Buying silver in Stamford, CT
Connecticut exempts some silver bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 6.35% state rate plus any local tax. The combined state and local sales tax rate in Stamford is about 6.35%. Connecticut has no local sales tax, but jewelry priced over $5,000 is taxed at 7.75% instead of 6.35%.
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 Stamford is tax, explained below and on the Connecticut page.
Sales tax on silver in Stamford
Sometimes. Gold and silver bullion and legal-tender coins are exempt only on transactions of $1,000 or more. Smaller purchases and all platinum, palladium and copper are taxed at 6.35%. HB 7287 (2025) removes the threshold and adds platinum and palladium from July 1, 2027, with a 90% purity floor for gold and silver. Jewelry is taxed at the 6.35% state rate plus any local tax. The combined state and local rate is about 6.35% here.
Full state rules: silver price and tax in Connecticut.
Tax when you sell silver in Connecticut
Profits on silver are generally taxed by Connecticut 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 Connecticut
- License: Dealers in precious metals or stones need a license from the chief of police of the town where they do business (or from the Commissioner of Emergency Services and Public Protection in towns without a police department). Applicants must show a sales and use tax permit, a Connecticut tax registration number and registration with the Secretary of the State.
- Hold period: 5 days. Dealers may not sell or dispose of property (other than bullion or coins) within five days of buying it. Local licensing authorities cannot require a longer hold but may grant exemptions for good cause.
- What the dealer records: Keep consecutively numbered records in English with an item description (marks, engravings, brand, serial numbers, initials, color), the seller's name, home address, general description and ID details, and the date and time; keep at least two years. Take a digital photo of items without identifying numbers, with the record number visible. Submit sworn reports to the licensing authority electronically, at least weekly on request.
- What sellers need: Seller must show photo ID that includes an address (if on the ID) and an identifying number including date of birth. Wholesaler sellers are exempt.
- Payment: Pay only by check or money order, write the record number on it and keep an electronic copy.
- Who is exempt: No license is needed for purchases from a wholesaler. Bullion and coins are exempt from the five-day hold. The licensing authority may exempt dealers from record rules for bulk lots or items of minimal value.
- The law: Connecticut General Statutes, Chapter 414 (precious metals or stones dealers, Section 21-100 and following), as amended by Public Act 13-255 (effective October 1, 2013).
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.