Gold $2,623.09 1.18%
Silver $29.51 1.68%
Platinum $928.86 0.67%
Palladium $919.02 1.27%
McGruff Gold Dealers Pennsylvania

Buy Gold Online in Pennsylvania

Home to the first capital of the United States of America, Pennsylvania is rich in history and American memorabilia. The first-ever mint was also established here in Philadelphia. Currently, it is the largest mint in the country that produces gold and silver coins, bars, and bullion.

Gold investing can protect you from economic downturns, as the price of gold has steadily been rising for decades. Today, you can buy silver and gold online and have them delivered to you. If you see a “P” engraved on any of your gold products, that means that it has been manufactured by the Philadelphia Mint in Pennsylvania.

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Pennsylvania IRS Regulations

The federal capital gains tax applies to all gold sellers in Pennsylvania. Those who want to sell gold products will have to pay the capital gains tax on the income they get after the transaction is completed. The tax can be 0%, 15%, or 20%, depending on the profit you make from the precious metal transaction. Nevertheless, the total capital gains tax cannot be more than 28% of the revenue. Based on the profit you make from the sale and your filing status, the tax rate would be:
Filing Status0%15%20%
SingleUp to $44,625$44,626 to $492,300Over $492,301
Head of householdUp to $59,750$59,751 to $523,050Over $523,051
Married filing jointlyUp to $89,250$89,251 to $553,850Over $553,851
Married filing separatelyUp to $44,625$44.626 to $276,900Over $276,901

IRS-Approved Precious Metals

Opening a gold IRA is another way to invest in gold online. A gold IRA works exactly like a traditional IRA, with the exception of holding only precious metal coins, bars, and bullion. However, not all precious metals products are allowed to be included in an IRA.

The IRS has established certain criteria for precious metals to be included in IRAs. For the time being, it only approves the sale of those precious metals that match the requirements below:

Purity standards should be 99.5% for gold products, 99.95% for silver products, and 99.95% for platinum and palladium products.
Bars, rounds, and coins must be produced and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be enclosed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to exact weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.


Here is a list of some precious metal products approved by the IRS that you can purchase online:

IRS-Approved Gold Products Include:

American Eagle bullion or proof coins
Australian Kangaroo or Nugget bullion coins
Australian Lunar Series coins
Austrian Philharmonic bullion coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Credit Suisse – PAMP Suisse bars
U.S. Buffalo bullion coins

IRS-Approved Silver Products Include:

American Eagle bullion or proof coins
America the Beautiful coins
Australian Kookaburra coins
Austrian Vienna Philharmonic coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Mexican Libertad bullion coins

IRS-Approved Platinum Products Include:

American Eagle bullion or proof coins
Australian Koala bullion coins
Canadian Maple Leaf bullion coins
Isle of Man Noble bullion coins
The only IRS-approved palladium coin is the Canadian Maple Leaf.

IRS Forms

Precious metal sellers have to report their income from precious metal sales to the IRS using Schedule D of Form 1040. Sellers do not need to report the transaction immediately after it is completed. Rather, you will need to report the sale on your annual tax return.

However, the sale of certain products will need to be reported immediately using Form 1099-B instead:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
Twenty-five or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins
One-kilogram or 1,000-troy-ounce gold and silver bars.

Pennsylvania Taxes on Gold

All bullion valued at its face value is exempt from sales tax in Pennsylvania. However, this exemption doesn’t apply to products valued at more than their face value. These are usually coins that are rare, hard to find, and in very high demand. In such cases, the state charges a 6% sales tax on the gold spot price and the silver spot price. Some specific areas in Pennsylvania may also charge an additional sales tax, with a total of 7% in Allegheny County and 8% in Philadelphia.

Gold Prices

The gold coin price usually depends on weight and gold content. Most new coins contain 99.9% gold and are usually priced based on purity. However, older coins that are rare and in high demand can cost more even if they contain a lesser amount of gold. In these cases, historical significance and artistry may increase the price of the gold coin.

On the other hand, gold bars are only valued based on their weight and gold content, which are both engraved on them. Most gold bars don’t have historical and cultural significance and are mainly sold for investing purposes.

Types of Gold Coins, Bars, and Bullion in Pennsylvania

If you’re considering investing in gold coins, there are four different types you can opt for:
Bullion
These are collectible items that are prized for their historical value. They can be obtained from certified gold dealers and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins that are usually produced in very limited quantities. They are manufactured by any of the four U.S. mints and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and rare coins that are valued higher than their face value because of their historical significance, artistry, and scarcity.
Semi-numismatic
Semi-numismatic coins are bullion coins that also take some qualities from numismatic coins. They are valued based on their rarity, design, scarcity, and purity.

Gold Bar Sizes

If you want to buy gold bars instead, you can choose from the following four types:
Cast bars
Showcases modern precision with clean lines and a uniform matte finish, optimized for easy storage.
Minted bars
Highly refined, featuring high-gloss finish, sharp edges and tamper-evident packaging for added security.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
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