Sales Tax on Gold and Silver in Minnesota

Minnesota charges sales tax on most purchases of gold and silver, but gives a partial exemption for certain bullion products. Only bars or rounds that are at least 99.9% by weight gold, silver, platinum or palladium are exempt. Coins, including bullion coins, are taxable, as are jewelry, works of art and scrap metal.

What qualifies for the exemption

To be exempt, an item must be a bar or round, not a coin. It must be at least 99.9% by weight of gold, silver, platinum or palladium. It must be marked with its weight, purity and content. When those conditions are met, the sale is exempt from Minnesota sales tax.

The Minnesota Department of Revenue states: “Sales of precious metal bullion are exempt from sales tax. Precious metal bullion is a bar or round at least 99.9% (by weight) of the following metals: Gold Silver Platinum Palladium … Note: This exemption does not apply to sales of coins, jewelry, works of art, and scrap metal.”

What does not qualify

Coins are taxable in Minnesota, even coins made of gold or silver. Jewelry is taxable. Works of art are taxable. Scrap metal is taxable. The exemption is limited to bars and rounds that meet the purity and marking conditions.

Bills introduced in the 2025-26 session, HF 881 and SF 403, would have added coins and currency to the exemption. Those bills were not enacted. The 2025 statute and the Department of Revenue guide still list only bars and rounds.

Threshold and local taxes

Minnesota’s exemption has no dollar threshold. The rule turns on the type of item and its purity and markings, not on how much is spent. The available guidance does not set a minimum purchase amount.

The available guidance also does not address local sales taxes for these sales. Minnesota has local sales taxes in some areas, and buyers should confirm with the state or their local taxing authority whether any local tax applies to a particular purchase.

Minnesota gold and silver tax treatment at a glance

Official sources

The rule appears in the Minnesota Department of Revenue’s Nontaxable Sales guide and in Minnesota Statutes 297A.67. The Department of Revenue also published a summary of the 2025-26 bullion, coins and currency bills.

This rule was checked in October 2026 and can change with new legislation. Before a large purchase, confirm the current treatment with the Minnesota Department of Revenue.

What buyers commonly get wrong

A common mistake is assuming that any gold or silver item is exempt. In Minnesota, the exemption covers only bars and rounds at 99.9% purity or higher that are marked with weight, purity and content. Coins are not covered, even when they are made of the same metals. Jewelry, works of art and scrap metal are also outside the exemption.

Another common mistake is treating the 2025-26 bills as law. HF 881 and SF 403 would have added coins and currency to the exemption, but they were not enacted. The 2025 statute and the Department of Revenue guide still list only bars and rounds.

A third mistake is assuming a dollar threshold applies. Minnesota’s exemption does not set one; the item’s form, purity and markings decide the treatment.

For general background on how sales tax applies to precious metals across states, see sales tax on gold.

Minnesota’s rule can change with new legislation. For advice about a specific purchase or transaction, consult a tax professional or your own preparer.