Buying silver in Wilmington, DE
Delaware has no statewide sales tax, so silver bullion, coins and jewelry are bought without state sales tax.
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 Wilmington is tax, explained below and on the Delaware page.
Sales tax on silver in Wilmington
No state sales tax applies. No sales tax on any retail purchase, including bullion, coins and jewelry. Delaware levies a gross receipts tax on sellers, not buyers.
Full state rules: silver price and tax in Delaware.
Tax when you sell silver in Delaware
Profits on silver are generally taxed by Delaware 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 Delaware
- License: Pawnbrokers, secondhand dealers and scrap metal processors need a yearly license from the Delaware State Police, naming the building where they operate. The 2006 law set the fee at $50 each. Pawnbrokers also need a fire insurance policy covering pledged goods.
- Hold period: 18 days. Pawnbrokers and secondhand dealers must keep items 18 days, counting weekends and holidays (Section 2304). A 2008 amendment added scrap metal processors to this rule. Police may extend the hold by 30 days if they suspect the property is stolen. The hold does not apply when the original seller redeems the item.
- What the dealer records: Record each transaction immediately on a State Police form (or another approved form), with a photocopy of the seller's government photo ID and the name of the employee making the entry. Keep records one year and open them to police and the Attorney General. Scrap metal processors keep records for copper, silver, gold, brass, platinum and bronze. Electronic filing is allowed by rule but was not mandatory under the 2006 law.
- What sellers need: Seller must show government-issued photo ID. No purchases from anyone under 18 unless accompanied by a parent, grandparent or guardian, from visibly intoxicated people, or of items with altered serial numbers.
- Who is exempt: Auction houses, flea markets, antique dealers and motor vehicle dealers are not secondhand dealers. The chapter does not cover garage, yard or estate sales, books, stamps, donated goods, used furniture or used clothing.
- The law: Delaware Code Title 24, Chapter 23, Pawnbrokers, Secondhand Dealers and Scrap Metal Processors (Sections 2301-2316), as amended by 75 Del. Laws c. 284 (2006), c. 209 (2008) and c. 185 (2009).
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.