Buying silver in Raleigh, NC
North Carolina does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 4.75% state rate plus any local tax. The combined state and local sales tax rate in Raleigh is about 7.25%.
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 Raleigh is tax, explained below and on the North Carolina page.
Sales tax on silver in Raleigh
Not on investment bullion. Investment metal bullion, investment coins (market value above face) and non-coin currency have been exempt since July 1, 2017 (G.S. 105-164.13(69)). Jewelry and fabricated items are taxable. The combined state and local rate is about 7.25% here.
Full state rules: silver price and tax in North Carolina.
Tax when you sell silver in North Carolina
Profits on silver are generally taxed by North Carolina 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 North Carolina
- License: Every dealer who buys precious metals from the public needs a permit from the local law enforcement agency before buying: the municipal police inside a city with a police force, a county police force where one exists, otherwise the county sheriff. One permit per location; sworn, notarized application; 30-day wait for a first permit; $180 a year. A $180 special occasion permit covers trade, antique and craft shows. Each employee who buys needs a certificate ($10, then $3 a year), with photo and criminal record check. A $10,000 bond or trust account is required.
- Hold period: 7 days. Items may not be sold, traded, melted, cut, altered or removed from the premises for 7 days after the transaction is reported to police (G.S. 66-170). Before 2009 the hold was 5 days.
- What the dealer records: Numbered record at the time of each purchase: item details (maker, model, serial number, engraved numbers or initials), date, seller's name, sex, race, address, phone and driver's license number, and signatures of the seller and the dealer or registered employee. Bound book or tamper-proof electronic database. Copy filed with the local police agency within 48 hours (electronic, fax or hand delivery). Keep at least 2 years (G.S. 66-169). No seller photo or thumbprint in the statute.
- What sellers need: Seller must be 18 or older (G.S. 66-171). Seller shows valid, unexpired photo ID (driver's license, state ID, passport or military ID), or two other forms of ID, and signs the record.
- Who is exempt: Coins, medals, tokens, numismatic items, art ingots and art bars are not 'precious metals'. Exempt: retailers buying inventory from manufacturers or wholesalers; licensed pawnbrokers under chapter 91A; and trade-ins at permanent retail stores where the seller gets goods rather than money or a general gift card.
- Jewelers: The law defines precious metals by fineness: gold of 10 karat or more, silver of 925 fine or marked sterling, platinum 900 fine or more, palladium 950 fine or more. No separate state karat-stamping rule was found.
- The law: Dealers in Precious Metals, N.C. Gen. Stat. chapter 66, Article 25 (G.S. 66-163 to 66-173), as amended by Session Law 2009-482.
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.