Buying silver in Minneapolis, MN
Minnesota exempts some silver bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 6.875% state rate plus any local tax. The combined state and local sales tax rate in Minneapolis is about 9.025%.
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 Minneapolis is tax, explained below and on the Minnesota page.
Sales tax on silver in Minneapolis
Sometimes. Only bars and rounds of gold, silver, platinum or palladium that are at least 99.9% pure and marked with weight and purity are exempt. All coins, including bullion coins such as Eagles and Maple Leafs, are taxed at 6.875% plus local tax. Jewelry is taxed at the 6.875% state rate plus any local tax. The combined state and local rate is about 9.025% here.
Full state rules: silver price and tax in Minnesota.
Tax when you sell silver in Minnesota
Profits on silver are generally taxed by Minnesota 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 Minnesota
- License: Precious metal dealers must get a license from the county auditor of each county where they do business, paying a fee set by the county board to the county treasurer (Dakota County: $84 a year). The license is valid one year and only at the locations listed. Some cities also license dealers.
- Hold period: 14 days. Keep secondhand items containing precious metal at least 14 days after purchase, unaltered, at the business or another location in the licensing county (325F.736). Not required for items bought from or consigned by another licensed dealer.
- What the dealer records: Keep a book at the business, in ink and in English, recording for each purchase the item type, number, brand, engravings and any gems; amount paid; date; and the seller's name, address and photo ID type and serial number. Police and sheriffs may inspect the book and items. Dealers must post buying prices per ounce or pennyweight with a notice that offers are based on melt value, and weigh items in the seller's sight on state-approved scales.
- What sellers need: Seller must show a photo ID. A separate section (325F.739) covers purchases from people under 18.
- Payment: Section 325F.741 is indexed as 'payment by check'.
- Who is exempt: The 14-day hold does not apply to items bought from or consigned by another licensed dealer.
- Jewelers: Minnesota has state gold and silver labeling and false-stamping rules (325F.73 and 325F.731), and dealers must disclose melt-value pricing and weigh in the seller's view (325F.733).
- The law: Minnesota Statutes 325F.731 to 325F.744 (precious metal dealers; license in 325F.733, records in 325F.735, holding period in 325F.736, sales to minors in 325F.739, payment by check in 325F.741).
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.