GOLD

______________________________________________________________________________________________________________________________

Investing in gold

Would you like to increase the value of your savings? Are you looking for conservative investment with a potential of two-digit appreciation? Over the past years bullion gold recorded a growth that very few comparable commodities can match. 

Investment Gold Bar 2 g

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

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.

U.S. Customs and Border Protection

Some countries, include the United States, consider gold and silver coins (but not bars) to be currency. For instance, a one-ounce U.S. gold eagle has a legal tender value of $50 stamped on the coin. However, according to a FinCEN administrative ruling:

The term ‘currency’ is defined in our regulation as ‘the coin and paper money of the United States or of any other country that (1) is designated as legal tender, (2) circulates, and (3) is customarily used and accepted as a medium of exchange in the country of issuance.’ Coins or paper money must satisfy all three conditions to be considered ‘currency’; a failure to satisfy one prong means that the payment instrument is not ‘currency’ for CMIR purposes.

Going back to our example, one-ounce gold eagles are legal tender, but they don’t circulate and they’re not customarily used as a medium of exchange in the United States. Therefore, they’re not considered currency and need not be reported on the CMIR.

Naturally, this doesn’t mean you won’t be harassed by customs agents if you fail to file the CMIR. It wouldn’t hurt to have a printout of the administrative ruling in which FinCEN stated the requirements for coins to be considered currency. You can find it here.