Atlanta Gold & Coin Buyers follows all required AML guidelines as noted below:
- We require ID’s on all purchases that we make from the public
- We require ID’s on larger sales transactions
- The state of Georgia doesn’t assess sales tax on coin or currency sales. However, this only applies to Georgia residents. Therefore, we can only sell to Georgia residents, as we’re not equipped to collect sales tax on behalf of other states.
- We can only accept cash as a form of payment on individual transactions of $10,000 or less.
- We do not enter into purchases paid in currency by more than one family member or related parties, which exceed $10,000.
- Money orders and cashier checks are considered cash if in amounts of $10,000 or less. Therefore, we’re required to issue Form 8300 for any purchases in excess of $10,000 made with multiple Money orders and/or Cashier’s checks for $10,000 or less.
- Payment in the form of a check, ACH, wire or payment apps is not subject to the $10,000 limit applicable to cash transactions.
- We’re required to issue a 1099-B when purchasing the following products in specific quantities:
|Reportable Item||Minimum Fineness*||Minimum Reportable Amount|
|Gold Bars||.995||any size bars totaling 1 kilo (32.15 troy oz.) or more|
|Silver Bars||.999||any size bars totaling 1000 troy oz. or more|
|Platinum Bars||.9995||any size bars totaling 25 troy oz. or more|
|Palladium Bars||.9995||any size bars totaling 100 troy oz. or more|
|Gold 1 oz. Maple Leaf||as minted||25 1-oz. coins|
|Gold 1 oz. Krugerrand||as minted||25 1-oz. coins|
|Gold 1 oz. Mexican Onza||as minted||25 1-oz. coins|
|U.S. 90% Silver|
|as minted||any combination of dimes, quarters, or half dollars totaling $1,000 face value or more|
- The following information is obtained from customers when 1099-B and 8300 forms are required to be filed: Customer’s name, address, phone number, email address and social security number. Form 8300 will be filed within 15 days of the transaction. 1099-B forms are filed by Jan 31st of the following year.