Ron DeSantis signs bill making gold, silver legal tender, declaring it’ll give Floridians ‘financial freedom’
Jing Pan, Moneywise, 7/13/25
Gold and silver have served as trusted mediums of exchange for thousands of years. While the U.S. — like much of the world — now relies on fiat currency, Florida Governor Ron DeSantis is charting a different course: bringing the time-tested metals back into everyday use.
On May 27, he signed Bill 999, a legislation that would officially recognize gold and silver coins as legal tender in the Sunshine State.
According to The Florida Senate, coins used as legal tender must be clearly marked with their weight, purity and mint of origin. In addition, gold and silver coins recognized as legal tender will be exempt from sales tax, potentially encouraging more residents to use and trade in physical metal.
“This legislation will authorize money services business like check, cashiers or PayPal to transmit and accept payment in gold and silver,” DeSantis said at a press conference on May 27. “That means these precious metals can start functioning like real currency again, not just investment vehicles for the wealthy.”
The bill is set to take effect on July 1, 2026 — provided the state’s legislature ratifies the implementing rules beforehand.
A hedge against the dollar’s decline
DeSantis framed the bill as a move to protect Floridians from the weakening U.S. dollar and growing fiscal uncertainty.
“We’ve seen the downgrade in the credit rating over multiple administrations, we’ve seen a lot of problems with the D.C. swamp, this is our ability to give you the financial freedom to be able to protect yourself against the declining value of the dollar,” he said.
On May 16, Moody’s downgraded the U.S. sovereign credit outlook, following similar moves by S&P Global in 2011 and Fitch in 2023. The U.S. dollar index dipped following the cut.
Meanwhile, inflation has steadily chipped away at the dollar’s purchasing power. According to the Federal Reserve Bank of Minneapolis inflation calculator, $100 in 2025 buys what just $12.56 could in 1971 — the year the U.S. moved off the gold standard.
A safe haven shines again
Gold’s appeal is simple. Unlike fiat currencies, the yellow metal can’t be printed at will by central banks.
It’s also considered the ultimate safe haven. Gold is not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher.
That may help explain why, while markets are getting whipsawed by tariff uncertainty and global tensions, gold has emerged as a bright spot. Over the past 12 months, the price of the precious metal has surged by more than 35%.
DeSantis noted at the conference that gold “has gone up big time” and is “very likely to hold its value, certainly compared to fiat currency.”
He’s not alone in that belief. Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, recently highlighted gold’s role in a resilient portfolio.
“People don’t have, typically, an adequate amount of gold in their portfolio,” Dalio told CNBC. “When bad times come, gold is a very effective diversifier.”
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.