Coin shops in South Carolina

Sales tax when you buy

Bullion Partly exempt

Gold, silver and platinum bullion, including combinations of those metals, is exempt under section 12-36-2120(70). Palladium bullion is not named.

Collectible coins Partly exempt

South Carolina exempts coins that are or have been legal tender in the United States or another jurisdiction, as well as currency.

Section 12-36-2120(70) does not set a minimum purchase amount. Privately issued collectible medals are not included in its legal-tender category.

Sources: South Carolina Code 12-36-2120(70)

When you sell to a dealer

ID

Covered precious-metals purchases require a driver's license or another permitted photo ID and a signed transaction record. Certain transactions are exempt, including coin purchases between dealers and collectors at regularly scheduled numismatic conventions.

Holding period

The 21-day holding period for covered precious metals expressly excludes coins.

What the dealer records

Covered purchase records are retained for three years.

Sources: South Carolina Code, Title 40 Chapter 54

Dealer licensing

Covered precious-metals buyers need a permit from the local law-enforcement agency and a permanent business location. Permits are additional to other business licenses; statutory transaction exemptions apply.

• Precious-metals dealer permit · Local law-enforcement agency

If something goes wrong

• South Carolina Department of Consumer Affairs

• Ask the shop which identification and payment methods it requires before visiting.