Sales tax tokens, including those from Missouri, are fractional cent devices that were used in many US states during the Great Depression to facilitate sales tax payments on small purchases . These tokens were often made of various materials, such as metal, plastic, or cardboard, and each “Mill” token represented 1/10th of a cent.
Today, Missouri has specific sales tax rules regarding coins and precious metals:
- Bullion: Sales of bullion (gold, silver, platinum, or palladium in bulk form with at least 90% purity, where value is based on metal content, not form) are exempt from Missouri sales tax, according to CCH® AnswerConnect and the Missouri Revisor of Statutes (.gov).
- Investment Coins: Purchases of “investment coins” are also exempt from Missouri sales tax. These are defined as numismatic coins or other forms of legal tender made of gold, silver, platinum, palladium, or other metals with a fair market value greater than their face value.
- Collectibles and Currency: It’s important to note that while bullion and investment coins are generally exempt, sales tax may apply to other collectibles, currency, and non-investment coins (coins with a value not greater than their face value), [according to APMEX].
- Online Purchases: If you purchase precious metals or coins online from a company that collects Missouri sales tax, it will be calculated based on the taxability of the specific products and the delivery address’s tax jurisdiction within Missouri, [according to BGASC] . Some out-of-state retailers may not be required to charge Missouri sales tax, but you might be liable for local Use tax, [says Golden Eagle Coins].
Disclaimer: Tax laws can be complex and subject to change. This information is intended for general knowledge and should not be considered tax advice. Always consult with a qualified tax professional for specific guidance regarding your individual circumstances or before making any purchasing decisions involving precious metals or coins in Missouri.
Are sales tax tokens worth anything?
Consequently, tax tokens are regarded by numismatists as ubiquitous and often are of comparatively little value. On the other hand, certain types and varieties are extremely rare, with as few as one specimen known.
What are Missouri sales tax tokens?
I can help with that. First struck in 1935, tax tokens like these were made from various materials like cardboard, metal, fiber and plastic. Each “Mill” was equal to 1/10 cent, and could be used to pay the fractional taxes that were charged on smaller purchases. This 1 Mill red plastic tax token was released for the state of Missouri.
Does Missouri charge sales tax on silver coins?
Fortunately, for the sale and purchase of gold and silver bullion, coins, collectibles, and currency, there is a complete exemption from sales tax. Therefore, all purchases of precious metals will be tax free, regardless of amount or form of the metal.