Coin shops in New York

Sales tax when you buy

Bullion Partly exempt

Bars, ingots and coins of gold, silver, platinum, palladium and certain other precious metals are exempt from New York state and local sales tax only when the bullion on one invoice totals more than $1,000, the price stays within set limits of the metal value (115% for bars and most coins, 120% for small gold coins of 1/4 oz or less, 140% for silver coins), and the buyer keeps the metal in the form bought. Purchases of $1,000 or less and higher-premium items are taxed.

Authority: Tax Law section 1115(a)(27) and 20 NYCRR 528.29. The exemption took effect September 1, 1989 and covers both state and local sales and compensating use taxes (TSB-M-89(20)S, Nov. 27, 1989). 'Precious metal bullion' means bars, ingots or coins of gold, silver, platinum, palladium, rhodium, ruthenium or iridium. It does not include bars, ingots or coins that have been manufactured, processed, assembled, fabricated or used for an industrial, professional, esthetic or artistic purpose. All of the following must be true. (1) The bullion is sold for more than $1,000. The regulation measures this as the total of the bullion sale on any single invoice, and the 1989 memo says sales of bullion under $1,000 are taxable regardless of the buyer's intent. (2) The price depends only on metal content. For coins, the price may not exceed 140% (silver coins), 120% (gold coins weighing 1/4 oz or less) or 115% (all other coins) of the greater of the daily closing bullion cash price of the metal or the coin's face value at prevailing exchange rates. For bars and ingots, the limit is 115% of the daily closing bullion cash price. The regulation defines the daily closing price as the close for the business day before the sale, or the average of bid and asked prices if there is no close (528.29(c)(5)). (3) The buyer holds the bullion in the same form and does not manufacture, process, assemble or fabricate it for its own use. (4) The retailer is registered under General Business Law 359-e, 'if so required'. If exempt bullion is sold with taxable bullion or other items, the vendor must state the exempt charge separately on the invoice or collect tax on the whole sale (528.29(d)). Vendors must keep records sufficient to verify taxable or exempt status (528.29(e), referencing 533.2). The 1989 memo told sellers to keep, for each sale, the fine metal content, the daily closing price, the purchaser's name and address and the point of delivery, for three years after the sale. The current 20 NYCRR 528.29(b)(2)(i) still excludes coins of the Republic of South Africa, but the current statute text does not mention them. Status: the current consolidated Tax Law on the NY Senate site (section 1115, most recent revision 2026-06-19) contains the $1,000 and 115/120/140% terms above. The Tax Department's sales and use tax expenditure estimates (updated Feb. 18, 2026; state share only) list the exemption (effective 9/1/1989) at $567 million for 2023 and a $608 million forecast for 2026. Repeal proposal: Senate Bill S7875 (Gounardes; Assembly same-as A8511) would limit the exemption to bullion sold or bought by a central bank, a foreign government, the United Nations, or the U.S., a state or territory, or their instrumentalities. Its sponsor memo says the exemption 'costs the state ... $601 million in lost revenue' without giving a period, and the sponsor's 2025 press release calls it $601 million annually. The Senate Budget and Revenue Committee reported S7875 in 2025 and again in 2026, and Finance reported it (1st report cal. 604, March 24, 2026). It was advanced to third reading on March 26, 2026 and committed to Rules on June 5, 2026. The status page shows no passage by either house, so it was not law as of Oct. 9, 2026.

Collectible coins Taxed

Retail sales of collector (numismatic) coins delivered in New York are generally subject to state and local sales tax (8.875% in New York City), and no dollar threshold exempts them. A coin sale is not taxed if it qualifies for the bullion exemption, is a true currency exchange at face value, or is a sale for resale. Premium-priced collector coins usually fail the bullion exemption's price test.

