The Blubber

Florida Governor Ron DeSantis signed a new law Tuesday in Apopka that will allow residents to use gold and silver coins to pay certain bills—framing it as a way to give Floridians more financial independence from the federal government.

The measure, HB 999, was introduced by State Rep. Doug Bankson, a Republican from Apopka, and passed through the state legislature last month.

The law draws from Article I of the U.S. Constitution, which forbids states from minting their own currency but explicitly permits them to recognize gold and silver coin as legal tender for settling debts, including taxes, within state borders.

Under the new law, gold and silver coins officially classified as “legal tender” will be exempt from Florida’s sales tax. It also authorizes government entities to accept these precious metals for bill payments—either through electronic transfers or debit card transactions.

“These metals will now have the chance to operate like real currency again, rather than just assets for investors and the wealthy,” DeSantis said during the signing ceremony.

According to DeSantis, Florida is the first major state to roll out such a policy.

Rep. Bankson said the move helps residents recover some of the purchasing power lost after President Richard Nixon ended the U.S. dollar’s convertibility to gold in 1971.

“Since then, we’ve seen the dollar lose over 90% of its purchasing power,” Bankson said. “Here’s an example I use often: in 1979, the average home cost about $75,000. Today, that same home is $531,000. But if you had bought it in gold—about 268 ounces in 1979—it would still cost 268 ounces today. That’s because gold holds its value.”

The law also tasks Florida’s Chief Financial Officer with creating a regulatory framework to enable government agencies to process gold and silver coin payments electronically. This includes standards for public deposits, licensing of custodians to transmit and store the metals, and ensuring security and insurance protections.

These proposed rules must be submitted to the governor and legislature by November 1, 2025, and require legislative approval. If adopted, the law will officially take effect on July 1, 2026.