Buying silver in Miami, FL
Florida does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 6% state rate plus any local tax. The combined state and local sales tax rate in Miami is about 7%. Miami-Dade's 1% surtax applies only to the first $5,000 of a single item, so the part of a jewelry price above $5,000 is taxed at the 6% state rate.
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 Miami is tax, explained below and on the Florida page.
Sales tax on silver in Miami
Not on investment bullion. Gold, silver and platinum bullion has been exempt with no minimum since Aug 1, 2025 (HB 7031). From July 1, 2026, qualifying gold coins (99.5%+) and silver coins (99.9%+) are also exempt as legal tender (HB 999). Other coins and currency are exempt only on sales over $500. Palladium and jewelry are taxable. The combined state and local rate is about 7% here.
Full state rules: silver price and tax in Florida.
Tax when you sell silver in Florida
No state personal income tax, so no state tax on bullion gains. 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.
Gold and silver as money in Florida
HB 999 (2025) recognizes qualifying gold and silver coin as legal tender from July 1, 2026, and HB 1311 (2026) ratified the rules. Use is voluntary, and government entities may accept it only electronically through licensed custodians.
Selling silver or silver jewelry to a dealer in Florida
- License: Secondhand dealers (anyone who buys, consigns or trades used goods, including through automated kiosks) must register with the Florida Department of Revenue before operating at any location. Fee: $6 per location yearly plus the cost of state and federal fingerprint checks; applicants must be at least 18, give fingerprints and a photo ID. Mail-in precious metals dealers have their own rules in Part III.
- Hold period: 30 days. Precious metals, gemstones, jewelry, antiques and art: 30 calendar days. Other secondhand goods: 15 calendar days. Goods bought through an automated kiosk: 30 days. Police may place a 90-day hold on probable cause. Mail-in precious metals dealers: 10 days (s. 538.35).
- What the dealer records: Complete a transaction form at the time of purchase with item details (brand, serial number, precious metal type, weight, gemstones, marks) and digital photos; the seller's name, address, workplace, phone, date of birth, physical description and a right thumbprint; and the ID type and number. Deliver it to police within 24 hours, electronically if police supply software. Keep copies at least 3 years.
- What sellers need: Seller must show government-issued photo ID and sign a statement that they own the goods or are entitled to sell them. Giving false ID is a felony. Dealers may not knowingly buy from anyone under 18 or from visibly intoxicated people, and may not trade between 10 p.m. and 8 a.m.
- Payment: Part I sets no payment-method rule. Mail-in precious metals dealers must pay by check to a bank account or through a licensed money services business (s. 538.33).
- Who is exempt: 'Secondhand goods' excludes coins, costume jewelry and assayed, properly marked gold, silver, platinum, palladium or rhodium bullion. Part I does not apply to deals between registered secondhand dealers, trade-ins for a similar item of greater value, sales at antique, coin or collectible shows, estate auction firms, charities and several other cases (s. 538.03(2)). Bulk sales between dealers are not 'precious metals dealer' activity.
- The law: Florida Statutes Chapter 538, Part I Secondhand Dealers (ss. 538.03-538.17); Part III Mail-In Secondhand Precious Metals Dealers (ss. 538.31-538.37).
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.