
State Legal Tender Laws for Gold and Silver: Verified Guide
Quick answer A short list of states have passed statutes that recognize US-minted gold and silver coins as legal tender or removeβ¦
Read guide βΊPhysical gold and silver sit inside a real legal framework: sales tax that differs by state, capital gains rules that treat metals as collectibles, reporting requirements that apply to some transactions and not others, and state laws that govern pawn shops and gold buyers. Most of the myths in this market, about anonymous buying, about confiscation, about what dealers report, dissolve as soon as you read the actual rules.
These guides cover what happens at tax time when you sell, which purchases and sales generate paperwork, how inherited metals are valued, and the state by state rules that shape where and how you buy. They cite the primary sources so you can verify every claim. For the practical side of a sale, pair them with the selling playbook, and note that nothing here is individual tax advice: for your own situation, a qualified professional has the final word.

Quick answer A short list of states have passed statutes that recognize US-minted gold and silver coins as legal tender or removeβ¦
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Quick answer A pawn shop must hand you a written ticket with every finance charge and the redemption date, cannot sell yourβ¦
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Quick answer Every state regulates gold buyers, and most require ID, a written transaction record, a mandatory holding period before melting, andβ¦
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Quick answer No federal limit exists on moving gold within the United States. The rules that actually matter appear at the internationalβ¦
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If you walk into a coin shop with $12,000 in currency to buy American Gold Eagles, the dealer is going to fileβ¦
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Quick answer Gold and silver bullion enters the US duty-free under HTSUS Chapter 71, but must be declared to CBP and, ifβ¦
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Quick answer Physical gold you own personally is exposed in bankruptcy unless it fits a state or federal exemption category, while goldβ¦
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Quick answer Save every dealer invoice, log the premium and shipping you paid, and record fair market value on the day anyβ¦
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β Quick answer Most gold dealer transactions generate no IRS report When you buy gold or silver from a dealer, that purchaseβ¦
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Quick answer Yes, you can fly with gold. What changes at the international border is significant. TSA permits gold coins and bullionβ¦
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Quick answer Walk in knowing today’s spot price, expect a buy/sell spread, and treat your first visit as a research trip Localβ¦
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Quick answer The $50 face value is a legal formality, not a spending suggestion Congress assigned the American Gold Eagle a $50β¦
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Quick answer Melting pennies and nickels is a federal crime. Pre-1965 silver coins and gold coins are legal to melt. A 2006β¦
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β Quick answer Dealers file Form 1099-B only on specific bullion types above set quantity thresholds; American Eagles are exempt regardless ofβ¦
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Quick Answer Most first-time gold buyer losses come from premium traps, not price swings The gold market itself is transparent and liquid.β¦
Read guide βΊQuick Answer Your cost basis equals every dollar paid to acquire the metal: purchase price, dealer premium, shipping, and sales tax paidβ¦
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Quick answer Coin shows reward the prepared buyer and the patient seller. A coin show puts dozens of dealers under one roof,β¦
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β Quick answer Buying gold with cash is legal at any dollar amount. The dealer files the paperwork, not you. Federal lawβ¦
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Quick answer Gold, silver and platinum bullion are sales-tax-exempt in Texas; jewelry and palladium are not. Texas Tax Code Section 151.336 exemptsβ¦
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Quick answer California exempts a single-transaction bulk sale of coins and gold or silver bullion of $2,000 or more from sales tax;β¦
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Quick answer Inherited gold and silver receive a stepped-up cost basis equal to their fair market value on the decedent’s date ofβ¦
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Physical gold and silver held over a year are taxed as collectibles under IRC 1(h)(4) at a rate capped at 28%. Short-termβ¦
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Quick answer Physical gold is taxed as a collectible, not like a stock Under IRC Β§ 1(h)(4), long-term gains from selling physicalβ¦
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β Quick Answer Sales tax on gold and silver is a buyer-side tax, and 44 states currently exempt most bullion purchases Whetherβ¦
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