Tax Exemption – Gold, Silver, Platinum & Coins in Virginia

Chip Sullivan - Friday, January 19, 2018
Gold and Silver Bullion

State of Virginia Exempts Sales Tax on Bullion & Coins Sales Exceeding $1,000

New for 2018 - Buying Gold, Silver, Platinum and Rare Coins in Virginia

VA House Bill 1668, Article 19: Gold and silver bullion coins are produced by sovereign governments. For example Canada produces gold maple leafs, USA gold and silver eagles and gold buffaloes, China produces gold pandas. Coins have face value and are stamped by the year in which they were produced. Gold and silver bars are produced by private companies, like Johnson Matthey or PAMP. They are engraved with serial numbers and come with an assay certificate that guarantees the bar for weigh and purity. So which is best? That depends on your specific circumstances. Bars are generally better for larger buys since they come in sizes up to one kilo. In general their premium over spot prices is lower than coins. They can be easier to store. Coins are ubiquitous and thus highly liquid. In general they are easier to sell than bars. Some gold coins carry smaller premiums over spot, like South African Krugarands. If you are buying coins for the bullion value it is best to avoid pre 1849- 1933 US gold coins like double eagles. They will always carry some numismatic value and thus you will always pay a hefty premium for their gold content. Also, if your interest is in bullion, do not pay a premium for "proof" bullion coins. Try to stick with 1 ounce coins vs fractional coins like half ounce to get the lowest premium over spot.

Download PDF Document Virginia's New Bullion & Coin Sales Tax Exemption Bill

Virginia is a state with a long and rich historical connection to our country. It is one of the original 13 colonies, and many of our founding fathers called Virginia home, like George Washington, Thomas Jefferson, and James Madison. One was the Father of our Country, one the creator of the Declaration of Independence, and one the writer of the Constitution of the United States. Virginia is also responsible for providing the country with a framework for our most oft quoted list of rights and freedoms, the Bill of Rights. It was adopted from a similar set of laws passed by the Virginia Legislature. Over our history, the greatest number of United States Presidents has been born in the Commonwealth of Virginia. This historical state is surrounded by the Atlantic Ocean, Chesapeake Bay, and the Blue Ridge Mountains which all lend a hand to its climate. Its connections to the running of our country are further amplified by is close proximity to Washington D.C. and the center of all political power.

Silver Bullion

Virginia may be the earliest known settlement in the new world, when Europeans in the early 1600s established the first colonies on its shores. It is very close to the north, but draws major influences from its southern neighbors, like its plantation lifestyle, and its slavery traditions. During the American Civil War, it joined the Confederacy, going so far as to having Richmond be the capitol of the South. After the war, for over 150 years the political parties have jostled for control of the state government. It is a highly competitive two party state, with indications of Republican and Democratic leanings. The assembly is the oldest law making body that has continuously operated in the United States and the colonies before the revolution. The economy consist of agricultural and farming in the valleys, and government subsidized workers In suburbs of DC, including the CIA and Defense Department it also has one of the main seaports along the eastern coast.

The residents of the state are very aware, based on their reliance on government contracts and employment that you need to have a positive financial plan for the future. You must place your hard earned money in places where it can have a positive return with stability and security. You could invest in real estate, although with a front row seat to the economic crisis that developed in our nation's capital, and the constant struggles to get anything changed in the system, any investment in property is very risky. You could invest in the stock market, but it is very unpredictable, and it only seems like brokers and rich people make money. The best solution might be to buy gold, silver, platinum bullion or rare coins, but pay attention as sales tax maybe imposed on the transaction. In the State of Virginia we now have an exemption on transactions over $1,000.