Buying silver in Portland, ME
Maine charges sales tax on silver bullion and coins as well as on jewelry: 5.5% state rate plus any local tax. The combined state and local sales tax rate in Portland is about 5.5%.
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 Portland is tax, explained below and on the Maine page.
Sales tax on silver in Portland
Yes. No exemption: gold, silver, platinum and palladium coins, bars and rounds are taxed at 5.5% statewide. Exemption bills have not passed. The state rate is 5.5%, and local sales taxes may add more. The combined state and local rate is about 5.5% here.
Full state rules: silver price and tax in Maine.
Tax when you sell silver in Maine
Profits on silver are generally taxed by Maine 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 Maine
- License: Dealers in secondhand precious metals must register with the municipality where they keep a permanent place of business, or get a permit from the municipal officers if the town requires one. They must give the town their business address and report any move. No state license or fee is set in the statute.
- Hold period: 15 days. Do not sell or alter items until 15 days after acquiring them. The hold drops to 5 business days if the dealer checks that the items are not listed in an electronic stolen-property database.
- What the dealer records: For each transaction record the date, time and place, the seller's name and address, a digital photo of each item (up to 5 similar items per photo), and the seller's signed ownership statement. Keep records one year, organized by purchase date, and show them to police or prosecutors on request. No routine police reporting is required.
- What sellers need: Seller must show government-issued ID (such as a driver's license or military ID) and sign a statement that they own the items or are authorized to sell them; a false statement is a Class D crime.
- Who is exempt: 'Precious metals' excludes dental gold, unrefined ore, electronic products, motor vehicle parts, and gold or silver coins or bullion. The section does not apply to licensed auctioneers.
- The law: 30-A M.R.S. Section 3972, Dealers in secondhand precious metals (enacted PL 2013, c. 398; amended PL 2017, c. 126 and PL 2019, c. 113).
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.