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Buying Gold & Silver in West Virginia

The state of West Virginia is a mountainous region, with the Appalachians running through it from north to south. It is a relatively small state, especially compared to its neighbors Pennsylvania, Virginia, and Ohio. In the mid 1800s, the northwestern counties of Virginia became dissatisfied with the direction the state was headed and broke away to form the new state. It is the only state to form by breaking away from a Confederate State, and it joined the Union during the American Civil War becoming a very important border region between the North and south as the battles progressed. According to the old Mason Dixon line, the state is a part of the South, but it fought as a Union state throughout the war. It is close to the cities of Pittsburgh in the north but also only 70 miles from North Carolina in the south. Its central location often has it included as part of the Mid Atlantic region as well as the Southeastern region in the United States.

Because the state is covered in large part by mountains, especially the Appalachians, the area is frequently called Appalachia. Over the years it has gained prosperity in the lumber and timber industries because of its terrain. It also has thrived as a coal mining state. The terrain lends itself to many deep caverns and land formations, making it an ideal location for scientific exploration, as well as recreational spelunking. The rivers and streams which flow down the mountains are filled with trout and other fish giving ample opportunities to fisherman, both locals and tourists alike. In addition, the state attracts many hikers, backpackers, campers, hunters, and other people who love the outdoors. It is especially prevalent for those along the Appalachian Trail.

This unique state has had many economic highs and lows. The residents of the state know what it means to live off the land, and therefore they knew it is prudent to wisely invest their money in a safe and secure area to protect their financial future. They must find specific investments which will be profitable but also stable. They could invest in real estate, having so much land available in the state. However, the recent crisis in housing has created confusion in the market making any investment in property a risky proposition. They could send their money to Wall Street, and let the bankers and brokers handle it, but there is still a level of distrust in financial institutions, making hat a bad idea especially for folk living in the mountains. The solution is to invest in gold and silver.

Bullion Sales Tax in West Virginia

When buying any precious metal, be aware that the purchase may be subjected to a tax. Under West Virginia tax laws and regulations, www.wvtax.gov, there is a state wide sales and use tax of 6%, with a possibility of an additional 1% being added by local municipalities. Unfortunately, there is no exemption in the state so; every transaction involving precious metal as coins, bullion, nuggets comprised of gold, silver, or other metals is all taxed.

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