South Carolina Precious Metals Tax Information
The state of South Carolina requires the collection of sales taxes on certain products sold by APMEX and delivered to a South Carolina address.
Please note: The below is not a comprehensive description of sales tax laws and requirements in the state of South Carolina. It is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of South Carolina that relate to the reader’s transactions with APMEX.
- What Precious Metals Are Taxed?
Taxes must be collected on Copper products, Palladium products, numismatic products except those currently or previously used as legal tender, accessory items and processed items. All other products sold by APMEX are exempt from these taxes.
- Taxable Products in South Carolina
The following definitions apply to products on which these taxes must be collected in South Carolina:
- Numismatic Products. Products with an external value above and beyond the base value of the underlying Precious Metal, due to the item’s rarity, condition, age or other external factor.
- Accessory Items. Items such as holders, tubes or coin flips.
- Processed Items. Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
As required by law, APMEX is required to notify its South Carolina customers of the following:
INDIVIDUALS 85 YEARS OR OLDER ARE ENTITLED TO A 1% STATE SALES TAX REDUCTION ON ITEMS PURCHASED FOR PERSONAL USE. YOU MUST ASK FOR THE REDUCTION AND PRESENT PROOF OF YOUR AGE.
If you are a South Carolina customer who wishes to claim this 1% reduction in sales tax, please place your order over the phone at (800) 375-9006, select option one, and speak with one of our account managers. One of our account managers will be happy to place your order for you and apply the 1% reduction in sales tax. Before your order is shipped, you will be required to mail, email or fax a copy of a document to APMEX providing proof of your age.
- How Does South Carolina Calculate Precious Metals Taxes?
Sales taxes in South Carolina are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in South Carolina set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in South Carolina.
APMEX began collecting sales taxes in South Carolina in November 2018.