Buying Gold & Silver in New York

New York is an important state in our country. It has been since the formation of a union, and even before that. With its unique location n along the Atlantic Ocean, as well as its river access into inland New England, New York was a vital cog in the American Revolutionary War. Many battles were fought throughout the state, and the harbor was deemed as crucial as Boston Harbor to the momentum of the War. George Washington spent quite a bit of time in New York, and, as recent books and television series have attested, his original spies operated on Long Island and in New York City. The ability to out maneuver the British in the battles of New York had a great impact o the outcome of the War.

Over the years, many politicians have started their careers in New York. Alexander Hamilton came from New York. Both Franklin D. Roosevelt and Theodore Roosevelt started their careers in New York. Throughout the 1800s many positions of power in our federal government were filled by individuals who have spent time in the political system in New York State. Even to this day, the Governor of New York is deemed a unique position in politics. It can be argued that the Mayor of New York City is the most powerful Mayor in the country.

New York City is one of the most populous cities in the world, and with over 8 million residents is the most populous city in the United States. New York has functioned as the largest entry point for immigrants since the formation of the country. Many immigrants eventually migrated to other areas in the country, but a vast majority of them stayed in the city and the state. This resulted in one of the most diverse populations for any state in the country, with almost all ethnic and cultural backgrounds represented in some neighborhood in the state. In addition to immigrants, many visitors also flock to the streets of New York. It is the most visited state in the country, most tourists spending time in New York City.

New York City is also a vibrant commercial and financial center. The Dow Jones is located in downtown Manhattan, and “Wall Street” is an actually street in the city. Many politicians have come to differentiate between Main Street and Wall Street, using Wall Street as a symbol for the stock market, financial institutions, and super rich. It is this connection with finance and money, which makes the residents of the state fully aware of the correct way to invest their money. By carefully watching the market they have determined that investing in gold and silver is the way to maximize future profits.

Bullion Sales Tax in New York

However, in New York, like in other states, for all transactions you may be subjected to a sales and use tax. Under New York law,, there is a statewide sales tax of 4%, with additional local sales tax which can increase it to as high as 8.875%. In New York, there is a small exemption for the purchase of precious metal bullion. The precious metal bullion can be bars, nuggets, or coins which are valued for their metal content and not form. If the precious metal was refined for any artistic or industrial purpose it does not qualify for the exemption. In addition, only transactions over $1,000 dollars will get an exemption from sales tax.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to New York 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.