The sales tax applies to retail sales of tangible personal property delivered in New York unless specifically exempt (20 NYCRR 527.1(a)). Under 20 NYCRR 527.1(c)(2), the sale of a legal-tender coin is deemed a numismatic, collecting or investment sale and is taxable (unless it qualifies for the bullion exemption in 20 NYCRR 528.29) when the coin (i) is not in general circulation, (ii) is sold for more than its legal-tender value (or, for a foreign coin, more than the exchange rate), or (iii) is priced by its precious-metal content. Exchanging coins or currency in general circulation at an exchange rate that reflects actual currency value is a financial transaction, not a taxable sale (527.1(c)(1)). Under 527.1(c), Example 3, a dealer's purchase of U.S. Mint uncirculated sets for resale is not taxed, but the dealer's later sale to consumers above legal-tender value is a taxable retail sale. The regulation sets no minimum purchase amount that exempts a collector coin. A coin can also be exempt as bullion only if it meets every 528.29 condition (invoice over $1,000 and price within 115-140% of metal or face value). Example 2 of 528.29 shows a rare gold coin priced far above its metal value being taxed. Rates: New York City combined rate is 8.875% (4% state + 4.5% city + 0.375% Metropolitan Commuter Transportation District surcharge) per the NYC Department of Finance. Rates for other localities are in Tax Department Publication 718 (revised 2/25, effective March 1, 2025), the version posted at the Tax Department URL when this was checked. In a 1981 advisory opinion (TSB-H-81(123)S) on a petition from Web's Coins, Ltd., a Latham, NY rare-coin dealer that argued taxing sales of 'coin of the realm' was unconstitutional, the State Tax Commission applied the coin regulation and declined to rule on the constitutional challenge, saying it had to be raised in a proper forum. No amendment to 527.1(c) was found.

Threshold

Bullion exemption applies only when the bullion sold on a single invoice totals MORE than $1,000 (purchases of $1,000 or less are taxable regardless of intent) AND, for coins, the price does not exceed 140% (silver coins), 120% (gold coins of 1/4 oz or less) or 115% (other coins) of the greater of metal value or face value, or, for bars and ingots, 115% of metal value. Numismatic coins have no dollar exemption threshold.

Sources: NY Tax Law section 1115 (NY Senate Open Legislation, revision of 2026-06-19) - paragraph (a)(27) · 20 NYCRR 528.29 - Precious metal bullion sold for investment (via Cornell LII) · NY Tax Dept TSB-M-89(20)S - Exemption for Certain Precious Metal Bullion (Nov. 27, 1989) · NY Tax Dept - Sales and use tax expenditure estimates (FY2027 report, item 112: Precious metal bullion and coins) · NY Senate Bill S7875 (2025-2026) - status, text and sponsor memo · NY Senate press release (2025) - Sen. Gounardes introduces package to close tax loopholes ($601 million annually, S.7875) · NY General Business Law 359-e - Dealers, brokers, salesmen; commodity broker-dealers (subd. 14) · 20 NYCRR 527.1 - Sale of tangible personal property, incl. (c) Coins or other currency (via Cornell LII) · NY Tax Dept TSB-H-81(123)S - Advisory Opinion, Web's Coins, Ltd. (June 1981) · NYC Department of Finance - NYS sales tax (4% state, 4.5% city, 0.375% MCTD) · NY Tax Dept Publication 718 - Sales and use tax rates by jurisdiction (revised 2/25, effective March 1, 2025)

When you sell to a dealer

ID

New York has no single statewide rulebook for coin shops that buy from the public. The rules come from city, county, town and village laws, plus state law for pawnbrokers (General Business Law Article 5). In New York City, a licensed secondhand dealer must see ID with a signature (government- or employer-issued), have the seller sign in front of the dealer, and for gold, silver and other precious metals also keep an electronic record with photos. Most items bought from the public must be held 15 days before resale or melting. Nassau, Suffolk, Monroe, Rockland and other localities have similar rules with different hold periods.

