Sales Tax Laws | State by State Breakdown
List of States that do or do not charge sales tax on Coins, Paper Money, and/or Precious Metals. Exemptions will be listed if applicable. I have done a lot of research and made many phone calls to verify this information. I am still calling it a”Work in Progress” due to the constant changes in tax laws by fifty different states.
Alabama
The State charges 4% on everything, there are also County & City taxes, which can add another 4-5%.
Alaska
No state sales tax, though local governments may still tax.
Arizona
No sales tax collected on Coins, Paper Money, or Precious Metals.
Arkansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.
California
Exemption on Coins and Bullion when over $1500. Paper Money is taxable.
Colorado
Sales Tax on Coins, Paper Money, and Bullion varies by City. The State does not charge any sales tax.
Connecticut
No sales tax on Coins or Paper Money. Exemption on Bullion when over $1000.
Delaware
No sales tax collected on Coins, Paper Money, or Precious Metals.
District of Colombia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Florida
No sales tax on U.S. Coins or Currency. Exemption on Bullion when over $500.
Georgia
No sales tax collected on Coins, Paper Money, or Precious Metals.
Hawaii
General Excise Tax is collected on Coins, Paper Money, and Bullion.
Idaho
No sales tax on Coins or Bullion. Paper Money is a grey area.
Illinois
No sales tax collected on Coins, Paper Money, or Precious Metals.
Indiana
Indiana will no longer charge taxes on coins, legal tender, and bullion starting July 1, 2016.
Iowa
No sales tax collected on Coins, Paper Money, or Precious Metals.
Kansas
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Kentucky
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Louisiana
Exemption on Coins and Bullion when over $1000. Paper Money is taxable.
Maine
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Maryland
Numismatic items and Bullion are exempt when over $1000.
Massachusetts
Coins, Paper Money, and Bullion are exempt when over $1000.
Michigan
No sales tax collected on Coins, Paper Money, or Precious Metals.
Minnesota
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Mississippi
“I did contact the State Office of Revenue and we are not exempt. Hope this helps. Sincerely, Pat Davis PS. What I understand IS exempt are foreign coins used by another country as legal tender.”
Missouri
No sales tax on Coins or Bullion, but taxes Paper Money
Montana
No sales tax collected on Coins, Paper Money, or Precious Metals by the State. There is a 3% Provisional tax in some communities. See Comments.
Nebraska
April 2 2014 Nebraska dropped sales tax on coins and bullion. Reported in Coin World on April 4th 2014 // Paper Money?
Nevada
Sales tax is collected on anything that sells for over 50% of its “Face Value.” Private Mint Bars and Rounds are exempt.
New Hampshire
No sales tax collected on Coins, Paper Money, or Precious Metals.
New Jersey
Sales tax is collected on Coins, Paper Money, and Precious Metals.
New Mexico
Sales tax is collected on Coins, Paper Money, and Precious Metals.
New York
Coins and Paper Money are Taxable, Bullion is Exempt when over $1000.
North Carolina
Sales tax is collected on Coins, Paper Money, and Precious Metals.
North Dakota
No sales tax collected on Coins, Paper Money, or Precious Metals.
Ohio
Update 1/1/2017 New tax exemption on the sale of precious metal bullion and “Investment” coin; defined as “any coin composed primarily of gold, silver, platinum, or palladium” is exempt from tax. So keep in mind sales tax is collected on pennies, nickels, post 1964 quarters, 40% Silver halves and Paper Money.
Oklahoma
“The new law also exempts all state-level taxes that Oklahoma residents would otherwise have to pay when exchanging gold or silver back into paper money:
For taxable years beginning on or after January 1, 2015, there shall be exempt from Oklahoma taxable income, or in the case of an individual, the Oklahoma adjusted gross income, any amount of net capital gains … which result from the sale or exchange of gold or silver for another form of legal tender.”
Oregon
No sales tax collected on Coins, Paper Money, or Precious Metals.
