The numismatic and bullion communities are reeling after the governors of Maryland and Washington officially signed legislation repealing their respective states' sales- and use-tax exemptions on the retail purchase of coins and precious-metal bullion

nd and Washington Repeal Sales Tax Exemptions on Bullion and Coin Purchases

The governors of Maryland and Washington have signed legislation that repeals the states' sales- and use-tax exemptions on the retail purchase of coins and precious-metal bullion, according to the National Coin & Bullion Association (NCBA).

Maryland governor Wes Moore signed House Bill 352, the Budget Reconciliation and Financing Act of 2025, on May 20, 2025. The measure eliminates the state’s sales-tax exemption for bullion and coin purchases over $1,000, a provision that helped Maryland remain competitive in the national numismatic market.

The legislation also preserves a narrow, tailored exemption for events held at the Baltimore Convention Center. All other retail transactions will be subject to Maryland’s 6% sales tax beginning July 1, 2025.

On the same day, Washington governor Bob Ferguson signed Engrossed Substitute Senate Bill 5794, which repeals the sales- and use-tax exemption for purchases of precious-metal bullion and monetized bullion as part of a broader tax policy overhaul. This repeal will take effect January 1, 2026, making Washington one of the only western states without an exemption.

Both states now join the minority of U.S. jurisdictions that impose sales tax on money, despite a growing national consensus recognizing coins and bullion as financial instruments, not consumable goods.

NCBA leaders expressed concern over the long-term economic impact these repeals will have on local dealers, investors, and collectors.

“These legislative actions will drive commerce out of Maryland and Washington and into neighboring states with more favorable tax treatment,” said NCBA executive director David Crenshaw. “It’s a step backward that contradicts successful tax policy models across the country.”

In Maryland, efforts are already underway in conjunction with Whitman Expos and other partners to mount a comprehensive push during the 2026 legislative session to reinstate and expand the original exemption. In Washington, NCBA is engaging stakeholders to assess economic impacts and prepare a data-driven case for legislative reconsideration in coming sessions.