How silver is priced in Germany
German dealers quote silver in euros per ounce for coins and per kilo for bars. The figures here are the international spot price converted to euros — the metal value before 19% VAT and dealer premiums. Unlike investment gold, silver is not VAT-free, so the gap between spot and the dealer price is much wider.
19% VAT, margin scheme and storage
Silver bars, minted bars and new coins carry the standard 19% VAT. Some coins are sold under the margin scheme (Differenzbesteuerung, §25a UStG), where the dealer pays VAT only on its margin, which makes them noticeably cheaper; since the rules were tightened at the turn of 2022/2023 the scheme mainly covers second-hand silver, so supply is limited. Dealers also offered VAT-free silver held in customs warehouses, but a Federal Finance Ministry letter of 9 April 2026 rewrote the rules for that exemption, and dealers say the model no longer works for most private buyers.
Tax on gains
The one-year rule for physical gold also applies to silver: gains on silver bars and coins held more than one year are tax-free for private investors (§23 EStG). Sold within a year, gains are taxed at your personal income tax rate once your total gains from private sales reach €1,000 in the year.
Old German silver coins and hallmarks
Many Germans own silver commemorative coins. The 5 DM Silberadler (1951–1974) and 10 DM coins up to 1997 are 625 silver; 10 DM coins from 1998 to 2001, 10 euro coins from 2002 to 2010 and 20 euro coins from 2016 to 2025 are sterling (925). Only the proof versions of the 2011–2015 10 euro coins contain silver (625), and the 2026 issues use new specifications. Melt values are in the coin table above. Hallmarking is voluntary in Germany: stamps such as 800, 835 or 925 are applied by the maker. Silverware is often 800 silver; items marked 90 or 100 are silver-plated and have little melt value.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.