MAR 12, 2018
Gold and silver are money. When you go to the bank, you’re not charged 7% every time you break a $20. Alabama becomes the 37th state to recognize the absurdity of taxing gold and silver transactions.
Numismatic commerce can blossom thanks to Gov. Kay Ivey. She signed into law Senate Bill 156 on March 6 to create a sales and use tax exemption on U.S.. coins and currency and precious metals bullion sales.
Collectors and bullion buyers often don’t care about politics. They just do business in states where they are not whacked when they make their purchases.
Alabama is now eligible to host a national coin show such as the Whitman Coin & Collectibles Expo.
“We have discussed the possibility of hosting a show in Alabama. However, we have been reluctant because of the sales tax obstacle,” said Mary Burleson, president of Whitman Publishing.
Perhaps the creation of a new coin show will demonstrate to the 13 remaining states the economic benefits of this sales tax exemption.