Gold and silver can now be used to pay off debts, taxes, and other financial obligations in Florida, thanks to a new law signed into effect by Gov. Ron DeSantis in late May.
House Bill 999, sponsored by Rep. Doug Bankson, passed unanimously in both the Florida House and Senate. The law recognizes certain gold and silver coins as legal tender — and eliminates state sales tax on their purchase.
In order to qualify, the coins must meet strict purity standards — 99.5% for gold and 99.9% for silver — and must be stamped with their weight and purity. While businesses and private entities can choose whether to accept them, use is mandatory for government-affiliated financial services, including check cashers and platforms like money service providers.
Florida’s chief financial officer and the Financial Services Commission have until Nov. 1 to draft rules for implementation. Those rules will be reviewed and ratified during the 2026 legislative session.
"It's gone through the roof, to be honest, with new people coming in to buy precious metals," said Scott Heiligman, owner of Park Shore Coin in Naples. "Now it’s local people who want to protect their dollar. The best way to do it is with silver and gold. Always has been that way. It always slowly goes up."
Gold is currently trading at $3,350.30 per ounce and silver at $33.28 per ounce as of Thursday evening.
DOWNLOAD
the free
Gulf Coast News app
for your latest news and alerts on breaking news, weather, sports, entertainment, and more.