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Face Value On Gold Eagles?

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New Member

United States
1 Posts
 Posted 09/05/2017  07:47 am Show Profile   Bookmark this topic Add jason balter to your friends list Get a Link to this Message Number of Subscribers
With the face value being only $50 on one ounce gold eagle coins, is it true that we could take 199 oz ($9950 face value) of gold on international flight without declaring to customs?
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moxking's Avatar
United States
17900 Posts
 Posted 09/05/2017  08:30 am  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
I'd be sweating bullets. Regardless of the "real answer" I'm betting 99+% of those checking baggage wouldn't know the answer, either.

If they pulled them as a possible smuggling, good luck getting them back.

Even if the answer was that you could do so, I'd never do it. Set up a bank account where you are heading.
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nfine's Avatar
United States
3469 Posts
 Posted 09/05/2017  09:04 am  Show Profile   Bookmark this reply Add nfine to your friends list Get a Link to this Reply
From the US Customs and Border Protection site:

What are the regulations for importing gold coins, medals, and bullion into the U.S.?


Gold coins, medals, and bullion may be brought into the U.S. However, under regulations administered by the Office of Foreign Assets Control, such items originating in or brought from, Cuba, Iran, and Sudan* are prohibited entry.

Copies of gold coins are prohibited if not properly marked by the country of issuance. The importation of counterfeit coins is prohibited.

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.
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BigSilver's Avatar
United States
2843 Posts
 Posted 09/05/2017  09:15 am  Show Profile   Bookmark this reply Add BigSilver to your friends list Get a Link to this Reply
Allow me to preface with a "do not take legal advice from stuff you read on the internet"
I read several years ago about the idea of using gold eagles for trade. Say you wanted to buy a $150,000 home, but wanted the seller to save on taxes. You could pay with about 112 Eagles, and call it $5600 for tax purposes. If I remember correctly, the article was about the steps taken by legislature to prevent the misuse of such coin/bullion. Either way, it is a similar idea in which you treat the bullion as its face value to get around the law....
Valued Member
United States
338 Posts
 Posted 09/05/2017  2:02 pm  Show Profile   Bookmark this reply Add nutmeg to your friends list Get a Link to this Reply
I wonder if it would work to buy a new car using $50 eagles? The idea would be to save on state sales tax.
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United States
1913 Posts
 Posted 09/05/2017  7:16 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply
The short answer on this is that you can't have your cake and eat it too. If something cost you $X, you can't later decide to determine it's value in a different manner. If they took your gold coins that you claimed were worth $50 each, they'd probably ask you to provide a purchase receipt to substantiate the value. You'd then be screwed. The government doesn't take very kindly to people hiding money from them because they view it as a tax target.
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