California
The State of California requires the imposition of sales taxes on specific items sold by ModernCoinMart and delivered to addresses within California. It is essential to ensure the collection of these taxes on (1) nonmonetized bullion made from copper, platinum, or palladium; (2) gold or silver bullion, whether monetized or non-monetized, or numismatic coins, are exempt from state taxes provided that the aggregate value of a singular sales transaction remains above $2,000; (3) accessory items; and (4) processed items. All other products sold by ModernCoinMart are exempt from these taxes.
The following definitions apply to items that are subject to state tax collection in California:
- Nonmonetized Bullion. Bullion which has been smelted or refined and has a value dependent primarily upon its precious metal content and not upon its form.
- Monetized Bullion. Coins or other forms of money manufactured of gold, silver, or other metal and heretofore, any asset currently or previously employed as a medium of exchange, as stipulated by the regulations of California, the United States, or any other jurisdiction, must possess a legal status equivalent to that of legal tender.
- Numismatic Coins. Coins with augmented external value exceeding their inherent precious metal content, influenced by factors such as rarity, condition, age, or other external determinants.
- Single Sales Transaction. Determined per invoice, and not on a line-item basis.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Processed precious metals altered by third-party entities to create items valued for attributes beyond their intrinsic metal content, such as embellished coins or sculptures.
Use taxes in California are calculated at checkout on the ModernCoinMart website based on (1) the tax treatment of products sold by ModernCoinMart in California as previously outlined, and (2) The specific tax rates established by the governing authority at the point of delivery within California.
ModernCoinMart began collecting use taxes in California on May 1, 2024. Our use tax license number in California is 244783264.
If you are a California-based reseller and wish to file a Reseller Certificate with ModernCoinMart, please contact us at [email protected]. Upon receipt of your completed Reseller Certificate, we will promptly enter it into our records. Provided that your Reseller Certificate maintains its validity and remains active, no sales taxes will be applied to subsequent orders
Please note: The summary above provides a condensed examination of sales tax laws and obligations within the State of California. While comprehensive, it may only encompass some facets of the regulations. Its purpose is to outline the pertinent laws and requirements applicable to transactions involving ModernCoinMart within the state. If you would like to research the sales tax laws and requirements in the State of California, we suggest you visit the California Tax Service Center located at https://www.taxes.ca.gov/.
