what is the current tariff situation with US and other Gold coins crossing the border?
YQQ
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With Mr. T singlehandedly by presidential order, applying tariffs to "everything", NOT made in the USA, what is the situation for a US based buyer buying US made, Canadian made and other countries gold and Silver coins?
What is the situation if US coins were struck by mints outside the USA?
just very curious.
H
Today is the first day of the rest of my life
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Who knows? Chaos reigns.
Here we go again. Another political thread disguised as a coin thread.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I've been asking myself the same thing, so I just Googled it. From the March 4 issue of the Canadian Coin News online website:
https://canadiancoinnews.com/u-s-tariffs-not-affecting-shipments-under-800-usd/
"U.S. Tariffs Not Affecting Shipments Under $800 USD".
Perry, This is NOT political!!!!!!!!!!!!!!!!!!!!!!! I do not care about a name or party.
I do care if a buyer is willing to pay 25% more for a product that is actually made in the USA.
just wish to know as a ton of collectors are affected.
After all, US gold coins are, so I believe, made in the USA.
so, do YOU wish to pay tariffs on your own, US made product???
H
Read your original post again, your opinions were very obvious and not necessary
I think it is a very valid thread. Do new Gold and silver Maple Leafs now have a 25% tariff tax being charged against them? If so, it has drastically changed the bullion markets.
Also, I have Grandchildren living in Canada. I sometimes buy them things from the RCM. Usually I have it sent to me and then just give it to them when I visit. If there is a tariff tax on them, it would be better for me to just have them sent to their parents.
I agree it is valid. I will also agree that the original post was political, as I read it. Could have easily been worded differently and been just as, or more, valid, imho.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Heritage has this note for Chinese Pandas (at least the one I'm watching): "NOTE: This lot was manufactured in China and was sourced from outside the United States for this auction after September 1, 2019. Under the new US tariffs on Chinese goods, collector's items from China will be subject to a 7.5% import tariff. Any clients who wish to take delivery of this item in the United States should be aware of this added charge, and consult their tax adviser with any questions."
Buy US Eagles
Hoorah!
Non-US buyers in many places have always paid hefty customs taxes/tariffs when things are sent from the US to individuals in the other country.
The US has always been very lenient on things sent to individuals in the US. I've never paid any tax on anything sent to me, hand-carried by me, or shipped by be (to myself) from outside the US.
I'm not sure what the impact will be, but it's nothing that people in other countries don't already have to deal with.
Still no answers now that the big announcement has been made? It looks like the tariff on Chinese imports is more than 7.5%. There are a lot of important questions which are keeping me from considering anything out of European auctions, and I DO buy there. Do the tariffs apply to U.S. coins? How much is it? Added by the auction house or am I obligated to file and pay?
https://forums.collectors.com/discussion/comment/13892872/#Comment_13892872
They are only political to the extent that you and others make them political. This is a legitimate concern as to how it impacts coin collectors and dealers. Please don't make it political by claiming that it is when you and a few others keep bringing up politics.
I see zero political bias or intent in the O/P question. But I'd like to know just how much tariff I will be paying by continuing to bid in European auctions, as I regularly do. And I STILL don't which means I can't bid as of now and for who knows how long.
Yes, tariffs are directly affecting me now as a numismatist and we're not allowed to discuss this from a numismatic point of view here?
What will this Confederate $100 in a German auction today cost me delivered to the U.S.?
Or what will I pay total for this nice Barber pair for auction in the Czech. Republic? I don't have a clue and I don't have confidence that anyone knows, including the auction house. I can't bid if I don't know.
Buying bullion coins in your own country makes a lot of sense though Krugerrands have been a popular option for gold bullion buyers. I'm happy buying US products, we have some of the best quality foods, clothing, etc., I just don't care for "American" cheese or Velveeta. I meant the orange cheese called "American". The US has some of the best cheeses in the world.
There are plenty of excellent American cheeses other than "American Cheese".
Some good cheeses come out of VT, NY, WI, among other states.
And American gold bullion is as good as anyone else's.
I worked retail coin shops in Chicago for 25+ years, and while I prefer the 22kt American Eagles because they do not scratch as easily as the 24kt Maple Leafs and other 24kt coins, there is a definite market that will only buy 24kt gold. So, we stocked both, including the 24kt Gold Buffalos. For some reason, they were harder to sell than the Maple Leafs.
I have been retired since 2010, so perhaps things are different now. However, that was the situation then.
I think there is a bit of "willful ignorance" going on here. Several seconds in Google provided some answers. Also, If the auction house is subject to the tariffs on outgoing shipments, I'd expect them to know.
Generally, the new tariffs are 10%, with 20% on EU countries. There are certain exemptions so those kinds of numbers are worst case scenarios.
The tariffs are mostly reciprocal, so what they charge us is what we charge them.
Bid accordingly.
I have no doubt that people have their preferences, and I know that the ML has always been popular. But no one will starve for lack of gold before things work themselves out.
