Washington Precious Metals Tax Information
Starting January 1, 2026, sales of precious metal bullion and monetized bullion are no longer excluded from the definition of a wholesale or retail sale in Washington. These items are now taxable as tangible personal property. This repeal was enacted under ESSB 5794.
All precious metals, including gold, silver, platinum, palladium, rhodium, and other refined metals, are now subject to full state and local retail sales tax in Washington. The same applies to monetized bullion, including government-minted legal tender coins.
In addition to sales tax, gross income from retail sales of precious metals to consumers is subject to the Business & Occupation (B&O) tax under the Retailing classification at a rate of 0.471%, a cost that dealers typically pass on to buyers through pricing.
Taxable Products in Washington
- Precious metal bullion.
- Monetized bullion. Including government-minted legal tender coins
- Gold, silver, platinum, palladium, rhodium, and other refined metals.
Exemptions:
- No precious metal bullion or monetized bullion exemption applies based on the provided guidance beginning January 1, 2026
Tax Rates:
Combined state and local sales tax rates typically range from approximately 7.5% to more than 10%, depending on the buyer's location.
Legislative note: Industry groups have introduced legislation, HB 2093 and SB 5894 in the 2026 session, to repeal or modify ESSB 5794, but these bills have not been enacted based on the provided guidance. Investors should verify current status before making purchases.
