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South Carolina Bullion Sales Taxes

South Carolina Precious Metals Tax Information

The state of South Carolina requires the collection of sales taxes on certain products sold by APMEX and delivered to a South Carolina address.

Please note: The below is not a comprehensive description of sales tax laws and requirements in the state of South Carolina. It is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of South Carolina that relate to the reader’s transactions with APMEX.

What Precious Metals Are Taxed?

Taxes must be collected on Copper products, Palladium products, numismatic products except those currently or previously used as legal tender, accessory items and processed items. All other products sold by APMEX are exempt from these taxes.

Taxable Products in South Carolina.

The following definitions apply to products on which these taxes must be collected in South Carolina:

  • Numismatic Products. Products with an external value above and beyond the base value of the underlying Precious Metal, due to the item’s rarity, condition, age or other external factor.
  • Accessory Items. Items such as holders, tubes or coin flips.
  • Processed Items. Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.

As required by law, APMEX is required to notify its South Carolina customers of the following:

INDIVIDUALS 85 YEARS OR OLDER ARE ENTITLED TO A 1% STATE SALES TAX REDUCTION ON ITEMS PURCHASED FOR PERSONAL USE. YOU MUST ASK FOR THE REDUCTION AND PRESENT PROOF OF YOUR AGE.

If you are a South Carolina customer who wishes to claim this 1% reduction in sales tax, please place your order over the phone at (800) 375-9006, select option one, and speak with one of our account managers. One of our account managers will be happy to place your order for you and apply the 1% reduction in sales tax. Before your order is shipped, you will be required to mail, email or fax a copy of a document to APMEX providing proof of your age.

How Does South Carolina Calculate Precious Metals Taxes?

Sales taxes in South Carolina are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in South Carolina set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in South Carolina.APMEX began collecting sales taxes in South Carolina in November 2018.

Quick Guides to Investing

Step 1:

Why Buy Physical Gold and Silver? | APMEX

If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.

Step 2:

How Much Should I Buy?

This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.

Step 3:

Which Precious Metals Should I Buy? | APMEX

With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.

Step 4:

The Complete Guide to Buying Gold and Silver | APMEX

After considering why, how much, and what Precious Metals products to buy, an investor’s next step is how to buy them. Gold and Silver are different than your typical investments. While buying Precious Metals can be important for investing, it can also be a fun shopping experience. One guideline for buying Precious Metals is to keep the buying process as simple as possible. Plus, one should only buy them from respectable retailers with longstanding credibility for quality, like APMEX.