Maryland Tax Regulations for Precious Metals
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Due to unprecedented demand for gold and silver bullion along with the fluid situation as it relates to COVID-19, all orders may have further extended delays which are past our normal processing time and any already stated product delay dates. We are working around the clock to ship all orders as soon as possible.

Maryland Sales Tax for Precious Metals

Published: April 23, 2020

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:

EXEMPT

  1. Refined precious metal sold according to its precious metal content and not form, AND the purchase price exceeds $1,000;

  2. 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.

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