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Making Gold and Silver Purchases in Maryland

The tiny state of Maryland has had a big impact historically on the nation, and currently boasts the wealthiest population and one of the most diversified and vibrant economies in the country.

Its six million residents make it one of the most densely populated states in the United States, while its median household income of more than $72,000 is a reflection of its overall wealth and well-being. Its capital is Annapolis, but its largest city is Baltimore, which also serves as a central port and transportation hub.

Named after the wife of King Charles I of England, Maryland was granted as a charter to George Calvert in 1632. Calvert used the land as a haven for religious toleration, particularly for the Catholics who were regularly persecuted in other states.

When it came to the Revolutionary War, Maryland’s delegates signed the Declaration of Independence, while its citizens served throughout the war, and the state later ceded land that became part of Washington, D.C.

Maryland’s economy began as an agricultural one primarily based in the cultivation of tobacco on plantations. However, today, the state has an incredibly diverse and vibrant economy that consists of work in bio-research, defense, and the aerospace industry, thanks to the state’s location next to D.C.

Other economic areas that are thriving in the state include manufacturing, transportation focused on the port of Baltimore, agriculture, fishing, biotechnology, and tourism, including sightseeing of the state’s numerous historic landmarks.

Maryland has been considered the best-governed state in the nation, while its wealth, diverse economy, and proximity to the federal government and related fields make it a popular place to live for its growing population.

In addition, the state’s 4,000 miles of shoreline (based primarily on the Chesapeake Bay) and diverse geographical composition have earned it nicknames such as “America in Miniature” and the “Chesapeake Bay State.”

Sales Tax on Gold and Silver in Maryland

In general, Maryland requires the collection of a 6% sales tax on sales of gold, silver, and other precious metals. However, there is an exception to this general requirement. In particular, any purchases of precious metal bullion (besides copper) or coins that exceed $1,000 are exempt from the sales tax.

All other purchases of silver and gold, including numismatic coins, purchases of less than $1,000, items that are not the legal currency of any nation, and other items made of silver and gold are subject to the sales tax.

Local Gold and Silver Dealers in Maryland

If you are interested in finding a coin or bullion shop in a particular location in Maryland, check out our other local directory pages.

Local coin shops in Baltimore, MD
Local coin shops in Silver Spring, MD
Local coin shops in Frederick, MD
Local coin shops in Gaithersburg, MD

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