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Florida Sales Tax Rules
12A-15.005
12A-15.004
12A-15.0035
12A-15.003
Rule 12AER18-07
12A-15.002
12A-15.001
12A-1.108
12A-1.001
12A-1.0011
12A-1.0015
12A-1.002
12A-1.003
12A-1.004
12A-1.005
12A-1.006
12A-1.007
12A-1.0071
12A-1.008
12A-1.009
12A-1.0091
12A-1.0092
12A-1.010
12A-1.011
12A-1.0115
12A-1.012
12A-1.014
12A-1.0141
12A-1.0142
12A-1.0143
12A-1.0144
12A-1.015
12A-1.016
12A-1.0161
12A-1.017
12A-1.018
12A-1.020
12A-1.021
12A-1.0215
12A-1.022
12A-1.023
12A-1.024
12A-1.025
12A-1.027
12A-1.029
12A-1.032
12A-1.033
12A-1.034
12A-1.035
12A-1.036
12A-1.037
12A-1.0371
12A-1.038
12A-1.039
12A-1.040
12A-1.041
12A-1.042
12A-1.043
12A-1.044
12A-1.045
12A-1.047
12A-1.048
12A-1.049
12A-1.051
12A-1.053
12A-1.055
12A-1.056
12A-1.057
12A-1.059
12A-1.060
12A-1.061
12A-1.0615
12A-1.062
12A-1.063
12A-1.064
12A-1.0641
12A-1.065
12A-1.066
12A-1.067
12A-1.068
12A-1.070
12A-1.071
12A-1.072
12A-1.073
12A-1.074
12A-1.075
12A-1.076
12A-1.077
12A-1.080
12A-1.081
12A-1.085
12A-1.087
12A-1.089
12A-1.090
12A-1.091
12A-1.0911
12A-1.094
12A-1.096
12A-1.097
12A-1.103
12A-1.104
12A-1.105
12A-1.107


100 West Cypress Creek Road, Suite 930

Fort Lauderdale, FL 33309

Office (954) 761-3700

Fax (954) 761-1004

8875 Hidden river PKWY, Suite 230

Tampa, FL 33637

Office (813) 775-2131

Fax (866) 388-3029

3500 Financial Plaza, Suite 330

Tallahassee, FL 32312

Office (850) 250-3830

Fax (866) 388-3029

Florida Sales Tax Rules

12A-1.0371 Sales of Coins, Currency, or Bullion.

(1)(a) The sale, use, consumption, or storage for use in this state of any coin or currency, whether in circulation or not, is subject to tax unless:

1. The coin or currency is legal tender of the United States; or

2. The coin or currency is legal tender of a country other than the United States, and the coin or currency is sold at its face value.

(b) For purposes of this rule, "legal tender" means coins or currency that, at the time of the sale transaction, a creditor would be required to accept in payment of a debt.

(c) Examples:

1. United States Olympic Coin Sets and United States Double Eagles are legal tender of the United States, and their sale is not taxable.

2. Ancient Roman coins, medieval English coins, and Confederate money are no longer legal tender in any country, and their sale is taxable.

3. A coin dealer sells a 1983 British pound, composed of nickel and brass, for a price in U.S. currency that exceeds the current exchange rate. The sale is taxable.

4. A retail sale of a gold Krugerrand is taxable, even though it may be legal tender in the Republic of South Africa, because it has no face value and is sold based upon its precious metal content.

(2) The sale, use, consumption, or storage for use in this state of bullion is subject to tax. For purposes of this rule, "bullion" means gold, silver, or platinum in the form of bars, ingots, or plates, normally sold by weight. Finished goods, such as coins and jewelry, are not bullion. Sales of commodity contracts of bullion are not subject to tax unless delivery of the commodity is taken in Florida.

(3)(a)1. The sale of coins or currency, in a single transaction, is exempt when the sales price charged for coins or currency that are not legal tender of the United States or legal tender of another country sold at its face value exceeds $500.

2. Example: In one transaction, an investor purchases one United States $20 coin, called a gold double eagle, for $295, one Krugerrand for $295, and one one-ounce gold ingot for $295. Because the gold double eagle is United States legal tender, its sale is not subject to tax. The sale of the gold ingot is not a taxable sale of coins or currency, but is a taxable sale of bullion. The sale of the Krugerrand is a taxable sale of coins or currency. Because the portion of the sales price charged for taxable coins or currency is $295, the transaction does not qualify for exemption and the sale of the Krugerrand and the ingot is taxable.

(b)1. The sale of gold, silver, or platinum bullion, or any combination thereof, in a single transaction, is exempt when the total sales price of such bullion exceeds $500.

2. Example: An investor purchases two one-ounce gold ingots and one one-ounce platinum ingot in one transaction for $1020. The sale is exempt, because the sales price of the bullion exceeds $500.

(c) For purposes of this rule, a "single transaction" has the same meaning as the term "single sale," described in Rule 12A-1.003, F.A.C.

(4) Jewelry or other objects made or fabricated by incorporating or using coins, currency, or bullion are subject to tax. Tax is due on the total sales price of the jewelry or other objects, without deduction or credit for the price or value of the coins, currency, or bullion.

(5) When coins or currency that are in circulation in, and the legal tender of, a nation are exchanged for coins or currency in circulation in, and legal tender of, another nation, no tax is due when the coins or currency are exchanged solely for use as legal tender and the rate of the exchange is based on the value of each nation's coins or currency as a medium of exchange.

(6) The dealer must maintain proper documentation to exempt, in whole or in part, the sale of coins, currency, or bullion until tax imposed by Chapter 212, F.S., may no longer be determined and assessed under Section 95.091(3), F.S. Failure to maintain and preserve proper documentation will subject the entire transaction to tax. Proper documentation, in the case of a transaction involving coins or currency, will describe the country, issue, grade, denomination, face value, and sales price of each item of coin or currency and additional information to clearly identify each coin or currency. In the case of a transaction involving bullion, proper documentation will describe the metal, quantity, form (such as bars or ingots), and sales price of each item of bullion.

Rulemaking Authority 212.05(1)(j), 212.08(7)(ww), 212.17(6), 212.18(2), 213.06(1) FS. Law Implemented 212.02(19), 212.05(1)(j), 212.08(7)(ww) FS. History–New 3-17-93, Amended 10-17-94, 6-28-00, 5-9-13.

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