Making Gold and Silver Purchases in New Mexico
Located in the southwestern region of the U.S., New Mexico was initially established as a province of New Spain in 1598. The state has a total area of 122,000 square miles, making it the fifth-largest state in the U.S. New Mexico has a population of just over 2 million while the state capital is Santa Fe.
It’s gross domestic product was $95 billion as of 2017 and it economy is mostly driven by oil drilling, mineral extraction, dryland farming, cattle ranching, lumber milling and retail trade.
When first established in 1598, it was done so as the Imperial Spanish viceroyalty of New Spain and was named Nuevo Mexico after the Aztec Valley of Mexico. After the Mexican-American War in 1848, the U.S. took control of New Mexico and eventually admitted it into the Union as the 47th state in 1912.
New Mexico has a number of colleges and universities, including Eastern New Mexico University, Institute of American Indian Arts, New Mexico State University, University of New Mexico, Southern Methodist University and St. John’s College.
Sales Tax on Gold and Silver in New Mexico
New Mexico has a "gross receipts tax." This is a tax levied on the business rather than the consumer, like in most states. However, the business often passes the tax onto the consumer by adding it to the selling price. The rate of this tax varies depending on where the business is located within the state.
Local Gold and Silver Dealers in New MexicoFor those interested in coin shops in specific cities located in New Mexico, you can find helpful information via our other local directory pages:
Local coin shops in Albuquerque, NM
Local coin shops in Las Cruces, NM
Local coin shops in Santa Fe, NM