created by fiat currency. Whether this marks the beginning of a broader national movement toward alternative currency systems or remains limited to a few states will depend largely on the success of Florida’s implementation and economic conditions in the coming years.
