Thanks for supporting a lying scamming ex-con!
Posted on 05/30/2025 7:03:16 AM PDT by delta7
Florida Governor Ron DeSantis has declared gold and silver legal tender. HB 999 maintains that these precious metals may be used in payments if they meet specific purity standards. The bill goes into effect on July 1, 2026, but many are confused as to what this will entail.
As stated in the legislation: “Legal Tender; Revising the sales and use tax exemption for certain coin or currency; specifying that a person who claims the sales tax exemption bears the burden for determining whether the gold coin or silver coin meets a specified definition; providing a presumption regarding the purity requirements of gold coin and silver coin, etc.”
“We are the first large state to step up and to get this done,” DeSantis said. “And this is right out of the Constitution of the United States. So this legislation will authorize money services business like check cashers or PayPal to transmit and accept payment in gold and silver.” State Rep. Bill Bankson sponsored the bill with the goal to “eliminate the tax burden and make it a functional means of transaction between willing parties.”
To begin, Florida is not the first state to declare gold and/or silver legal tender. Utah passed the Utah Legal Tender Act of 2011, which declared coins of either metal legal tender. Oklahoma passed Senate Bill 862 in 2014, recognizing U.S.-minted gold and silver coins as legal tender and exempting them from taxation. Kansas and West Virginia have similar policies. Texas has recognized these coins as legal tender and enacted legislation to protect them from state seizure. Wyoming treats gold and silver as currency and has exempted it from sales tax. South Carolina and Louisiana have similar policies.
GoldCoins
Florida’s approach is a bit more structured. Gold coins must be at least 99.5% pure and silver coins at least 99.9% pure to qualify as legal tender. The weight and purity must be imprinted on the metal with the name or symbol of the mint refiner. Both will be exempt from sales tax. The state government may choose to accept silver and gold coins for payments on taxes, dues, charges, and debts. Yet, these transactions must be done electronically, and the coins will be held by a public depository while processing. A regulatory regime will be established to handle coinage, process insurance, record-keeping, licensing, and consumer disclosure agreements, which the Office of Financial Regulation will oversee.
Will Floridians see people using silver coins to check out at the grocery store? No. The law entails that payments in gold and silver coinage are entirely optional, and no person or business is required to accept them in payments. Merchants will not be required to attain knowledge on metal purity or have scales behind the cash register. The difference now is that businesses are allowed to accept them if they choose to do so. There are numerous tax benefits to choosing metal over cash.
If John Doe wants to purchase a boat from a dealership with gold, for example, the dealership must voluntarily accept the coinage but is in no way obligated to do so. Then the dealership has the burden of verifying the spot price of gold or silver rather than the state. However, if you go to a bank to cash a check, the bank will have the ability to offer clients payments in gold or silver coinage rather than cash. Another aspect to consider is that Florida will no longer add a sales tax on transactions in gold and silver, lowering the cost for businesses and consumers by around 6%.
This signals the ongoing loss of confidence in the federal government. States are rebelling against federal mismanagement and offering residents alternatives to move off the grid. People tend to hoard gold and spend paper. Gold and silver are not practical as daily commerce but are a symbolic store of wealth. We are entering a phase where sovereign debt will become toxic, and states will begin to prepare for the inevitable chaos coming from Washington.
Florida legislative sources state they will correct the shortfalls as it evolves.
One shortfall, US Gold Eagles are 91.67 percent purity. In any case, this is a wake up call as to what is happening to the ex-almighty USD. Stay tuned.
A much better plan than chasing a bitcoin dragon.
22K
Brass,Copper and Lead not Far Behind.
The Publix cashiers will be totally confused now.
“One shortfall, US Gold Eagles are 91.67 percent purity.”
Not a shortfall. Your ignorance is showing, again.
“The Publix cashiers will be totally confused now.”
Read the article.
Armstrong, Charged in $1 Bln Theft, Finds Serenity in Jail
Feb 16, 2000 — Jail seems to agree with Martin Armstrong, the former trader charged with bilking Japanese corporations of almost $1 billion.
Well there’s a pointless waste of time. Nobody’s carrying gold coins. Much less making change for $3,305.50. Or whatever the price is on a given day.
You’ve triggered your favorite thread spammer, we see!
Texas also accepts gold and silver as legal tender.
From Grok ...
Yes, Texas accepts gold and silver as legal tender. The Texas Bullion Depository, established by House Bill 483 in 2015 and opened in 2018, allows gold and silver to be used as legal tender within the state. Specifically, Texas Government Code Section 2116.023 states that gold and silver bullion deposited in the Texas Bullion Depository are considered legal tender for all debts, public and private, within Texas. This applies to bullion meeting specific purity standards (e.g., 99.5% for gold, 99.9% for silver) and issued by the depository in forms like coins or bars. However, federal law still governs transactions involving U.S. currency, and the practical use of gold and silver as legal tender is limited by market acceptance and federal regulations. For example, their value in transactions is typically based on their market value in U.S. dollars at the time of the transaction.
Lead...?
Lol at musketballs being legal tender.
hate much
Nope. I love reality. And I love spreading it. And the reality of this law is that it’s complete masturbation. How is a store going to verify your coin is 99.5% pure? At the time of sale no less. Plus of course there’s the dynamic valuing, how much is that gold coin worth right now... oh wait the sale took 20 minutes, price might have changed... Nobody is actually going to be taking gold or silver coins, the effort level and opportunities to get burned are too high.
“the dealership has the burden of verifying the spot price of gold or silver”
I doubt many businesses will want the hassle of dealing with a volatile form of payment.
Gold was $3,300 when the customer bought their merchandise last week - now it’s $3,200 - now it’s $3,150 - oops!
Of course, it can go the other way, in favor of the business. But how many businesses will want to take the chance? Probably none, other than the Mom and Pop kind.
bruh
The value of the U.S. dollar, objectively measured, also varies.
You might want to consider cutting precious metal coinage a little slack.
It will depend on how much they want the sale and what tools arise to make it easy to instantly evaluate purity and weight.
Thanks for supporting a lying scamming ex-con!
Thanks for supporting a lying scamming ex-con!
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