# Florida Precious Metals Sales Tax: What Buyers Need to Know Florida's sales tax treatment of precious metals is generally favorable to investors, but the rules are more technical than they first appear. Whether a purchase is taxable depends not only on the metal involved, but also on whether the item is treated as **U.S. legal tender, bullion, Florida-recognized gold or silver legal tender, or another type of coin or currency**. Two recent changes are especially important: - **Effective August 1, 2025**, Florida eliminated the $500 minimum purchase requirement for the sales tax exemption on qualifying gold, silver, and platinum bullion. - **Effective July 1, 2026**, Florida added a separate sales tax exemption for certain qualifying gold and silver products recognized as legal tender under Florida law. The distinction between these categories matters. In particular, a coin commonly described in the precious metals industry as a "bullion coin" — such as a Canadian Gold Maple Leaf or Silver Maple Leaf — is not necessarily treated as **bullion** under Florida's sales tax rule. *Last updated: August 2026.* ## The 2025 Change: No Minimum Purchase for Gold, Silver, or Platinum Bullion Florida Statute [§ 212.08(7)(ww)](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0212%2FSections%2F0212.08.html) exempts the sale of gold, silver, and platinum bullion from Florida sales tax. Effective August 1, 2025, **House Bill 7031** eliminated the previous requirement that the sales price of qualifying bullion exceed $500. As a result, qualifying gold, silver, and platinum bullion is now exempt regardless of the transaction amount. The important question is what Florida considers "bullion." ## How Florida Classifies Precious Metals Florida's tax rules create several overlapping categories. For most retail precious metals purchases, four categories are especially important. ### Category 1: U.S. Legal Tender Coins Florida does not impose sales tax on coins or currency that are legal tender of the United States. This includes commonly traded U.S. bullion coins such as: - American Gold Eagles - American Silver Eagles - American Platinum Eagles - American Palladium Eagles - American Buffalo gold coins For these products, the exemption is based on their status as U.S. legal tender rather than their precious metal purity or the size of the purchase. For example, a single fractional American Gold Eagle or a single American Silver Eagle may be purchased without Florida sales tax even when the transaction is well below $500. Florida Department of Revenue guidance distinguishes coins that are **currently legal tender of the United States** from coins or currency that are no longer legal tender. Historical or obsolete coins therefore should not automatically be treated as exempt merely because they were once issued by the United States. ### Category 2: Gold, Silver, and Platinum Bullion Florida Administrative Code Rule [12A-1.0371](https://www.law.cornell.edu/regulations/florida/Fla-Admin-Code-Ann-R-12A-1-0371) defines "bullion" for this purpose as gold, silver, or platinum in the form of **bars, ingots, or plates, normally sold by weight**. The rule specifically states that finished goods such as coins and jewelry are not bullion. Since August 1, 2025, qualifying bullion is exempt regardless of price. Typical examples include: - 1 oz, 10 oz, 100 oz, and kilo gold or silver bars - Fractional gold bars - Platinum bars and ingots - Other qualifying gold, silver, or platinum products that fall within Florida's regulatory definition of bullion This exemption is found in [§ 212.08(7)(ww), Florida Statutes](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0212%2FSections%2F0212.08.html). ### Category 3: Certain Gold and Silver Products Recognized as Florida Legal Tender Beginning July 1, 2026, Florida created an additional exemption for certain gold and silver products recognized as legal tender under [§ 215.986, Florida Statutes](https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0215%2FSections%2F0215.986.html). For purposes of that statute, qualifying gold or silver may take the form of **rounds, bars, ingots, or bullion coins**. Generally, the product must: - Be valued for its metal content - Be stamped or imprinted with its weight and purity - Contain at least **99.5% gold** if it is a gold product - Contain at least **99.9% silver** if it is a silver product - Satisfy the statute's marking requirements - Not be jewelry, another item of utility, or a collectible The statute generally prohibits a qualifying product from bearing names, symbols, designs, or other information suggesting that it was minted or issued by a government. It may, however, bear its weight and purity and the name or symbol identifying its refiner or mint. This new provision is particularly important for **qualifying