Gold and US customs
 

If I bring into the USA, 10 one-ounce Canadian Maple Leaf gold coins (which have a face value of $50 CAD), do I need to declare it as being over $10,000?

Face value is $500 CAD (about $476 USD today), but based on the price of gold they'd be about $11,000 USD.

The US Customs site doesn't have any info on this. As far as I know they are legal tender in Canada and like the American $20 gold Eagle, can be used as just $50 in Canada if one is crazy enough to spend it as such.

Anyone?

The currency restrictions are, to the best of my knowledge, on the FACE value of the currency or monetary instrument. If I'm bringing a 1969-S Lincoln Cent With a Doubled Die Obverse (value, about $35,000) in or out of the country, I believe it's only considered 1 cent.

From CPB.gov

Yeah, but nobody's that ignorant to believe a 1 oz gold coin is "worth" $50. That's not the same as a theoretical value on a rare coin.

Considering how anal US Customs & Immigration is right now, putting one past them may not be a good idea.

A roll of coins WILL be closely inspected if the bag is xrayed.

Legal tender is face value, not intrinsic.

However, since it's not illegal to bring in/out over $10k, all you really lose by declaring it DesertNomad is time.

The OP doesn't say in which country he's a resident, or what he plans to do with the coins once brought into the US. Let's assume for the sake of discussion that he lives in the US, and acquires the coins abroad and brings them back to the US.

I agree that as far as the currency declaration, he doesn't have to declare them: he's bringing in CAD500 of legal tender, which is well under the limit. But, then wouldn't the value above the legal tender value be "goods" acquired abroad, subject to declaration and possible payment of duty if above $800?

It would seem to me that the coins have to be declared in one way or the other: either they're currency at the full value over $10,000, or they're goods acquired abroad over $800.

SteveM has pretty much summarized the issue-at-hand.

The OP's going to have a lot of 'splaining to do if he claims as $500 CAD and the Customs official finds them. A lot more than if he just claims over $10K.

That's equivalent of me buying a $30K gold watch and claiming it for $1K because I've got a receipt for $1K.

For me, I always take the most prudent course of action. Less hassles in the long-term.

I am American, but resident abroad (for the past 8 years). Let's assume they were acquired while I was living overseas and now I just wish to store them in the US. I tend to think they are currency with a value of $500 CAD since they are in fact legal tender for that amount and could theoretically be spent as such in Canada. Can they be currency and goods at the same time?

If I bring in $9999.99 in pennies, the value of the copper and zinc is not relevant... why should it be with gold? It is interesting that US customs has no consistent answer for this when you ask.

If you were bringing a monetary instrument (eg bearer bonds) would you be expected to declare their market value or face value? If it's the latter then I can't imagine that you have to declare the market value of gold coins.

One cent legal tender for one cent...that's all the bank is going to give you for it.

What someone else might give you for it is irrelevant.

So a one cent piece that is worth $35,000 is one cent for custom purposes.

The difference is you actually acquired the penny for a penny.

The bottom line will be whether you acquired those $50 gold coins for $50. And, yes, Customs will demand proof if they find it.

In this case, they were inherited so I acquired them for zero.

Did you pay the inheritance taxes then?

Well, let's measure the downside.

Declare the higher value and be wrong: Highest cost=$0.

Declare the lowest value and be wrong: Forfeit 100% of the currency, plus potentially incur a fine.

Hmm-I wonder what I'll do?

What do they do when you declare something over 10,000$ anyways? Take a look at it at secondary and as long you have the papers proving its legit, let you go?