Currency law – Florida Governor Ron DeSantis — Courtesy: Shutterstock — Julie Hansen
A significant step is being taken by the State of Florida to make precious metals as valuable as money.
The backstory
A law to begin the process of making gold and silver legal currency in Florida was signed by Governor Ron DeSantis on Tuesday.
The measure mandates that all coins be branded with the weight, purity, and mint of origin starting on July 1st of the following year.
It makes clear that accepting or using it is entirely voluntary.
Gold and silver might be used to pay other types of taxes, but purchases of precious metal would not be subject to sales taxes.
“We’ve really led the way on protecting your economic independence and your financial sovereignty,” DeSantis stated, summarizing their position.
Given Washington’s ongoing deficit spending, the governor contends that metals offer insurance against a declining currency, which he views as a risk.
He notes that while paper money is losing value due to inflation, gold has tripled in value since 2015.
“This is our ability to give you the financial freedom to be able to protect yourself against the declining value of the dollar,” DeSantis stated.
Marc Bonnett, the owner of Tampa Bay Coin and Precious Metals, has a number of 100-ounce silver bars on display.
“You can’t print this out of thin air,” he said.
Although he praised the action, he had concerns about its execution.
Depending on what regulations the state of Florida establishes, the bars, which are valued at $3,400 each, might be traded in for a used car.
Bonnett remarked, “I think that’s a great idea in theory,” “I just don’t know how they would implement it.”
The measure stipulates that check cashers and money service providers must accept gold and that companies that do so must have a license.
According to Bonnett, a customer tries to sell him Fool’s Gold once a week at most.
“There’s a lot of fake stuff out there,” he stated. “After that, they had to determine the value of the items in relation to what they were selling and other things. That is, unless they have someone who is an expert in that field. It would be incredibly challenging, in my opinion.
The financial services commission and the CFO are now in charge of creating the regulations that will govern this.
Next steps:
To have all of the proposed rules in force by July 1, 2026, the legislature must first ratify the report after receiving it on November 1.
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Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.