Holding period

No statewide holding period for coin or bullion dealers was found. Local rules: New York City requires 15 days before resale of most purchased articles, and 15 days before metal bought for melting or refining from non-jewelers or non-dealers may be sold, refined or melted (Admin Code 20-268(d),(e)). The 20-268(d) hold does not apply to articles received from dealers, pawnbrokers, jewelers, banking institutions, executors or administrators. Other local holds: Nassau County 14 calendar days for secondhand precious metals and gems. Monroe County 14 calendar days after the electronic report, and up to 30 days when law enforcement requests it. Suffolk County 21 days (purchases of coins for numismatic value are exempt from the Suffolk article). Rockland County 20 days. Town of Amherst 21 days for jewelry, gold, silver and plated ware. Albany and Troy 10 business days. Villages of Lynbrook and Freeport 15 business days. At a pawnbroker (collateral loan broker), state law (GBL 47) lets a person who sells on the broker's premises cancel within 5 business days by returning the price plus a fee of up to $4 (sales under $100), $7 ($100-$499.99) or $10 ($500+). A seller of jewelry, watches, precious stones, precious metals or coins may also convert the sale into a loan of at least 80% of the sale price within 14 days.

What the dealer records

NYC: a written record of every purchase and sale (description and identifying marks, name, residence and general description of the person, date and time) under Admin Code 20-273(a), kept 3 years according to the DCWP inspection checklist. Each seller must show ID (an official document from a U.S., state, county or municipal government, a public agency, or a public or private employer, bearing a signature, or a numbered police, fire or postal badge) and must sign in front of the dealer (6 RCNY 2-101, per the DCWP checklist). Dealers in gold, silver, platinum or other precious metals must also create an electronic record (20-273(b)). The DCWP checklist says this record goes on LeadsOnline with digital photographs and is kept 6 years. Dealers that buy precious metal must use a scale and tell the seller the troy weight. Nassau County: identity verification with listed ID (Social Security card not accepted), the seller's signature in the dealer's presence, and a daily record forwarded to the Nassau County Police Department and Office of Consumer Affairs (Local Law 21-2012 text). Suffolk County: government photo ID showing name and address (or a passport plus proof of address; Social Security cards not accepted), digital photos of each item and of the seller's face and ID, a bound record book kept at least 7 years, and electronic reporting. Monroe County: photo ID, a copy or photo of the ID, a photo of each item, and an upload to the Sheriff's electronic reporting service within 48 hours. No source reviewed requires seller thumbprints. Fingerprinting in these laws applies to license applicants. NYC Local Law 183 of 2025 (effective Sept. 8, 2026) removed it for secondhand dealers other than auto dealers, while Nassau's 2012 law still requires it for its license applicants.

How you get paid

No statewide or New York City cash cap or check-only rule for dealer payments to sellers was found. A check or money-order requirement exists only in pending bill S4133 (mail-in secondhand precious metals dealers), which is not law. Federal IRS Form 8300 reporting covers cash over $10,000 that a business RECEIVES, such as a customer paying cash for bullion, not cash a dealer pays out. Nassau and Suffolk County licensees must post a $5,000 bond guaranteeing payment of the bank drafts or other negotiable instruments they issue for purchases.

Minimum age

18 in most places. State law bars pawnbrokers from buying from anyone actually or apparently under 18 (GBL 47-a). NYC (20-268(b): known or suspected minors), Nassau, Monroe, Rockland, Lynbrook and Freeport bar purchases from persons known or believed to be minors or under 18, and Albany bars purchases from anyone under 18. Suffolk County is stricter: sellers under 21 need written parental or guardian consent, notarized if the parent or guardian is not present.

