The Ohio legislature, after going back and forth on the issue, sent a fiscal 2020-2021 budget bill to Governor Mike DeWine’s office that eliminates that state’s existing sales tax exemption on precious metals bullion and bullion-priced gold and silver coins, effective Oct. 1, 2019.
According to budget plans, once again imposing sales tax on such products will result in a net increase in Ohio total tax collections
In a news release received on May 28, the Professional Numismatists Guild cautions, if you’re purchasing modern precious metals coins strictly for their silver, gold or platinum content, beware of significantly overpaying simply because the coins may be housed in fancy holders or accompanied by autographs of celebrities or the coins’ designers.
“The personal finance market is filled with slick advertisements touting gold bullion coins labeled with a superb grade or in holders with decorative, autographed inserts. These may be fine collectibles for some, but you could pay more than twice the value of the precious metal content of the coin