Sales Tax Law:

February 2017, the Governor of Virginia signed a bill into law that creates a sales tax exemption on precious metals purchases. House Bill 1668 reads “the tax imposed shall not apply to the following…effective through June 30, 2022, gold, silver or platinum bullion or legal tender coins whose sales price exceeds $1,000. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000.”

“Gold, silver, or platinum bullion” is defined as gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value, or other value.”

“Legal tender coins” is defined as “coins of any metal content issued by a government as a medium of exchange of payment of debts.”

Neither “gold, silver, or platinum bullion” and “legal tender coins” include jewelry or works of art.

NPMEX is required to collect tax on some items shipping to Virginia, however sales tax will not be charged for Gold, Silver, or Platinum bullion items if the total amount of a single sales transaction for these items is $1,000 or more as qualifying purchases are exempt fro sales tax when shipping to a Virginia address.

The state of Virginia requires the collection of sales taxes on certain products sold by NPMEX and delivered to a Virginia address. These taxes must be collected on (1) palladium products; (2) copper products; (3) accessory items; (4) processed items; and (5) Gold, Silver, or Platinum coins or bullion items if the total sales invoice is less than $1,000.

The following definitions apply to products on which taxes must be collected in Virginia:

• 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. Sales taxes in Virginia are calculated at checkout on the NPMEX website based on (1) the taxability of products sold by NPMEX in Virginia set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Virginia.

Capital Gains Tax:

Gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.

Please Note: The above is not a comprehensive description of sales tax laws and requirements in the state of Virginia. 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 Virginia that relate to the reader’s transactions with NPMEX. If you would like to research the sales tax laws and requirements in the state of Virginia, we suggest you visit the Virginia department of revenue located at https://tax.virginia.gov/.

Buying Gold and Silver in Virginia

Buying precious metals from online dealer NPMEX has some major advantages. Though NPMEX is physically located in Erie Colorado, we ship all over the United States, every day. NPMEX offers a huge selection of coin and bullion products for Virginia residents to choose from. Buyers can shop by metal type or by form such as coin, round or bar. In addition to potential cost savings, shopping online at NPMEX is convenient and can be done from the comfort of your own home or office. Simply pick the coin or bullion products you want to buy, complete the simple checkout process, and your metals will be quickly shipped to your home or other destination of choice. Your precious metals purchases are fully insured and tracked while in transit.

Benefits to buying gold & silver online at NPMEX.com:

• Gold and silver shipped directly to your door
• Lower prices than most physical coin stores
• Wide selection
• 24/7 online ordering 365 days a year
• Friendly & knowledgeable customer service

Because online precious metals dealer NPMEX may have lower overhead than brick and mortar coin shops, we are able to pass savings on to our customers. NPMEX offers some of the lowest prices available for precious metals.

NPMEX is proud to serve the residents of Virginia and offers a great value and buying experience.