VT No exemptions Last reviewed: April 2026

Rules of Gold in Vermont

The six facts

Statute-level rules. Each fact is sourced; click through to the primary citation.

Exempt (threshold)

Sales tax on bullion

Vermont 32 V.S.A. § 9741 exempts from the state's 6% sales/use tax (plus applicable local up to 1%) sales of rare coins of numismatic value, gold or silver bullion or coins, or gold or silver tender of any nation traded according to its value as precious metal — provided the sales are valued at $1,000.00 or more AND the first $1,000.00 of value shall remain taxable. This is a UNUSUAL "floor threshold" structure distinctive in the dataset: most states either fully exempt qualifying bullion (e.g., PA, GA, OH) or use a >$1,000-then-fully-exempt threshold (e.g., NJ for coins). Vermont's "first $1,000 always taxable, anything above $1,000 exempt" structure means a $5,000 gold purchase faces tax on the first $1,000 ($60 at 6%) and exemption on the remaining $4,000. Excluded from the bullion definition: precious metal that has been assembled, fabricated, processed, or manufactured for industrial, professional, esthetic, or artistic uses. H.295 (2023, introduced) would have modified the exemption framework — disposition not confirmed in this research pass; the still-applicable statute as of 2026-04-26 is the "$1,000 floor threshold" framework. Vermont is in the still-taxes-bullion minority alongside ME, MD-post-2025-July (pending SB 309 restoration), NV (NAC 372.170 50%-over-face-value test), and NM.

Source As of 2026-04-26 · high confidence

Recognized as legal tender

Vermont has not enacted a statute recognizing gold or silver coins or bullion as legal tender for payment of debts. Comprehensive search of Vermont General Assembly 2021-2026 sessions identified no active legal-tender, depository, or specie bill. Vermont remains absent from the legal-tender state list as of 2026 with no apparent legislative momentum toward joining the cluster — among the most static jurisdictions in the dataset on sound-money topics, paralleling NM and RI.

Source As of 2026-04-26 · medium confidence

Taxed (LT exclusion)

Capital gains on bullion

Vermont taxes capital gains as ordinary income through its 4-bracket individual income tax system (3.35%, 6.60%, 7.60%, 8.75% top rate above approximately $230,150 single / $284,000 MFJ for TY 2025). Two exclusion options for net capital gains: (1) flat exclusion of up to $5,000 on federal net adjusted capital gains (since TY 2014); (2) 40% exclusion of net adjusted long-term capital gains on assets held at least 3 years — with critical scope limits: the 40% exclusion does NOT apply to residential real estate (primary or non-primary), depreciable personal property (except farm property or standing timber), or publicly traded financial instruments (stocks and bonds). Physical bullion appears to qualify for the 40% LT exclusion since it is not publicly-traded, not real estate, and not depreciable personal property. So effective top-bracket LT bullion rate = 8.75% × 0.60 = 5.25% with the 40% exclusion applied; full 8.75% rate applies to short-term gains and any LT gains exceeding the exclusion arithmetic. Operator should verify the bullion-eligibility of the 40% LT exclusion against VT Department of Taxes guidance before publication for retail public-site copy.

Source As of 2025-01-01 · medium confidence

State bullion depository

Vermont has not enacted enabling legislation authorizing a state-administered or state-chartered bullion depository. Per Sound Money Defense League coverage, "Vermont law does not currently allow for a state bullion depository." No depository-authorization bill identified in 2021-2026 sessions. The Vermont State Treasurer has no statutory authority to operate a depository or hold physical bullion as a state asset.

Source As of 2026-04-26 · medium confidence

State gold & silver reserves

The Vermont State Treasurer (Mike Pieciak, D, in office since January 2023 — Vermont's 31st State Treasurer) does not hold physical gold or silver as a reserve asset. Vermont statutes do not authorize state-treasury PM holdings. Treasurer Pieciak's published priorities focus on climate-risk integration in pension investments (Pieciak co-signed multi-state letters calling on Wall Street to continue considering climate risk in pension investments), the Vermont Saves bipartisan public retirement initiative, and federal-transition policy responses — directionally opposite to PM-reserve advocacy. Vermont's investment-policy direction is substantively divergent from the UT/NH/TN/SD sound-money axis.

Source As of 2026-04-26 · medium confidence

No disclosure

Pension fund holdings

Vermont Pension Investment Commission (VPIC) acts as trustee for Vermont's defined-benefit plan investments — the State Teachers' Retirement System of Vermont (VSTRS), Vermont State Employees' Retirement System (VSERS), and Vermont Municipal Employees' Retirement System (VMERS) — with the State Treasurer's Office providing administrative support including portfolio rebalancing, review, and due diligence. VPIC achieved approximately $600M in net investment returns in FY24. VPIC's investment policy emphasizes climate-risk integration and does not enumerate physical-precious-metals exposure as a discrete line item. Field marked `No-public-disclosure` rather than definitive `No` because the alternatives sleeve composition is not fully enumerated in publicly-available summary documents — physical PM exposure is presumed minimal-to-zero (and likely strictly zero given VPIC's ESG/climate posture) but cannot be ruled out without ACFR-level review.

Source As of 2024-06-30 · medium confidence

What this means for buyers

When you sell or otherwise realize a gain: capital gains on bullion are taxed as ordinary income at Vermont’s state-tax rates, stacked on top of the federal 28% collectibles rate. This is a real drag on long-term holdings — consult a CPA before realizing a major position.

Standard state taxation environment. Review whether nearby states offer better exemptions for material transactions, and consult your CPA before acting on a large position.

Coin & bullion dealers in Vermont

Verified retail dealers — sourced from state corporation registries, BBB, and trade associations.

Full directory

International Coins and Currency

Operating since 1970

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Puro’s Coins

NGC, PCGS

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Vermont Coin & Jewelry

Operating since 2005
PCGS Authorized

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About this page. Each fact on this page links to its primary source. State laws change, so confirm material facts with your CPA or the state Department of Revenue before acting on a transaction. Fair Market Value does not provide legal or tax advice.

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