Selling Gold in the United States
For bullion, online and local bullion dealers publish buy-back (bid) prices: in one published example (SD Bullion, October 2026) 1 oz American Eagles, Buffalos and Maple Leafs fetched about 97–98% of the spot price and a 1 oz bar about 96%, while a 1 g bar got about 88%. Jewellery and scrap fetch less, because buyers pay for gold content after testing and refining. Dealers file Form 1099-B only for certain larger sales, and many states require photo ID and make second-hand dealers hold what they buy.
Facts checked 26 October 2026
A published buy-back example (SD Bullion, 26 October 2026)
| Item | Dealer paid | Share of the gold price on its page |
|---|---|---|
| 1 oz American Gold Buffalo | $3,949.88 | about 98.0% |
| 1 oz American Gold Eagle | $3,934.88 | about 97.7% |
| 1 oz Maple Leaf | $3,909.88 | about 97.1% |
| 1 oz Krugerrand or Britannia | $3,894.88 | about 96.7% |
| 1 oz gold bar | $3,884.88 | about 96.4% |
| 1 g gold bar | $113.31 | about 87.5% (pro rata) |
Reporting, ID and state rules
- Form 1099-B: a dealer reports a sale only if the metal is in a form approved for CFTC-regulated futures trading and the quantity meets the futures contract minimum (sales within 24 hours are added together). In January 2026 the IRS removed an example about a single gold coin from its instructions. Dealer lists disagree: some still treat 25 or more 1 oz Krugerrands, Maple Leafs or Mexican Onzas, or 1 kg of gold bars, as reportable.
- Form 8300 is filed by a business that receives more than $10,000 in cash, so it applies when you buy with cash, not when a dealer pays you.
- Florida: second-hand dealers record your photo ID and right thumbprint, take a signed ownership statement and hold precious metals for 30 days; mail-in buyers must pay by check to a bank account or through a licensed money transmitter.
- Texas: dealers can't melt or sell crafted precious metal before the 11th day after reporting the purchase, and police can hold items for up to 60 days.
- Tax: gains on gold are taxed at up to 28% as collectibles: see tax on selling gold in the US.
Before you sell
- Check the spot price and the melt value with the gold sell-back calculator, then compare published bid prices from two or three dealers.
- Lock the price before shipping; cancellations can carry a fee plus any market loss.
- Ship insured: USPS Registered Mail or the dealer's insured label.
- Keep your purchase records: they set your cost basis for tax.
Selling Gold in the United States: FAQ
How much below spot do dealers pay for gold?
For popular 1 oz bullion coins, often only a few percent: in one published example from October 2026, a large dealer paid about 97–98% of the gold price for American Eagles and Buffalos and about 96% for a 1 oz bar. Small bars, jewellery and scrap fetch less.
Does a dealer report my gold sale to the IRS?
Only for certain sales: the metal must be in a form approved for regulated futures trading and the quantity must meet the futures contract minimum. Single coins and small amounts are not reported on Form 1099-B, but you still owe tax on any gain.
Do I need ID to sell gold?
Usually. Many states require second-hand and precious-metals dealers to record a photo ID (Florida also takes a thumbprint) and to hold items for a set period before melting or reselling them.
Sources (6)
General information, checked October 2026. Rules, limits and terms change; check with the provider, insurer or authority before you rely on them. Not financial, legal or tax advice.