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Making Gold and Silver Purchases in Minnesota

The state of Minnesota, carved from the Territory of Minnesota in 1849, lies in the Upper Midwest of the United States. The expansive territory it covers at 86,936 square miles makes it the 12th largest U.S. state.

Compared to other states, it is sparsely populated. Its 2018 estimated population of 5,628,162 gives it a population distribution of around 69 inhabitants per square mile, placing it at #30 in population density.

However, the state is the 22nd most populous in the U.S., with 60% of Minnesotans living in the Minneapolis–Saint Paul metropolitan area, known as the "Twin Cities". This area has gained recognition as a center of the arts, commercial enterprise, education, and government. Most of Minnesota is prairie and forest or such land converted to agriculture. The state’s official motto is L'Étoile du Nord, which is French for “Star of the North.” However, Minnesota is also known as the "Land of 10,000 Lakes", since it has a large number of lakes.

On May 11, 1858, Minnesota became the 32nd state to join the Union. It was formerly the eastern half of Minnesota Territory, which, in turn, was part of French Louisiana, an expansive area in the middle section of the present-day U.S. French Louisiana stretched from the Great Lakes to the Gulf of Mexico and from the Appalachian Mountains to the Rocky Mountains and included most of the drainage basin of the Mississippi River.

In 1803, French Louisiana became American territory when it was purchased by the United States.

Sales Tax on Gold and Silver in Minnesota

Sales tax across the state of Minnesota is levied at the rate of 6.875%, with local municipalities adding sales and/or use tax up to an additional 1.5%. These taxes applied to coin and precious metals. However, as of July 1, 2017 sales of precious metal bullion became exempt, while coins remain subject to the tax.

Precious metal bullion is defined by the Minnesota Department of Revenue as “bars or rounds that consist of at least 99.9% by weight of either gold, silver, platinum, or palladium, and are marked with weight, purity, and content.”

Coins are distinguished from “rounds.” Coins must have a face value and be minted by a sovereign government for use as legal tender. Jewelry works of art and scrap metal are also still subject to sales tax.

Local Gold and Silver Dealers in Minnesota

If you are looking for coin shops in specific cities located in the state of Minnesota, be sure to check out our other local directory pages.

Local coin shops in Saint Paul, MN
Local coin shops in Rochester, MN
Local coin shops in Duluth, MN
Local coin shops in Minneapolis, MN