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New Nork City, New York - LOCAL DIRECTORY GUIDE

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.

Bullion Sales Taxes In New York City

In New York State, 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, which is quite complicated and detailed below, 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.

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 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.

Local Gold and Silver Dealers in New York City

New York City has many Precious Metal wholesalers who may be able to assist you, including:

Thank you for joining APMEX in supporting local wholesalers. Personal relationships are an important part of the Precious Metals industry; as eager as we are to be your valued retailer, we hope you will reach out to companies within your own community, too. Local experts in the Precious Metals industry may be a valuable source of information and camaraderie as you continue down your path of investing and collecting.

Thank you for joining APMEX in supporting local wholesalers. Personal relationships are an important part of the Precious Metals industry; as eager as we are to be your valued retailer, we hope you will reach out to companies within your own community, too. Local experts in the Precious Metals industry may be a valuable source of information and camaraderie as you continue down your path of investing and collecting.

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