Where to Sell (or Buy) Gold, Silver & Platinum in Oklahoma

Any business that regularly buys used gold, silver, platinum or gems in Oklahoma needs a license from the Department of Consumer Credit for each location, backed by a bond and the applicant's fingerprints and photo. For every purchase the dealer records a description or photo of each item with any engraving (a weight and metal type alone is not enough), the amount paid, the date, and your name, address and driver's license number (or, if you have no driver's license, your date of birth and a general physical description), and you sign the record. The dealer keeps it for four years, open to the Department and police.

Used precious-metal items then stay at the licensed location, unaltered, for 10 days unless police release them sooner; the dealer may arrange a resale during that time as long as it keeps the item. Police who believe something is stolen can place a 30-day hold that can be renewed. Coins and bars made by a commercial mint are not covered by the act, and it sets no cash limit or check-only rule.

Pawnshops are licensed separately. When a pawnshop buys outright it must see a photo ID (or take a fingerprint), have you sign a declaration of ownership saying how long you have owned the item, report the purchase to local police within two days and hold it 10 days. Pawnshops may not buy from anyone under 18.

Under 68 O.S. 1357(42), sales of gold, silver, platinum, palladium or other bullion items such as coins and bars are exempt, as is legal tender of any nation sold for its precious-metal value or as an investment. The exemption does not cover metal processed or made into jewelry or art, which is taxed at the 4.5% state rate plus local tax.

When you sell: sales tax is a buyer's cost, not yours. You pay no Oklahoma sales tax when you sell your gold, silver or platinum, to a local shop.

Oklahoma has no subtraction aimed at precious metals. Its general capital-gain deduction (68 O.S. 2358) covers net capital gains from selling tangible personal property located in Oklahoma and owned for at least five uninterrupted years; the law does not address metal sold to a buyer outside the state, so ask your tax adviser whether a sale qualifies.

Federally, the IRS taxes physical precious metals as collectibles: gains on metal held more than a year are capped at 28%, and metal held a year or less is taxed as ordinary income. Inherited metal generally uses its value on the date of death as its cost basis. We are not tax advisers, so check with yours before you file.

62 O.S. 4500 says gold and silver coins issued by the United States government are legal tender in Oklahoma, and that no one can be made to pay or accept them unless a contract says so. It does not cover private rounds, bars or foreign coins. HB 1199, a broader bill that would also have barred any tax on buying or selling gold and silver specie, passed the House in March 2025 but was not enacted. Either way, buyers price your metal off the live spot market, not face value.