Find HS Code and trade information for gold coins

Gold Coins

Gold coins are metallic currency minted from gold, historically and presently used as a medium of exchange, store of value, and unit of account. Their value is derived from the intrinsic value of the gold they contain, as well as their numismatic value (collector's value).

Material

• Gold: Typically 22-24 karat gold (91.7% - 99.9% gold purity) is used, though alloys with silver, copper, or other metals are common to increase durability. Higher purity gold is softer and more prone to wear.
• Alloys: Copper is frequently added to increase hardness. Silver may also be present in smaller quantities.

Purpose

• Currency: Historically, gold coins were widely circulated as legal tender.
• Store of Value: Gold retains its value over long periods, making coins a hedge against inflation and economic uncertainty.
• Investment: Coins are purchased as a long-term investment.
• Collection: Numismatic coins are valued for their rarity, historical significance, and condition.
• Gifting/Ceremonial: Gold coins are sometimes given as gifts or used in ceremonial contexts.

Function

• Medium of Exchange: Facilitate transactions.
• Unit of Account: Provide a standard for measuring value.
• Standard of Deferred Payment: Used to define value in contracts and debts.
• Wealth Preservation: Maintain purchasing power over time.

Usage Scenarios

• Historical Trade: Used in commerce across civilizations.
• Modern Investment: Purchased by individuals and institutions as part of a diversified portfolio.
• Bullion Investment: Larger quantities of gold coins are bought as bullion (physical gold).
• Collecting: Numismatists collect coins based on year, mint mark, condition, and historical significance.
• Jewelry: Gold coins are sometimes repurposed into jewelry.

Common Types

• Sovereign Coins: Produced by national mints for circulation and investment (e.g., American Eagle, Canadian Maple Leaf, South African Krugerrand, British Sovereign, Australian Kangaroo).
• Bullion Coins: Specifically minted for investment, typically with higher gold content and lower premiums.
• Numismatic Coins: Older, rare coins with collector's value. Value is often significantly higher than the gold content.
• Fractional Gold Coins: Smaller denominations (e.g., 1/10 oz, 1/4 oz) for smaller transactions.
• Commemorative Gold Coins: Issued to celebrate specific events or people. Often have limited mintages.
• Historical Coins: Examples include Roman Aureus, Spanish Doubloon, British Guinea, and various other coins from different eras and civilizations.

Gold coins can be categorized under several HS codes depending on their specific composition and characteristics. Here's a breakdown of relevant classifications:

• 7118900011: This HS code covers “Coin: Other Gold: Canadian maple leaf”. 7118 represents articles of precious metal; 9000 signifies coins; 0011 specifically denotes Canadian maple leaf gold coins. The total tax rate is 37.5%, comprised of a 0.0% base tariff and a 7.5% additional tariff, increasing to 30.0% after April 2, 2025.

• 7118900019: This HS code covers “Coin: Other Gold: Other”. 7118 represents articles of precious metal; 9000 signifies coins; 0019 specifically denotes other gold coins not specifically classified elsewhere. The total tax rate is 37.5%, comprised of a 0.0% base tariff and a 7.5% additional tariff, increasing to 30.0% after April 2, 2025.

It is important to note that the additional tariff rate will change to 30.0% for both HS codes after April 2, 2025. When declaring gold coins, it is crucial to accurately identify the specific type of coin (e.g., Canadian maple leaf) to ensure correct HS code application and tariff calculation.