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

West Virginia has no dealer license for gold buyers. Instead, W. Va. Code 61-3-51 puts rules on every business that buys precious metals or gems. The buyer must get proof that you own what you are selling, or your sworn affidavit of ownership, and keep the original. Each purchase goes into a permanent record book with a description of the metal or stones, the date, and your full name, home and mailing address and phone number. The buyer reports that information in writing within 24 hours to the city police chief, or to the county sheriff outside city limits, and keeps the records at least 3 years.

For 10 calendar days after buying, the dealer may not sell or otherwise dispose of, alter or take the metal out of West Virginia. The law defines precious metal as any gold, silver, platinum or other valuable metal, so coins and bullion are held too. Breaking any of these rules is a felony. The section sets no cash limit, payment method or minimum age.

Pawnshops follow a separate law (W. Va. Code 47-26-2). For every item they buy, they copy your government photo ID (or take your photograph if you have none), record the karat and metal of jewelry, have you sign a statement that you own it, and keep the original for 3 years for police to inspect.

W. Va. Code 11-15-9r exempts investment metal bullion (refined gold, silver, platinum and palladium valued on content) and investment coins (legal tender coins worth more than face) from sales and use tax. Jewelry, art made from coins and commemorative medallions do not qualify and pay the 6% state rate, plus 1% in cities that add a municipal sales tax.

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

West Virginia starts from your federal adjusted gross income (W. Va. Code 11-21-12), so a gain on gold, silver or platinum is taxed with the rest of your income. For tax years starting in 2026, rates run from 2.11% to 4.58% (W. Va. Code 11-21-4j). The state has no subtraction or credit for precious-metals gains.

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

W. Va. Code 47-6-4 says silver coin issued by the U.S. government is legal tender for debts owed to West Virginians and for state taxes. It does not mention gold, foreign coins or bars. A 2026 bill to recognize gold and silver bullion as legal tender (SB 413) cleared a Senate committee but has not become law. Buyers price your coins off the live metal market either way.