Virginia Tax Regulations for Precious Metals
Menu

Virginia Sales Tax for Precious Metals

Published April 23, 2020

As defined in state code §58.1-609.1(19), the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to a Virginia address:

EXEMPT

  1. Gold, silver, or platinum refined bullion bars or ingots sold according to its precious metal content and not form, on single purchases exceeding $1,000;

  2. Legal tender coins of any metal, issued by the U.S. or foreign nation as a medium of exchange or payment of debts, on single purchases exceeding $1,000.

Transactions can contain both bullion and legal tender coins to reach the $1,000 threshold.

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

Our Registration Number is 12-223939059F-001. Certificate of Registration for the Collection of Virginia Use Tax effective 10/01/2019.

Virginia Tax Code - Sales Tax Exemptions For Precious Metals

§58.1-609.1(19)

19.) Effective through June 30, 2022, gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. "Gold, silver, or platinum bullion" means gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value, or other value. Gold, silver, or platinum bullion may contain other metals or substances, provided that the other substances by themselves have minimal value compared with the value of the gold, silver, or platinum. "Legal tender coins" means coins of any metal content issued by a government as a medium of exchange or payment of debts. "Gold, silver, or platinum bullion" and "legal tender coins" do not include jewelry or works of art.

Posted In: tax