A.G. Gancarski
Precious metals are closer to being usable for legal tender, with Gov. Ron DeSantis receiving a bill he says he is on board to sign.
HB 999 “recognizes gold and silver coin as legal tender for payment of debts,” but also mandates “additional requirements regarding privately ensuring deposits’ security, record keeping, and maintaining separate ledger accounts for money services that effectuate transactions involving gold or silver coin.”
The final bill also requires the Chief Financial Officer and the Financial Services Commission to adopt rules implementing the bill and submit them to the Legislature by Nov. 1, with Senate language imposing more guidelines for the bill.
Republican Rep. Doug Bankson, the House sponsor, said the amendment “strengthens the House bill” and provides a “longer runway for implementation,” while clarifying “purity” provisions and consumer protections.
Former CFO Jimmy Patronis commissioned a feasibility study before leaving office. But before he did, he noted the complexity of the proposal.
Currently, Florida has no CFO. Expectations are that DeSantis eventually will appoint close ally Sen. Blaise Ingoglia to the open position.
The legislation would remove sales tax for “coins or currency sold, exchanged, or traded based on precious metal content,” per a bill summary from the House. It would also exempt gold or silver coins from sales tax and would allow governmental entities to accept them as legal tender, and would establish guidelines for custodians of these instruments and establish consumer protections.
The Legislature will do more work on this concept next year.
4 comments
Victoria Olson
May 24, 2025 at 11:41 am
DeSantis will never Stop the insanity until we vote him out of office. Everything he does is either to enrich himself or the wealthy instead he could have given Floridians Free school lunch’s instead of starving children. Snap & Meals on wheels.
SuzyQ
May 24, 2025 at 12:28 pm
Are you dumb or delusional? Vote him out? He’s term-limited — which means he will not be our beloved Governor after mid-January of 2027? You need to more reading and less opining foolishly online. Good grief!
P.S. His wife will make a great Florida governor. Casey ’26!
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When in doubt, read the Constitution
May 24, 2025 at 12:50 pm
The legislation fails to acknowledge that the Congress, not states, determine what is legal tender. The Constitution established that when it went into force in 1789. Article I, Section 8, Clause 5: [The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and…