Buying silver in Gulfport, MS
Mississippi does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 7% state rate plus any local tax. The combined state and local sales tax rate in Gulfport is about 7%.
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 Gulfport is tax, explained below and on the Mississippi page.
Sales tax on silver in Gulfport
Not on investment bullion. Since July 1, 2023 (SB 2862), coins, currency and bullion of gold, silver, platinum or palladium sold for metal or collectible value are exempt. Coins made into jewelry are taxable. The combined state and local rate is about 7% here.
Full state rules: silver price and tax in Mississippi.
Tax when you sell silver in Mississippi
Profits on silver are generally taxed by Mississippi 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 Mississippi
- License: Pawnshops need a state license from the Commissioner of Banking and Consumer Finance: $500 first license, $350 yearly renewal due December 1, a $10,000 bond, fingerprint background checks and no felony in the past 10 years (Pawnshop Act, Miss. Code Ann. 75-67-321 and 75-67-323). Non-pawn gold buyers fall under the state law on purchasing precious items for resale (Miss. Code Ann. 75-95-1 and following); no state license under that chapter was confirmed. Cities may require their own permits; for example Moss Point charges $25 for a six-month permit per location.
- Hold period: 14 days. Pawnshops must keep goods bought outright on the premises for 14 calendar days when their transactions are available to police electronically or on disc, or 21 calendar days otherwise (75-67-309(3)). Police may place a one-time 7-day hold (75-67-329). Any hold under Chapter 75-95 was not confirmed. Local example: Moss Point bars selling, removing, melting or altering precious metals or gems for 6 days after purchase.
- What the dealer records: Pawnshops log each purchase separately from pawns, with a ticket showing an item description (including precious metal type, weight and content if known, and gemstone details), the seller's name, address, date of birth, ID number and physical description, the date and the amount paid. Records may be electronic, must be given to police on request, are sent electronically within 72 hours where police supply software, and are kept 4 years (75-67-305, 75-67-309, 75-67-315). Precious item buyers must keep the purchase log required by 75-95-5.
- What sellers need: Pawnshops: seller shows a driver's license, Social Security number or Mississippi ID number, or two forms of ID with one bearing a photo, and signs a statement of ownership. No purchases from anyone under 18 (75-67-305, 75-67-309, 75-67-315).
- Who is exempt: The Pawnshop Act does not apply to banks, savings and loans, credit unions and state-licensed finance companies. Moss Point's ordinance does not cover retail merchants buying stock from manufacturers or wholesalers, but does cover them when they buy from anyone else.
- Jewelers: Local example: in Moss Point a retail jeweler is treated as a dealer when buying precious metals or gems from the public (anyone other than a manufacturer or wholesaler).
- The law: Mississippi Pawnshop Act, Miss. Code Ann. 75-67-301 and following (Title 75, Chapter 67). Business of Purchasing Precious Items for Resale, Miss. Code Ann. Title 75, Chapter 95 (75-95-1 and following; record rules in 75-95-5). Example local law: Moss Point Code Chapter 22, Article II (Secs. 22-19 to 22-25).
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.