Gov. Ron DeSantis Signs Bill Recognizing Gold, Silver as Legal Tender in Florida

Earlier this week, Florida became the latest U.S. state to advance legislation recognizing gold and silver as legal methods of payment, after Gov. Ron DeSantis signed a bill on May 27 designating the precious metals as legal tender.

With the signing of HB 999, Florida became the 11th state to enact such laws, while several others are actively considering similar measures.

As reported by WESH, DeSantis announced the bill during a news conference in Apopka, about 25 miles northwest of Orlando.

"We are the first large state to step up and to get this done," DeSantis said. "And this is right out of the Constitution of the United States. So this legislation will authorize money services businesses like check cashers or PayPal to transmit and accept payment in gold and silver," he added.

Despite the governor's approval, the law must still be ratified by the state legislature. If approved, it would take effect on July 1, 2026.

Under federal law, U.S. coins and Federal Reserve notes (paper money) issued by the U.S. Department of the Treasury are the only forms of legal tender accepted for debts, public charges, taxes and dues.

Electronic payments, as well as checks and money orders, are not considered legal tender, though businesses may accept them voluntarily.

State Rep. Bill Bankson, the leading voice behind the bill, said the legislation aims to "eliminate the tax burden and make it a functional means of transaction between willing parties."

In a post on X, DeSantis added that "outdated regulations and unnecessary sales taxes" have prevented many Floridians from entering the gold and silver markets for years.

More than a decade ago, Utah became the first state in modern U.S. history to recognize U.S.-minted gold and silver coins as legal tender. The Utah Legal Tender Act, passed in March 2011, paved the way for similar legislation in other states. However, it wasn't until years later that Arizona became the second state to follow suit.

So far in 2025, Alabama, Arkansas, Idaho, Kentucky, Louisiana and Tennessee have all passed laws to reintegrate gold and silver into their economies—either by removing taxes on transactions, establishing reserves, or creating more frictionless environments for buying and selling the metals at the state level.