APOPKA, Fla. – Florida Gov. Ron DeSantis signed a bill Tuesday in Apopka that would allow people to use gold or silver coin to pay for bills, calling it a way to give people financial independence from the federal government.
HB 999 was sponsored by State Rep. Doug Bankson, R-Apopka, and passed by the Florida Legislature last month.
The bill hearkens back to a clause in Article I of the U.S. Constitution, which prohibits states from coining money, but allows them to “make gold and silver coin a tender in payment of debts,” including taxes, within the state’s borders.
The bill exempts qualifying gold and silver coin that are classified as “legal tender” from Florida sales tax. It also allows government agencies to accept gold and silver coins as a way to pay bills through electronic transfer or with a debit card.
“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy," DeSantis said.
DeSantis says this makes Florida the first large state to offer this option.
Bankson believes this will allow Floridians to claw back some buying power that he said was lost when President Richard Nixon took the U.S. dollar off the gold standard in 1971.
"Since then, we’ve seen over a 90% decrease in its buying power. One of the illustrations that I’ve used with people and used in committee and with different representatives, if you bought a home in 1979, the average cost was $75,000. Those were the days. 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 have been 268oz. Today, if you bought that home 268oz. Why? Because it’s a tangible thing that has true value," Bankson said.
The bill also requires the chief financial officer to create rules to implement a framework for allowing gold and silver coin to be used to pay bills from government agencies through electronic transactions.
That means the state will set up standards for public deposit of gold or silver coin, as well as licensing custodians who can transmit the payments, as well as accept and store the coin, and provide for insurance and security in case something happens.
The rules would have to be ratified by the state legislature. The CFO would be required to submit those implementing rules to the governor and state lawmakers by Nov. 1, 2025.
If lawmakers agree to everything, the law would take effect July 1, 2026.
The federal government recognizes gold and silver coins and bullion as collectibles, making the sale of those coins subject to capital gains taxes.
[VIDEO BELOW: DeSantis signs bill targeting ‘dangerous’ speedsters]