Importing Gold and Silver Into the US: Customs Rules and Declarations

Bringing gold or silver into the United States is not a single decision but a stack of them: what tariff rate applies, what has to be declared on arrival, whether the value crosses a currency-reporting threshold, whether the metal is prohibited because of where it came from, and whether the coins in the customer’s pocket look enough like real money to attract counterfeit scrutiny. The good news is that investment-grade bullion of ordinary origin is duty-free in the general Column 1 rate under the Harmonized Tariff Schedule of the United States. The rest of the rules are less about tax and more about disclosure. This guide walks the reader through each layer with the specific citations and forms used at the border, and flags the areas where a licensed customs broker or a sanctions attorney is the right next call.

Duty status of gold and silver under HTSUS Chapter 71

Precious metals classification lives in Chapter 71 of the Harmonized Tariff Schedule of the United States, titled Natural or Cultured Pearls, Precious or Semi-Precious Stones, Precious Metals, Metals Clad with Precious Metal, and Articles Thereof. The chapter is administered by US Customs and Border Protection and interpreted through Customs Rulings and Chapter Notes published on the US International Trade Commission website (HTSUS).

Silver in unwrought, semi-manufactured, and powder form is classified in heading 7106. Gold in the same forms, whether or not plated with platinum, sits in heading 7108. Platinum and the platinum-group metals sit in heading 7110. Coins are classified in heading 7118, subdivided by whether the coin is legal tender or not, and by metal composition. For the vast majority of trading partners, the Column 1 general rate on unwrought and semi-manufactured gold, silver, and platinum is Free, and the Column 1 general rate on coins is Free.

Column 2 rates apply to a small set of countries that do not have normal trade relations status with the United States. Column 2 rates on precious metals and coins are substantially higher than Column 1 rates and are the reason origin declarations matter even when the general rate is Free. Importers should never assume the general Column 1 rate applies without confirming the country of origin.

The Free rate on bullion does not mean zero cost of entry. Formal entries pay a Merchandise Processing Fee under 19 USC 58c(a) and, for ocean freight, the Harbor Maintenance Fee. State sales or use tax may apply after clearance depending on the delivery destination. Fabricated articles rather than bullion carry positive duty rates: jewelry articles of precious metal in heading 7113 and goldsmiths’ and silversmiths’ articles in heading 7114 have their own subheadings with duty rates that vary by article and country of origin.

The 10,000 dollar FinCEN Form 105 threshold: monetary instruments vs bullion

The single most-repeated misunderstanding about carrying gold across the US border is the assumption that any transport of more than 10,000 dollars in value triggers the FinCEN Form 105 reporting requirement. That is not quite what the rule says.

FinCEN Form 105, formally the Report of International Transportation of Currency or Monetary Instruments (CMIR), is required under 31 USC 5316 and 31 CFR 1010.340 whenever a person physically transports, mails, or ships more than 10,000 dollars in currency or monetary instruments into or out of the United States. The regulation defines monetary instrument in 31 CFR 1010.100(dd) as: currency of the United States or of any foreign country, traveler’s checks in any form, all negotiable instruments (including personal and business checks, promissory notes, and money orders) that are in bearer form, endorsed without restriction, or made out to a fictitious payee, and securities and stocks in bearer form. Physical gold bars, silver rounds, and non-negotiable numismatic coin collections are not on that list.

The gray area is legal-tender bullion coins. A one-ounce American Gold Eagle carries a fifty-dollar face value under 31 USC 5112, even though its market value is many multiples of that amount. In enforcement practice, CBP has generally treated bullion coins imported for their metal value as merchandise rather than as currency, with declaration made on CBP Form 6059B and the invoice value used for classification. Travelers importing high-value coin quantities that could arguably fall within the monetary instrument definition should declare both on Form 6059B and, if there is any doubt, ask the CBP officer whether Form 105 also applies. Filing a Form 105 that turns out to be unnecessary carries no penalty; failing to file one that was required is a violation of 31 USC 5316 with substantial civil and criminal exposure.

The Form 105 requirement is a report, not a tax. There is no dollar cost attached to filing. Its purpose is anti-money-laundering surveillance, and the report is retained by the Financial Crimes Enforcement Network. Deliberately structuring a transport to fall just under the 10,000 dollar reporting threshold is a separate offense under 31 USC 5324.

