30th May 2025  - Jason Cozens

Florida Legalizes Gold and Silver as Money

Florida Legalizes Gold and Silver coins as Money - Here’s What It Means for Your Wallet

Summary

  • Florida has passed the most comprehensive constitutional gold currency legislation in the U.S., allowing electronically transacted gold and silver to be used as legal tender alongside the dollar starting in 2026.

  • The move is backed by the U.S. Constitution and reflects growing concerns over inflation, unsustainable debt, and the loss of purchasing power in fiat currency.

  • Paves the way for the removal of the 28% federal capital gains tax on gold, currently treated as a collectible under IRS rules.

Florida Legalizes Gold and Silver as Money

A Landmark Decision for Economic Stability

On May 27, 2025, Florida Governor Ron DeSantis signed groundbreaking legislation (HB 999) officially recognizing gold and silver as constitutional forms of legal tender. As DeSantis put it, “We are ensuring gold and silver are legitimate legal tender, empowering Floridians [and other Americans] to transact freely in stable, reliable currency.” But why does this matter to you? And what impact could this have on your financial future?

In a world marked by economic uncertainty, rising inflation, and record federal debt - nearly $37 trillion - the move towards constitutional gold currency is gaining momentum.

Florida's new law follows Arkansas, where Governor Sarah Huckabee Sanders signed similar legislation in April 2025, making Arkansas the first state to authorise fully transactional precious metals legislation. Although Utah's legislature passed similar legislation in March 2025, it was vetoed by the governor who cited concerns over the legislation's implementation. Florida's entry is especially significant - not only is it the third most populous state in the U.S., but its legislation is also the most comprehensive to date. With its scale, economic influence, and regulatory clarity, Florida is setting a strong precedent for other states considering similar action.

Historical Context: Why Gold Matters

Gold has been used as money for thousands of years by civilizations across time and geography - from ancient Mesopotamia to the Roman Empire - often independently arriving at gold as a trusted store of value and medium of exchange. In more recent history, gold underpinned the U.S. dollar and other major world currencies, particularly under the Bretton Woods system established in 1944. This international agreement created the World Bank and International Monetary Fund and effectively put the world on a dollar standard, while pegging the dollar to gold. However, in 1971, facing unsustainable debts - exacerbated by spending on the Vietnam War - the U.S. unilaterally decoupled the dollar from gold, marking the end of the Bretton Woods system. Before that, in 1933, private gold ownership was outlawed in the U.S., stripping Americans of a crucial way to protect their wealth. Since the full decoupling in 1971, the U.S. dollar has lost around 90% of its purchasing power, driven by unchecked money printing and expansionary monetary policy. That’s a staggering erosion - so what can individuals do to protect their wealth?

This history highlights the essential role gold has played - and can play again - in preserving financial security. And now, for the first time in over 50 years, we’re seeing a bottom-up return to sound money - this time, unlike cryptocurrency, backed fully by the authority of the U.S. Constitution and the protective power of state governments. In fact, Florida's legislation draws directly on Article I, Section 10, Clause 1 of the Constitution, which prohibits states from making anything but gold and silver coin a tender in payment of debts - reaffirming gold and silver as constitutionally recognized forms of money that can be authorised by the state.

Article I, Section 10, Clause 1 Proscribed Powers

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

Current Economic Challenges

The current fiscal trajectory of the United States - marked by the soaring national debt and volatile inflation - is undermining public confidence in traditional currencies like the U.S. dollar. As more states recognize gold as legal tender and remove taxation barriers, these policies could increase real-world demand for physical gold - contributing to growing structural support for the gold price. Although the US dollar is likely to retain its role as the world’s primary medium of exchange, rising concerns about inflation, debt, and monetary policy are driving more Americans to explore alternative stores of value - particularly those that can preserve purchasing power over time, like gold.

Florida’s Constitutional Gold Currency Legislation Explained

Florida's legislation directly responds to these concerns by restoring gold and silver as stable, trustworthy currency options alongside the dollar. Importantly, this legislation does not replace the U.S. dollar but offers a complementary choice grounded in constitutional principles - ensuring that individuals can protect their purchasing power with an alternative that has stood the test of time.

Starting July 1, 2026, Florida’s law recognizes gold and silver meeting specific purity standards (99.5% gold, 99.9% silver) as legal tender and allowing its use via electronic transfers. Here’s how this benefits Americans:

  • Protection from Taking: Shields your right to own gold and silver, offering a safeguard against potential federal government overreach or future attempts to restrict or confiscate private wealth.

  • Trust and Transparency: Florida will establish state regulations that ensure fully insured gold depositories, transparency, security, and confidence in the new currency system.

