NCBA Leads Multi-State Fight to Protect Coin & Bullion Tax Exemptions

The National Coin & Bullion Association (NCBA) today issued an update on its active advocacy campaigns to protect, expand, and restore sales-tax exemptions for precious-metals bullion and coins in Maryland, Nebraska, New York, Virginia, and Washington state. As the industry’s leading legislative watchdog for over 40 years, NCBA—with industry issues advisor Patrick Heller working closely with state partners—continues to fight burdensome taxation that harms small businesses, dealers, collectors, investors, and local economic activity while driving transactions to neighboring tax-free states.

Maryland: Pushing for Expanded Exemption 

In Maryland, NCBA supports companion bills SB 309 (sponsored by Senator Jennings) and HB 500 (sponsored by Delegate Hartman and others) that would significantly broaden the state’s current, limited sales- and use-tax exemption for precious-metal bullion and coins. These measures repeal restrictive requirements that the sale price exceed $1,000 and occur at the Baltimore Convention Center, making purchases exemption-eligible regardless of price or location. The bills also clarify the definition of “precious-metal bullion or coins” to exclude jewelry and works of art. 

The numismatic industry was very well represented at the Budget and Taxation Committee hearing on SB 309 held on January 28, 2026. Strong turnout from the Sound Money Association of Maryland, Citizens for Sound Money, Sound Money Defense League, and individual coin-business owners provided excellent testimony in support.

Whitman Expos has partnered closely with NCBA on this effort, including hiring a dedicated lobbyist to monitor the bills’ progress and advocate for their passage. The Baltimore Convention Center is also actively engaged in supporting these bills, recognizing the positive impact a broader exemption would have on events, tourism, and the local numismatic community. 

These bills represent a meaningful improvement over the current, narrow exemption. NCBA is thrilled to see these bills go beyond maintaining the status quo, potentially benefiting the entire coin and bullion community in Maryland. 

Nebraska: Opposing Repeal in LB 1244 

NCBA is mobilizing against LB 1244, legislation introduced at the request of the governor that targets Nebraska's longstanding sales- and use-tax exemption for precious metals, among broader changes to exemptions and services. If enacted, the bill would repeal their exemption, increasing costs for consumers, disadvantaging in-state dealers, and likely shifting business, shows, and conventions to tax-free neighboring states. Revenue gains are expected to be minimal and potentially offset by reduced economic activity. 

NCBA will issue alerts to Nebraska members urging opposition and submit written testimony against the precious-metals provisions for any upcoming committee hearings. Those interested in joining grassroots efforts can reach Pat Moran, Lincoln Coin & Bullion, at (402) 327-2853 or pat@lincolncoinandbullion.com. The association calls on stakeholders to engage actively as the bill advances.

New York: Defending Against Narrowing of Exemption 

In New York, Senate Bill S7875 and Assembly Bill A8511 threaten to severely restrict the state’s longstanding sales-tax exemption for precious-metals bullion held for investment. The proposals would limit the exemption primarily to government agencies, banks, foreign governments, the United Nations, and large international buyers, thereby excluding individual investors, collectors, and most in-state purchasers. Numismatic material remains taxable and is not targeted. 

The Senate Budget & Revenue Committee has advanced S7875 to the Senate Finance Committee, raising concerns it could be attached to broader budget negotiations. NCBA warns that enactment would harm in-state dealers’ competitiveness, drive consumers to out-of-state or online sellers, and reduce projected revenue as commerce relocates. The association further advocates for full accessibility by eliminating the outdated $1,000 purchase threshold. 

Grassroots efforts are strong, led by dealers including Bill Panitch, Mark Ballantyne, Geoffrey Demis, and Mike Dozois of Ferris Coin & Jewelry (who retained a lobbyist and are meeting with legislators), and Scott Hunt of Jack Hunt Coin Broker. The coalition has submitted opposition testimony and is distributing materials to approximately 150 dealers statewide. NCBA urges all New York dealers, collectors, and investors to contact their senators and assemblymembers to express their opposition. Those interested in joining grassroots efforts can reach Bill Panitch at wpanitch@gmail.com.

Virginia: Mobilizing to Preserve Sales-Tax Exemption

In Virginia, NCBA and industry leaders are mobilizing to preserve the Commonwealth’s sales-tax exemption for coin and precious-metals bullion transactions, which is scheduled to expire on July 1, 2026. Although the General Assembly renewed the exemption earlier this year, it did so for only one year amid shifting political dynamics in Richmond—making proactive engagement essential to prevent automatic sunset of the policy.

