Which U.S. states tax purchases of physical gold and silver bullion?

1. The landscape: no single federal rule, wide state variation

States individually decide whether to treat bullion like a taxable retail good or as an investment-like, tax-exempt product, so there is no uniform federal rule; summaries and dealer guides emphasize the patchwork nature of state laws and urge buyers to check their state rules ^{[5] [6] [7]}.

2. Confirmed taxing states from these sources: Hawaii and Vermont, and now Washington

The reporting explicitly notes Hawaii levies a 4% General Excise Tax on bullion purchases ^[1] and indicates Vermont collects its 6% state sales tax on precious-metal transactions with no bullion exemption ^[2], while multiple government and news notices document that Washington’s long-standing bullion sales exemption was repealed and retail sales of precious metal bullion became subject to state and local retail sales tax beginning Jan. 1, 2026 ^{[3] [4] [8]}.

3. Confirmed tax‑free states or commonly tax‑exempt jurisdictions cited here

Several sources list states where purchasers generally avoid state sales tax on bullion: Montana (no state sales tax), and the group of no-sales-tax states for online purchases—Alaska, Delaware, New Hampshire, Montana, and Oregon—are cited as effectively tax-free environments for bullion purchases ^{[1] [9]}. Missouri and Virginia are named as providing exemptions under certain statutes or purity/price criteria (Missouri’s long-standing sales and use exemption and Virginia’s exemption for products over $1,000 are noted in the reporting) ^{[2] [1]}.

4. Important caveats: product definitions, purity, price thresholds, and local taxes

The applicability of taxation often hinges on statutory definitions (what counts as “precious metal bullion” vs. numismatic coins), purity or price thresholds, and whether a sale is retail vs. wholesale; several sources stress these distinctions and note that local sales taxes may add on top of state rates, complicating the buyer’s final tax burden ^{[4] [6] [10]}.

5. Industry reaction and political context: who stands to gain or lose

Dealers and industry blogs warned of falling sales and urged purchasers to accelerate buys before Washington’s Jan. 1, 2026 change, framing the repeal as a revenue grab and predicting consumer harm; that perspective is well represented in dealer commentary and dealer-focused blogs, which have an implicit commercial interest in preserving tax-exempt status to maintain sales volume ^{[11] [10] [12]}. State authorities framed the changes as closing tax preferences and broadening the tax base, a standard revenue-raising rationale seen in the Washington Department of Revenue notice ^[4].

6. What this reporting cannot prove and what remains to be checked

The assembled sources do not provide a definitive, current state-by-state checklist covering all 50 states with statutory citations; therefore it is not possible from these materials alone to assert exhaustively which states tax bullion purchases beyond the specific examples cited above. To complete the picture, one must consult each state’s revenue department guidance or updated legal summaries ^{[5] [13]}.

7. Practical bottom line for a buyer or researcher

From these sources: expect Washington to charge sales tax on retail bullion purchases starting Jan. 1, 2026 ^{[3] [4]}; be aware that Hawaii and Vermont are identified here as applying taxes to bullion ^{[1] [2]}; several states (notably Montana, Alaska, Delaware, New Hampshire, and Oregon) are commonly cited as tax-advantaged for bullion purchases, and many other states maintain exemptions or conditional rules that must be checked locally ^{[9] [1]}. Given the patchwork and recent legislative changes, verifying the current taxability with the state revenue office or a tax professional is essential ^{[5] [6]}.