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Buying Gold & Silver in California

Go west, young man! All the encouragement a young boy looking for adventure needed in the 1800s. There was a spirit of exploration in the early generations of Americans. Many had been born overseas, and travelled to the new world to make their mark in the world. The vast country in the West was so alluring, and the prospect of wealth so inviting, that the simple European immigrant could not resist joining the growing numbers of people moving over the Mississippi towards the unknown. When a person settled in America in the 1800s, it really did not matter what part of the country they were in, it was all so brand new. The chance of success or failure was equal in all regions. One attraction of going west, especially all the way to the Pacific, was the thought of Gold.

In the late 1840’s, a mad rush of people flocked to the western coast, hoping to strike it rich. The mountains of California were loaded with deposits of gold and silver. All you needed was a tin pan, a pick axe, and something in which to collect your nuggets. Dreams of becoming wealthy dominated the thoughts of the prospectors. Man fought each other to stake a claim to a particular area, dividing up lots on a first come basis. The prospectors lived on their claims, protecting the vital resources they hoped to one day mine in the waters and hills of California. It was an exciting time, and also a volatile time, for if the gold was not found there was no money.

Bullion Sales Tax in California

California still represents a place to go for precious metals. Based on its long history, many precious metal dealers have opened up businesses throughout the cities in the state. However, it you were to purchase gold or silver you must be aware of the sales tax which must be paid in addition to the price of the product. Under California tax laws and regulations, www.boe.ca.gov, a sales tax will apply to any sale of coins or bullion comprised for gold or silver. However, there is an exemption for a single transaction which exceeds $1,500, which does not apply to any paper currency transactions. The state of California imposes a sales and use tax of 7.5%. In addition, the local counties and cities also may impose a sales tax. However, due the large amount of state tax, most local municipalities impose a small percentage for sales tax. For instance, in San Diego, the sales tax is 8%, 7.5% for the state, nothing for the city, and .5% for the county. In San Francisco, the total; sales tax was 8.75%, with the county charging 1.25%v in addition to the state.

The relative uniformity of the sales tax, and the history of mining gold in the state, has lead to many transactions for precious metals. The exemption to paying the sales and use tax when making a bulk purchase has increased larger investments by California residents.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to California residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.