Industry leaders believe renewal is achievable, but success will require a coordinated and well-funded lobbying effort. In 2025, David Lawrence Rare Coins (DLRC) covered the majority of the approximately $25,000 lobbying expense necessary to secure the temporary extension. With a broader and potentially more challenging legislative fight anticipated in 2026, projected advocacy costs are expected to rise to approximately $40,000.

John Brush of DLRC has again committed significant time and leadership to spearhead the campaign. However, sustaining the exemption will require broad-based financial participation from Virginia dealers. DLRC has pledged to cover any remaining balance beyond dealer contributions, but stakeholders are being asked to contribute at least $5,000 each to ensure the campaign is fully funded and positioned for success.

Without legislative action, all coin and bullion sales in Virginia would become subject to sales tax beginning July 2026—placing storefront dealers and collectors at a competitive disadvantage and creating significant negative impacts for the in-state numismatic marketplace.

NCBA encourages Virginia dealers and supporters to commit to the effort promptly to ensure adequate resources are in place well ahead of the next legislative session. Those wishing to participate in the campaign may contact John Brush at john@davidlawrence.com for contribution details.

Washington State: Urgent Campaign to Reverse Repeal Before Full Impact 

Washington state dealers and collectors suffered a major setback in 2025 when the legislature repealed the long-standing sales-tax exemption for precious-metal bullion and monetized bullion as part of a broader tax package. Signed into law, the repeal took effect January 1, 2026, imposing state and local sales taxes on virtually all gold, silver, platinum, and numismatic coin transactions—placing local dealers at a severe competitive disadvantage compared to tax-free neighbors Oregon and Idaho. 

In response, the Washington Coin & Bullion Association (WCBA), working in close partnership with NCBA, has launched an aggressive campaign to reverse the repeal and restore the exemption during the 2026 legislative session. Under the leadership of WCBA president Carolyn Beko (Redmond Rare Coins) and secretary Craig Rhyne (Washington Gold Exchange), their efforts include hiring experienced Olympia lobbyist Mark Gjurasic; securing Representatives Amy Walen (D-Kirkland) as prime sponsor and Ed Orcutt (R-Kalama) as an original co-sponsor for pre-filed repeal-reversal legislation; scheduling key legislative meetings, including with Representative Strom Peterson (D-Edmonds) on December 1 and Senator Marcus Riccelli (D-Spokane) on December 8; and raising significant funding through the recent Portland coin show and direct outreach to Washington dealers. 

A November 16 Seattle Times feature article highlighted the issue and the industry’s proactive response; dealers are encouraged to display it in their shops to raise customer awareness. NCBA continues to provide strategic guidance, economic data, and national support to bolster WCBA’s bipartisan lobbying and coalition-building. 

The goal is straightforward: reinstate the sales-tax exemption for coins, rounds, and bullion—a policy that supported the industry for decades and remains in place in surrounding states. With a prime sponsor committed, bipartisan co-sponsorship secured, and active lobbying underway, the opportunity to stop or reverse the tax persists—but success depends on unified industry support and funding. 

Dealers and supporters can contribute immediately to the WCBA lobbying fund via www.washingtoncoinandbullionassoc.org; suggested dues are tiered and range from $300 to $5,000 (not tax-deductible under IRC §162(e)). Other ways to support include displaying the Seattle Times article, discussing the tax with customers (as many remain unaware of the change), and reporting early impacts or feedback to ncba@ncbassoc.org to help document economic harm for legislators. For questions or deeper involvement, contact Carolyn Beko at cb@redmondrarecoins.com or (425) 823-2646, or Craig Rhyne at craig@washingtongoldexchange.com or (206) 719-6368.

Special Opportunity for Washington State Coin & Bullion Dealers 

A generous NCBA member has donated six (6) 2026 Copper-level memberships (normally $500 each) to be given at no cost to professional coin and bullion dealers in Washington state who are not currently and have never before been NCBA members. 

How Eligible Washington Dealers Can Claim One of the Six Free Copper-Level Memberships: Send an email to ncba@ncbassoc.org with the subject line: “Application for Donated Copper-Level Membership—Washington State Offer” 

In the body, include your full name, business name (if applicable), business address and phone number, website and/or professional listings (e.g., PNG, ANA, etc.), and a brief statement confirming: “I am a professional coin (or precious-metals) dealer located in Washington state, and I am not currently, and have never been, a member of the National Coin & Bullion Association, formerly the Industry Council for Tangible Assets.” 

Applications will be processed in the order received. The first six eligible dealers will receive a complimentary one-year Copper-level membership, courtesy of the donor. This offer is strictly limited to six and will close once claimed. Questions? Email ncba@ncbassoc.org.

NCBA remains committed to coordinating with state stakeholders, providing updates, and fighting for policies that support small businesses and consumer access to tangible assets. For more information, visit www.ncbassoc.org or email ncba@ncbassoc.org.