privately minted gold and silver rounds**. Those products are not expressly included in the traditional "bars, ingots, or plates" definition of bullion in Rule 12A-1.0371, but qualifying rounds may now receive a separate exemption under § 215.986. There is some overlap between this category and the ordinary bullion exemption. For example, a qualifying gold or silver bar may satisfy both provisions. The Florida Department of Revenue summarizes the new exemption in [Tax Information Publication 26A01-08](https://floridarevenue.com/taxes/tips/Documents/TIP_26A01-08.pdf). ### Category 4: Foreign Sovereign Coins and Other Taxable Coins Florida's separate rule for coins and currency remains important. Under [§ 212.05(1)(j), Florida Statutes](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0212%2FSections%2F0212.05.html), coins or currency are generally taxable when they: - Are not legal tender; - Are legal tender but are sold above face value; or - Are sold based on their precious metal content. However, when the **taxable amount represented by qualifying coins or currency in a single transaction exceeds $500**, the entire amount represented by those otherwise-taxable coins or currency is exempt. The statute says **exceeds $500**, so a taxable coin amount of exactly $500 does not satisfy the threshold. This category generally includes foreign sovereign precious metal coins sold for their metal value, such as: - Canadian Gold Maple Leafs - Canadian Silver Maple Leafs - South African Krugerrands - British Britannias - Austrian Philharmonics - Chinese Pandas - Other foreign sovereign bullion coins A foreign coin's purity does not by itself move the product into Florida's traditional bullion category. For example, a Canadian Gold Maple Leaf is 99.99% pure gold and a Canadian Silver Maple Leaf is 99.99% pure silver. They are unquestionably "bullion coins" in ordinary precious metals terminology. But Rule 12A-1.0371 expressly says that **coins are not bullion** for purposes of its bullion definition. The 2026 Florida legal tender law does not generally change this result for foreign government-issued coins. Section 215.986 provides that federal law controls the legal tender status of coins minted or issued by the United States or a foreign government. Federal law, [31 U.S.C. § 5103](https://uscode.house.gov/view.xhtml?edition=prelim&num=0&req=granuleid%3AUSC-prelim-title31-section5103), states that foreign gold or silver coins are not legal tender for debts in the United States. As a result, foreign sovereign bullion coins generally remain subject to the separate $500 coin-and-currency threshold when sold for their precious metal value. ## Bullion Coins Are Not "Bullion" Under Florida's Bullion Rule This is one of the most counterintuitive parts of Florida law. In the precious metals industry, products such as Gold Maple Leafs, Silver Maple Leafs, Krugerrands, Britannias, and Philharmonics are routinely described as "bullion coins" because their market value is primarily based on their precious metal content. Florida's sales tax rule uses a narrower definition. For purposes of Rule 12A-1.0371: > 'Bullion' means gold, silver, or platinum in the form of bars, ingots, or plates, normally sold by weight. The rule then states that finished goods, including **coins**, are not bullion. Therefore, the tax treatment of a Canadian Maple Leaf is determined by the rules applicable to coins, not by the rule applicable to bullion bars and ingots. ### Examples Assume the following hypothetical Florida retail transactions: - **One Silver Maple Leaf for $80:** taxable because the foreign coin amount does not exceed $500. - **Seven Silver Maple Leafs for a total of $560:** exempt because the otherwise-taxable coin amount in the single transaction exceeds $500. - **One 1/10 oz Gold Maple Leaf for $490:** taxable because the foreign coin amount does not exceed $500. - **One 1/10 oz Gold Maple Leaf for $525:** exempt because the otherwise-taxable coin amount exceeds $500. - **One American Silver Eagle for $80:** exempt because it is U.S. legal tender. - **One qualifying 1 oz silver bar for $80:** exempt under the bullion exemption. - **One qualifying privately minted .999 silver round for $80:** may qualify for the separate exemption for Florida-recognized gold and silver legal tender under § 215.986. The $500 test applies to the portion of the transaction consisting of coins or currency that would otherwise be taxable under § 212.05(1)(j). An exempt U.S. legal tender coin or an independently exempt bullion bar does not need the $500 threshold to qualify for its own exemption. ## What Products May Still Be Taxable? Florida's exemptions are broad, but they do not cover every metal product. ### Palladium Bullion The bullion exemption in § 212.08(7)(ww) applies to **gold, silver, and platinum**, but not