Sources: NYC DCWP Inspection Checklist: Secondhand Dealers (ID, signature, records, LeadsOnline, 15-day rule, minors, scales) · NYC Administrative Code 20-264 to 20-268 (definitions, license, fee, restrictions: minors, 15-day hold) · NYC Administrative Code 20-273 - Record of purchase and sales (written and electronic records) · NY General Business Law 47 - Second-hand business of collateral loan brokers (5-business-day cancellation, convert to loan) · NY General Business Law 47-a - Collateral loan broker dealing with a child · Nassau County Local Law 21-2012 - Second-hand precious metal and gem dealers · Suffolk County Code Chapter 563, Article IV - Precious Metal and Gem Exchanges · Monroe County Code Chapter 384 - Pawnbrokers, Secondhand Dealers and Jewelry and Coin Exchange Dealers · Rockland County Code Chapter 340 - Secondhand Precious Metals or Gems · City of Albany Code Chapter 293 - Secondhand Dealers · City of Troy Code Chapter 242 - Secondhand Dealers (s. 242-11, 10 business days) · Town of Amherst Code Chapter 157 - Secondhand Dealers (21-day hold) · Village of Lynbrook Code Chapter 195 - Secondhand Merchandise, Dealers in (15 business days) · Village of Freeport Code Chapter 173 - Secondhand Dealers (15 business days) · NY Senate Bill S4133 (2025-2026) - mail-in secondhand precious metals dealers (pending, in Consumer Protection Committee) · IRS - Form 8300 and reporting cash payments of over $10,000 · NYC DCWP - New Laws and Rules (Local Law 183 of 2025, effective Sept. 8, 2026)

Dealer licensing

New York State has no general license for coin shops, bullion dealers or secondhand precious-metal buyers: the Department of State's license list has no such category, and a bill to register mail-in precious-metal buyers has been reintroduced since 2009 without passing. Licensing is local, through the NYC Department of Consumer and Worker Protection, county consumer affairs or consumer protection offices (Nassau, Suffolk, Putnam, Rockland), the Monroe County Sheriff, or city, town and village clerks. Every retailer making taxable sales also needs a state sales-tax Certificate of Authority. One state law may reach some bullion sellers: GBL 359-e(14) requires 'commodity broker-dealers' to register with the Attorney General, and its definition can include selling metal to the public under contracts made primarily for investment. Whether it covers an ordinary retail coin shop was not confirmed.

• NYC Secondhand Dealer - General license (required to buy or sell used goods other than automobiles; 2-year term expiring July 31 of odd years; $340 for a full term, prorated for shorter terms) · NYC Department of Consumer and Worker Protection (DCWP); electronic records are made available to the NYPD · look up a license
• NYC Pawnbroker license (required to lend money on pledged personal property) · NYC Department of Consumer and Worker Protection (DCWP), under General Business Law Article 5 · look up a license
• Nassau County Second-Hand Precious Metal and Gem Dealer license (2-year license, $500, $5,000 bond) · Nassau County Office of Consumer Affairs
• Suffolk County Precious Metal and Gem Exchange license ($200 per year or $400 biennial renewal, $5,000 bond; buying or selling coins purely for numismatic value is exempt) · Suffolk County Office of Consumer Affairs
• Putnam County secondhand dealer / precious metal and gem dealer license (County Code Chapter 195) · Putnam County Office of Consumer Affairs
• Monroe County Pawnbroker, Secondhand Dealer and Jewelry and Coin Exchange Dealer license ($150 per year, expires Dec. 31; a jewelry or coin exchange dealer with less than 15% of annual gross retail sales from secondhand articles is exempt) · Monroe County Sheriff
• Rockland County Secondhand Precious Metal or Gem Dealer license ($2,000 bond; fee set by rule; expires Nov. 30) · Rockland County Director of Consumer Protection
• City secondhand-dealer / precious-metals-dealer licenses (examples: Albany $200/yr, Rochester $200, Schenectady $250/yr, Troy, Canandaigua, Plattsburgh) · City Clerk in Albany, Rochester and Plattsburgh; City Clerk/Treasurer in Canandaigua; Office of Consumer Protection in Schenectady
• Town and village secondhand-dealer licenses (examples: Town of Amherst, Village of Lynbrook, Village of Freeport, Town of Hempstead ($110/yr plus $2,000 bond, April 1-March 31)) · Local clerk or police department
• NYS Sales Tax Certificate of Authority (needed by any business making taxable sales in NY) · NYS Department of Taxation and Finance · look up a license
• GBL 359-e registration (referenced by the bullion tax exemption 'if so required'). Securities dealers and brokers file a state notice with the Department of State and a registration statement with the Department of Law. Commodity broker-dealers register annually with the Attorney General ($100) under subd. 14. Not a general coin-shop license, and whether a retail coin shop must register was not confirmed. · NY Department of State (state notice) and NY Attorney General / Department of Law (registration statements)

