South Dakota Sales Tax for Precious Metals

As defined in guidelines published by the South Dakota Dept. of Revenue, the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to a South Dakota address:

EXEMPT

1. Refined bars, ingots, and commemorative medallions made from gold, silver, platinum or palladium, sold according to its precious metal content and not form;

2. Coins made of gold, silver, or other metal that are, or have been legal tender in the U.S. or foregin nations. This includes collectible coins, but does not include tokens;

3. Paper currency that is, or has been, used as legal tender in the U.S. or foreign nations.

All other bullion or numismatic items and accessories sold by Gainesville Coins are subject to South Dakota state sales tax.

Our License Number is S00114059. Sales Tax License effective 10/30/2018.

South Dakota Tax Code - Sales Tax Exemptions For Precious Metals

https://dor.sd.gov/media/q34fhrne/tax-fact-financial-institutions.pdf

SOUTH DAKOTA DOR TAX FACT SHEET DECEMBER 2018
This Tax Fact Sheet is designed to explain to financial institutions how sales and use tax applies to items and services they sell or purchase. If your specific question is not answered in this Tax Fact sheet, please call our toll-free helpline at 1-800-829-9188 weekdays from 8-5 CST. Information found in this document rescinds and replaces all previous, written information on this subject. All readers and users of this publication are responsible for keeping informed about changes in tax laws and regulations by reading the department’s newsletters, press releases, Tax Facts, and other documents published by the Department of Revenue

Coins and Bullion
The gross receipts from the sale of coins, currency and bullion are exempt from sales tax. Bullion is any bar, ingot, or commemorative medallion of gold, silver, platinum palladium or any combinations of these metals. Coins or currency are any legal tender made of gold, silver, or other metal or paper which is or has been used as legal tender. The exemption does not include any type of jewelry or tokens but does include collectible coins. If a coin is made into jewelry the coin loses its value and is no longer considered an exempt coin. The following chart explains some taxable and exempt items dealing with coin collection.