New York

The State of New York requires the imposition of sales taxes on specific items sold by ModernCoinMart and delivered to addresses within New York. It is essential to ensure the collection of these taxes on (1) copper products; (2) bullion products if the sale amount does not exceed $1,000; (3) bullion products if the sale amount exceeds $1,000, and such bullion products are further manufactured, processed, assembled, or fabricated by the buyer; (4) when sales of bullion items exceed $1,000, pricing adjustments are applied, taking into account various factors beyond their intrinsic metal value; (5) accessory items; and (6) 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 New York:

Bullion. Gold, silver, platinum, palladium, or a combination thereof, in the form of bars, ingots, or commemorative medallions, valued primarily for their metal content rather than their physical form.
Sale Amount. Determined per invoice, and not on a line-item basis.
Price Paid. The price paid is considered to reflect the metal content if it falls within certain thresholds in relation to market values. Specifically, if the price paid does not exceed either the daily closing bullion cash price of the metal or the face value of the coins at prevailing exchange rates, the following percentages are applied: a) For silver coins, the threshold is set at 140%. b) Gold coins weighing one-quarter ounce or less have a threshold of 120%. c) Other coins, including gold coins weighing more than one-quarter ounce, have a threshold of 115%. Similarly, for bars, rounds, or ingots, the price paid is deemed to be based on their metal content if it does not exceed 115% of the bullion cash price of the metals.
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.

Sales taxes in New York are calculated at checkout on the ModernCoinMart website based on (1) the tax implications associated with products sold by ModernCoinMart in New York, as previously outlined, and (2) the specific tax rates determined by the governing tax authority applicable to the designated delivery location within New York.

ModernCoinMart began collecting sales taxes in New York on May 1, 2024. Our sales tax license number in New York is 80-0197860

If you are a New York-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 New York. 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 New York, we suggest you visit the New York State Department of Taxation and Finance located at https://www.tax.ny.gov/.