Buying gold in Maryland
Maryland exempts some gold bullion and coin purchases from sales tax, but not all. Jewelry is taxed at the 6% state rate plus any local tax.
Gold has one national spot price in US dollars: the prices on this page are the same as on the gold price in the United States page. What differs in Maryland is tax, explained below.
Sales tax on gold in Maryland
Since July 1, 2026 (SB 309/HB 500), precious metal bullion and coins are exempt when the sale price exceeds $1,000. Smaller sales are taxed at 6%. From July 1, 2025 to June 30, 2026, the exemption applied only to sales at Baltimore Convention Center shows. Jewelry is taxed at the 6% state rate plus any local sales tax.
Tax when you sell gold in Maryland
Profits on gold are generally taxed by Maryland like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most gold 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 gold or gold jewelry to a dealer in Maryland
- License: Anyone who as a business acquires secondhand precious metal objects from the public, or trades them with the public, needs a state license from the Maryland Department of Labor. This includes retail jewelers doing that business, people who arrange sales for pay on behalf of unlicensed sellers, and pawnbrokers who trade these objects. Employees who handle transactions need a criminal history check. Dealers in Anne Arundel, Baltimore City, Carroll, Harford, Howard, Montgomery and Prince George's counties also need a local pawnbroker license.
- Hold period: 18 days. Keep each acquired item 18 days, counted from the date the transaction report is sent to police.
- What the dealer records: Send a daily transaction report to the local police agency by the next business day. Electronic reporting is strongly encouraged statewide and required in Howard County. Police may inspect and photograph objects and records. Ads seeking to buy from the public must show the dealer's name and license number.
- Who is exempt: A 'precious metal object' is an item whose value is mainly its precious metal content or that is at least 25% precious metal by weight. A licensed dealer may buy away from its fixed address only at estate or judicial sales or at the owner's home on request, after notifying police.
- Jewelers: Retail jewelers that buy secondhand precious metal objects from the public need the same state license.
- The law: Maryland Secondhand Precious Metal Object Dealers and Pawnbrokers Act.
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.
What you pay over spot
Dealers sell Gold Eagles, Buffaloes, bars and rounds at a premium over the spot price shown here, which covers minting, shipping and the dealer's margin; small coins carry the biggest premiums. Jewelry adds design and labour. When you sell, dealers usually pay a little under spot for common bullion and the melt value, less a margin, for scrap.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.