The southwestern state of New Mexico, one of the least densely populated states, is known for its unique cultural and artistic heritage. New Mexico is home to the highest percentage of Hispanics and second-highest percentage of Native Americans in the country.
The state has a long history of silver and gold mining; centuries ago, many explorers believed present-day New Mexico to be the location of a famed city of immense treasure. Today, both gold and silver in the form of jewelry, coins, and bullion remain popular investment options among New Mexico residents.
Bullion Sales Tax in New Mexico
New Mexico has a gross receipts tax, which is similar to a sales tax but is due from the business, rather than the purchaser. Generally, businesses pass this tax onto the buyer, so it is treated much like a sales tax. According to the New Mexico Gross Receipts Tax Overview (http://www.tax.newmexico.gov/SiteCollectionDocuments/Publications/FYI-Publications/FYI-105__GROSS%20RECEIPTS%20and%20COMPENSATING%20TAXES%20-%20AN%20OVERVIEW%202009.pdf), the current gross receipts tax rate is 5.125% statewide. There are additional taxes at the city, county, school or transportation district level, resulting in a complex range of local tax rates throughout New Mexico. The combined rate ranges as high as 8.8675% in some areas.
The state offers no tax exemption for coins, paper currency, or bullion. As such, these items are fully taxable. Be aware of the local tax rates when visiting a New Mexico coin shop. These taxes can add a significant amount to your total investment. Despite this, however, there are a number of highly regarded New Mexico coin dealers serving local investors.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to New Mexico 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 NM
If you are looking for coin shops in specific cities located in the state of New Mexico be sure to check out our other local directory pages:
Below is a list of local precious metals dealers in New Mexico, including directions to each local shop.
Jim Coad Rare Coins
Founded in 1968, this Albuquerque coin dealer specializes in rare U.S. and world coins. Jim Coad Rare Coins offers appraisals, and also buys and sells postcards and jewelry. Though they have little internet presence, this shop is renowned throughout the state for offering friendly, personalized service and a unique array of coins at every price point.
3107 Eubank NE, Suite #17
Albuquerque, NM 87111
ABC Coin & Stamp
ABC Coin & Stamp strives to offer everything coin collectors need, from ancient to modern, regardless of their budget or experience level. Their inventory of more than 20,000 items includes U.S. and world coins, paper currency, ancient coins, and collecting supplies.
ABC Coin & Stamp carries medals, tokens, postcards, stamps, proof and mint sets, Confederate currency, and more. Many of their items can be purchased online.
3401 San Mateo NE
Albuquerque, NM 87110
Premier Precious Metals
The largest precious metal shop in Santa Fe, Premier Precious Metals buys and sells gold, silver, palladium, and platinum bullion. They also carry other precious metal items such as U.S. and foreign coins, ancient coins, tokens, paper currency, and jewelry.
Premier’s expansive U.S. coin inventory includes every denomination produced in U.S. history, along with commemorative issues. Many of their coins can be purchased online. Premier Precious Metals can also be found at many coin shows throughout the Southwest region.
855A Cerrillos Road
Santa Fe, NM 87505
Founded more than three decades ago, Albuquerque Coins specialized in 20th century U.S. coins, and also offers an expansive selection of paper currency, estate jewelry, gold and silver bullion, and other collectibles.
Their precious metal inventory includes American Eagles, Canadian Maple Leafs, South African Krugerrands, Credit Suisse bars, generic gold and silver bars, and 90% silver U.S. coinage. Albuquerque Coins offers appraisals and buys individual items or collections.
3216 San Mateo Blvd NE
Albuquerque, NM 87110
Southwestern Gold Inc.
Founded in 1971, Southwestern Gold Inc. is a PCGS and NGC certified coin dealer. This family-owned shop carries a wide selection of coins and precious metals, including American Eagles, Canadian Maple Leafs, and other bullion coins. They also buy gold, silver, rare coins, and jewelry from individuals, resulting in a frequently-changing inventory.
6909 Menaul Blvd NE
Albuquerque, NM 87110
US State Quarters
This Santa Fe-based online dealer specializes in modern U.S. quarters, especially the popular state quarter series, along with other modern commemorative coin issues from the U.S. Mint. They also offer Morgan and Peace dollars, early U.S. cents and nickels, and silver coins and bullion, along with proof and mint sets and other numismatic collectibles. Founded in 1999, USStateQuarters.com offers online and phone ordering options.
PO Box 33108
Santa Fe, NM 87594
Thank you for reading our guide to gold and silver buying in New Mexico. If you know of any other coin or bullion shops in NM, please contact us so we can update our directory.