palladium. Palladium bars and similar palladium bullion products therefore generally remain taxable. An **American Palladium Eagle**, however, is exempt because it is U.S. legal tender. ### Copper Products Copper bars, rounds, and similar products do not fall within Florida's gold, silver, or platinum bullion exemption or the 2026 gold-and-silver legal tender exemption. They are generally taxable tangible personal property. ### Jewelry and Fabricated Objects Jewelry does not qualify as bullion under Rule 12A-1.0371. The rule also provides that jewelry or other objects made or fabricated using coins, currency, or bullion are taxable on the total sales price. The 2026 Florida legal tender statute likewise excludes jewelry and other items of utility from its definitions of qualifying gold and silver coin. ### Ancient, Obsolete, and Other Non-legal tender Coins Coins that are no longer legal tender, such as many ancient, medieval, obsolete, or collectible issues, do not receive the U.S.-legal tender exemption merely because they are coins. They may therefore be taxable when sold for $500 or less. If the otherwise-taxable coin or currency amount in a single transaction **exceeds $500**, the coin-and-currency exemption in § 212.05(1)(j) may apply. ## Florida Precious Metals Sales Tax: Quick Reference | Product Type | Florida Sales Tax Treatment | |---|---| | Current U.S. legal tender coins | Exempt regardless of amount | | Qualifying gold bullion bars/ingots/plates | Exempt regardless of amount | | Qualifying silver bullion bars/ingots/plates | Exempt regardless of amount | | Qualifying platinum bullion bars/ingots/plates | Exempt regardless of amount | | Qualifying private gold products under § 215.986 | Exempt | | Qualifying private silver products under § 215.986 | Exempt | | Foreign sovereign gold or silver coins sold for metal value | Taxable unless otherwise-taxable coin/currency amount exceeds $500 | | Ancient or other non-legal tender coins | Generally taxable unless otherwise-taxable coin/currency amount exceeds $500 | | Palladium bars and similar palladium bullion | Generally taxable | | American Palladium Eagles | Exempt as U.S. legal tender | | Copper bars and rounds | Generally taxable | | Jewelry and fabricated precious metal objects | Generally taxable | ## How This Applies at Florida Gold Exchange For Florida retail purchases, Florida Gold Exchange applies the sales tax treatment required for the specific product being purchased. In general: - **Current U.S. legal tender coins** are sold without Florida sales tax. - **Qualifying gold, silver, and platinum bullion** is sold without Florida sales tax regardless of purchase amount. - **Qualifying gold and silver products recognized as Florida legal tender under § 215.986** are exempt. - **Foreign sovereign coins** such as Maple Leafs, Krugerrands, Britannias, Philharmonics, and Pandas are generally exempt only when the otherwise-taxable coin or currency amount in the transaction exceeds $500. - Products that do not fall within an applicable exemption are subject to Florida sales tax and any applicable discretionary sales surtax. Because the tax treatment depends on the legal classification of the specific product, two items containing the same amount and purity of precious metal can receive different tax treatment. For questions concerning how Florida sales tax applies to a particular product or transaction, contact us or consult a qualified tax professional. ## Sources - [Florida Statutes § 212.05(1)(j) — Taxation of coins and currency](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0212%2FSections%2F0212.05.html) - [Florida Statutes § 212.08(7)(ww) — Bullion exemption](https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0212%2FSections%2F0212.08.html) - [Florida Statutes § 215.986 — Gold and silver coin as legal tender](https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299%2F0215%2FSections%2F0215.986.html) - [Florida Administrative Code Rule 12A-1.0371 — Sales of Coins, Currency, or Bullion](https://www.law.cornell.edu/regulations/florida/Fla-Admin-Code-Ann-R-12A-1-0371) - [Florida Department of Revenue TIP 26A01-08 — Sales and Use Tax Exemption for Certain Gold and Silver Coins Beginning July 1, 2026](https://floridarevenue.com/taxes/tips/Documents/TIP_26A01-08.pdf) - [Florida Department of Revenue TAA 24A-006 — Sales and Use Tax: Coins or Currency](https://floridarevenue.com/TaxLaw/Documents/24A-006.pdf) - [31 U.S.C. § 5103 — Legal tender](https://uscode.house.gov/view.xhtml?edition=prelim&num=0&req=granuleid%3AUSC-prelim-title31-section5103) **Related reading:** - [Coins vs. Rounds vs. Bars: What's the Difference?](https://www.floridagoldexchange.com/article/coins-vs-rounds-vs-bars) - [Spot Price vs. Premium: Why You Always Pay More](https://www.floridagoldexchange.com/article/spot-price-vs-premium)