Buying silver in New York City, NY
New York exempts some silver bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 4% state rate plus any local tax. The combined state and local sales tax rate in New York City is about 8.875%.
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 New York City is tax, explained below and on the New York page.
Sales tax on silver in New York City
Sometimes. Precious metal bullion (bars, ingots and qualifying coins of gold, silver, platinum, palladium and others) is exempt only when a single invoice exceeds $1,000, the item is kept in the purchased form, and the price stays within set premiums over spot (e.g., silver coins up to 140%). Smaller sales, South African coins and collectible-priced items are taxed at 4% plus local (8.875% in NYC). Jewelry is taxed at the 4% state rate plus any local tax. The combined state and local rate is about 8.875% here.
Full state rules: silver price and tax in New York.
Tax when you sell silver in New York
Profits on silver are generally taxed by New York 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.
Buying and selling rules in New York
The exemption applies only if the seller is registered, where required, as a broker/dealer under GBL 359-e. 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.