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A NEW law could completely change the way some Americans pay for their everyday items.
The proposed bill will allow shoppers to pay for products and their taxes in gold and silver rather than using paper currency.
All silver and gold coins would need to be stamped with their weight, purity, and mint of origin, according to the bill.
If the law were to pass, residents of the state of Florida would have the option to use it, and businesses could choose to accept it as a form of payment.
Those wanting to purchase the precious metals wouldn’t have to pay any sales taxes on them, local Fox affiliate WTVT reported.
“We’ve really led the way on protecting your economic independence and your financial sovereignty,” Rob DeSantis said at a press conference.
DeSantis views metals as a means for Americans to protect themselves against inflation.
“This is our ability to give you the financial freedom to protect yourself against the declining value of the dollar,” DeSantis said.
The Republican governor noted that gold has tripled in value since 2015, compared to paper money, which has decreased in value.
Businesses accepting gold must be licensed to accept the metals, while check cashers and money service businesses are required to take them.
Tampa Bay Coin and Precious Metals owner Marc Bonnett told WTVT that he has mixed emotions on the new bill.
Bonnett proudly displayed several silver bars, each weighing over 100 ounces, and said, “You can’t print this out of thin air.”
The owner wondered how the bill would play out.
With each bar costing $3,400, the government will need to set up strict rules to regulate such a change.
“I think that’s a great idea in theory,” said Bonnett.
“I just don’t know how they would implement it.”
Bonnett said he’s constantly trying to be sold what he calls “Fool’s Gold.”
“There’s a lot of fake stuff out there,” he said.
What is HB 99?
HB 99 will allow gold and silver coins to be used as legal currency. Under the proposed bill, “the person who claims the sales tax exemption bears the burden for determining whether the gold or silver coin meets a specified definition.”
“And then they got to figure out what the stuff is worth compared to what they’re selling and stuff and do all that.
“So I mean, unless they have somebody that specializes in that stuff. I think it’d be very difficult.”
The bill is still pending approval, and a report must be given to the legislature by November 1.
After the report is given, the rules will need to be ratified so it can meet the July 1, 2026, timeline.
