? 2 for the PM experts

[Rich Hartford]

Lets say I purchased $500.00 "face " value of gold American Eagles overseas. Upon bringing them back into the U.S. Would it count as $500.00
or the bullion value?

 

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[Shake-N-Bake]

Lets say I purchased $500.00 "face " value of gold American Eagles overseas. Upon bringing them back into the U.S. Would it count as $500.00
or the bullion value?

I may be wrong but this is how it works for me when I cross the Canadian border with silver coins. They use your purchase price for the taxes not the face value.

Jason

 

[Shake-N-Bake]

I have had to show invoices the several times I have done this...

Jason

 

[Rich Hartford]

Jason,

If you are bringing back Silver or gold eagles that have a face value,and are legal tender, how can you be taxed for a larger amount than the face?

I could see you being taxed on the bullion value of Canadian coins though, I guess

Rich

 

[obediah]

Jason,

If you are bringing back Silver or gold eagles that have a face value,and are legal tender, how can you be taxed for a larger amount than the face?

I could see you being taxed on the bullion value of Canadian coins though, I guess

Rich

That is right, legal currency can not be valued over face value, but you did say Krugerrands didn't you they have no face value but are in fact Gold coins. Stick to legal tender Gold coins & you got it licked.

 

[Shake-N-Bake]

Jason,

If you are bringing back Silver or gold eagles that have a face value,and are legal tender, how can you be taxed for a larger amount than the face?

I could see you being taxed on the bullion value of Canadian coins though, I guess

Rich

Not sure I bought 10 of the 1998 Proof $50 maple leafs 3 different times and got taxes on the purchace price and not the face value. I think you are only allowed to bring back so much face value of the leaving countries currency, and I think the $500 face value exceeded the limits.

Jason

 

[mistergee]

here's what i found here http://www.usitc.gov/publications/docs/tata/hts/bychapter/0910C71.pdf
from the U.S. International Trade Commission. this is just one page pertaining to silver and gold

Harmonized Tariff Schedule of the United States (2009) – Supplement 1
Annotated for Statistical Reporting Purposes
XIV
71-7
Heading/ Stat. Unit Rates of Duty
Subheading Suf- Article Description of 1 2
fix Quantity General Special
II. PRECIOUS METALS AND METALS CLAD WITH
PRECIOUS METAL
7106 Silver (including silver plated with gold or platinum), unwrought
or in semimanufactured forms, or in powder form:
7106.10.00 00 Powder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . Free Free
Other:
7106.91 Unwrought:
7106.91.10 Bullion and dore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Free Free
10 Bullion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ag g
20 Dore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ag g
7106.91.50 00 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . 3% Free (A,AU,BH,CA, 65%
CL,E,IL,J,JO,MA,
MX,OM,P,PE,SG)
7106.92 Semimanufactured:
7106.92.10 00 Rectangular or near rectangular shapes, containing
99.5 percent or more by weight of silver
and not otherwise marked or decorated than
with weight, purity, or other identifying information
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . Free Free
7106.92.50 00 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . 3% Free (A*,AU,BH, 65%
CA,CL,E,IL, J,JO,
MA,MX,OM,
P,PE,SG)
7107.00.00 00 Base metals clad with silver, not further worked than semimanufactured
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . 3.3% Free (A,AU,BH,CA, 30%
CL,E,IL,J,JO,MA,
MX,OM,P,PE,SG)
7108 Gold (including gold plated with platinum) unwrought or in
semimanufactured forms, or in powder form:
Nonmonetary:
7108.11.00 00 Powder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . Free Free
7108.12 Other unwrought forms:
7108.12.10 Bullion and dore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Free Free
Bullion:
13 Containing by weight not less than
99.95 percent of gold . . . . . . . . . . . . . . . Au g
17 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . Au g
20 Dore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Au g
7108.12.50 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1% Free (A,AU,BH,CA, 65%
CL,E,IL,J,JO,MA,
MX,OM,P,PE,SG)
10 Containing by weight not less than 99.95
percent of gold . . . . . . . . . . . . . . . . . . . . . . . Au g
50 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Au g
7108.13 Other semimanufactured forms:
7108.13.10 00 Gold leaf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . cm2 . . . . . Free 8%
Au g
Other:
7108.13.55 00 Rectangular or near rectangular shapes,
containing 99.5 percent or more by weight
of gold and not otherwise marked or decorated
than with weight, purity, or other identifying
information . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . Free Free
7108.13.70 00 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . 4.1% 1/ Free (A,AU,BH,CA, 65%
CL,E,IL,J,JO,MA,
MX,OM,P,PE,SG)
7108.20.00 00 Monetary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g . . . . . . . Free Free
1/ See subheading 9902.71.08.

there's lots more pages...personally i find it a bit confusing.

this may help also
http://www.cbp.gov/xp/cgov/trade/trade_programs/duty_rates/determining.xml

 

[Cherryman68]

Just swim over and avoid the check points

 

[AGCoinHunter]

From Canada, that’s the easiest way across! Just watch out for the mosquitoes.