Connecticut Precious Metals Tax Information
The state of Connecticut requires the collection of sales tax on certain products sold by APMEX and delivered to a Connecticut address.
Please note: The information below is not a comprehensive description of sales tax laws and requirements in the state of Connecticut. It is intended only to provide a brief overview of Connecticut sales tax laws and requirements currently in effect that may relate to transactions with APMEX.
Sales tax is generally determined by the laws in effect on the date an order ships, not the date the order is placed. Because sales tax laws and product taxability rules can change, APMEX encourages customers to review applicable tax information before completing a purchase.
What Precious Metals Are Taxed?
Connecticut sales tax must be collected on certain products sold by APMEX and shipped to a Connecticut address.
Under current Connecticut law, sales tax must be collected on:
- Platinum products;
- Palladium products;
- Copper products;
- Certain numismatic products;
- Accessory items;
- Processed items; and
- Any single transaction consisting of qualifying gold or silver bullion or legal tender totaling less than $1,000.
Gold or silver bullion, gold or silver legal tender of any nation, and rare or antique coins may be exempt when traded according to their value as precious metal and, for bullion or legal tender, when the applicable transaction totals $1,000 or more.
Connecticut’s current statutory exemption applies to “rare or antique coins, gold or silver bullion and gold or silver legal tender of any nation, traded according to its value as precious metal,” but the exemption does not apply when the total value of the bullion or legal tender sold by the retailer is less than $1,000.
All other products sold by APMEX that do not meet Connecticut’s exemption requirements may be subject to Connecticut sales tax.
Taxable Products in Connecticut
For our classification purposes, the following definitions apply to products on which Connecticut sales tax may be collected:
- Numismatic Products. For APMEX classification purposes, products with value above and beyond the base value of the underlying precious metal due to rarity, condition, age, mintage, collectability, or another external factor.
- Accessory Items. Items such as holders, tubes, coin flips, storage products, or similar supplies.
- Processed Items. precious metals that have been processed or manufactured into items valued on more than their precious metal content, such as jewelry, statues, colorized coins, or similar products.
Please note that Connecticut applies a general sales tax rate of 6.35% to most taxable goods and services, and Connecticut does not impose additional local sales taxes. However, special Connecticut sales tax rates may apply to certain products. For example, items of jewelry, whether real or imitation, with a sales price of more than $5,000 are subject to a 7.75% Connecticut sales tax rate.
How Does Connecticut Calculate Precious Metals Taxes?
Taxes in Connecticut are calculated at checkout on the APMEX website based on:
- The taxability of the products sold by APMEX and shipped to a Connecticut address;
- Connecticut sales tax rules in effect at the time the order ships;
- The applicable Connecticut sales tax rate for the taxable item; and
- The total value and product composition of the transaction.
Connecticut’s general sales tax rate is 6.35%, and there are no additional local sales taxes imposed by Connecticut jurisdictions. Certain taxable products may be subject to special Connecticut sales tax rates.
APMEX began collecting taxes in Connecticut in December 2018.
Future Connecticut Sales Tax Change
Connecticut has enacted changes to the sales tax exemption for certain precious metals, but those changes are not effective until July 1, 2027.
Effective July 1, 2027, Connecticut’s exemption for certain rare or antique coins, bullion, and legal tender is scheduled to change. According to the Connecticut Department of Revenue Services, the legislation removes the $1,000 threshold, extends the exemption to include palladium bullion and platinum, and limits the exemption for gold and silver bullion to bullion with a purity level of at least 90%. The change applies to sales occurring on or after July 1, 2027.
Until that effective date, APMEX will continue to apply Connecticut sales tax based on the Connecticut rules currently in effect at the time an order ships.