Buying gold in Washington
Washington charges sales tax on gold bullion and coins as well as on jewelry: 6.5% 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 Washington is tax, explained below.
Sales tax on gold in Washington
Since Jan 1, 2026 (ESSB 5794), sales of precious metal bullion and monetized bullion (coins) are subject to retail sales tax: 6.5% state plus local, about 8% to 10.55%. A 2026 bill to restore the exemption (SB 5894) did not advance. Jewelry is taxed at the 6.5% state rate plus any local sales tax.
Tax when you sell gold in Washington
No wage income tax, but the capital gains excise tax (7%, rising to 9.9% above $1M) applies to long-term gains above about $270,000 (indexed) and has no bullion carve-out. A separate 9.9% tax on income over $1M (ESSB 6346, 2026) is slated to start in 2028 and faces legal and ballot challenges. 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 Washington
- License: Secondhand precious metal dealers must get a business license from the city or county where they do business before operating (RCW 19.60.077). The rules cover dealers with or without a permanent in-state location; a person counts as a secondhand precious metal dealer only if they deal more than three times a year (as reflected in Yakima's local code, which adopts RCW 19.60.077 by reference).
- Hold period: 30 days. Confirmed by the bill report on ESHB 1716 as passed: precious metal property bought, pledged or consigned 'may not be removed from the place of business for 30 days' unless redeemed by or returned to the owner. Dealers with no permanent in-state location hold it in the city or county where they received it. No hold is needed for items bought from a pawnshop, jeweler or other secondhand dealer that signs a declaration that the goods are not stolen. Separately, police can place stolen-property holds (Yakima's code, for example, sets 120 days, renewable).
- What the dealer records: Keep records 3 years after each transaction: seller's signature, date and time, seller's identifying details, a full item description, price paid, the ID used and the nature of the transaction (ESHB 1716 as passed; Yakima code 5.70.021 adds a photo of each item). Reports go to the chief law enforcement officer (RCW 19.60.042).
- What sellers need: Seller must show a driver's license or state ID card, or two government-issued IDs (Yakima code 5.70.021, mirroring the state rule). Dealers commit a gross misdemeanor if they knowingly take precious metal property from someone they know was convicted of listed theft-related offenses in the past 10 years (RCW 19.60.067).
- Who is exempt: Coins (legal tender and numismatic), bullion, and gold dust, flakes or nuggets are excluded from 'precious metal', so the precious metal record, hold and license rules do not apply to them. Licensed scrap processors are exempt. Dealers at qualifying hosted home parties follow separate receipt rules.
- Jewelers: Jewelers are not exempt as such; a dealer buying from a jeweler that signs a not-stolen declaration need not hold the item.
- The law: Pawnbrokers and Secondhand Dealers, chapter 19.60 RCW; precious metal sections RCW 19.60.025 (records), 19.60.042 (reports to police), 19.60.057 (retention), 19.60.067 (prohibited acts), 19.60.077 (licensure), 19.60.095 (hosted home parties), 19.60.105 (automated kiosks); exemptions RCW 19.60.085. Precious metal rules added by ESHB 1716 (2011 c 289).
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.