New York sales tax on gold and silver

The rule, in plain English

New York exempts precious-metal bars, ingots and coins when the bullion on one invoice totals more than $1,000 and each item is priced within a set markup over its metal value; otherwise state and local sales tax applies.

What counts: Tax Law 1115(a)(27): 'Precious metal bullion sold for investment, provided that' (i) the retailer, 'if so required,' is 'registered pursuant to section three hundred fifty-nine-e of the general business law'; and (ii) the price 'depends only on the value of the metal content of such bullion'. 'Precious metal bullion' means bars, ingots or coins of gold, silver, platinum, palladium, rhodium, ruthenium or iridium. It excludes items manufactured, processed, assembled, fabricated or 'used for an industrial, professional, esthetic or artistic purpose.' Bullion is 'sold for investment' when 'sold for more than one thousand dollars' and the buyer 'holds it in the same form as when it was purchased.' The price is deemed to depend only on metal content if it does not exceed: 140% for silver coins; 120% for gold coins weighing one-quarter ounce or less; 115% for other coins, measured against 'the greater of (A) the daily closing bullion cash price of such metal in the open market' or (B) the coin's 'face value at prevailing rates of exchange'; and, 'with respect to bars and ingots, one hundred fifteen percent of such bullion cash price.' If there is no closing price, 'the average of the bid and asked cash prices shall be substituted.' 20 NYCRR 528.29 adds: the $1,000 is 'the total amount of the sale of precious metal bullion on any single invoice'; the reference price is the close of 'the business day immediately preceding the day of sale'; and if exempt bullion is invoiced with taxable items, tax applies to the whole invoice unless the bullion charge is separately stated.

“Precious metal bullion shall be deemed to be sold for investment when it is sold for more than one thousand dollars”

Still taxed: Any invoice with $1,000.00 or less of precious metal bullion. Any item priced above its percentage cap, typically numismatic, proof, graded and collector coins and high-premium small bars. Bullion the buyer fabricates or converts to own use. Jewelry, art and fabricated, industrial or artistic metal. Grain and shot (not bars, ingots or coins). Accessories. Storage of bullion in New York unless the customer gives Form ST-121.

This rule took effect on September 1, 1989.

New York's price test for coins

New York also checks that a coin is priced like bullion: its price can't exceed a set multiple of the value of the metal it contains. Above that, the state treats it as a collectible and taxes it even on a large order.

Regular bullion coins such as American Eagles, Maple Leafs and Krugerrands sell far below these limits; bars and ingots have a 115% limit. New York measures each item against the previous business day's closing metal price, and only the bullion on the invoice counts toward the $1,000.

The exemption also requires the dealer to be registered under New York General Business Law § 359-e where that applies; Bullion Trading LLC is registered.

Buying from Bullion Trading LLC with delivery to New York

Our checkout applies New York's rule. The qualifying bullion on an order delivered to New York needs to total more than $1,000 to be placed online, and then no sales tax is added. For a smaller order, call 646 362 3536.

Orders ship insured and discreetly packed: USPS under $1,000, FedEx with adult signature from $1,000, usually within 2–3 business days after payment clears. Bank transfer and check are our best price; card and PayPal add 5% (up to $7,500).

Selling gold in New York

Selling gold to a dealer is not a retail purchase, so no sales tax applies. A profit is a capital gain: the IRS taxes gains on gold and silver bullion as collectibles, at up to 28% when held more than a year. New York taxes the gain as ordinary income (top rate 10.9% in 2026).

Dealers have to report some larger sales to the IRS on Form 1099-B; keep your purchase receipts to show your cost.

We buy bullion at our counter at 20 West 47th Street in New York: walk in with a photo ID and we pay by same-day check. How selling to us works

Local taxes

TSB-M-89(20)S says qualifying sales are exempt from 'state and local sales and compensating use taxes', which includes NYC and the MCTD surcharge. Non-qualifying sales are taxed at the full combined state and local rate of the delivery location (destination-based).