Sales Tax on Gold and Silver in Idaho
Idaho exempts precious metal bullion and monetized bullion from sales tax. Learn what qualifies, what does not, and how the rule applies to coins and jewelry.
Idaho does not charge sales tax on the sale of precious metal bullion or monetized bullion. The exemption is set out in Idaho Code 63-3622V, which states: “There is exempted from the taxes imposed by this chapter: (a) The sale of precious metal bullion or the sale of monetized bullion.” The statute was added in 1984 (ch. 239), and its text was unchanged in the legislature’s site as archived May 2026.
What qualifies as exempt bullion
“Precious metal bullion” means any elementary precious metal that has been smelted or refined, including but not limited to gold, silver, platinum, rhodium and chromium, whose value depends on its contents rather than its form. Precious metal ingots are exempt under Tax Commission Rule 039 (IDAPA 35.01.02).
“Monetized bullion” means coins or other money made of gold, silver or other metals that have been, are or will be used as a medium of exchange under the laws of Idaho, the United States or a foreign nation. Coins such as Krugerrands are exempt unless they are incorporated into jewelry.
What does not qualify
Jewelry containing coins or ingots is taxable. Commemorative medallions and tokens are taxable, except Idaho commemorative medallions sold through the State Treasurer. Coins whose value depends on their form and that were not minted as currency are not exempt. Coins or money sold to be made into jewelry or works of art are excluded from the definition of monetized bullion.
Is there a dollar threshold?
No. Idaho’s exemption has no dollar threshold. The rule applies regardless of the purchase amount.
Do local sales taxes apply?
The sources opened do not address local sales taxes. The exemption in Idaho Code 63-3622V is written as an exemption from “the taxes imposed by this chapter.”
Idaho gold and silver tax treatment at a glance
| Item | Idaho sales tax |
|---|---|
| Precious metal bullion (smelted or refined gold, silver, platinum, rhodium, chromium) | Exempt |
| Precious metal ingots | Exempt |
| Monetized bullion (coins or money used as a medium of exchange) | Exempt |
| Krugerrands and similar coins | Exempt unless incorporated into jewelry |
| Jewelry containing coins or ingots | Taxable |
| Commemorative medallions and tokens | Taxable, except Idaho commemorative medallions sold through the State Treasurer |
| Coins valued for their form, not minted as currency | Not exempt |
| Dollar threshold | None |
What buyers commonly get wrong
A common mistake is assuming that every coin is exempt. The exemption turns on whether the coin is monetized bullion, meaning it has been, is or will be used as a medium of exchange under the laws of Idaho, the United States or a foreign nation. Coins whose value depends on their form and that were not minted as currency are not exempt.
Another mistake is treating all coin and ingot products the same. Jewelry containing coins or ingots is taxable, and commemorative medallions and tokens are taxable except Idaho commemorative medallions sold through the State Treasurer.
A third mistake is looking for a dollar threshold. Idaho’s exemption has no dollar threshold, so the exemption does not depend on how much is purchased.
Official sources
The exemption is set out in Idaho Code 63-3622V. Tax Commission Rule 039 is available as IDAPA 35.01.02 and as IDAPA 35.01.02.039.
The rule was checked in October 2026 and can change with new legislation. Readers should confirm the current rule with the state before a large purchase. For general background on how gold is taxed federally, see sales tax on gold.
For advice about a specific situation, consult a tax professional or your own preparer.
Common questions
Does Idaho charge sales tax on gold and silver bullion?
No. Idaho Code 63-3622V exempts the sale of precious metal bullion and the sale of monetized bullion from the taxes imposed by that chapter.
Are Krugerrands exempt from Idaho sales tax?
Yes. Under Tax Commission Rule 039 (IDAPA 35.01.02), coins such as Krugerrands are exempt unless they are incorporated into jewelry.
Is jewelry containing coins or ingots taxable in Idaho?
Yes. Jewelry containing coins or ingots is taxable. Coins or money sold to be made into jewelry or works of art are excluded from the definition of monetized bullion.
Is there a dollar threshold for the Idaho bullion exemption?
No. Idaho's exemption for precious metal bullion and monetized bullion has no dollar threshold.
Read next
- Sales Tax on Gold and Silver in Vermont Vermont charges sales tax on gold and silver bullion, ingots, wafers, and most coins. A 2026 exemption bill was never enacted. Confirm with the state before buying.
- Sales Tax on Gold and Silver in Illinois Illinois exempts legal tender, government-issued gold and silver coinage, medallions and bullion from sales tax, with no dollar threshold. Jewelry is taxable.
- Sales Tax on Gold and Silver in Kentucky Kentucky exempts currency and bullion from sales tax, including gold and silver bars and coins. Jewelry and collectibles stay taxable. Rule checked October 2026.
- Numismatic Coin Tax: Rare Coins vs Bullion Learn how the IRS taxes numismatic coins: collectibles rates, basis, appraisal, and loss treatment compared to bullion.
- Using Gold in a Transaction: A Disposal Without Cash Paying with metal is a disposal at fair market value, so a gain can arise with no cash received to pay the tax on it.