Maryland has reversed one of the most controversial tax changes to hit the state’s coin and bullion market.

On May 26, 2026, Governor Wes Moore approved legislation that restores Maryland’s sales tax exemption for qualifying purchases of precious metal bullion and coins. The change takes effect July 1, 2026. Maryland General Assembly records list House Bill 500 as Chapter 729 and Senate Bill 309 as Chapter 730.

The new law ends the Baltimore Convention Center restriction that dealers and collectors criticized throughout the past year. Under the 2025 tax change, Maryland only exempted qualifying precious metal bullion or coin sales over $1,000 when the sale occurred at the Baltimore Convention Center. Before that change, Maryland exempted qualifying purchases over $1,000 statewide.

The 2025 tax change stunned many Maryland coin and bullion businesses. It also put Maryland out of step with most states that have moved away from taxing gold and silver purchases.

Dealers argued that the tax pushed customers into nearby tax-free markets. Pennsylvania, Delaware, and West Virginia became easy alternatives for many buyers. As a result, some Maryland businesses reported losses that reached into the hundreds of thousands of dollars, according to the Sound Money Defense League.

Brett Stelfox, owner of Golden Eagle Coins in Laurel, Maryland, told lawmakers that his business felt the impact almost immediately. He reported a 72% drop in showroom traffic after the tax took effect. Stelfox also said Maryland dealers formed the Sound Money Association of Maryland to support SB 309 and HB 500 because “our business depended on it.”

Senator J.B. Jennings (R-7) sponsored SB 309. Delegate Wayne Hartman (R-38C) sponsored HB 500. Together, the bills restore Maryland’s long-running exemption for qualifying gold and silver coins, bars, and rounds.

The Sound Money Defense League helped secure the introduction of the bills. It also testified at hearings and mobilized grassroots support. Jennings credited testimony from business owners and sound-money advocates for moving the legislature to act. Hartman said the bill aimed to help Maryland businesses that sell precious metal bullion and coins.

For coin dealers, the issue centered on competition. Buyers can cross state lines or buy elsewhere when one state adds a tax to precious metals. That makes local shops less competitive.

For collectors and bullion buyers, the issue also touched savings and investment. Gold and silver often function as stores of value. Maryland does not tax purchases of stocks, bonds, ETFs, currencies, and other financial instruments. Sound-money advocates argued that bullion and monetary coins deserve similar treatment.