Buying silver in Virginia Beach, VA
Virginia does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 5.3% state rate plus any local tax. The combined state and local sales tax rate in Virginia Beach is about 6%.
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 Virginia Beach is tax, explained below and on the Virginia page.
Sales tax on silver in Virginia Beach
Not on investment bullion. Gold, silver and platinum bullion and legal-tender coins are exempt with no minimum; the $1,000 threshold was removed in 2022. The 2026-28 budget (HB 30) extended the exemption, which was set to lapse June 30, 2026, to June 30, 2028. Jewelry is taxed like other goods at the 5.3% state rate plus any local tax. The combined state and local rate is about 6% here.
Full state rules: silver price and tax in Virginia.
Tax when you sell silver in Virginia
Profits on silver are generally taxed by Virginia 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 Virginia
- License: Dealers in precious metals and gems need a permit from the chief law-enforcement officer of each county, city or town where they do business (Va. Code 54.1-4108). Application includes fingerprints; fee $200 and $200 a year to renew; permit lasts one year; scales must be inspected; must trade from the permanent location named. Fee may be waived for retailers whose such purchases are 5% or less of annual business. A $10,000 surety bond or bank letter of credit is required (54.1-4106). Localities may add stricter rules and higher fees (54.1-4111).
- Hold period: 15 days. Items must be held at least 15 calendar days from the date the chief law-enforcement officer receives the copy of the bill of sale, and may not be sold, altered or moved out of the locality in that time (54.1-4104).
- What the dealer records: Keep at least 24 months: item description, marks, weight or carat and price; date, time and place; seller's name, address, workplace, phones, date of birth, sex, race, height, weight, hair and eye color; ID type, issuer and number; the statement of ownership; and a digital image of the ID (54.1-4101). A copy of the bill of sale goes to the chief law-enforcement officer within 24 hours. Records of later resale (buyer and seller names and addresses) are kept 24 months (54.1-4105).
- What sellers need: Seller must be 18 or older (54.1-4103), show an unexpired government photo ID with current address plus one more identifier, and give a statement of ownership (54.1-4102). No purchase from someone believed not to be the owner without written authorization.
- Who is exempt: Coins are outside the chapter and local ordinances; banks and their subsidiaries trading gold and silver bullion are exempt (54.1-4109). Not 'dealers': purchases from other compliant dealers, manufacturers or wholesalers; purchases from estate fiduciaries; retailers taking trade-ins of goods they sold; retailers repairing, restoring or designing jewelry; industrial refiners; processors of non-precious scrap. Police may waive most rules for nonprofit coin, gem, antique or craft shows.
- Jewelers: Retail jewelers are not dealers when they take trade-ins of merchandise they sold or repair, restore or design jewelry in the normal course of business.
- The law: Dealers in Precious Metals and Gems, Va. Code Title 54.1, chapter 41 (54.1-4100 to 54.1-4111).
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.