CBP Form 6059B: what every arriving traveler declares

Every person arriving in the United States, US citizen or not, completes a customs declaration on CBP Form 6059B or through an equivalent electronic entry via Global Entry or Mobile Passport Control. The declaration asks the traveler to state, among other things, the total value of all articles being brought into the country, whether the traveler is carrying more than 10,000 dollars in currency or monetary instruments, and whether the traveler is carrying commercial merchandise (CBP Travel).

Bullion acquired abroad, whether purchased at a refinery, bought at a coin show, gifted, or inherited, is declared as merchandise being brought in. The declaration value is the fair value at acquisition, generally supported by the dealer invoice, refinery certificate, or contemporaneous purchase confirmation. Undervaluation is not a rounding oversight in the eyes of CBP: it is a false statement under 18 USC 1001 and grounds for seizure of the article under 19 USC 1497 in addition to any criminal exposure.

Two practical points recur in traveler questions. First, the personal exemption most travelers claim on Form 6059B (800 dollars for most returning residents under 19 CFR 148.11) is a duty allowance, not a declaration threshold. The traveler declares everything being brought in and the exemption reduces the duty owed. Second, gold declared and then walked through customs without concealment is a clean transaction; gold concealed in luggage or in the body and then discovered by CBP officers is treated as smuggling under 18 USC 545 regardless of the underlying duty status of the metal itself.

Sanctioned-origin restrictions: Russia, Cuba, Iran, North Korea, Syria

Sanctions law is not customs law. It is a parallel regime administered by the Office of Foreign Assets Control (OFAC) at the US Department of the Treasury, and it applies without regard to whether a metal would otherwise be duty-free. The general rule at OFAC is that an activity or import is prohibited unless expressly authorized by a general or specific license.

Russia. On March 11, 2022, the President issued Executive Order 14068, Prohibiting Certain Imports, Exports, and New Investment With Respect to Continued Russian Federation Aggression. In August 2022, OFAC issued a Determination pursuant to Section 1(a)(i) of EO 14068 identifying gold of Russian Federation origin as a category subject to the import prohibition (OFAC). The prohibition covers imports into the United States regardless of whether the gold transits a third country. Refined gold physically located outside the Russian Federation and extracted or refined prior to the effective date of the Determination is generally outside the scope, but importers should confirm origin documentation with an OFAC-savvy customs broker before entry.

Cuba. The Cuban Assets Control Regulations at 31 CFR Part 515 generally prohibit importation into the United States of goods of Cuban origin, including gold and silver in bullion or article form, absent an OFAC license or a specific general-license exception. Certain informational materials and personal-effects allowances exist, but investment bullion is not among them.

Iran. The Iranian Transactions and Sanctions Regulations at 31 CFR Part 560 generally prohibit the importation into the United States of goods of Iranian origin. Precious metals fall within that prohibition. Rugs and certain foodstuffs previously enjoyed a general license that has since been revoked.

North Korea. The North Korea Sanctions Regulations at 31 CFR Part 510 generally prohibit the importation of any goods, services, or technology of North Korean origin without an OFAC license.

Syria. The Syrian Sanctions Regulations historically at 31 CFR Part 542, together with executive orders, have long prohibited most imports of Syrian-origin goods, though the sanctions framework has evolved and specific general licenses have been issued and revised. Anyone considering an import with any Syrian nexus should verify the current OFAC posture before shipment.

Origin under sanctions is functional, not label-only. Gold that was extracted in a sanctioned country, refined in a third country, and shipped from a fourth country is still gold of the sanctioned country of origin for OFAC purposes. Chain-of-custody documentation matters more here than at any other stage of the import.

Counterfeit coins and unmarked replicas

Counterfeit coins are separately prohibited from importation under the criminal counterfeiting statutes at 18 USC 485 through 489. Section 485 makes it a felony to falsely make, forge, or counterfeit a coin in the resemblance or similitude of coins of the United States or of any foreign country. Section 486 addresses the making or utterance of unauthorized coins as current money. CBP interdicts suspected counterfeits at the port of entry and forwards them to the US Secret Service or Homeland Security Investigations for further action.