The first section of the first sentence in the OP's post is unnecessary and political. The question, as important as it is, could have been asked without a hint of political overtones.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Yes, but who doesn't want to keep the freedom to be able to choose what gold coins you want to buy? I like the option to buy American but don't appreciate being forced to buy something different than what I had been able to buy previously. No, more limited choice isn't better and would allow the mint to mark up it's bullion more, wouldn't it? It might do so without the foreign competition. And I'm more concerned with those collectible coins that have escaped our country, as I buy more of this stuff than bullion. But when I do buy bullion, I prefer sovereigns, 20FR. and 4 ducats, if I want big, shiny gold. Now there will be 20% tariff if bought in Europe but no tariff if I buy coins already here?
Heritage says 7.5% for Chinese and what was announced yesterday? A lot higher rate. Meanwhile no bidding for me "before things work themselves out." I wish that they hadn't made changes where we numismatists didn't have a problem. We've taken something simple and made it much more complicated.
There is no need for a numismatic tariff as nobody has been cheating us numismatically by tariffs. Will numismatics be exempted-I doubt it. The only significant currency manipulation that China does that affects us numismatists is the flood of counterfeits from there. And a tariff doesn't address our Chinese numismatic problem with counterfeits except to raise the price for U.S. buyers who continue to buy them.
Assuming the coin is being sold in HK, that 7.5% tariff has been there for years. (Probably since 2019, based on the text.) Not sure what the new rates are.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
At best Google has quality search results, but since this is an event that has not yet occurred, those are questionable. At worst, it's spouting AI generated garbage.
ANA 50 year/Life Member (now "Emeritus")
I believe that you are being too sensitive. Here are the words so that others can decide:
"With Mr. T singlehandedly by presidential order, applying tariffs to "everything", NOT made in the USA"
Anybody can criticize and edit anyone else's post to make them "better" in their own words, but this misses the point, doesn't it? What the O/P said is accurate and any discussion, even how these tariffs affect us numismatists uniquely, can be called "political" as we are now directly affected by politics. But I think that it's important that we be able to discuss the numismatic aspects here. Please don't be so easily offended just because a member or two might be upset with paying tariffs on the coins that we buy overseas.
Don't criticize the O/P for stating the truth and asking a question. In my opinion, he asked the question in a pretty neutral way. I, too, would like an answer to this question but understand that nobody here can give one, at this point. As @JBK says, we'll just have to see how this one works itself out. And I think that the best cheddars come from VT, then NY with WI a close third, but I haven't tried an "American Cheese" that I'm crazy about. Any suggestion for this one?
Why mention or hint at the political name? No excuse for it. Why not just "With the new tariffs, what is the situation for a U.S. based buyer . . . . . . . ."
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
I agree completely. I was just trying to not offend any NYers or people from WI, but the truth is what it is.
My question is who took the place of Ohio Precious Metals for the illegal gold from Peru......
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I encourage others to do their own research, but I just read a news article that seems to imply that the flood of fake coins from China might be coming to an end, or at least be severely curtailed.
Chinese sellers and manufacturers have used a loophole to send goods directly to consumers tax free (customs or tariff). The "duty free de minimus" exemption has apparently been eliminated for things coming from China (only).
Instead of an $800 exemption for merchandise mailed or shipped to consumers, there will be no exemption and a minimum tax of $25 per item. Even if the fakes would pass inspection the cost would be prohibitive.
That's my reading of a detailed article that I read. I'll be interested in what others hear about the changes.
" Why mention or hint at the political name? No excuse for it. Why not just "With the new tariffs, what is the situation for a U.S. based buyer . . . . . . . ."
Absolutely. by mentioning " Mr T. ", and the wording/caps of that sentence, made it very clear the Ops' thoughts on it... and his sly political poke that he wants to deny it was so. There was no need for it at all. Other than that the topic itself does have much concern in the industry on how it shakes out. Like it or not.
To the Op... edit that original statement and you are good to go. Leave the politics and personal feelings out of it. We just had one or two other forum posters that were masters of that 'innuendo' ... they are now banned. Let's not start doing that stuff again. (and yes... my very first reaction to the original statement is that it has political 'taint')
now it's all about is it/ it isn't and not about bullion is currently excepted and other strictly coin topics
is it? yes it is off topic
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Not really. If you have something shipped from a foreign country to you and the amount was over the duty free limit (I think that is zero if you don't hand carry the item(s) yourself), you will pay customs duties on it. This has been the case for many years. The only possible exceptions to this are written into treaties by the U.S. and a specific foreign country.
"Seu cabra da peste,
"Sou Mangueira......."
That is a good thing, I heard that yesterday, not necessarily pertaining to coins but the minimum was being removed.
If it helps with the Chinese coins only, I am game.
Not true at all. I've had all sorts of coins and other stuff shipped to me and never paid any customs duty. The exemption used to be $200, then $800. (That exemption is apparently now "0" as it relates to merchandise from China).
