Gold and Silver Tax Bill SB5794

The Washington State Legislature has recently passed a bill, SB5794, which could impose a 10% sales tax on gold, silver, and coins starting January 1, 2026. This tax would apply to the sale of these precious metals and coins at the state level, as well as any additional city-level taxes.

• Gold and silver have been exempt from sales tax in Washington State until now.
• The new tax will apply to the sale of gold, silver, and coins at the state level, as well as any additional city-level taxes.
• The tax rate is likely to be the standard sales tax rate, which is currently 6.5% at the state level and an additional 2-3% at the city level.

The Impact on Businesses and Customers

According to Ryan Hoolahan, the Chief Financial Officer of Bellevue Rare Coins (BRC), the new tax will have a significant impact on his business and customers. “Gold has been the greatest hedge against inflation as people wonder, what’s the value of the dollar if you keep printing more of it?” said Curley. “I need something with security, and people look at gold, silver, and precious metals because that’s the place to put the money.”

The current price of one gold ounce is $3,372.60, a 44.12% price increase since one year ago, according to APMEX. “It’ll definitely hurt our business,” said Hoolahan. “We’ve tried to always put gold in our customers’ hands at the most efficient cost possible. It’s not a major profit center for us, selling bullion to our customers.”

The current price of one silver ounce is $38.78, a 33.12% price increase year-to-date (YTD), according to APMEX. “Say somebody wants to invest in collectible coins, they’ll be in Bellevue at over a 10% charge,” said Hoolahan. “Obviously, any investment with a 10% surcharge out of the gate is not an investment; it’s nothing I feel good about steering my customers into.”

The Effect of the Tax on Investment

The new tax will have a significant impact on investment in gold and silver, according to Hoolahan. “It’d be like if I handed you a $100 bill, but before I hand it to you, the state would come in and whack it 10%, now you’re getting less value for the exchange,” said Curley. “In the State of Washington, they need to have their fingers on it.”

Hoolahan referenced the recent gold price surge in the last few years, which resulted in a single ounce of gold increasing from roughly $1,800 in early January 2022 to gold’s peak of $3,448 in June 2025, according to APMEX. “Should I go to Oregon? Should I go to Idaho to save 10%?” Curley asked. “Honestly, I’m not going to mislead my customers, I’d suggest that that’s going to be the only way to buy physical metal,” said Hoolahan. “We’re going in the opposite direction of many other states in our country; it’s a real shame.”

Conclusion

The Washington State Legislature’s new sales tax on gold and silver is a significant change for the industry and its customers. The tax will have a significant impact on businesses and investment, and it is unclear what the future holds for the industry.

“Should I go to Oregon? Should I go to Idaho to save 10%?” said Curley.

Definitions:

Highlights:

* The Washington State Legislature has passed a bill, SB5794, that will impose a 10% sales tax on gold, silver, and coins starting January 1, 2026. * The tax will apply to the sale of gold, silver, and coins at the state level, as well as any additional city-level taxes. * The tax rate is likely to be the standard sales tax rate, which is currently 6.5% at the state level and an additional 2-3% at the city level. * The new tax will have a significant impact on businesses and investment in the industry. * It is unclear what the future holds for the industry due to the new tax.