Non-counterfeit reproductions of collectible coins are governed by the Hobby Protection Act at 15 USC 2101 and the implementing regulations at 16 CFR Part 304. Reproductions of numismatic coins must be plainly and permanently marked with the word COPY. An unmarked replica, even one that contains real gold or silver, can be detained by CBP at the port and refused entry until the marking is applied or the article is exported.

Legitimate legal-tender bullion coins from recognized sovereign mints are not counterfeits and are freely importable subject to the general declaration and origin rules discussed elsewhere in this guide. Examples include American Gold Eagles and Silver Eagles, Canadian Maple Leafs, Austrian Philharmonics, Australian Kangaroos, and British Britannias. Buyers should keep the original mint packaging and, for older secondary-market coins, the dealer’s assay documentation as part of the entry file.

Shipping from abroad: informal vs formal entry, broker, ACE

Hand-carried gold and gold sent by international carrier travel under different rules. A shipment consigned to a US recipient enters through one of two general entry paths.

1. Informal entry (under 2,500 dollars in most cases). Small-value shipments can enter through an informal entry under 19 CFR Part 143. The carrier or the recipient files the entry. Some categories of merchandise are excluded from informal entry regardless of value, so the classification and origin still need to be verified.
2. Formal entry (2,500 dollars and above, or when required for the article). Formal entries are filed electronically through the Automated Commercial Environment (ACE), typically by a licensed customs broker acting for the importer of record. The filing includes the Harmonized Tariff Schedule classification, the country of origin, the value, and any applicable license or exemption citations. Merchandise Processing and Harbor Maintenance Fees are assessed at this stage.
3. Prior notice for high-value bullion. Large refined-gold shipments consigned to bonded facilities or approved depositories generally move under standing arrangements between the carrier, the broker, and CBP. The consignee’s insurance carrier and depository intake team will require the same paperwork stack that CBP requires.
4. Anti-money-laundering scrutiny. High-value precious metals shipments are a known typology in Financial Crimes Enforcement Network guidance. Expect the broker or the depository to ask for source-of-funds documentation and beneficial-owner identification even when nothing on the entry itself triggers a hold.
5. Post-clearance recordkeeping. Importers must keep entry records, invoices, and supporting documentation for five years from the date of entry under 19 USC 1508 and 19 CFR Part 163, and produce them on demand during a post-entry audit.

The single largest mistake by first-time commercial importers is treating the country from which the metal was shipped as the country of origin. Origin under customs and sanctions rules is the country of extraction, production, or refining, not the country from which the airway bill was cut. A broker who specializes in precious metals will not accept a shipment without origin documentation, and CBP will not clear one.

State sales and use tax after clearance

Customs clearance is the federal step. State sales and use tax is the state step, and the two are entirely separate. The state of delivery, or in some cases the state of first use, determines the tax posture on the sale.

As of 2025, most US states exempt investment-grade bullion and coins from state sales tax, sometimes subject to a per-transaction minimum. A smaller number of states apply sales tax to precious metals in some form. Rules for jewelry, collectibles, and numismatic coins can differ from rules for pure bullion. State legislatures adjust these rules; the Industry Council for Tangible Assets and the state department of revenue for the delivery state are the authoritative starting points.

Where a shipment clears customs in one state and is delivered to a resident of another state, that resident’s state may impose a use tax equal to the sales tax that would have applied had the purchase been in-state. Use tax is self-reported by the consumer in most states and is a routinely audited item.

Getting several written offers when the time comes to sell those newly imported holdings is often the largest single dollar lever a private seller controls, and the paper trail from those offers doubles as documentation for basis and future tax reporting. Sellers can post one free request on Goldiew’s sell-gold hub to receive up to fifteen sealed offers from verified buyers, or browse local dealers on the Goldiew marketplace to compare by category, hours, and community reviews.

Related on Goldiew

These adjacent guides go deeper on connected pieces of the same picture:

• Capital gains tax on gold and silver: the 28 percent collectibles rule covers the federal tax treatment that applies once the imported metal is sold in a taxable account.
• How to choose a reputable pawn shop: checklist is useful when the plan is to sell part of the position locally instead of shipping to a national dealer.
• How pawn shops test and value gold explains the assay and pricing mechanics that determine offers on the newly imported metal.
• Compliance and scams topic archive for related coverage of anti-fraud disclosures, dealer red flags, and documentation practices.