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 Replies: 14 / Views: 8,278 |
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Pillar of the Community
Canada
617 Posts |
I've never really paid attention to the silver content of coins or the type of silver I just buy what appeals to me.But I've noticed lately that some coins are described as being fine silver and others as pure silver and others still as sterling silver. Whats the difference?
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Pillar of the Community
United States
4897 Posts |
Fine and pure are .999, Sterling is .925, coin is .900
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Pillar of the Community
Canada
1731 Posts |
I usually just buy pure silver coins  |
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CCF Master Historian of USA Commemoratives
 United States
12296 Posts |
Sterling silver is an alloy that is 0.925 fine - 92.5% silver and (typically) 7.5% copper. Pure or Fine silver generally indicates an essentially pure silver composition of 99.99% silver.
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Moderator
United States
56855 Posts |
Don't forget German Silver,60%copper+20%nickel+20%zinc. Ha, no real silver in it  John1  |
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Rest in Peace
United States
9104 Posts |
fine = purity, like karat. .800 fine is 80% pure
pure silver = .999 fine I'm pretty sure .9999 silver falls into chemically pure.
pure gold = .9999 fine
pure platinum = .9995 fine
sterling silver = .925 silver, .075 copper
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Pillar of the Community
Canada
1502 Posts |
marketing-wise, the RCM is using "pure" to denote 999 fine silver. "fine" is reserved for the ever so slightly more pure 9999 fine silver. For 99999 gold, the RCM will come right out and boast that number and purity. Canadian law is such that anything under pure silver (999 fine) is taxable. So RCM will charge taxes for sterling silver, and 22k or less gold NCLT, while"pure" or "fine" silver and gold coins are tax free An interesting side note. I tried to get some silver Britannia coins from the States recently and was warned that they are taxable. The purity of silver Britannia coins falls under the Britannia standard, which is 95.8% (right?), so even though it really is a bullion silver product, it's technically taxable in Canada. |
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Pillar of the Community
Canada
567 Posts |
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Pillar of the Community
 Canada
617 Posts |
thank you everyone for clearing that up. You've also answered another question I had about coins and tax.
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Pillar of the Community
Canada
1502 Posts |
@jpaiva83: Honestly, I am not sure. I have yet to purchase less than 999 pure gold coins from across borders, well, not from established dealers that are 100% clear on customs declarations anyways. 999 pure is the standard for non-taxable precious metals (this include platinum and palladium in Canada), that I am sure of.
My guess is that the rules are a bit lax for items such as Britannias, krugers, and gold eagles. If declared as bullion and was reviewed by a customs agent that can't tell the difference, then it's all good. But, if the dealer wants to be completely square with Canadian customs, you'll get taxed. My most recent order of 1 silver Britannia and a 9999 pure gold bar just came in. It was declared as is 96.8% silver, but I don't see a customs bill for it yet, but then again it may just be because it's not be worth their while to tax a $40 coin.
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Pillar of the Community
Canada
598 Posts |
I suggest you download the pdf from The Canada Border Services Agency... CBSA; (*)Tarriff Schedule. The actual recognition of (*)pure bullion is 99.95% or better. The GATT Agreement suggests this is an unfair trade practice. Tax/tarriff/duty also depends on the country of origin. To muddy the waters further, since American Gold Eagles have a face value, they can also be classed as monetary. So, you import a one ounce AGE. As pointed out, it would typically be considered a one ounce bullion round but be less than 99.95% pure. It would therefore be subject to HST(*2). It could also be considered a $50US coin and fall under the monetary heading. The country of origin being the USA and easily proven as such. Canada and the US still have an existing free trade agreement in place, and hence no duty would be levied... however, the CBSA levies taxes payable on the value of an item(*2). A Krugerrand (South Africa being the originator of the GATT Agreement) is not recognized as a monetary unit, except in South Africa where a Rand is historically considered such... I remember giving a detailed overview on how the importation of bullion into Ontario(*2) and coins overlap... the short answer is buy locally and buy from an individual. Businesses are of course subject to much the same rules as importation... I could go on for hours, and I have done so before, only to get a geez, thanks for the cut and paste of the form I don't understand. If you are going to make such an investment, learn about your province's regulations/legislations. A well articulated letter, quoting the correct (or most correct) Tarriff Schedule classification will most often get you a speedy refund, or partial refund, of any customs fees paid to get your goods. Bonne chance! |
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Pillar of the Community
Canada
1502 Posts |
Thanks for the clarification IBGolden! Can you paste a link to your post on the topic from before?
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Pillar of the Community
Canada
598 Posts |
Edited by IBGolden
02/12/2012 05:23 am
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Pillar of the Community
Canada
1502 Posts |
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Pillar of the Community
Canada
598 Posts |
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Replies: 14 / Views: 8,278 |
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Posted 02/09/2012 7:58 pm
