Collectible / Gold and Silver State Sales Taxes in Virginia
Virginia Laws and Regulations
The Commonwealth of Virginia requires the collection of use taxes on certain products sold by Silver.com and delivered to a Virginia address. These taxes must be collected on (1) bullion products made of copper or palladium; (2) coins that are mediums of exchange if the sale price of a single sales transaction is less than $1,000; (3) numismatic coins if such coins cannot be used as mediums of exchange and if the sale price of a single sales transaction is less than $1,000; (4) any sale of gold, silver, or platinum bullion if the sale price of a single sales transaction is less than $1,000; (5) any sale of gold, silver or platinum bullion if such metals have not gone through a refining process; (6) accessory items; and (7) processed items. All other products sold by Silver.com are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Virginia:
- Bullion. Precious metal that is valued solely upon its precious metal content, whether in coin or bar form.
- 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.
- Numismatic Coins. Coins which have 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.
- Medium of Exchange. Coins or currency that are acceptable as a measure of value and a standard of exchange for goods and services.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Use taxes in Virginia are calculated at checkout on the Silver.com website based on (1) the taxability of products sold by Silver.com in Virginia set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Virginia.
Silver.com began collecting use taxes in Virginia on July 1, 2019. Our use tax license number in Virginia is 461785757.
If you are a Virginia-based reseller and wish to file a Reseller Certificate with Silver.com, please download the Virginia Certificate of Exemption form here. Once you have filled out this form, either email it to firstname.lastname@example.org; or mail it to Silver.com, Inc., 5930 Royal Lane, Suite E-151, Dallas, TX 75230. Once we receive your completed Reseller Certificate, we will enter it into our system, and you will not be charged use taxes on future orders as long as your Reseller Certificate remains valid and in force.
Please note: The above is not a comprehensive description of sales and use tax laws and requirements in the Commonwealth 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 Commonwealth of Virginia that relate to the reader’s transactions with Silver.com. If you would like to research the sales and use tax laws and requirements in the Commonwealth of Virginia, we suggest you visit the Virginia Department of Taxation located at https://tax.virginia.gov/.