The Great Wealth Transfer Is Happening Now

Every day, roughly 11,000 Americans turn 65. Baby Boomers control approximately $85 trillion in wealth—about half of everything Americans own. Over the next two decades, an estimated $84 trillion will transfer from older generations to their heirs.

Much of this wealth isn't in stocks or real estate. It's in jewelry boxes, safe deposit boxes, home safes, and sock drawers. It's wedding rings, inherited coins, silver tea sets, and gold watches. For many families, these items represent the most tangible, holdable wealth they'll ever receive.

Here in Utah, we see this every week at The Gold Vault. Adult children come in carrying their mother's jewelry collection, unsure what any of it is worth. Widows bring in coins their husbands accumulated over decades. Families arrive together, trying to divide an inheritance fairly.

The emotional weight of these decisions is real. So is the financial significance.

Inherited Gold & Silver in Utah: What Makes It Different

Utah isn't just any state when it comes to precious metals. We have a unique relationship with gold and silver that affects everything from taxes to local currency. Here's what Utah families need to know:

Utah's Precious Metals Sales Tax Exemption

Utah exempts sales of gold, silver, platinum, and palladium bullion and coins from state sales tax when the transaction exceeds $1,000. This applies whether you're buying or selling. Compare this to states like California or New York, where you might pay 7-9% sales tax on precious metals purchases.

Goldbacks: Utah's Local Gold Currency

If you've inherited small, colorful bills featuring images of Lady Liberty or Utah-themed designs, you may have Goldbacks. Utah was the first state to issue this voluntary local currency in 2019, and it's become part of our precious metals culture.

Goldbacks contain actual 24-karat gold—from 1/1000 oz (the 1 Goldback) to 1/20 oz (the 50 Goldback)—laminated between thin protective layers. They can be spent at participating Utah merchants, held as fractional gold investments, or sold to dealers.

Utah's Bullion Culture

Utah has one of the strongest precious metals communities in the country. The state's history with mining, its preparedness-minded population, and legislative support for sound money have created an environment where owning physical gold and silver is normalized.

The Utah Precious Metals Legal Tender Act (2011) recognized gold and silver coins issued by the U.S. Mint as legal tender within the state. While this hasn't changed day-to-day commerce much, it signaled Utah's commitment to monetary metals and helped foster local dealers, events, and education.

What this means for you: There are more reputable local options for evaluating and selling inherited precious metals than in most states. You don't have to ship your grandmother's jewelry to an online buyer sight-unseen.

Utah Estate Planning Resources

If you're inheriting precious metals as part of a larger estate, or helping parents plan their estates, Utah has specific considerations:

• No state estate tax: Utah doesn't impose its own estate tax beyond federal requirements
• No state inheritance tax: Heirs don't pay Utah taxes simply for receiving an inheritance
• Probate thresholds: Small estates (under $100,000) may qualify for simplified probate procedures

For complex estates involving significant precious metals holdings, consider consulting a Utah estate planning attorney. Many now have experience with physical gold and silver, Gold IRAs, and the specific documentation these assets require.

What You've Actually Inherited: A Quick Identification Guide

Before deciding whether to keep, sell, or redistribute inherited precious metals, you need to know what you have. Here's how to categorize common inherited items:

Gold Jewelry

Look for karat stamps: 10K, 14K, 18K, or 24K. In the United States, 14K is most common for everyday jewelry, while 18K and 24K are typically found in higher-end or international pieces. The stamp is usually inside rings, on clasp mechanisms, or on small tags attached to chains. If you see "585," that's 14K gold (58.5% pure). "750" means 18K (75% pure).

Items marked "GF" (gold-filled), "GP" (gold-plated), or "HGE" (heavy gold electroplate) contain minimal gold and have limited melt value, though they may still have resale value as jewelry.

Silver Items

Sterling silver is marked "925" or "Sterling." This means 92.5% pure silver. Older American pieces might show maker's marks without purity stamps—these often require expert evaluation. Coin silver (90% pure) was common in early American flatware and may be marked "Coin" or "900."

Silver-plated items (marked "EP," "EPNS," or "Silver on Copper") have a thin silver coating over base metal and typically have no precious metal value, though antique pieces may have collector value.

Coins and Bullion

U.S. coins dated 1964 or earlier (dimes, quarters, half dollars) are 90% silver. Half dollars from 1965-1970 are 40% silver. These are often called "junk silver" or "constitutional silver"—though there's nothing junk about them at today's prices.

Gold coins require careful evaluation. American Gold Eagles, Canadian Maple Leafs, and South African Krugerrands are common bullion coins with values tied closely to gold spot price. Older U.S. gold coins (pre-1933) may have significant numismatic (collector) premiums above their gold content.

Dental Gold

Yes, dental gold has value. Crowns, bridges, and other dental work typically range from 10K to 22K gold. Many families inherit small containers of dental gold without realizing it's worth evaluating.

The 2026 Tax Landscape: What Utah Heirs Need to Know

The tax treatment of inherited precious metals changed significantly on January 1, 2026. Here's what matters:

The Step-Up in Basis

This is the most important tax concept for inherited precious metals. When you inherit physical gold or silver, your "cost basis" is "stepped up" to the fair market value on the date of death—not what your loved one originally paid.

This step-up makes inherited physical metals extremely tax-efficient compared to many other assets.

The Estate Tax Exemption Cliff

The federal estate tax exemption dropped from $13.61 million (2025) to approximately $6.8 million (2026). This means estates that were comfortably below the threshold last year may now face estate taxes.

