
State Legal Tender Laws for Gold and Silver: Verified Guide
Quick answer A short list of states have passed statutes that recognize US-minted gold and silver coins as legal tender or removeβ¦
Read guide βΊPrecious metals fraud targets older investors more than almost any other financial scheme. The CFTC, FTC, and state attorneys general have brought enforcement actions against multiple Gold IRA dealers resulting in judgments exceeding 185 million dollars combined since 2020. This library exists to help you recognize the patterns before signing any agreement.
Our coverage includes documented enforcement cases (Metals.com, Red Rock Secured, Regal Assets bankruptcy), common scam vectors (bait-and-switch from bullion to overpriced numismatic coins, home storage IRA LLC schemes ruled illegal in McNulty v. Commissioner, free silver promotions tied to inflated overall markups, celebrity endorsements presented as financial advice), and the federal regulations that protect consumers including IRC 408 fineness requirements and IRC 4975 prohibited transactions.
We benchmark legitimate providers against industry-best practices: BBB A+ rating with documented zero or low complaint counts, salaried (non-commissioned) sales staff, transparent fee schedules published before any consultation, depository-stored metals at IRS-approved facilities with Lloyd's of London insurance, and clear buyback policies with stated bid-ask spreads.
If a sales pitch contradicts any of these standards, walk away. Our three vetted partners (Augusta Precious Metals, Birch Gold Group, Noble Gold Investments) meet these standards based on public records as of the date of each guide's publication.

Quick answer A short list of states have passed statutes that recognize US-minted gold and silver coins as legal tender or removeβ¦
Read guide βΊ
Quick answer A pawn shop must hand you a written ticket with every finance charge and the redemption date, cannot sell yourβ¦
Read guide βΊ
Quick answer Every state regulates gold buyers, and most require ID, a written transaction record, a mandatory holding period before melting, andβ¦
Read guide βΊ
Quick answer No federal limit exists on moving gold within the United States. The rules that actually matter appear at the internationalβ¦
Read guide βΊ
Quick answer A non-spouse beneficiary who retitles an inherited IRA into their own name triggers an immediate, fully taxable distribution with noβ¦
Read guide βΊ
Quick answer Grading a coin does not make it IRA-eligible, and it almost always adds cost with no retirement benefit. Under Internalβ¦
Read guide βΊ
If you walk into a coin shop with $12,000 in currency to buy American Gold Eagles, the dealer is going to fileβ¦
Read guide βΊ
Quick answer Gold and silver bullion enters the US duty-free under HTSUS Chapter 71, but must be declared to CBP and, ifβ¦
Read guide βΊ
Quick answer Physical gold you own personally is exposed in bankruptcy unless it fits a state or federal exemption category, while goldβ¦
Read guide βΊ
β Quick answer Most gold dealer transactions generate no IRS report When you buy gold or silver from a dealer, that purchaseβ¦
Read guide βΊ
Quick answer Yes, you can fly with gold. What changes at the international border is significant. TSA permits gold coins and bullionβ¦
Read guide βΊ
Quick answer Personal control of IRA metals through a home LLC constitutes a taxable distribution The United States Tax Court, in McNultyβ¦
Read guide βΊ
β¦ Quick Answer Pre-1933 US gold coins are legitimate collectibles with wide premium swings by date, mint, and grade. The “confiscation-proof” pitchβ¦
Read guide βΊ
Quick answer Gold IRA depositories operate under four to six overlapping audit layers, and no single report covers everything Internal cycle counts,β¦
Read guide βΊ
Quick answer Melting pennies and nickels is a federal crime. Pre-1965 silver coins and gold coins are legal to melt. A 2006β¦
Read guide βΊ
β Quick answer Dealers file Form 1099-B only on specific bullion types above set quantity thresholds; American Eagles are exempt regardless ofβ¦
Read guide βΊ
Quick answer Most “gold” listings on eBay, Amazon, and Facebook Marketplace contain little to no actual gold The largest risk is notβ¦
Read guide βΊ
Quick Answer Most first-time gold buyer losses come from premium traps, not price swings The gold market itself is transparent and liquid.β¦
Read guide βΊ
Quick answer Six home tests, ranked: weight is cheapest and strongest, specific gravity is most reliable Real silver has a specific gravityβ¦
Read guide βΊ
β Quick answer Buying gold with cash is legal at any dollar amount. The dealer files the paperwork, not you. Federal lawβ¦
Read guide βΊ
Quick answer Pawn shops can price gold jewelry and pre-owned coins below dealer retail, but authentication is entirely on you. Because pawnβ¦
Read guide βΊ
Quick answer The US has no gold ownership registry. Most bullion purchases stay private by default. No federal or state agency tracksβ¦
Read guide βΊ
Quick answer Five documented patterns drive the majority of high-pressure gold sales calls Manufactured scarcity, fear narratives, bait-and-switch to premium coins, unsolicitedβ¦
Read guide βΊ
β Quick answer Elder financial abuse in precious metals is prosecuted, preventable, and has a clear reporting path. Regulators including the CFTCβ¦
Read guide βΊ