Maryland, the seventh state to ratify the Constitution, is one of the smallest states in terms of area, yet one of the most densely populated. With the highest median household income, Maryland is considered to be the wealthiest state in the U.S. Many Maryland investors prefer physical gold and silver investments.
Historically, there were several gold mining operations within the state, though these have long since ended. Today, there are many longstanding coin and precious metal dealers throughout Maryland offering collectible and investment-grade coins.
Bullion Sales Tax in Maryland
According to Maryland tax law (http://law.justia.com/codes/maryland/2010/tax-general/title-11/subtitle-2/11-214-1), purchases of “precious metal bullion and coins” are exempt from sales tax as long as the purchase price exceeds $1,000. Under the law, “precious metal bullion or coins” is defined as refined precious metals with a value dependent on the metal content and not on the form, or monetized bullion/coins manufactured from precious metal and used as legal tender in Maryland, the United States, or any foreign nation.
Note that there are several notable categories of numismatic collectibles that do not qualify for this exemption, such as historical coins not made of a precious metal, paper currency, and non-legal tender collectibles, such as medals and tokens. There is a 6% sales tax on smaller purchases and on items that do not qualify for the exemption. In the past few years, there have been several efforts to repeal this exemption, but none have passed. Under the current law, many Maryland investors wait until they are able to purchase at least $1,000 in coins or bullion before visiting a local coin dealer.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to Maryland residents. Browse our selection of tax-free gold and silver products. Please note that we are not tax experts, and individuals may be liable to pay local Use tax.
Local Gold and Silver Dealers in MD
If you are looking for coin shops in specific cities located in the state of Maryland be sure to check out our other local directory pages:
Below is a list of local precious metals dealers in Maryland, including directions to each local shop.
Baltimore Gold & Silver
Baltimore Gold & Silver, one of the best-known coin dealers in Baltimore, buys and sells rare US coins, paper currency, precious metals, and collectible sports memorabilia.
Located in downtown Baltimore, they have 25 years of experience and are known for honest, fair deals whether buying or selling jewelry, scrap gold and silver, or historical coins.
113 N Charles St
Baltimore, MD 21201
A Baltimore fixture for more than five decades, Harford is known for its expansive inventory of U.S. and foreign coins, proof and mint sets, ancient coins, tokens and medals, paper currency, stamps, ephemera, and gold and silver bullion.
Baltimore’s oldest coin shop, Harford Coin Company offers appraisals and grading services. They are especially well-known for their selections of collectible ancient coins and early U.S. coins.
8722 Satyr Hill Rd.
Parkville, MD 21234
Gaithersburg Coin Exchange
Gaithersburg Coin Exchange, founded more than four decades ago, is an NGC authorized dealer officially recommended by the U.S. Mint. They purchase and sell silver, gold, palladium, and platinum bullion and paper currency.
Gaithersburg’s U.S. coin selection includes a wide array of certified coins and silver dollars. They also carry other US and foreign coins. Many of their coins are shown online; others are only available in their showroom.
16 East Diamond Avenue
Gaithersburg, MD 20877
Frederick Coin Exchange
Though Frederick Coin Exchange only opened in 2007, already it has become the area’s premier coin dealer. The shop claims that more than 70% of its customers are repeat visitors. Their prices are lower than many online dealers.
At least three specialists are in the store at all times to assist customers looking to buy or sell gold, silver, or coins. Every month, Frederick Coin Exchange purchases millions of dollars worth of precious metals. Their buy and sell prices are clearly listed on their website for the most popular bullion types.
Frederick offers grading submission services and free verbal appraisals. Their expansive inventory ranges from relatively inexpensive coins for beginning collectors, to rare high-grade coins priced at hundreds of thousands of dollars. Frederick Coin Exchange specializes in rare U.S. coins, as well as gold and silver bullion coins.
20 N East St.
Frederick, MD 21701
Certified Rarities, as the name suggests, specializes in rare and high-grade coins. They carry US Mint proof and uncirculated coins, high-grade US and foreign coins, and gold and silver bullion.
Their employees are well-trained to help new or experienced collectors select the right coins to add to their collection. Certified Rarities is a PCGS and NGC authorized coin dealer offering grading submission services, appraisals, and coin collecting supplies.
1447 York Road, Suite 310
Lutherville, MD 21093
Local Gold and Silver Mints in Maryland
Also browse the gold and silver mints local to Maryland. Some of these mints offer retail products, while others are wholesale only.
The Maryland Mint
The Maryland Mint specializes in full-size reproductions of historical U.S. coins. Most of their items are not precious metals, though they may be replicating coins that were originally minted in gold or silver.
For example, Maryland Mint produces a 24K gold-plated version of a United States Treasury 1 kilo gold bar. Their items are known for carrying beautiful designs, but contain no precious metals.
American Islamic Mint
Baltimore-based American Islamic Mint specializes in gold, silver, and platinum medallions designed to depict and promote Islamic religion and culture. This small mint, though new to the precious metal industry, has already produced several popular silver rounds featuring unique Islamic themes. Their first commemorative series is “The Five Pillars of Islam.”
Thank you for reading our guide to gold and silver buying in Maryland. If you know of any other coin or bullion shops in MD, please contact us so we can update our directory.