Connecticut Precious Metal Sales Taxes

 

How Does Connecticut Tax Precious Metals?

Connecticut precious metal taxes can be a bit complicated. Luckily for you, Hero Bullion is committed to taking the guesswork and confusion out of the bullion buying process. This page will provide you with a brief overview of how precious metal taxes work in the state of Connecticut. Hero Bullion will collect all legally required sales taxes when we sell items to addresses in Connecticut. 

Platinum and palladium products, copper products, some numismatic bullion products, accessories, and processed products all require sales tax collection in Connecticut. However, Connecticut also requires the collection of sales taxes on any sale of gold/silver with a total value below $1,000 USD. 

Sounds complicated? It is. Let’s take a look at some of these taxable item classes below:

Taxable Product	Definition
Copper, Palladium, and Platinum Products	Products composed primarily of copper, platinum, or palladium are considered taxable in Connecticut.
Numismatic Bullion	Numismatic products refer to precious metal items that are valued above their precious metal melt value. Rare coins and coins in exceptionally good condition are often considered numismatic. Numismatic products are taxed in Connecticut.
Transactions Under $1,000	Any single transaction including gold or silver valued under $1,000 is taxable in Connecticut, regardless of the type of product or purity of the items.
Accessories	Accessories are supplemental products used to store, maintain, or display precious metal items. Common accessories include coin holders, coin flips, or cleaners. Accessories are taxed in Connecticut.
Processed Bullion	When a bullion product is taken to an alternate site and value is added to its precious metal content, it becomes processed bullion. Coins that are colorized, statues, and certain numismatic rounds are processed bullion – these products are all subject to sales tax in Connecticut.

How Does Hero Bullion Calculate Sales Taxes in Connecticut? 

Hero Bullion works hard to make buying precious metals as easy as possible. We automatically add all necessary taxes to the total of your order during the checkout process, so you don’t need to worry about calculating these taxes yourself. 

If you have any questions, feel free to reach out to our team. We’d be happy to explain how we calculate taxes on your Connecticut orders. 

Finally, take a look at Connecticut’s Department of Revenue website for more information about how precious metal taxes work in the state.