Pennsylvania
No sales tax on Coins or Bullion, but taxes Paper Money.
Rhode Island
No sales tax on Coins or Bullion, but taxes Paper Money.
South Carolina
No sales tax collected on Coins, Paper Money, or Precious Metals.
South Dakota
No sales tax collected on Coins, Paper Money, or Precious Metals.
Tennessee
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Texas
Texas eliminated sales tax on precious metals last year. Previously, only purchases over $1,000 were exempt. HB78 amended Sec. 151.336 of the tax code and was signed into law in June 2013. It went into effect a few months later.
Utah
No sales tax collected on Coins, Paper Money, or Precious Metals.
Vermont
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Washington State
No sales tax on Coins or Precious Metals. Paper Money is taxable. See Link: http://apps.leg.wa.gov/WAC/default.aspx?cite=458-20-248
West Virginia
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Wisconsin
Sales tax is collected on Coins, Paper Money, and Precious Metals.
Wyoming
Taxes vary by city on Coins and Paper Money. Precious Metals are taxable.
Points of Interest:
Coins, Paper Money, and Precious Metals can be taxed differently.
Disclaimer: This is only a guide and information should be verified before any purchases are made. The|Coinologist in no way makes any guarantees about how states, counties, or cities collect sales tax.
[…] And here's a more recent (2011) article trying to break it down by state:https://thecoinologist.com/sales-tax-…ate-breakdown/ I believe that David Bowers Guide to Collecting and Investing in Rare Coins has a grid that breaks […]
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July 18, 2011 at 4:23 am
Good post. Thank you!
While the comment on Montana is accurate (the STATE does not collect sales tax), there is a provision in the laws for certain individual communities and resorts to collect a tax of up to 3%. The last time I checked, there were seven such communities in Montana.
garyrobson
October 25, 2011 at 10:30 am
Thanks for the information. I’ve updated the post.
Wilsonian
October 25, 2011 at 11:31 am
[…] like all government documents its wording can be a bit tricky. I have made the adjustment on my Sales Tax Laws | State by State Breakdown page. Feel free to post any of your thoughts in this comment […]
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December 23, 2011 at 6:23 am
[…] like all government documents its wording can be a bit tricky. I have made the adjustment on my Sales Tax Laws | State by State Breakdown page. Feel free to post any of your thoughts in this comment […]
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December 23, 2011 at 8:00 am
[…] 229 times From what I understand MI does NOT collect sales tax on coins in which case you would not have to collect taxes. Tf this works it will give you a list by state and whether or not they have sales tax on coins https://thecoinologist.com/sales-tax-…ate-breakdown/ […]
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February 15, 2012 at 12:58 pm
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April 24, 2012 at 11:27 am
[…] 132 times Originally Posted by easj3699 you have to pay tax on coins in california?? Technically, yes, but sales tax is exempted on coins and bullion that cost $1,500 or more. From my experience, most dealers just ring you up for the price you see posted for the coin(s) even when they sell for under $1,500, anyway. Sometimes I get taken for a loop when a coin shop employee adds in sales tax. Read the rules on all states here: https://thecoinologist.com/sales-tax-…ate-breakdown/ […]
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September 8, 2012 at 4:10 pm
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Tax
October 2, 2012 at 6:21 am
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Fiscal Cliff Thread
January 3, 2013 at 9:58 pm
Are you sure about Mississippi sales tax in the above chart?
Pat
January 27, 2013 at 6:13 am
Hi Pat, As I wrote, this page is a work in progress. I did do research on each state, but tax laws are always changing. If you have any information on Mississippi tax law, please share.
Robert L. Wilson
February 13, 2013 at 7:14 am
Hi, I did contact the State Office of Revenue and we are not exempt. Hope this helps. Sincerely, Pat Davis PS. What I understand IS exempt are foreign coins used by another country as legal tender.
