Buying silver in Cleveland, OH
Ohio does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 5.75% state rate plus any local tax. The combined state and local sales tax rate in Cleveland is about 8%.
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 Cleveland is tax, explained below and on the Ohio page.
Sales tax on silver in Cleveland
Not on investment bullion. Investment metal bullion (IRA-type) and investment coins made primarily of gold, silver, platinum or palladium are exempt. The exemption was reinstated Oct 1, 2021 (HB 110) after a 2019 repeal. Copper-nickel coins and paper money are taxable. Jewelry is taxed like other goods at the 5.75% state rate plus any local tax. The combined state and local rate is about 8% here.
Full state rules: silver price and tax in Ohio.
Tax when you sell silver in Ohio
Profits on silver are generally taxed by Ohio 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 Ohio
- License: Precious metals dealers need a license from the Ohio Division of Financial Institutions (Department of Commerce) unless exempt or a licensed pawnbroker (R.C. 4728.02). Applicants need $10,000 net worth or a $10,000 surety bond. Fees: $200 nonrefundable investigation fee, and an annual license fee set by the superintendent of up to $300 (half goes to the local city or county) (4728.03).
- Hold period: 5 days. Licensees must keep purchased items in Ohio for at least 5 days after purchase. If police have probable cause an item is stolen, it must be held 30 days or until released in writing (4728.09).
- What the dealer records: Licensees keep approved books in numbered order with item details, maker's name, and the seller's name, age, address, ID and physical description; open for inspection; items produced on demand (4728.06). A daily report of items received is made available to the local police chief on department forms (4728.07). Exempt retail jewelers must still keep a 12-month record of public purchases: date and time, seller's name, address and ID, physical description, detailed item description, price and payment method (4728.12).
- What sellers need: Licensees may not buy from minors, intoxicated or drugged persons, or known or suspected thieves (4728.08). Exempt jewelers may not buy from anyone they believe is under 18 (4728.12).
- Who is exempt: Deals between dealers or knowledgeable collectors; banks, credit unions and certain lenders; vehicle salvage dealers and scrap processors (vehicle parts); qualifying retail jewelers and silverware sellers whose purchases are incidental (under 25% of jewelry inventory or sales); numismatic items such as coins and collectible bars not valued for metal content; probate estate purchases; licensed pawnbrokers (4728.11).
- Jewelers: Retail jewelers with a vendor's license and fixed store whose buying is incidental are exempt from licensing but must keep 12-month purchase records, not buy from minors, and tell local police where records are kept within 60 days of opening a location (4728.12). A trade-in toward a retail sale of equal or greater value is not a 'purchase'.
- The law: Precious Metals Dealers, Ohio Revised Code chapter 4728 (4728.01 to 4728.99).
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.