Home› U.S. Coin Forum

No State Sales Tax on Coins in PA?

RichRRichR Posts: 3,930 ✭✭✭✭✭
in U.S. Coin Forum
Am I just having a brain fart...or did I read that coins and collectibles are exempt from state sales tax in Pennsylvania?

Comments

  • blu62vetteblu62vette Posts: 11,945 ✭✭✭✭✭
    Just the same in CA, oh wait, we get hosed 10% or so until you get to the exemption limit.
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • DieClashDieClash Posts: 3,688 ✭✭✭
    No Brain Fart Rich. We've had no taxes on coins here in PA for a few years now, and I love it!!
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • RichRRichR Posts: 3,930 ✭✭✭✭✭

    Here's why I ask:

    From the Whitman Philly site...

    It is our understanding that the sale of rare coins and currency are generally exempt from the imposition of the Pennsylvania sales tax. We encourage all exhibitors to consult their legal and/or tax advisor as to their responsibility to do business at the Pennsylvania Convention Center.

    Text
  • BearBear Posts: 18,953 ✭✭✭
    Any State that charges tax on coin sales is just stupid. They stand

    to lose a lot of money on shows that never will take place.
    There once was a place called
    Camelotimage
  • RichRRichR Posts: 3,930 ✭✭✭✭✭

    <<No Brain Fart Rich. We've had no taxes on coins here in PA for a few years now, and I love it!! >>

    Ok...so then...how much of a "discount" should a buyer expect to receive for cash vs. credit in Philly?
  • DieClashDieClash Posts: 3,688 ✭✭✭
    Here's a Link to the list from the PA Dept. of Revenue website:

    The Sales tax rate in PA is 6%. Generally, if I pay by cash the retailers usually give a 4% discount in PA if one is even offered.
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • ScarsdaleCoinScarsdaleCoin Posts: 5,331 ✭✭✭✭✭
    Die Clash... now you got me confused... you say tax is 6% but the chart shows coins as NT non taxable.... please clarify what I am missing?
    Jon Lerner - Scarsdale Coin - www.CoinHelp.com
  • pruebaspruebas Posts: 4,653 ✭✭✭✭✭
    I remember back in the early-mid 1980s, buying mint/proof/commem sets from the sales counter at the US Mint in Philadelphia (which was a private contractor, even back then). When they rang you up, they used to compute the face value of the coins and subtract it from the total amount of the sale to get the amount on which sales tax was due. The law, at that time, was that sales tax was only payable on the difference between the sales price of the set and the face value of the coins.

    If the same coins were purchased by mail directly from the Mint, no sales tax was due at all.

    But the advantage of buying directly over the counter was they would let you search through the coins and select the ones you wanted. They even let us mix and match to make sets with all the nice coins! They also let us bring back damaged or imperfect coins for exchange over the counter.


  • DieClashDieClash Posts: 3,688 ✭✭✭
    Sorry scarsdale, I didn't mean to confuse. image The retail sales tax rate is 6%. I was replying to rich on what a cash discount should be. Coins, bullion are not taxable in PA, period, 0%, nada, nothing, zip, zilch! But currency is taxable on any amount above face value. Hope this helps!
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • CoinCrazyPACoinCrazyPA Posts: 2,899 ✭✭✭✭
    I live in PA and the Local BM charges 6% and most ebay transactions I have done from PA sellers also charge 6% so I would say bring extra money.
    Positive BST transactions: agentjim007, cohodk, CharlieC, Chrischampeon, DRG, 3 x delistamps, djdilliodon, gmherps13, jmski52, Meltdown, Mesquite, 2 x nibanny, themaster, 2 x segoja, Timbuk3, ve3rules, jom, Blackhawk, hchcoin, Relaxn, pitboss, blu62vette, Jfoot13, Jinx86, jfoot13,Ronb

    Successful Trades: Swampboy,
  • lope208lope208 Posts: 1,960 ✭✭


    << <i>I live in PA and the Local BM charges 6% and most ebay transactions I have done from PA sellers also charge 6% so I would say bring extra money. >>



    I live in Philly and you're getting hosed!!

    Where in the state is this great injustice occurring?
    Successful BST transactions:
    commoncents123, JrGMan2004, Coll3ctor (2), Dabigkahuna, BAJJERFAN, Boom, GRANDAM, newsman, cohodk, kklambo, seateddime, ajia, mirabela, Weather11am, keepdachange, gsa1fan, cone10
    -------------------------
  • DieClashDieClash Posts: 3,688 ✭✭✭


    << <i>I live in PA and the Local BM charges 6% and most ebay transactions I have done from PA sellers also charge 6% so I would say bring extra money. >>



    I live in PA too and if your local BM is charging you 6% I would take your receipts and file for a tax refund from the PA Dept. of Revenue. The only numismatic products that are taxable would be currency (any amount above face value) and exonumia (tokens, medal and the like). "Coins, investment (numismatic coins and legal tender)" are NOT taxable in PA since 2007 or 2006 to date!.