As I had mentioned, between the legal exemptions and the unwillingness of US customs to bother searching my incoming packages or boxes, I've never paid a duty, whether handcarried,
mailed, or shipped. I've only had one package ever opened and I suspect that was a pilfering attempt overseas and not US customs. I even shipped the contents of an apartment in Europe that far exceeded the personal exemption amount and nothing was opened or taxed.
What happens in the future remains to be seen, but those are my first-hand experiences prior to now.
I meant the orange cheese called "American". The US has some of the best cheeses and other foods in the world.
For what it's worth, I had to pay 7.5% LAST YEAR on a coin out of a Stack's Hong Kong auction.
Unless you are buying a few tons of gold and silver bullion coins I don't think you have to worry -
"When they can't find anything wrong with you, they create it!"
"After all, US gold coins are, so I believe, made in the USA.
so, do YOU wish to pay tariffs on your own, US made product???"
Seeing tariffs are only paid on imported items what makes you think you have to pay tariffs on US made Gold Coins?
"When they can't find anything wrong with you, they create it!"
Let's hear it for that old staple, Kraft Dinner.😀
The real insult is when we get charged sales taxes for online purchases against the state law.
Because country of manufacture is different than country being imported from... now you are off into a subtlety of US law that none of us know.
ANA 50 year/Life Member (now "Emeritus")
The OP is in Canada.
DPOTD-3
'Emancipate yourselves from mental slavery'
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Don
Have to disagree. A number of people I know had instruments shipped to them from foreign countries and all of them had to pay customs duties. Exemptions to the best of my knowledge related to hand carried items (never had anything shipped to me, I just brought goods in when traveling).
"Seu cabra da peste,
"Sou Mangueira......."
I’m more worried with the overall wealth that has disappeared over the last few days. Will there be less money to spend on rare coins? How will this affect pricing of rare coins, not just gold and silver?
What kind of "instruments" are you referring to and what was their value?
My experiences were certainly not made up. I've entered the US dozens of times and had many dozens of packages delivered to me from overseas. I've never paid customs duty. Please provide details of cases where you paid customs on imports.
I'm not going to do your homework for you but you can consult the US Customs and Border Patrol and the USPS websites for details.
There are lots of different scenarios and various levels of exemptions and restrictions, but there is a general
de minimus exemption of $800. This applies to (most) shipped items and that exemption was eliminated for China and Hong Kong recently. (Hint: you can't eliminate what didn't exist, so if it's being eliminated for China imports then it must still exist for other imports).
I am in Canada, and yes, my OQ could have been worded different. However, English is not my mother language.
I am asking you now this:
would YOU, any of you, want to pay a tariff or duty when importing in to the US, If you buy some US made coins or bills in another country, let's say at an auction in Europe. ?
after all, these are a 100% US product.
H
I am not going to get into a p*****g contest with you. A number of clients had musical instruments shipped here and they all paid customs duties on them. So don't tell me that customs duties are not charged on items shipped here.
"Seu cabra da peste,
"Sou Mangueira......."
I never told you that "customs duties are not charged on items shipped here." You made that strawman up all by yourself.
I said that there are exemptions, which you kept denying. You repeatedly said that the exemptions only applied to hand-carried merchandise, which is plainly incorrect.
Your example of musical instruments is not very relevant since I presume they were valued at many hundreds or even a few thousand dollars. Clearly those kinds of amounts exceed the exemptions.
It's no crime to not know the complex rules surrounding this issue, but I don't know why you insist on disseminating false information, to someone with tons of first-hand experience, no less.
To try to lighten the discussion.....
As a kid in 1967, my family and a neighbors family decided to take a fishing trip from Wisconsin (God's country) to western Ontario (God's country).
Entry to Canada at that time was simple - they didn't really ask any questions at the Grand Portage, MN crossing other than to declare our 3hp outboard motor. They clearly wanted the tourist $$$.
The return trip was eventful. US Customs asked us a ton of questions, including "did you buy any gold"? For us, the answer was no, and I couldn't even imagine where we could have purchased any. However, our neighbor - who was following us, when asked the same question, responded in a joking fashion, that they purchased "a couple of pounds of gold"..... Well, you don't mess with US Customs and they tore his car apart looking for it. Of course, they didn't find anything. I did buy a 1967 centennial set - the one with no gold - and we declared it.
Meanwhile, not knowing about the delay, proceeded to our accommodations at the Holiday Inn- Duluth MN and the neighbors arrived about 5 hours later. We were quite rested with a nice swim in the pool (Lake Superior is too cold to swim in) and a nice dinner.
Moral to the story, "don't mess with US Customs)
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
I forgot to mention that in 1967 US citizens were not allowed to own gold.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Nice redirect.
Great story and very true about not messing with customs. I knew of a guy who looked a little too hippyish in the late 1960s and even without a joshing reference to contraband (although he probably had an attitude) they literally took his car apart. And they don't have to put it back together for you when they're done.