Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2017
Sales and Use Tax Annotations
168.0000 COINS AND BULLION—Regulation 1599
168.0900 U.S. Liberty Coins. U.S. Liberty coins are sold by the U.S. Treasury under agreements with retailers. The agreement sets the retail selling price, does not authorize the addition of taxes, does not require payment to the U.S. for any coins until they are sold, allows for a discount to cover the administrative costs, reserves title in the U.S. until each is sold, and requires that all unsold coins be returned to the U.S. by a specific date. Although nominally agents, the retailers are in fact consignees, but exemption for sales by the United States takes precedence over the general rule for consignees and tax does not apply to the sales of such coins, sold under the specified agreement. 9/12/86.