Buying silver in Nashville, TN
Tennessee 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 Nashville is about 9.75%. Tennessee charges local sales tax only on the first $1,600 of a single item; on $1,600.01 to $3,200 of the price a 2.75% state single-article tax applies instead, and above $3,200 only the 7% 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 Nashville is tax, explained below and on the Tennessee page.
Sales tax on silver in Nashville
Not on investment bullion. Since May 27, 2022 (Public Chapter 1092), coins, currency and bullion sold for metal content or collectible value are exempt from state and local sales tax. Jewelry is taxable. The combined state and local rate is about 9.75% here.
Full state rules: silver price and tax in Tennessee.
Tax when you sell silver in Tennessee
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.
Selling silver or silver jewelry to a dealer in Tennessee
- License: No state license. Anyone buying or dealing in antique, used or scrap jewelry and precious metals for resale must register with the chief of police and the sheriff of each city and county where they do business (Tenn. Code 38-1-201). Pawnbrokers are covered by a separate pawnbroker law.
- Hold period: 30 days. Items may not be sold, exchanged, removed or altered for 30 days from the purchase date (38-1-202(a)). A 2009 Attorney General opinion says this also applies to bulk purchases by a refiner from a dealer who has already complied.
- What the dealer records: Duplicate log of each purchase: item description, date, amount paid, and the seller's name, race, residence and address, signed by seller and buyer. A copy goes to the sheriff and chief of police by noon the day after the purchase. The log must be kept unaltered and open to police inspection (38-1-203).
- What sellers need: Seller signs the log entry. No minimum age found in the sources checked.
- Who is exempt: Persons dealing solely in coins (38-1-201(b)). Reclaiming precious metals from used film and similar materials is excluded from the hold.
- The law: Scrap Jewelry and Metal Dealers Act of 1980, Tenn. Code Ann. 38-1-201 et seq.
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.