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 Replies: 8 / Views: 1,554 |
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New Member
United States
3 Posts |
Hello, need some advise from the wise and experienced.
purchased 100+ MS63 ST. Gaudens 1924.to.1928 in pCGS holders in early 1993.
Bought from a US coin dealer, have the receipts.
Arranged storage in 1995 for this Numismatic collection in Switz. via Via Mat Int..
ViaMat has informed me that they are cancelling US accts. in Switz.
I Have opened new account in US at Viamatt on West Coast.
Shipping and insurance are steep, but bearable.
Question... They are contracting a shipping broker to figure US Duties and taxes to be levied on my Numismatic coin collection, based on metal value alone, that I purchased in US and am repatriating, Does that sound right?
Second Question...Is there a US customs form that can exonerate me from paying duties, for these exact coins were purchased originally in US?
Tried all over internet, US Customs, etc, do not find a situation like this one. Kinda like buying a car in US, shipping it to a foreign land for several years, then bringing it back, kinda the same but different. Is my logic off base here?
I really like these Saints, and do not want to take possession in Switz. and liquidate. They have a time table sped up on me to act asap, luckily I do not freak under pressure, I thrive!
And the Saints go marching on!!
Thanks in advance, been reading forums for a while, Always helpful and a world of discovery!
Blessings, Coinbull
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Moderator
 United States
188130 Posts |
 to the Community! I moved your welcome post to the appropriate forum for the proper attention.  |
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Bedrock of the Community
United States
17884 Posts |
There are no duties on coins being imported into the US. This is from the U.S. Customs and Border protections website Quote:
There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please note a FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, ie. gold coins, valued over $10,000. The FINCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.
If you have doubt whether your gold/gold coin is considered a monetary instrument it is in your best interest to declare the item(s) with a CBP Officer, so you do not give a false declaration. So since they are legal tender there is no customs duties but the value needs to be declared. You shouldn't have to pay any taxes on them to bring them in, but you could get in big trouble for an invalid declaration if you don't declare the value. Here is the page I got the info from https://help.cbp.gov/app/answers/de...-and-bullion |
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Pillar of the Community
 United States
4589 Posts |
Also mark any customs form "U.S. Goods Returning"
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Valued Member
United States
337 Posts |
I thought the government cancelled the legal tender status when gold became illegal to own. So, they may not make it as legal tender.
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Pillar of the Community
United States
4589 Posts |
Correct, it's not legal tender; but it's definitely US Goods! http://www.federalreservehistory.or...etailView/13 Quote:
... the Gold Reserve Act of 1934, which President Roosevelt signed on January 30, 1934.
Section 2 of the act transferred ownership of all monetary gold in the United States to the US Treasury. Monetary gold included all coins and bullion held by individuals and institutions, including the Federal Reserve. In return, individuals and institutions received currency at a rate of $35 per ounce of gold. This rate reduced the gold value of the dollar to 59 percent of the value set by the Gold Act of 1900, which equaled $20.67 per ounce. That rate had prevailed until the spring of 1933, when the Roosevelt administration began its campaign to devalue the dollar. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Bedrock of the Community
United States
17884 Posts |
Incorrect they ARE legal tender. One the Gold reserve act of 1934 transferred ownership to the US Government but did NOT remove the legal tender status. Two, legal tender status of ALL coins was confirmed in the Coinage Act of 1965. Quote:
SEC. 102. All coins and currencies of the United States (including
Federal Reserve notes and circulating notes of Federal Reserve banks
and national banking associations), regardless of when coined or
issued, shall be legal tender for all debts, public and private, public
charges, taxes, duties, and dues. |
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New Member
 United States
3 Posts |
Thank you all for the information and help!
The declaration and fincen filing is wonderful idea, they were making a declaration of value, with no fincen, so I will include it in the other paperwork, along with copies of original receipts of purchase and original receipts of shipping, although they did not ask for it.
They were making a designation of US bullion/Coin 90% fine. No dates, no collector or Numi value. I will include in the declaration that they have been professionally graded with collector status and uncirculated to boot. Will also show that they are US Goods Returning and with added phrases, i.e., US goods purchased in US, stored abroad, in the act of repatriation to the US.
Again thanks for help, feeling this was not going smoothly, but now have a handle onit!
Blessings, Coinbull
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New Member
United States
3 Posts |
Also, With the direction Conder and BStrauss3 steered me to...I found this wonderful gem of a form.. DECLARATION FOR FREE ENTRY OF RETURNED AMERICAN PRODUCTS http://www.cbp.gov/sites/default/fi...m%203311.pdfThat may greatly help others in repatriating, which I figure should also accompany the Fincen form. In fact I will put it on top of the Fincen form, unstapled, made that mistake before, will never do that again with government forms. Cheers! |
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Replies: 8 / Views: 1,554 |
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