If something goes wrong

• NY Attorney General - consumer complaints (OAG Help Line 1-800-771-7755)
• NY Attorney General - online complaint form (the form linked from the AG's Aug. 7, 2026 gold bar scam alert)
• NYS Department of State, Division of Consumer Protection (hotline 800-697-1220)
• NYC Department of Consumer and Worker Protection (DCWP) - file a consumer complaint
• NYPD - find your precinct (the AG directs NYC gold bar scam victims here)
• FTC ReportFraud (federal)
• CFTC - Precious Metal Frauds (federal; includes warnings on leveraged or financed metals purchases)
• Professional Numismatists Guild - Collector's Bill of Rights and arbitration (only if the dealer is a PNG member)

• SCOPE: Fact-checked 2026-10-09/10 against primary sources: NY Tax Law 1115(a)(27) (NY Senate, revision of 2026-06-19); 20 NYCRR 527.1 and 528.29; Tax Dept TSB-M-89(20)S, TSB-H-81(123)S, Publication 718 and the FY2027 tax expenditure estimates; GBL 40, 43, 47, 47-a, 52, 218-a and 359-e; S7875 and S4133 status pages; NYC Admin Code 20-264 to 20-273; DCWP checklists and new-laws page; Nassau Local Law 21-2012; Suffolk Code ch. 563 art. IV; Monroe Code ch. 384; Rockland Code ch. 340; Albany Code ch. 293; Town of Hempstead license page; and the AG press release of Aug. 7, 2026. The Troy, Amherst, Lynbrook, Freeport, Canandaigua, Plattsburgh, Schenectady and Putnam County code provisions were checked only through verbatim code excerpts in search results, because direct ecode360 fetches were blocked. The Putnam application packet PDF could not be opened.
• NO STATEWIDE COIN-DEALER LICENSE: The NYS Department of State license list has a 'Coin Processor' category but no secondhand dealer, pawnbroker or precious-metals dealer category. The only state proposal aimed at precious-metal buyers is S4133 (mail-in secondhand precious metals dealers). It would require registration with the Department of State, payment by check or money order, a 10-calendar-day hold and Class E felony penalties. It has been reintroduced every session since 2009-10 and was referred to the Senate Consumer Protection Committee on Jan. 7, 2026. It is NOT law.
• COMMODITY BROKER-DEALER REGISTRATION (GBL 359-e(14)): A 'commodity' includes any metal product, and a 'commodity contract' includes a cash contract for immediate delivery made primarily for investment. A 'commodity broker-dealer' (anyone in the business of selling commodities to the public through such contracts) must register annually with the Attorney General ($100 fee). Exemptions include CFTC/NFA registrants and members, banks and licensed money transmitters. Failing to register is a misdemeanor. This check did not determine whether an ordinary retail coin shop selling bullion falls under the provision, and no AG guidance on that question was located. Do not state it as a requirement on listing pages.
• NYC CHANGE (2025-2026): NYC Local Law 183 of 2025 (effective Sept. 8, 2026) removes the fingerprinting and surety-bond requirements for dealers in secondhand goods and eliminates fees for replacing lost or destroyed licenses. Admin Code 20-266 as amended keeps fingerprinting only for second-hand automobile dealers. The General license fee is still $340 for a full biennial term.