How silver is priced in the United States
US dealers quote silver in dollars per troy ounce, for Silver Eagles, bars of 10 oz, 100 oz and 1 kilo, and pre-1965 coins sold by face value. The figures on this page are the international spot price — the metal value before dealer premiums and any state sales tax. Premiums over spot are usually higher for silver than for gold, because coins and small bars cost more to make relative to their value.
Sales tax and federal tax on silver
Sales tax is set state by state, and most state bullion exemptions cover silver as well as gold. More than 40 states exempt investment bullion fully or above a threshold, counting the five with no statewide sales tax; a few, including Hawaii, Maine, New Mexico, Rhode Island, Vermont and Washington (since 1 January 2026), tax it. Sterling jewellery and silverware are taxed at the normal rate wherever there is a sales tax.
For federal income tax the IRS treats silver coins and bars as collectibles: long-term gains are taxed at a maximum rate of 28%, and gains on silver held a year or less as ordinary income.
Silver Eagles and "junk" silver
The US Mint has struck the American Silver Eagle since 1986: one troy ounce of 999 silver, with a new reverse design since 2021. "Junk" silver means circulated dimes, quarters and half dollars dated 1964 or earlier, which are 90% silver. Dealers sell them by face value: $1 face value contains about 22.5 g (0.72 oz) of pure silver when unworn, a little less after wear. Kennedy half dollars from 1965 to 1970 are 40% silver, and "war nickels" from 1942 to 1945 contain 35% silver. Melt values are in the coin table above.
Silver as an industrial and critical mineral
Most silver is used by industry — in electronics, solar panels and electrical contacts — so its price moves more than gold's. In November 2025 the US Geological Survey added silver to the federal list of critical minerals, which led to a Section 232 investigation into imports. In January 2026 the White House decided not to impose tariffs on processed critical minerals including silver for now, while leaving the option open if supply agreements are not reached. Prices are set by trading on COMEX in New York and in London; US sterling silver must be at least 92.5% silver, and pieces stamped with their quality must also carry a registered trademark of the maker or seller.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.