Buying silver in Buffalo, NY
New York exempts some silver bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 4% state rate plus any local tax. The combined state and local sales tax rate in Buffalo is about 8.75%.
Silver has one national spot price in US dollars: the prices on this page are the same as on the silver price in the United States page. What differs in Buffalo is tax, explained below and on the New York page.
Sales tax on silver in Buffalo
Sometimes. Precious metal bullion (bars, ingots and qualifying coins of gold, silver, platinum, palladium and others) is exempt only when a single invoice exceeds $1,000, the item is kept in the purchased form, and the price stays within set premiums over spot (e.g., silver coins up to 140%). Smaller sales, South African coins and collectible-priced items are taxed at 4% plus local (8.875% in NYC). Jewelry is taxed at the 4% state rate plus any local tax. The combined state and local rate is about 8.75% here.
Full state rules: silver price and tax in New York.
Tax when you sell silver in New York
Profits on silver are generally taxed by New York like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most silver coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Selling silver or silver jewelry to a dealer in New York
- License: No statewide license for buyers of gold or jewelry was found; licensing is by city or county. New York City: a secondhand dealer general license from the city consumer affairs agency (DCA, now DCWP) is needed to deal in old gold, silver or platinum, buy precious metal items for melting, or buy or sell secondhand precious metal articles; $340 every two years, $1,000 bond, fingerprints (NYC Admin. Code 20-264 to 20-266). Putnam County: license from the county Director of Consumer Affairs, $250 a year, $5,000 bond. Other counties and towns have their own laws.
- Hold period: No statewide hold found. NYC: 15 days after purchase for secondhand articles, and 15 days before precious metals bought from non-dealers may be melted or refined, kept on the licensed premises (20-268(d), (e)). Putnam County: 14 days.
- What the dealer records: Set locally. NYC: written record in English of each item and its marks, the seller's name, address and description, and the day and hour; plus an electronic record for precious metal items in the form set by the NYPD (photos allowed), kept at least 6 years; dealer must have a computer with internet and a digital camera. Putnam County: photo of precious metals and jewelry, seller details, numbered receipt, 5-year retention and electronic reporting through an approved program.
- What sellers need: Set locally. NYC: no purchases from a known or suspected minor; seller shows signed ID and signs in front of the dealer; no buying between midnight and 6 a.m. Putnam County: seller 18 or older with photo ID (passport, NY driver's license or similar); no buying 10 p.m. to 6 a.m.
- Payment: No state rule found. Putnam County bans cash payments to sellers; payment must be by check or other negotiable instrument.
- Who is exempt: Set locally. NYC: returns of new merchandise to the same seller, first sale of imported articles, sales to non-consumers; the 15-day hold does not apply to items from dealers, pawnbrokers, known jewelers, banks or estate executors. Putnam County exempts auctioneers, antique businesses (not antique jewelry), nonprofits, licensed junk dealers and one-day coin club shows.
- The law: Local laws only, for example NYC Administrative Code Title 20, Subchapter 11 (Dealers in Second-Hand Articles, 20-264 to 20-275) and Putnam County Code chapter 195 (Secondhand Dealers, Local Law 6 of 2013).
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.