    EDITED: to add "Bullion, investment metal" is NOT taxable in PA, either!
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • ormandhormandh Posts: 3,111 ✭✭✭
    I have never paid sales tax on coins in PA, but then again it has been my experience that if you are paying cash, then no sales tax.image
    Numismasource ebay store
  • CoinCrazyPACoinCrazyPA Posts: 2,899 ✭✭✭✭


    << <i>

    << <i>I live in PA and the Local BM charges 6% and most ebay transactions I have done from PA sellers also charge 6% so I would say bring extra money. >>



    I live in PA too and if your local BM is charging you 6% I would take your receipts and file for a tax refund from the PA Dept. of Revenue. The only numismatic products that are taxable would be currency (any amount above face value) and exonumia (tokens, medal and the like). "Coins, investment (numismatic coins and legal tender)" are NOT taxable in PA since 2007 or 2006 to date!.

    EDITED: to add "Bullion, investment metal" is NOT taxable in PA, either! >>



    I moved here in 2005 and only bought some items the first couple of years. There is only one local B&M around me, so that would make more sense to me now. But that means ebayers have been juicing me in the last two yearsimage
    Positive BST transactions: agentjim007, cohodk, CharlieC, Chrischampeon, DRG, 3 x delistamps, djdilliodon, gmherps13, jmski52, Meltdown, Mesquite, 2 x nibanny, themaster, 2 x segoja, Timbuk3, ve3rules, jom, Blackhawk, hchcoin, Relaxn, pitboss, blu62vette, Jfoot13, Jinx86, jfoot13,Ronb

    Successful Trades: Swampboy,
  • Mar327Mar327 Posts: 2,074
    Our state has been without a budget for over 2 months and is in dire straits. Governor Swindell is looking to tax anything and everything. PLEASE do not remind him or he'll tax us and make it retroactive to boot!
    Have bought and sold on BST, many references available when asked.
  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭


    << <i>Our state has been without a budget for over 2 months and is in dire straits. Governor Swindell is looking to tax anything and everything. PLEASE do not remind him or he'll tax us and make it retroactive to boot! >>



    Gotta love it when a name says so much... Swindell... image


    image


    no wonder you have no budget... you "swindled" yourselves... image
    Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free image
  • DieClashDieClash Posts: 3,688 ✭✭✭


    << <i>

    << <i>Our state has been without a budget for over 2 months and is in dire straits. Governor Swindell is looking to tax anything and everything. PLEASE do not remind him or he'll tax us and make it retroactive to boot! >>



    Gotta love it when a name says so much... Swindell... image


    image


    no wonder you have no budget... you "swindled" yourselves... image >>



    Ah...a New Jerseyite! I feel the empathy! image

    Unfortunately, Gov. Swindell is a .... what do you call it? "Lame Duck" politician with nothing to lose. Yet, when polled the citizens of the Commonwealth have an even lower appeal for the Republican Senate majority who are using the stalemate as a power ploy. Interestingly, they had no problem voting a stop-gap budget to pay themselves. I think this stalemate would long be over if the Legislators were going without out pay the past 2 months.

    But I digress. Today, Sales of coins and bullion (not currency) are still tax-free in PA. And even Gov. Swindell signed that bill!!
    "Please help us keep these boards professional and informative…. And fun." - DW
    ---------------------------------------------------------------------------------------------------------------------------------------
    BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
  • Mar327Mar327 Posts: 2,074


    << <i>

    << <i>Our state has been without a budget for over 2 months and is in dire straits. Governor Swindell is looking to tax anything and everything. PLEASE do not remind him or he'll tax us and make it retroactive to boot! >>



    Gotta love it when a name says so much... Swindell... image


    image


    no wonder you have no budget... you "swindled" yourselves... image >>



    LOL! His name is really Rendell but it's like calling eBay feeBay. Rendell/Swindell...... 'nuff said!!
    Have bought and sold on BST, many references available when asked.
  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭


    << <i>

    << <i>

    << <i>Our state has been without a budget for over 2 months and is in dire straits. Governor Swindell is looking to tax anything and everything. PLEASE do not remind him or he'll tax us and make it retroactive to boot! >>



    Gotta love it when a name says so much... Swindell... image


    image


    no wonder you have no budget... you "swindled" yourselves... image >>



    LOL! His name is really Rendell but it's like calling eBay feeBay. Rendell/Swindell...... 'nuff said!! >>




    I guess I don't get out enough... LOL ... but yeah, I see the pun... I suppose we could do the same thing here in NJ... with Corzine ... it rhymes with image mine



    Anyway...enough silliness image ... PA might not want to tax the coins but Philly is making up for it by taxing the dealers... we need a Business License and there is a Net profits tax we need to file at the end of the year... coupled with absurd hotel rates PLUS $20 a day to park AT THE HOTEL... I sure hope you PA folks are really as ready for a coin show as I've heard you are... I'm a small-time seller and I'm gonna need to move alot of coins just to meet the expenses... image
    Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free image
  • RichRRichR Posts: 3,930 ✭✭✭✭✭
    My reason for asking...especially regarding a discount if paying cash in PA...would be due to the seller not having to deal with the credit card transaction fees...which are usually a few percent (2-3%...and maybe 4% for AMEX?) if I'm not mistaken?

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Format
SpoilerCodeQuote
Heading 2Heading 1
Emoji
:):D:(;):/:o:s:p:'(:|B):#:*<3o:)>:)
Url
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file
Home • U.S. Coin ForumComment As ...