New York - LOCAL DIRECTORY GUIDE
New York is the third most populous state in the country and is most famous as home to the largest city in the United States, New York City. NYC sports an estimated population of 8.5 million people, meaning that nearly half of the entire state’s population resides in the five boroughs. New York City attracts more foreign tourists than any other American city, thanks in part to its tremendous presence in movies and television. New York State boasts a rich history overall, as about a third of all the battles of the Revolutionary War took place within its borders.
Bullion Sales Tax in New York
In New York State, coins and paper currency are always taxable. There is, however, under state law, a sales tax exemption for certain Precious Metal bullion (http://www.tax.ny.gov/pdf/memos/sales/m89_20s.pdf). For a bullion purchase to fall under this exemption, the total purchase price must be $1,000.00 minimum, the bullion must be bars, rounds, or coins made of Gold, Silver, Platinum, Palladium or other Precious Metals, and the value of the product must depend solely on its metal content, rather than its artistic or numismatic merit. There is a twist in this law, as the exempted items cannot exceed: 140% of the spot price for Silver items; 120% of spot for Gold pieces weighing 1/4 ounce or less; or 115% of spot price for all other coins, rounds, or bars. Coins of the Republic of South Africa—meaning the popular Krugerrand—are specifically excluded from this exemption.
In New York, the state sales tax rate is 4%, although some areas also have local taxes. The highest tax rate in the state is New York City’s verging-on-exorbitant 8.875% rate. Because of the available tax exemption, New York investors generally wait until they have at least $1,000 to spend before shopping with local dealer, and carefully choose bullion products that fall under the tax exemption.
Local Gold and Silver Mints in NY
New York has a rich history of minting. Some of the mints located in New York currently offer retail sales, though others are open only to wholesale business.
Established in 1937, the West Point Mint once held more Silver than any other U.S. Mint facility. You may have even heard of the West Point Mint being colloquially referred to as “The Fort Knox of Silver.” During the 1970s and 80s, the West Point Mint struck pennies, quarters, and other circulating coinage. Some of those coins bear no mint mark, while others have a “W” mint mark.
In 1983, the West Point Mint produced the $10 commemorative Gold coins released for the 1984 Olympics held in Los Angeles; these $10 Gold coins were the first legal-tender Gold coin issued by the U.S. since 1933! Now, the West Point facility strikes American Eagle coins in Gold, Silver and Platinum, as well as the American Buffalo Gold bullion coin and other commemorative pieces.
Precious Metal and Coin Dealers Near Me
If you’re looking for a reputable local wholesaler where you might make purchases in person, allow APMEX to be of service. Browse our list of wholesale dealers who may be able to assist you:
Thank you for joining APMEX in supporting local wholesalers. We know that personal relationships are an integral part of the Precious Metals industry, and while we are eager to be your valued retailer, we hope you will reach out to local companies, too. Local experts in the Precious Metals industry may be a valuable source of information and camaraderie in the years to come.
Local City Information
- New York City, New York Local Directory
New York City, The Big Apple, the City That Never Sleeps… New York is a fairytale city to many people all over the world. There is just so much of everything that some find it overwhelming. For example, there are dozens and dozens of coin shops in New York City, from small family-owned operations to large bullion-trading concerns. Because reputation and trust are so important within the coin collecting industry, it can be hard for investors and collectors to know which are the best-respected shops in NYC, whether you’re buying, selling or simply hoping to browse a world-class coin shop while on vacation in the City That Never Sleeps. Allow APMEX to help.
View New York City City Guide