  • Tax Fairness: The law eliminates the unfair state capital gains tax on transactional gold and silver, removing barriers that previously penalized citizens for maintaining their purchasing power. It also lays the groundwork for challenging the federal capital gains tax - currently as high as 28% on gold and silver, which the IRS classifies as collectibles - by creating a precedent for treating these metals as legitimate currency rather than taxable assets.

This clear framework, first popularized by Kevin Freeman and the team at TransactionalGold.com, marks a major step toward restoring fair and secure financial systems for everyday Americans. Freeman - an economist and author of the bestselling book Pirate Money - was praised by bill sponsor Doug Bankson for his role in catalysing the movement for constitutional gold currency. As Freeman put it: "This legislation provides real economic justice and prosperity, allowing individuals to choose how they hold and spend their money. It restores fairness by countering federal policies that create money from nothing and drive inflation." 

Utah State Treasurer Marlo Oaks also noted, “Florida and Arkansas are taking crucial steps toward ending the outdated capital gains tax treatment of precious metals when used as money. This action affirms our essential freedom to choose sound and stable currency over volatile fiat options.” 

How Glint Makes Constitutional Gold Practical

Glint’s established presence as the first real-time transactional gold platform in the U.S. has also played a quiet but crucial role in helping advance this legislative movement. With the Glint app already available to all U.S. residents since 2019, legislators across more than 20 states have been able to reference an existing, operational solution that demonstrates how transactional gold can work in the real world - securely, instantly, and in compliance with global financial infrastructure. This tangible functionality made it easier for policymakers to understand and support legislative efforts that align with the U.S. Constitution, without needing to rely on theoretical models or unproven technologies.

Still wondering how this actually works in day-to-day life? This is where Glint can come in. As the first real-time transactional gold platform in the USA, Glint seamlessly integrates gold transactions into everyday financial activities through partnerships with banks and Mastercard®. Imagine instantly paying for groceries or coffee using a Glint Mastercard®, where your gold balance converts automatically into the merchant's currency right at the checkout.

Glint also democratizes gold ownership and transactions, enabling users to buy, spend, and transfer gold from as little as one cent. It’s as easy as sending a text message (not yet available to US residents), revolutionizing accessibility and convenience.

Although Glint already provides the technical functionality to buy, save, spend, and send gold with ease, only a state can provide the legal and institutional guarantees needed to uphold the core principles behind constitutional gold currency - protection from confiscation, public trust through regulation and transparency, and a pathway to fairer tax treatment at the federal level.

Expert Commentary

Representative Doug Bankson, who sponsored the bill, illustrated gold's enduring value clearly: “if you bought a home in 1979 the average cost was $75,000. Those were the days. If you bought that same home, that same product, now it would be $531,000. However, if you had bought that in gold in 1979 it would have been 268 ounces. Today, if you bought that home, 268 ounces. Why? Because it's a tangible thing that has true value.”

Kevin Freeman added, "This legislation brings economic justice and stability, allowing individuals to genuinely control how they hold and use their money."

What Does This Mean for the Future?

And as constitutional gold currency becomes more usable and more states embrace its legitimacy, that shift in utility may only add upward pressure to gold’s long-term demand and value.

This legislation may mark the beginning of a broader gold-based financial services ecosystem - one where individuals, businesses, and even governments can choose gold as a secure, usable, and regulated form of money. With Florida now anchoring the most advanced constitutional gold legislation in the country, it is placing itself squarely at the center of the $20 trillion global gold market - helping to shape what could become a new era in gold-based financial services.

“This is more than just a policy shift - it's a meaningful response to the economic anxieties and growing wealth gap driven by loose monetary policy” said Jason Cozens, CEO and Founder of Glint. “Glint makes gold secure, sovereign, and instantly spendable, presenting Americans with a dependable and transparent monetary alternative.”

Now, more than ever, gold with Glint represents not only stability but a practical everyday solution to safeguard your financial future and it's about to get turbo charged.

Ready to Take Action?

This landmark decision in Florida marks a pivotal moment. If you haven't done already, get ahead of this legislative shift - download and register on the Glint App today and put yourself on your own personal gold standard.

Join the movement toward financial stability and security - because your money matters.

 For UK clients: At Glint, we make every effort to demonstrate a balanced conversation between gold, silver, crypto and fiat currencies when it comes to purchasing power and, while we strongly believe that gold is the fairest and most reliable currency on the planet, we need to point out that it isn’t 100% risk free. While we have seen a steady increase over time, the value of gold can fall, which means that its purchasing power can also decline.

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·        Not insured by the FDIC.

·        Not a deposit or other obligation of, or guaranteed by, Sutton Bank.

·        Subject to investment risks, including the possible risk of loss of the principal amount invested.

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