Coin dealers do report certain sales to the IRS, but the trigger is narrower than most sellers assume. A dealer must file Form 1099-B only when you sell specific bullion products in quantities that meet a Commodity Futures Trading Commission (CFTC) contract minimum, and a dealer must file Form 8300 when you pay more than $10,000 in cash for a purchase. Everything else, including most single-coin sales and any purchase paid by personal check or wire, goes unreported to the IRS by the dealer.
When a Sale to a Dealer Triggers a 1099-B
There is no flat dollar threshold. The 2026 Instructions for Form 1099-B tie dealer reporting to CFTC-approved regulated futures contracts. A sale of gold, silver, platinum, or palladium is reportable only when the metal is in a form deliverable against a CFTC-approved futures contract and the quantity sold equals or exceeds that contract’s minimum delivery amount.1Internal Revenue Service. Instructions for Form 1099-B (2026) Miss either condition and the dealer has nothing to file.
For bars, the standard COMEX gold futures contract calls for delivery of 100 troy ounces.2CME Group. Gold Futures Contract Specs The standard COMEX silver contract calls for 1,000 troy ounces. Sell a position meeting or exceeding those minimums in qualifying form and the dealer must file.
Gold Coins Follow a Different Contract
Coins correspond to a separate futures contract, so their threshold is different. The IRS instructions state directly that a broker selling a single gold coin does not need to file Form 1099-B, even if that coin could settle a CFTC-approved contract, as long as the contract calls for delivery of at least 25 coins.1Internal Revenue Service. Instructions for Form 1099-B (2026) In practice, selling 25 or more one-ounce coins of a qualifying type in a single transaction meets the trigger. Coins understood to fall into that category include the Canadian Maple Leaf, South African Krugerrand, and Mexican Onza, because they are deliverable against CFTC-approved contracts.
The 24-Hour Aggregation Rule
Splitting a large sale into smaller pieces does not defeat the requirement. All precious metals sales to the same customer within a 24-hour period must be combined when determining whether the CFTC minimum is met.1Internal Revenue Service. Instructions for Form 1099-B (2026) The exception also fails when the dealer knows, or has reason to know, that a customer is breaking up sales across multiple days to avoid reporting.
What Does Not Trigger a Report
The list of exempt sales is longer than the list of reportable ones, and it includes some of the most popular products in the market.
American Eagles, Buffalos, and Fractional Coins
American Gold Eagles, American Silver Eagles, and American Buffalo coins are not deliverable against any CFTC-approved futures contract. Because the reporting rule turns entirely on that CFTC connection, these coins fall outside the requirement no matter how many you sell at once. The same reasoning covers fractional gold coins and most modern government-minted bullion coins that were never written into futures delivery specifications.
Numismatic and Collectible Coins
Rare and collectible coins valued primarily for grade, scarcity, or historical significance are not reportable. A 1909-S VDB Lincoln Cent worth thousands generates no 1099-B because its value comes from rarity rather than metal content. The same applies to any coin whose market price substantially exceeds its melt value because of collector demand, even when it contains gold or silver.
Below-Threshold Bullion Sales
Any qualifying sale that falls below the CFTC contract minimum is exempt. Ninety troy ounces of silver bars, 20 one-ounce Krugerrands, or a single gold kilo bar do not meet the delivery requirements and produce no filing obligation.
When You Buy From a Dealer: The $10,000 Cash Rule
A separate reporting requirement kicks in on the buy side. Any business that receives more than $10,000 in cash during a single transaction, or across related transactions, must file IRS Form 8300 within 15 days.3Internal Revenue Service. Instructions for Form 8300 The rule applies specifically to the retail sale of collectibles, coins included.4Internal Revenue Service. IRS Form 8300 Reference Guide
“Cash” here means more than paper currency. It also covers cashier’s checks, money orders, traveler’s checks, and bank drafts with a face value of $10,000 or less when used in a designated reporting transaction.3Internal Revenue Service. Instructions for Form 8300 Personal checks and wire transfers do not count. Paying $12,000 for gold coins with a personal check produces no Form 8300. Paying with hundred-dollar bills does.
Related transactions get aggregated. Two visits to a dealer within 24 hours with cash totaling more than $10,000 are combined. Payments spread over a longer period can still be aggregated if the dealer knows or has reason to know they are connected.3Internal Revenue Service. Instructions for Form 8300 Structuring purchases to stay just under $10,000 is itself a federal offense, and dealers watch for it.
What Ends Up on the 1099-B
When a sale does trigger reporting, the dealer files Form 1099-B with the IRS and sends a copy to you. The form shows the gross proceeds paid to you, the trade date, and a description of the bullion sold. A checkbox marks the proceeds as coming from collectibles.1Internal Revenue Service. Instructions for Form 1099-B (2026)
One detail catches sellers off guard. The form typically does not carry your cost basis. The dealer reports what you were paid, not what you spent to acquire the coins. The IRS sees the full sale price and has no way to calculate your profit from the form alone. Tracking your original purchase price and proving basis is on you.
You Still Owe Tax When Nothing Is Reported
The absence of a 1099-B does not mean you owe nothing. Every profit from selling coins or bullion is taxable, and you report it whether or not the dealer filed anything.
The 28% Collectibles Rate
Coins and bullion are classified as collectibles under federal tax law. Long-term gains (assets held longer than one year) are taxed at a maximum rate of 28%, compared with the 20% ceiling on most other long-term capital gains.5Internal Revenue Service. Publication 550 (2025), Investment Income and Expenses If your bracket sits below 28%, you pay your regular rate instead. Short-term gains on coins held one year or less are taxed at ordinary income rates, which can run higher than 28%.
High-income sellers face an additional layer. The 3.8% Net Investment Income Tax applies to capital gains when modified adjusted gross income exceeds $200,000 for single filers or $250,000 for married filing jointly. Those thresholds are not indexed to inflation, so more taxpayers cross them each year. A large liquidation can push the effective rate on the gain to 31.8%.
Where the Sale Goes on Your Return
Every coin or bullion sale is reported on Form 8949, which feeds into Schedule D of Form 1040.6Internal Revenue Service. Instructions for Form 8949 (2025) For each transaction, list the acquisition date, sale date, sale price, and cost basis. The difference is your gain or loss. If you received a 1099-B, the gross proceeds from Box 1d become your reported sale price.7Internal Revenue Service. About Form 8949, Sales and Other Dispositions of Capital Assets
Category each sale as short-term (one year or less, Part I) or long-term (more than one year, Part II). The 28% collectibles rate only applies to long-term gains, so a misclassified holding period can mean overpaying or underpaying.
Penalties for Not Reporting
If you skip a gain the IRS already knows about through a 1099-B, an accuracy-related penalty of 20% of the underpayment can apply on top of the tax owed.8eCFR. 26 CFR 1.6662-1 – Overview of the Accuracy-Related Penalty Unreported gains that exceed 25% of your gross income extend the audit window from three years to six.
Records to Keep
The IRS asks you to keep property records until the statute of limitations expires for the year in which you sell.9Internal Revenue Service. How Long Should I Keep Records Hold purchase receipts, dealer invoices, and appraisals for as long as you own the coins, plus at least three years after filing the return that reports the sale. Underreport income by more than 25% of gross income and the window stretches to six.
For coins held for decades, store the paperwork somewhere other than with the coins themselves. A lost 1995 receipt or a damaged safe deposit box can turn a modest gain into a fully taxable event, because without proof of basis the IRS can treat the entire sale price as profit.