Michigan Precious Metals Sales Tax
What Precious Metals Are Taxed in Michigan?
Sales Tax on Precious Metals (Coins and Bars) in MichiganÂ
If you are buying or selling gold, silver, or platinum coins and bars in Michigan, here is the most current information regarding sales tax.
Does Michigan Charge Sales Tax on Precious Metal Coins and Bars?
Michigan exempts sales of investment coins and bullion from state sales tax.
The exemption applies to:
Gold, silver, or platinum bullion that is at least 90% pure.
Investment coins, which include legal tender coins made of gold, silver, or platinum.
Items that do not qualify for exemption (such as copper, medallions, tokens, paper currency, or bullion below 90% purity) are subject to Michigan’s 6% sales tax.
Official Government Resource
Summary Table: Michigan Sales Tax on Precious Metals Coins and Bars
| Product Type | Sales Tax Status | Notes |
|---|---|---|
| Gold, silver, platinum bullion (≥90% purity) | Exempt | Applies to bars, rounds, ingots |
| Investment coins (legal tender) | Exempt | U.S. or foreign legal tender |
| Bullion <90% purity, copper, medallions, tokens, paper currency | Taxable | Subject to 6% sales tax |
Disclaimer
Disclaimer: Sales tax laws and rates regarding precious metals coins and bars in Michigan may change without notice. This page provides general guidance only. Please consult the Michigan Department of Treasury or a qualified tax professional for the most current and accurate information before making any precious metals transactions.
If you want to buy or sell precious metal coins and bars in Michigan, ensure your products meet the exemption criteria to avoid sales tax. Always verify your specific products and stay updated with the Michigan Department of Treasury.
Sales tax is assessed according to where one is shipping the purchase to.
Safe Haven Metal utilizes an advanced sales tax computation system to determine the applicable sales tax on precious metals transactions based on the purchaser’s ZIP code. This system is designed to ensure that the most accurate pricing and corresponding tax calculations are applied to each order.
However, Safe Haven Metal may not have an established economic nexus in every state or jurisdiction. In instances where Safe Haven Metal is not obligated to collect sales tax, and such tax is nonetheless applicable under state or local law, the purchaser is solely responsible for reporting, remitting, and paying any such taxes directly to the appropriate taxing authority.
Safe Haven Metal disclaims any liability for a purchaser’s failure to properly report or remit taxes that may be due in connection with their purchase.
