Making Gold and Silver Purchases in Virginia

The state of Virginia, officially the Commonwealth of Virginia, “is where the British Empire began” in the Americas. Lying between the Atlantic Coast and the Appalachian Mountains in the southeastern U.S. Virginia is nicknamed the "Old Dominion", since it was the location of Jamestown, the first English colonial possession established in mainland North America.

Throughout its history, the state has exhibited a strong streak of autonomy. Virginia was one of the original 13 colonies that declared independence from the British Empire in 1776. It was also one of the 11 Confederate states that seceded from the Union in 1860-61. With an estimated 8.4 million Virginians in 2017, the state, whose capital is Richmond, is ranked 12th in population in the U.S. Its area of 42,774.2 square miles, places it at #35 in geographic size.

The Colony of Virginia was the first permanent colony founded by English settlers in the New World. In May 1607, the London Company started the settlement at Jamestown, and named it after James I. A Royal Charter had created the London Company the year before to establish settlements in North America.

Development at Jamestown was beset with difficulties. For example, during the winter of 1609–1610, lack of food was so severe, that the period has been named “Starving Time.” Of the 500 Jamestown residents at the beginning of the winter, only 60 survived to see spring.

Jamestown is famously associated with Pocahontas, daughter of a Native American chief. Few women have captured the American imagination like Pocahontas. She has been the subject of stage productions, movies, music, art and sculpture and many schools and places have adopted her name. Pocahontas married English tobacco planter John Rolfe, who took her to England, where, by all accounts, she also enchanted court society.

Virginia was one of the 13 colonies that declared independence from British rule, a move that prompted the American Revolution. On May 15, 1776, the state declared itself free of the British Empire. George Mason's Virginia Declaration of Rights, which it adopted at the time, later formed the basis of Thomas Jefferson’s Declaration of Independence. On June 25, 1788, the state became the 10th to join the fledgling Union.

On April 17, 1861, the state signed on to the Confederacy. Paradoxically, that decision led to the creation of the state of West Virginia, which broke away from Virginia in opposition to Virginia’s decision to secede from the Union.

Virginia has earned the affectionate nickname of "Mother of Presidents" because eight U.S. presidents - George Washington, Thomas Jefferson, James Madison, James Monroe, William Henry Harrison, John Tyler, Zachary Taylor and Woodrow Wilson - were born there.

Sales Tax on Gold and Silver in Virginia

Sales tax in the state of Virginia is currently 4.3%. However, local jurisdictions typically apply a tax, which can bring the total rate to 4.3-7.0%. Some sales of precious metals are exempted.

Virginia House Bill 1668 states that sales tax, “shall not apply to the following...gold, silver, platinum bullion, or legal tender coins whose sales price exceeds $1,000. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000." The exemption will take effect on January 1, 2019 and run through June 30, 2022.

"Gold, silver, or platinum bullion" is defined as gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value, or other value."

"Legal tender coins" is defined as "coins of any metal content issued by a government as a medium of exchange of payment of debts." Neither "gold, silver, or platinum bullion" nor “legal tender coins" include jewelry or works of art.

Local Gold and Silver Dealers in Virginia

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

Local coin shops in Virginia Beach, VA
Local coin shops in Chesapeake, VA
Local coin shops in Norfolk, VA
Local coin shops in Richmond, VA
Local coin shops in Newport News, VA
Local coin shops in Alexandria, VA
Local coin shops in Hampton, VA
Local coin shops in Roanoke, VA