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Pat Davis
February 20, 2013 at 10:35 am
[…] Some don't charge, some waive at a certain level.. I think most charge sales tax though. Here: Sales Tax Laws | State by State Breakdown | The|Coinologist. Reply With […]
Continuing to fall
May 17, 2013 at 7:00 pm
I don’t think New Hampshire has any sales tax.
Jon
October 1, 2013 at 7:13 am
So if there is no state tax for selling and buying coins in your state, can you be assessed a federal tax for selling coins online, like ebay or other sites that sell coins?
Hal Johns
February 12, 2014 at 10:07 am
No Tax on online purchases. At least for now. They keep trying to pass yearly.
Paul Curtis
January 22, 2018 at 6:27 pm
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April 3, 2014 at 2:10 pm
April 2 2014 Nebraska dropped sales tax on coins and bullion. Reported in Coin World on April 4th 2014
Michael Schmidt
April 10, 2014 at 12:20 pm
Washington state law on coins and bullion: http://apps.leg.wa.gov/WAC/default.aspx?cite=458-20-248
Jerry SMith
May 12, 2014 at 8:59 am
Texas dropped the sales tax on gold and silver purchases below $1000 last fall. There is now no sales tax on gold and silver, bullion or numismatic coins. http://buff.ly/1lSvYcY
Steve
June 26, 2014 at 10:17 am
[…] were going to research which states collect sales tax on bullion, but The Coinologist already did. Thank […]
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December 26, 2014 at 1:41 pm
If the purchase of coins or precious metals are subject to sales tax in a buyer’s home state, the buyer may be subject to a sales tax on out-of-state purchases. most states that have a state or local sales tax also have a consumers use tax on out-of-state purchases.
Jim Hand
December 27, 2014 at 3:54 pm
No coin is taxable in Michigan. Almost all pure precious metal bars are exempt from tax. Unfortunately,there is tax on paper money and palladium bars in Michigan.
Allan Beegle
January 20, 2016 at 1:28 pm
Indiana will no longer charge taxes on coins and bullion starting July 1, 2016.
Jo
April 27, 2016 at 1:53 pm
Thanks for the update, it’s good to see Indiana has realized these items shouldn’t be taxable.
Robert L. Wilson
June 8, 2016 at 10:50 am
[…] locally provides the benefit of seeing and feeling the product before you purchase. Also, some states do not charge sales gold, silver, and other precious metal purchases. Living in a state that does not charge tax allows your money to go further, so be sure to check to […]
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May 9, 2016 at 9:23 pm
http://www.thenewamerican.com/economy/markets/item/18426-oklahoma-affirms-gold-and-silver-as-legal-tender
For taxable years beginning on or after January 1, 2015, there shall be exempt from Oklahoma taxable income, or in the case of an individual, the Oklahoma adjusted gross income, any amount of net capital gains … which result from the sale or exchange of gold or silver for another form of legal tender.
Phyllis Shelton
July 22, 2016 at 1:52 pm
Thank you for the update! I’ve noted it on the page.
Robert L. Wilson
July 27, 2016 at 4:37 pm
New Hampshire does not have a sales tax (http://www.revenue.nh.gov/faq/index.htm). As such, any purchases of coins, paper currency, or precious metals made here are tax-free.
sarah silverman
November 22, 2016 at 2:31 pm
Hi Sarah, Thanks for that correction! Best, Robert
Robert L. Wilson
December 1, 2016 at 4:10 pm
Wyoming changed the tax laws for bullion. Starting July 1st, 2018 there is no excise tax for gold and silver.
Rick S.
July 7, 2018 at 4:13 pm
It would seem to be unconstitutional to charge a sales tax in any state or territory as gold and silver are real money. Notice that we treat it as real money in the Dakota Territory (North Dakota, South Dakota, and Nebraska) and charge no sales tax when buying or selling. We pay a sales tax when we purchase something else with this real money.
Michael Tucker
April 1, 2019 at 4:16 pm