For most Utah families, this won't directly impact inherited precious metals—the exemption still covers the vast majority of estates. However, if you're helping parents plan their estate, or if the estate includes substantial assets beyond precious metals, consulting with an estate planning attorney is wise.

Inherited IRAs vs. Physical Metals

If your loved one held precious metals in a Gold IRA rather than physically, the rules are different. Inherited IRAs (for non-spouse beneficiaries) must be fully distributed within 10 years, and distributions are taxed as ordinary income—not capital gains.

This is one reason many precious metals investors prefer holding physical gold and silver outside of IRAs: the step-up in basis for heirs can be significantly more tax-advantageous than the income tax treatment of inherited IRA distributions.

Note: Tax situations vary. Consult a tax professional for advice specific to your situation.

Should You Sell, Keep, or Buy More? A Decision Framework

There's no universally right answer. Here's how to think through your options:

Consider Selling If:

• You need liquidity for estate settlement costs, debts, or immediate financial needs. Precious metals are highly liquid—you can convert them to cash quickly, which isn't always true of real estate.
• Multiple heirs need to divide the inheritance fairly. Sometimes selling and splitting cash is simpler than trying to divide physical items equitably.
• The items have no sentimental value and you'd rather redeploy the capital elsewhere. There's nothing wrong with this—it's a practical financial decision.
• You've inherited broken, damaged, or mismatched jewelry with limited wearability or resale potential. These items are often worth more as melt value than as jewelry.

Consider Keeping If:

• The items have strong sentimental value. A wedding ring, a grandfather's watch, or a family heirloom carries meaning that transcends market value.
• You want to maintain or increase your precious metals allocation. With gold near $4,700 and silver around $80, holding inherited metals means you've essentially acquired them at your stepped-up basis with no transaction costs.
• You're concerned about inflation, currency debasement, or economic uncertainty. Many people are adding to their precious metals holdings in 2026, not reducing them.
• You have secure storage and don't need the immediate liquidity.

Consider Buying More If:

• Your inheritance sparked an interest in precious metals as part of your financial strategy. Many people become precious metals investors after inheriting their first coins or bullion.
• You want to "round out" a collection. If you inherited a partial set of silver flatware or a few gold coins, completing the set can increase both utility and value.
• The recent market correction presents an opportunity. Gold dropping from $5,600 to $4,700 and silver from $120 to $80 has created what some investors view as a buying window—though no one can predict short-term price movements.

Where to Sell Inherited Precious Metals in Utah

If you decide to sell some or all of your inherited precious metals, you have several options. Each has tradeoffs:

Pawn Shops

Pros: Quick, convenient, no appointment needed.

Cons: Typically offer 50-70% of actual value. Pawn shops need high margins because they're lending money and holding inventory. For inherited precious metals, this usually isn't your best option.

Online Buyers

Pros: Competitive offers from a national market.

Cons: You must ship insured, wait for evaluation, and accept their offer sight unseen. Risk of loss or damage in transit. No personal service or ability to ask questions face-to-face.

Jewelry Stores

Pros: May offer fair prices for intact, wearable jewelry they can resell.

Cons: Often not interested in bullion, coins, or scrap. Primarily focused on their retail business, not buying.

Dedicated Precious Metals Dealers

Pros: Specialized expertise, competitive pricing tied to spot markets, ability to evaluate numismatic premiums, and typically the highest payouts for bullion and coins.

Cons: Varies by dealer—look for established businesses with transparent pricing.

Protecting Your Inheritance: Storage and Documentation

Whether you're keeping inherited precious metals for yourself or planning to eventually pass them to the next generation, proper storage and documentation matter:

Home Storage

A quality home safe (fire-rated, bolted to the floor or wall) provides reasonable security for modest collections. Avoid obvious hiding spots. Consider that home insurance typically has low limits for precious metals—you may need a separate rider or floater policy.

Bank Safe Deposit Boxes

Offers security but has limitations: limited access hours, no FDIC insurance for contents, and potential access complications if you become incapacitated. Make sure your estate plan addresses safe deposit box access.

Documentation for Future Generations

Create an inventory with photographs, descriptions, approximate values, and storage locations. Share this information with your executor or a trusted family member. Too many precious metals collections are lost simply because heirs didn't know they existed or couldn't find them.

Consider writing a letter explaining why you acquired or kept these items. The story behind an inheritance often matters as much as its value.

Common Mistakes to Avoid

Selling in grief-driven haste. Precious metals don't spoil. Unless you have urgent financial needs, take time to research values and consider your options. The spot price today will be similar next month.

Accepting the first offer. Get multiple quotes. Legitimate dealers won't pressure you to sell immediately. If someone is rushing you, walk away.

Cleaning or polishing coins. This can destroy collector value. Numismatic coins should be evaluated by an expert before any cleaning.

Assuming gold-colored means gold. Always verify with stamps or professional testing. Many inherited items turn out to be gold-plated or costume jewelry.

Throwing away "junk." That tarnished old chain, those random coins in a drawer, even dental work—all may have significant value. When in doubt, have it evaluated.

Forgetting the emotional component. If selling a piece would cause lasting regret, keep it. Money can be earned; memories and connections to loved ones cannot be replaced.

Moving Forward

Inheriting precious metals is both a financial event and an emotional one. The items you've received represent someone's values, their preparation, their taste. Handling them thoughtfully honors their memory.

Take your time. Get educated. Ask questions. Whether you ultimately sell, keep, or add to your inheritance, make the decision from a place of knowledge rather than uncertainty.