Maryland Sales Tax for Precious Metals
As defined in §11-214.1 of the Maryland Tax Code, the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to a Maryland address:
Refined precious metal sold according to its precious metal content and not form, AND the purchase price exceeds $1,000;
Precious metal coins that are, or were, used as a medium of exchange in the U..S. or foreign nation, AND the purchase price exceeds $1,000
All other bullion or numismatic items and accessories sold by Gainesville Coins are subject to Maryland state sales tax.
Our Registration Number is 17388517. Maryland Sales & Use Tax License effective 11/14/2018.
Maryland Tax Code - Sales Tax Exemptions For Precious Metals
MD Code, Tax - General, § 11-214.1
§ 11-214.1. Precious coins and bullion
Precious metal bullion or coins defined
(a) In this section:
(1) “precious metal bullion or coins” means:
(i) any precious metal that has gone through a refining process and is in a state or condition such that its value depends on its precious metal content and not on its form; or
(ii) except as provided in paragraph (2) of this subsection, monetized bullion, coins, or other forms of money that:
1. are manufactured from precious metals; and
2. are or have in the past been used as a medium of exchange under the laws of the State, the United States, or a foreign nation; and
(2) “precious metal bullion or coins” does not include jewelry or a work of art made of precious metal bullion or coins.
(b) The sales and use tax does not apply to a sale of precious metal bullion or coins if the sale price is greater than $1,000.
Tax By State
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia