New York is the third most populous state in the country. It is home to the largest U.S. city, New York City, with an estimated population of 8.3 million people, making up nearly half of the entire state’s population.
New York City attracts more foreign tourists than any other U.S. location. New York State was the location of about a third of all the battles of the Revolutionary War, and was the 11th state to ratify the United States Constitution.
Bullion Sales Tax in New York
In New York, coins and paper currency are taxable, regardless of the purchase price. According to state law, there is a sales tax exemption for certain precious metal bullion (http://www.tax.ny.gov/pdf/memos/sales/m89_20s.pdf). The total purchase price must be at least $1,000.00 to qualify for this exemption.
For this exemption to apply, the bullion must be bars, rounds, or coins made of gold, silver, platinum, palladium, or other precious metals. Coins of the Republic of South Africa (such as the popular Krugerrand bullion coin) are specifically excluded from this exemption. The value of the product must depend only on its metal content, rather than its form. It cannot exceed 140% of the spot price (for silver coins), 120% of spot (for gold coins 1/4 ounce or less), or 115% of spot (for all other coins, rounds, or bars).
In New York, the state sales tax rate is 4%. Many areas also have local taxes; the highest tax rate in the state is currently New York City’s 8.875% rate. Because of the tax exemptions available, many New York investors wait until they have at least $1,000 to spend before buying from a local dealer, and choose bullion products that qualify for the tax exemption.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to New York 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 NY
If you are looking for coin shops in specific cities located in the state of New York be sure to check out our other local directory pages:
- Local coin shops in New York, NY
- Local coin shops in Buffalo, NY
- Local coin shops in Rochester, NY
- Local coin shops in Yonkers, NY
- Local coin shops in Syracuse, NY
- Local coin shops in Albany, NY
Below is a list of local precious metals dealers in New York, including directions to each local shop.
F.H. Coins & Collectibles
F.H. Coins, a family-operated coin shop in New York City, provides a personal and local approach to coin selling. They have two locations: one in Queens and one on the Upper East Side.
They offer free appraisals, and specialize in rare, historical, and collectible coins, rather than bullion. F.H. Coins, founded in 1958, also buys and trades with individual investors.
1187 Lexington Ave.
New York, NY 10028
Among the best high-end coin dealers in the country, Stack’s Bowers is renowned for its high-grade rare coins. Its reputation has even made it a tourist destination, though most of the coins sold here are well outside the price range of a casual collector.
Still, Stack’s draws many investors and collectors who marvel at the coins on display here. Their unique ‘ GOLD to go™ ATM’ offers smaller-sized gold and silver bullion, from five grams to one troy ounce, all purchased through a vending machine.
123 West 57th Street
New York, NY 10019
Bullion Trading LLC
Bullion Trading LLC specializes in silver and gold bullion such as rounds, bars, and coins. This dealer focuses less on rare or historical coins, and more on precious metals for investment purposes. As the largest precious metal dealer in New York, Bullion Trading LLC has a New York City showroom and also sells online and by mail. Their buy and sell prices are clearly listed on their website.
1156 Sixth Ave., 8th Floor
New York, NY 10036
Ridge Coin and Gold Exchange
Founded in 1972, Ridge Coin offers both numismatic collectibles and precious metal bullion. Ridge Coin is best known for a large and frequently-changing inventory of bullion bars and coins, including American Eagles, Canadian Maple Leafs, Krugerrands, 90% junk silver coins, and one-ounce silver and gold bars. They offer free appraisals, and buy coins, precious metals, and jewelry from individuals.
2064 East Ridge Road
Rochester, NY 14622
Brigandi Coin Company
For more than five decades, Brigandi Coin Company on 44th Street in New York City has been known for carrying high-quality rare coins, gold and silver bullion, paper currency from around the world, and sports collectibles. This Manhattan icon offers products at every price range, and welcomes new collectors and serious investors alike.
Brigandi sells a select few products via eBay and on their website, and buy coins, precious metals, and memorabilia from individuals. Brigandi Coin Company offers appraisals and authentication services, and also assists collectors wishing to sell their collection at auction.
60 West 44th Street
New York, NY 10036
Local Gold and Silver Mints in NY
Also browse the gold and silver mints local to New York. Some of these mints offer retail products, while others are wholesale only.
U.S. Mint at West Point
Founded in 1937, the West Point Mint once held the largest amount of silver of any U.S. Mint facility. During the 1970s and 1980s, the West Point Mint produced pennies, quarters, and other circulating coinage, some of which bears no mint mark while others carry a “W” mint mark.
In 1983, it produced $10 gold coins commemorating the 1984 Los Angeles Olympics; this was the first legal tender gold coin produced in the U.S. since 1933. Today, the West Point Mint produces American Eagle bullion coins in gold, silver, and platinum, along with the American Buffalo gold bullion coin and other gold and silver commemorative issues.
Thank you for reading our guide to gold and silver buying in New York. If you know of any other coin or bullion shops in NY, please contact us so we can update our directory.