Virginia Precious Metals Tax Information
The state of Virginia requires the collection of sales taxes on certain products sold by APMEX and delivered to a Virginia address.
Please note: The below is not a comprehensive description of sales tax laws and requirements in the state of Virginia. 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 Virginia that relate to the reader’s transactions with APMEX.
What Precious Metals Are Taxed?
Taxes must be collected on bullion products made of Copper or Palladium if not legal tender; coins that are mediums of exchange if a single sales transaction is less than $1,000; numismatic coins that cannot be used as mediums of exchange and if a single sales transaction is less than $1,000; any sale of Gold, Silver or Platinum bullion if a single sales transaction is less than $1,000; any sale of Gold, Silver or Platinum bullion if such metals have not gone through a refining process; accessory items; and processed items. All other products sold by APMEX are exempt from these taxes.
Taxable Products in Virginia
The following definitions apply to products on which these taxes must be collected in Virginia:
- Bullion. Gold, Silver or Platinum, and any combination thereof, that is valued solely upon its Precious Metal content, whether in coin or bar form, must be of purity of 90% or above.
- Coin. A small, flat, round piece of metal which is, or has been used as, legal tender, with a number showing its value and often a decorative picture.
- Legal Tender. Coins that must be accepted if offered in payment of a debt.
- Single Sales Transaction. Determined per invoice, and not on a line-item basis. Where a single sales transaction includes a taxable item, the price of the taxable item may not be considered in calculating the total price.
- Numismatic Coins. Coins with an external value of 120% or more beyond the base value of the underlying Precious Metal, due to the item’s rarity, condition, age or other external factor.
- Medium of Exchange. Coins or currency accepted as a measure of value and a standard of exchange for goods and services.
- 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.
How Does Virginia Calculate Precious Metals Taxes?
Sales taxes in Virginia are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in Virginia set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Virginia.APMEX began collecting sales taxes in Virginia in July 2019.