Florida Precious Metals Sales Tax: What Buyers Need to Know

Florida is one of the best states in the country for buying precious metals — and it just got better.

The New Law: Full Exemption on Bullion, No Minimum

Effective August 1, 2025, Florida eliminated the $500 minimum purchase requirement for sales tax exemption on gold, silver, and platinum bullion. All qualifying bullion is now exempt from sales tax regardless of the transaction amount.

The change was enacted under House Bill 7031, signed by Governor Ron DeSantis. It makes Florida one of a growing number of states that fully exempt investment-grade precious metals from sales tax.

How Florida Classifies Precious Metals

Florida law treats precious metals differently depending on what they are. There are three categories that matter, each with its own tax treatment. Understanding which category a product falls into is the key to understanding whether sales tax applies.

Category 1: U.S. Legal Tender Coins — Always Exempt

Any coin that is legal tender of the United States is exempt from Florida sales tax. No minimum purchase, no purity requirement, no exceptions. This has been the law since 1999 and was not changed by HB 7031 — it was already fully exempt.

This covers every denomination of American Eagle (gold, silver, platinum, and palladium), American Buffalo gold coins, and any other coin issued as legal tender by the U.S. Mint. A 1/10 oz American Gold Eagle bought for $300 is tax-free. A single American Silver Eagle bought for $35 is tax-free.

The exemption is based entirely on legal tender status, not metal content or purity. American Gold Eagles are .9167 fine (22 karat) — well below typical bullion purity standards — but they're exempt because they're U.S. legal tender.

Category 2: Gold, Silver, and Platinum Bullion — Always Exempt (Post-HB 7031)

Under Florida Administrative Code Rule 12A-1.0371, "bullion" is defined as gold, silver, or platinum in the form of bars, ingots, or plates, normally sold by weight. The rule explicitly states that finished goods such as coins and jewelry are not bullion.

Before HB 7031, bullion was only exempt when the transaction exceeded $500. That threshold has been eliminated. All gold, silver, and platinum bullion is now exempt from Florida sales tax at any transaction amount.

This covers products like 1 oz gold bars, 10 oz silver bars, kilo bars, fractional gold bars, platinum ingots, and generic rounds (which are classified as plates under the rule, not coins, because they are not legal tender).

Category 3: Foreign Coins — Exempt Only Over $500

Coins that are legal tender of a foreign country but sold above their face value fall into the coins and currency category. The $500 exemption threshold for coins and currency was not changed by HB 7031 — it still applies.

This means that in a single transaction, the combined sales price of foreign coins sold above face value must exceed $500 for the sale to be exempt. If the total is $500 or less, Florida sales tax applies.

Products in this category include South African Krugerrands, Canadian Maple Leafs (gold and silver), British Britannias, Austrian Philharmonics, Chinese Pandas, and any other sovereign coin issued by a foreign government. Purity does not matter — a .9999 fine Canadian Maple Leaf and a .9167 fine Krugerrand are treated the same way under the rule.

Practical examples: At current gold prices (above $5,000/oz as of early 2026), even a single 1/10 oz Gold Krugerrand or 1/10 oz Gold Maple Leaf will exceed the $500 threshold once premiums are factored in. Where this threshold matters most is silver: a single 1 oz Silver Maple Leaf or Silver Krugerrand sells for roughly $100, well below $500. You'd need to buy five or more in a single transaction to clear the threshold. In those cases where the total falls short, sales tax applies unless combined with other qualifying foreign coins in the same transaction to exceed $500.

What's Always Taxable?

A few categories remain subject to Florida sales tax regardless of the transaction amount:

Palladium bullion — The bullion exemption under §212.08(7)(ww) only covers gold, silver, and platinum. Palladium bars, rounds, and ingots are not included and remain taxable. However, the American Palladium Eagle is exempt as U.S. legal tender under Category 1.

Copper products — Copper bars, rounds, and other copper items are not considered precious metals under the statute.

Jewelry — Finished jewelry is classified as tangible personal property and subject to sales tax, even if made of precious metals, because it is not being sold primarily for its bullion value.

Ancient and historical coins — Coins that are no longer legal tender in any country (such as ancient Roman coins or Confederate currency) are taxable. The $500 threshold for coins and currency applies.

What About Selling?

When you sell precious metals to a dealer, there's no sales tax involved — you're the seller, not the buyer. What you should be aware of are federal reporting requirements:

IRS Form 8300 — Dealers are required to file this form for cash payments exceeding $10,000 in a single transaction or related transactions within a 24-hour period. This is a federal anti-money-laundering requirement.

IRS Form 1099-B — Dealers are required to file 1099-B only when you sell bullion in a quantity and form that meets current Commodity Futures Trading Commission (CFTC) precious metal futures contract requirements. This exempts all jewelry and scrap metals, most coin types, and bars of most sizes. Trade-ins toward a retail purchase are also exempt from 1099-B reporting.

State ID requirements — Florida's secondhand dealer statutes may require dealers to collect identification for certain transactions.

These are reporting requirements, not taxes on the sale itself. Whether you owe federal capital gains tax on profits from selling precious metals depends on your individual tax situation.

How This Applies at Florida Gold Exchange

No Florida sales tax is collected on U.S. legal tender coins, gold, silver, or platinum bullion of any amount, or foreign sovereign coins when the transaction exceeds $500. The price you see on our product pages is the price you pay, plus shipping if applicable.

For foreign sovereign coins (Krugerrands, Maple Leafs, Britannias, etc.) in small quantities that fall below the $500 threshold, applicable Florida sales tax will be added at checkout.

For questions about the tax implications of buying or selling precious metals in your specific situation, we recommend consulting a tax professional.