Gov. Ron DeSantis (R-FL) signed legislation on Tuesday to start the process of allowing Floridians to pay for goods and services with precious metals such as gold and silver.
A report will be given to the state legislature, which has until November 1, 2025, to ratify the rules. The law would take effect on July 1, 2026.
If ratified, the law would establish precious metals as a legal form of tender, but it specifies that accepting them would be optional, except for check cashers and money service businesses. Any business seeking to accept precious metals as payment must obtain a license.
“That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy,” DeSantis said.
Purchases of precious metals will be exempt from sales tax.
The push to make silver and gold legal tender stems from complaints that the dollar is failing to uphold its value. Bill sponsor Republican state Rep. Doug Bankson attributes this to former President Richard Nixon ending the practice of the dollar being backed by gold in 1971.
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“Since then, we’ve seen over a 90% decrease in its buying power,” Bankson said in a statement to News6.
Earlier this month, Missouri lawmakers passed a bill allowing silver and gold to be used to make purchases by setting up an “electronic specie currency,” or a digital version of the commodity. The bill is awaiting Gov. Mike Kehoe’s (R-MO) signature.
