FAQ’s
What is ESSB5794?
- Washington Senate Bill 5794 is a bill passed by the Washington State Legislature in the 2025 session. This bill affects more than the precious metals and coin industry.
Specifically, paragraph 1, section 105 of this bill will add both a B&O tax on the gross sales, and a state and local sales tax to all precious metals and coins
- This bill will go into effect January 1, 2026.
How will this bill affect the industry, and subsequently the customer?
- This bill will drive revenue out of Washington to any of the other 45 states which do not tax coins or bullion.
- This bill will add a 10%+ SALES tax to our customers, ultimately making our dealers non- competitive in a market that consistently sees 1-3% margins.
- This bill will inevitably decrease the number of dealers, giving customers fewer options.
- This bill will open costumers to an increase in fraud from private party transactions.
- This bill will add burden to our law enforcement agencies.
- This bill will disincentivize investing in low margin, liquid, transferrable, tangible assets.
- This bill will hurt the core group of small and medium investors and savers who may not have the means to make other investments.
How are your local dealers in the industry responding?
- A core group of Washington coin businesses formed, on short notice, The Washington Coin and Bullion Association, or WCBA.
- Our industry leaders spent time publicly testifying, writing our legislators, and meeting with lawmakers in Olympia.
- We crowd funded, through generous donations from coin dealers (In Washington as well as Oregon and Idaho) to hire counsel.
- The WCBA legally became an entity in July of 2025.
What are the goals of WCBA?
- To provide legislative information and tools to coin and bullion dealers as well as enthusiasts in order to start a unified grassroots movement.
- To organize dealers in order to consolidate our voice.
- To repeal Paragraph 1, Section 105 of ESSB5794, and reinstate RCW 82.04.062.
- To introduce a standalone bill to permanently exclude our industry from unfair Sales, Use and B&O taxes.
Who can support WCBA?
- WCBA is open to all dealers and consumers with the common goal of repealing this ill- advised legislation.
- Dealers who are in good standing will have a membership packet and fliers provided to distribute to consumers.
Who represents WCBA?
- We have retained Lobby Washington (Chester Baldwin and Mark Gjurasic).
- Mark Gjurasic represented a previous Association under the name Washington Coin and Bullion Dealers Association in the 1980’s. He was fundamental in winning the sales tax preference for our industry in 1985, which lasted 40 years.
- Please visit https://lobbywashington.com for more information about our legal team
How did this bill pass?
- In the wake of record budget increases, the Washington Legislature looked to eliminate outdated tax preferences’ to make the budget.
- The coin and bullion industry came into the crosshairs, as the taxes were stated to be needed for schools and healthcare’ ~ both of which fall into the state’s general fund.
- JLARC (Joint Legislative Audit and Review Committee) falsely generated an estimated revenue stream of $170m in taxes through 2035.
- An organized group of actors, who had ample notice, were given an unfair majority of time to give flawed public testimony.
- Standard rules of notice were altered, and a few of our dealers were given 60 seconds to testify.
- Governor Bob Fergusson had the ability to line veto Paragraph 1, Section 105 of this bill, but elected to let it remain.
Who sponsored this bill?
- Jesse Salomon (District 32)
- Liz Lovelett (District 40)
- Emily Alvarado (District 34)
- Jessica Bateman (District 22)
- Senator Manka Dhingra (District 45)
- Noel Frame (District 36)
- Bob Hasegawa (District 11)
- T’wina Nobles (District 28)
- Marcus Riccelli (District 3)
- Yasmin Trudeau (District 27)
- Lisa Wellman (District 41)
What can YOU do as a consumer or investor?
- Conduct your business with a dealer currently in good standing with WCBA.
- Utilize the tools provided by WCBA or your local WCBA member dealer.
- Distribute our association’s information and Action Flyers.
- Financially contribute to WCBA, until our annual $70,000 goal is met.
- Inform others possibly interested.
- Use a template provided, or write your own email to your legislators.
- Vote with intention.
What can YOU do as a dealer?
- Contact WCBA about setting up a meeting between your local legislators at your place of business.
- Distribute our association’s information and Action Flyers.
- Financially contribute to WCBA, until our annual $70,000 goal is met.
- Distribute as much information to your network as possible.