Florida Money Change May Create Problems For New Yorkers

Florida just made a money change that impacts countless New Yorkers.

If you live in New York, chances are pretty good you either spend part of the year in Florida, know someone who does, know someone who moved there full-time, or have at least joked about moving there someday.

Gold Can Be Used In Place Of the U.S. Dollar In Florida

Now there’s a new reason to pay attention to what’s happening in the Sunshine State.

A new Florida law will require businesses and financial institutions to accept gold and silver coins as legal payment for everyday transactions.

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In 2022, 1.6 million people living in Florida were born in New York. That number made up about 10 percent of Florida's population.

It goes into effect on July 1. Florida is the first state in the nation to pass such a measure.

This means that qualifying precious-metal coins could be used in everyday transactions instead of U.S. dollars.

It's a move that’s drawing attention far beyond Florida’s borders, especially here in New York, where thousands of residents winter down south or relocate full-time every year.

The new law, signed by Florida Governor Ron DeSantis, applies to stamped or minted gold and silver coins that meet strict standards for weight and purity.

Florida officials say the goal is to give residents an alternative to traditional currency and a way to hedge against concerns about inflation.

For New Yorkers who split time between states, vacation frequently in Florida, or are considering making the move permanent, the change could create a very different checkout experience come next summer.

There’s an important catch: Businesses aren't forced to take them, but they can. State officials say it gives residents another way to protect their money if the dollar weakens.

Again, Florida is the first state in the nation to pass a measure like this. Whether it becomes a novelty or something tourists actually encounter at restaurants and retail stores remains to be seen.