Texas and Florida are no longer waiting on Washington. Both states have now passed laws recognizing gold and silver as legal tender, with Texas going further by building a full transactional infrastructure to support it. These moves are not symbolic. They are operational. The legislation is signed. The timelines are set. The systems are being built. This is not a return to the gold standard in the traditional sense. It is a state-level monetary pivot grounded in constitutional authority and backed by physical metal.
Texas Governor Greg Abbott signed House Bill 1056 into law on June 22. The bill authorizes the Texas Comptroller to issue gold and silver-backed transactional currency through the Texas Bullion Depository. Texans will be able to deposit precious metals and spend them using debit cards or mobile apps. The system will convert gold or silver into fiat at the point of sale. The infrastructure already exists. The depository in Leander holds nearly $400 million in assets and is insured by Lloyd’s of London. The law takes effect in phases. Legal tender status begins September 1, 2026. Full transactional rollout is scheduled for May 1, 2027.
Florida followed with House Bill 999. Governor Ron DeSantis signed it into law on May 28. The bill recognizes gold and silver coins as legal tender for the payment of debts. It also repeals state taxes on their exchange. The law defines legal tender as coins with at least 99.5% purity. However, a late amendment excludes government-issued bullion like the American Gold Eagle. That restriction removes 90% of the bullion currently held by the public. The law takes effect July 1, 2026. If implementation rules are not ratified by June 30, 2026, the law will be repealed.
Both states are building toward parallel currency systems. Texas is further along. Its infrastructure is real. Its timeline is locked. Florida’s law is narrower and more symbolic for now, but it opens the door. The legal foundation is Article I, Section 10 of the U.S. Constitution. The political foundation is state-level resistance to fiat erosion. The economic foundation is demand for inflation-resistant assets. The cultural foundation is a growing appetite for monetary sovereignty.
The fiscal impact in Texas is already budgeted. Initial costs are $5.54 million through August 2027. Ongoing costs are projected at $2.77 million per year. Revenue will come from transaction fees and adoption rates. The system is designed to be self-sustaining. Florida’s fiscal note is smaller but not yet finalized. Both states are betting that demand for sound money will justify the investment.
This is a live rollout. Texas is building a gold-backed debit card system. Florida is clearing legal hurdles. The rest of the country is watching.
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