South Carolina Precious Metal Sales Taxes
At a Glance: Taxable Precious Metal Products in South Carolina
Hero Bullion is legally required to collect sales taxes for some of our products when we ship to addresses in Carolina. Here’s a brief overview of which products are taxable within the state of South Carolina:
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- Palladium and Copper Products.
- Non-Tender Coins.
- Accessories.
- Processed Bullion.
How Does South Carolina Tax Precious Metals?
South Carolina’s tax regulations are similar to most other states, but the state offers one important exception that bullion consumers might be able to take advantage of. Four main product categories are taxable in the state.
These categories include:
| Taxable Product | Definition |
|---|---|
| Copper and Palladium Products | Any product made primarily of either of these two precious metals is considered taxable in South Carolina. |
| Non-Tender Coins | Coins are considered legal tender if they must be accepted by vendors in exchange for goods or services. Examples of these coins include the American Golden Double Eagle or the British Royal Mint’s Silver Britannia. If a coin is not a member of the legal tender category, then it is taxed in South Carolina. |
| Accessories | Accessory products are not bullion but are used to maintain, store, or display coins, bars, or other precious metal items. |
| Processed Bullion | If a bullion coin or bar has been transferred to a third party in order to increase its value beyond its physical precious metal content, it is considered processed. These products are taxable in South Carolina. |
How Does Hero Bullion Calculate Sales Taxes in South Carolina?
South Carolina also offers a unique exception to the regular tax laws regarding bullion products. If you are 85 or older, you can claim a 1% reduction to your sales tax on certain bullion products. In order to claim this tax discount, you must meet two requirements:
- Consumers must demonstrate that they are over the age of 85 by providing valid proof of age to Hero Bullion.
- Items purchased must be for personal use only.
South Carolina tax rates on bullion products may vary from jurisdiction to jurisdiction. We will calculate the tax cost for your order based on the jurisdiction where your address is located.
More information about South Carolina’s tax requirements can be found on the state’s Department of Revenue site.