(Or: How Washington Accidentally Invented the Precious Metals Museum Business Model)
Since January 1st, 2026, if you want to buy precious metals in Washington State, congratulations — you now get the privilege of paying an extra 10.4% sales tax on bullion and rare coins.
Yes. On money.
We now tax money.
Makes sense. Totally normal.
Back in the good old days (you know… December), someone would walk into the shop, slap down $9,600 in cash, grab two 1 oz Gold Eagles, and stroll out like a civilized human conducting voluntary commerce.
Now?
Crickets.
We get sellers. Oh, we get sellers. Gold, silver, bars, Eagles — all of it.
But buyers? They’re in Oregon and Idaho, enjoying a 10.4% discount for the radical act of crossing a state line.
So what do we do with the metal?
We ship it to wholesalers. And here’s the fun part: we still get to pay 0.5% B&O tax to the state. That’s right — even if we don’t sell it retail.
B&O tax is basically:
“Nice business you got there. Be a shame if someone… taxed your gross receipts.” It’s a gross tax, by the way — meaning it doesn’t care about profit. For us, that 0.5% is roughly one-third of our markup on a gold coin.
You read that right. It’s not a tax on profit. It’s a tax on existing. Think of it as “Pay to Play: Olympia Edition.” You already bought the business license? Cute. Pay again.
“I NEED CASH.”
Every seller says it.
No, you don’t need cash. You want cash. There’s a difference.
Since January 1st, we’ve been cash-poor — not because business is bad, but because no one is buying in-state anymore. We do pull cash from the bank. Twice a week.
Here’s the comedy:
If you want more than $5,000 of your own money from your own checking account…you need to request it a week in advance.
Yes.
You must notify the bank ahead of time that you’d like to access… your money. So we order $20,000 a week. Sounds like a lot? One seller walks in with two ounces of gold or a 100 oz silver bar — boom — there’s $10,000. Two of those in the first 30 minutes and we’re done. After that?
Welcome to Check City.
The New Reality
We’re in a situation where:
• Sellers demand cash
• We don’t have enough cash
• Banks ration cash
• Buyers left the state
• The state still collects B&O
• And we’re supposed to smile
Unless the repeal bills actually get signed into law, this is the model:
Washington coin shops = Buy metal → Ship metal → Pay tax → Repeat → Explain to angry humans why cash isn’t infinite.
Cash isn’t dead.
It just moved to Oregon & Idaho.