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Where do we go for treasure in the United States? Sure, if we believe the folklore of pirates and buried treasure, we might search for shipwrecks s along the coasts, or buried treasure in the sands of Florida, or other beaches in the coastal states. But, more realistically, we must look above ground for the location of treasures and untold fortunes in our country. The place is Las Vegas, Nevada. Originally a stopover for members of the military who were travelling to the west coast, the city was built on the dreams of hitting it big in casinos. Allegedly, mobsters from New York built the casinos in the desert to make an oasis away from regulations and laws allowing the free exercise of gambling, prostitution, and other vices of the human spirit. Eventually, Las Vegas has transformed into Americas Sin City, where anything goes, attentive, and anyplace. It is fitting that the city is located in Nevada, as this is the place where actual treasure is located.
Nevada is nicknamed the Silver State. This is because in the late 1800s, during the historic gold rushes to the west, Nevada was discovered to be a valuable resource of silver. As prospectors set up claims to find gold, they instead discovered large quantities of silver in the hills, rivers, and streams in Nevada. The growth of the silver production industry also resulted in the growth of the gold mining industry. Nevada has long ceased being a state which produces large quantities of silver, but has maintained its dominance in gold. Today Nevada is the largest state producer of gold in the United States accounting for almost 75% of all gold produced in the nation. In addition to dedicated gold mines, gold is also produced as a byproduct of copper mining operations in the state, making the mining industry one of the mainstays of the state economy along with the tourism in Las Vegas, Reno, and Lake Tahoe.
With such a rich history connected with precious metals, you would think that buying and selling gold, silver and other metals would be a large and booming business in Nevada. It is, but there are some drawbacks. As with all transactions, a sales and use tax may be imposed on any purchases of any commodities within the sale of Nevada. Under Nevada tax laws and regulations, www.tax.nv.gov, there is a state wide sales tax of 6.85%, with local municipalities adding up to an additional 1.25%., such as Clark County, resulting in a sales tax in Las Vegas being 8.1%. However, for precious metals there are certain exemptions. For all private bullion sales, like bars or nuggets, there is no sales tax imposed as long as the price is for the value of the metal not the shape it is n at the time of the sale. If the precious metal has a face value, such as a coin, and the vale is more than 50% higher than the face value, it is taxable. All other non legal tender products are taxable.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Nevada residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.