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Currency, coins and precious metal bullion

Effective Jan. 1, 2026, sales of precious metal bullion and monetized bullion are no longer excluded from the definition of wholesale and retail sales. See Special Notice, Sales of precious metal bullion and monetized bullion now subject to B&O tax and retail sales tax. 

Paper currency 

Paper currency sold for any purpose other than legal tender is a sale of tangible personal property. The sale is subject to either wholesaling or retailing business and occupation (B&O) tax. When retailing B&O tax applies, retail sales tax also applies on the gross selling price, including the face value. 

Paper currency sold or exchanged as legal tender is exempt from retailing B&O tax and retail sales tax. 

Coins and precious metal bullion 

Starting Jan. 1, 2026, gross income from sales of precious metal bullion (gold bars, processed nuggets, etc.) and monetized bullion (coins, etc.) are taxable as sales of tangible personal property. 

Prior to Jan. 1, 2026, gross income from sales of precious metal bullion and monetized bullion is generally exempt from tax. The exemption applies even if the bullion is sold for more than face value. 

However, sales of bullion for manufactured items such as jewelry or works of art are subject to either wholesaling or retailing B&O tax, depending on the nature of the sale. Sales subject to retailing B&O tax are also subject to retail sales tax. (See the Jewelry Store Guide for more information.) 

Commissions 

Commissions from sales of precious metal bullion, monetized bullion and paper currency are subject to service and other activities B&O tax. 

Definitions 

Precious metal bullion is any processed, smelted or refined precious metal valued on its content, not form. 

Precious metals include: 

  • Gold

  • Silver 

  • Platinum

  • Rhodium 

  • Palladium 

Monetized bullion is a coin or other forms of money made from metal and used as an exchange medium under the laws of a government. 

More information 

RCW 82.04.062 “Sales at wholesale,” “sale at retail” excludes sale of precious metal bullion and monetized bullion – Computation of tax.

WAC 458-20-248 Sales of precious metal bullion and monetized bullion. 

Engrossed Senate Substitute Bill (ESSB) 5794, (Sec. 105); Chapter 423, Laws of 2025. 

Special notice, Sales of precious metal bullion and monetized bullion now subject to B&O tax and retail sales tax.