Making Gold and Silver Purchases in Texas

Texas is a state with a long and colorful history and culture, becoming the 28th American state in 1845. It is the second-largest state in both size and population, trailing California, covering a mammoth 268,581 square miles, bordered by Arkansas, Louisiana, New Mexico, Oklahoma and Mexico. In population size, it also runs second… to California. The state is home to 28.3 million. It is big in other ways too. The nominal GDP of Texas is larger than that of Australia, Russia, South Korea and Mexico. If Texas were a country, the size of its economy would place it in the top 15.

The state capital is Austin, although Houston is its largest city. Formerly, part of Mexico, Texas declared independence in 1836 and became an independent republic, remaining that way until its annexation by the U.S. in 1845. Its nickname "The Lone Star State" is thought to have been derived from its former status as an independent republic. The state’s history as a major petroleum producer began in 1901, after wells in the gigantic salt dome, Spindletop, struck oil. Reports indicate that the well spewed 100,000 barrels of oil per day for nine days. This discovery of oil sparked the Texas oil boom and by 1940, the state was the largest petroleum producer in the nation.

Texas retains an important place in the U.S. oil industry today. Its West Texas Intermediate (WTI) is one of three primary benchmarks used in the oil industry. New large discoveries in the Permian Basin mean that the state’s dominance in the oil industry will continue for generations. From its beginning, Texas has been an enormous producer of cattle, cotton, lumber, and oil. Today, the state is a leader in many industries, including agriculture, technology, energy, and aerospace.

Sales Tax on Gold and Silver in Texas

Since 2013, there has been no sales tax on precious metals, including silver and gold. House Bill 78, the “Every Man’s Savings” bill, eliminated the sales tax levied on purchases of gold, silver, platinum bullion and numismatic coins. The bill was sponsored by Texas Representative David Simpson and became effective Oct. 1, 2013.

Local Gold and Silver Dealers in Texas

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

Local coin shops in Austin, Texas
Local coin shops in Dallas, Texas
Local coin shops in Houston, Texas
Local coin shops in San Antonio, Texas