Virginia

The State of Virginia requires the imposition of sales taxes on specific items sold by ModernCoinMart and delivered to addresses within Virginia. It is essential to ensure the collection of these taxes on (1) bullion products made of copper or palladium; (2) numismatic coins if such coins cannot be used as mediums of exchange or to pay debts; (3) any sale of gold, silver or platinum bullion if such metals have not gone through a refining process; (4) accessory items; and (5) 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 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.
Numismatic Coins. Coins that carry an augmented external value exceeding the inherent worth of the precious metal they hold, often ascribed to factors like scarcity, quality, age, or external market forces.
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. 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 Virginia are calculated at checkout on the ModernCoinMart website based on (1) the tax implications associated with products sold by ModernCoinMart in Virginia as previously outlined, and (2) the specific tax rates determined by the governing tax authority applicable to the designated delivery location within Virginia.

ModernCoinMart began collecting use taxes in Virginia on May 1, 2024. Our use tax license number in Virginia is 12-800197860F-001.

If you are a Virginia-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 Virginia. 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 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/.