Florida Legalizes Gold and Silver as Currency
by Lynn Miteva
Gold and Silver Return as Money
In a bold move that hasn't been seen in over 50 years, Florida has officially recognized gold and silver coins as legal currency.
On May 28, Governor Ron DeSantis signed House Bill 999, a sweeping piece of legislation that revives the use of precious metals in daily transactions — something not done since the U.S. abandoned the gold standard in 1971.
The law, which takes effect July 1, 2026, allows citizens and businesses to use gold and silver coins meeting high purity standards (99.5% for gold, 99.9% for silver) in everyday transactions- buy you groceries, pay taxes, or fund your small business.
How the Bill Works: Tax-Free, Real Money
Capital Gains Taxes Eliminated: Before HB 999, profits from selling gold or silver (e.g., buying at $1,000/oz, selling at $1,500) were taxed. Now, no more capital gains taxes apply within the state.
Sales Tax Exemption: Transactions under $500 and all qualifying non-American coins are now exempt from sales tax.
Electronic Use: The law enables gold- and silver-backed digital payments, bridging the gap between hard assets and modern convenience.
This law isn’t about investment. It’s about circulation.
Why This Is Good for Banks —
And Why They Need It
In a world of endless payment apps, flashy fintech, and centralized digital currencies, banks have started to feel—antique. People now pay with phones, watches, tokens, and wallets that don’t look anything like banks.
For banks, this is a golden opportunity (pun intended) to re-establish their fundamental role as reliable stewards of wealth. Here’s how:
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Banks understand custody, value storage, transaction infrastructure, and regulatory compliance better than anyone. Gold and silver-based debit systems, like those envisioned in HB 999, can restore trust in banks as custodians of real value.
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Gold-based banking: The bill opens the door to gold- and silver-backed debit cards and electronic payment systems. Banks can issue accounts where deposits are held in metal — not digits — but still spendable via card or phone. That’s old-world trust with modern convenience. Under the new law, financial institutions—including check cashers, credit unions, and payment processors—will be able to transact with gold and silver.
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Asset-backed debit cards: The law supports development of debit cards and payment systems backed by physical metal. Banks can build this infrastructure, allowing customers to spend gold or silver directly from their holdings, converted automatically at the point of sale.
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New traffic, new business: Banks can generate revenue and offer services to buy, store, appraise, and sell gold and silver. With people physically visiting branches to manage these assets, it brings foot traffic — and with it, upsell opportunities for loans, investment products, and financial planning.
Real-time valuation services: Banks can partner with real-time pricing platforms like Goldmoney, OneGold, or JM Bullion to quote current market prices for gold and silver, just like forex desks quote currency exchange rates. They can even develop in-house price feeds for customer transparency.
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Financial resilience: Precious metals are immune to central bank policies, dollar devaluation, or digital failure. Holding real assets on the books gives institutions more credibility and diversity in uncertain times.
Why Gold and Silver? Why Now?
Gold and silver have stood the test of time. They don’t rely on code, servers,wifi or network consensus. They don’t rely on power grids or anonymous codebases. You don’t need to “update” gold. You don’t need a password to hold silver.
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Gold and silver exist — in your hand, your vault, your safe.
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That’s why crypto marketers called it “mining” to make crypto feel like gold — but there's no mining in crypto, just electricity and server farms.
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The U.S. dollar has lost about 90% of its value over the past century. With inflation running high and trust in central monetary policy slipping, gold and silver — timeless, tangible, and trusted for millennia — are being looked to once again as anchors of value.
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Governor DeSantis made the stakes clear: "This legislation gives Floridians financial freedom from a declining dollar." And he’s not wrong. Fiat currency relies on trust; gold and silver rely on physics.
But this isn’t just about nostalgia or symbolism. It’s about building a more resilient, future-proof monetary system.
What Happens Next?
Not Just Florida: A National Shift
Florida joins a growing coalition of states — including Utah (2011) and Wyoming (2025) — that are moving to reestablish precious metals as legitimate, functioning currency.
A momentum is clearly building.
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Increased demand for physical bullion, driving up its monetary velocity and significance.
New fintech-banking hybrids offering metal-based wallets, payment platforms, and savings products.
A quiet revolution — not of flash, but of weight. Of real value, returning to the forefront.
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In the words of Rep. Doug Bankson: this isn't about looking backward—it's about accessing ancient strength through modern systems.
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The future of money may not be digital-only. It might also be 99.9% pure.