Importing Gold Into The U.S.: Coins, Medals, and Bullion

Importing gold into the U.S. may seem like a complicated task for many importers, but in reality, the process is actually fairly simple. Still, with a commodity so valuable, you’ll want to make absolutely certain you’re following the proper procedures and staying in compliance with U.S. regulations.

As per Customs and Border Protection (CBP), gold items, such as coins, medals, and bullion, may be imported into the United States duty free. However, all gold imports must be declared, and if valued at $10,000 or more, must be accompanied by a FinCEN 105 form. 

Importing gold can be a simple process as long as you know how it’s regulated. Learn more about the regulations surrounding gold imports to ensure your shipment is successful.

How to Import Gold into the U.S.

According to the Office of Foreign Assets Control, gold such as coins, medals, or bullion may be entered into the U.S. duty free; however, there are some restrictions and exceptions you’ll want to make note of.

1. First, while these gold items may be entered freely and with no limit, they must be reported to a CBP officer at the time of entry. If the value of the items is more than $10,000, you must complete a FinCEN 105 form.
2. Gold items from Cuba, Iran, and Sudan are prohibited from entry into the U.S.
3. Copies of gold coins are prohibited if not properly marked by the country of issuance, while counterfeit coins are strictly prohibited.

Gold Import Regulations

Understanding how the U.S. regulates imports of gold into the U.S. starts with knowing which gold items are defined as currency. For example, according to FinCEN, some gold items can be defined as either currency or monetary instruments, while others are not.

Currency: The coin and paper money of the United States or any other country that is:

1. Designated as legal tender 
2. Circulates 
3. Is customarily accepted as a medium of exchange in the country of issuance

Monetary Instruments:

1. Coin or currency of the United States or of any other country
2. Traveler’s checks in any form
3. Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery
4. Incomplete instruments (including checks, promissory notes, and money orders) that are signed but on which the name of the payee has been omitted
5. Securities or stock in bearer form or otherwise in such form that title thereto passes upon delivery 

Monetary instruments do not include:

1. Checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements
2. Warehouse receipts
3. Bills of lading

Notably, gold bullion, gold bars, and gold jewelry do not qualify as monetary instruments or currency for the purposes of this requirement, but must still be declared upon entry. 

USA CUSTOMS CLEARANCE

Have Questions About Your Gold Imports?

Worried about the Strict Regulations? Ask Our Experts.

Our Licensed Customs Brokers Will Personally Guide You.

Contact our Licensed Expert Consultant >

Import Duties and Taxes on Gold

As stated previously, there is no gold import tax charged for items like gold coins, medals, and bullion entered into the U.S. 

Importers must simply report gold imports to CBP, and fill out a FinCEN 105 form if over $10,000.

Additionally, importers do not need any additional specialized documentation, such as a gold import license, in order to enter gold into the U.S. 

U.S. Gold Imports

According to the Observatory of Economic Complexity (OEC) as of October 2023, the U.S. has a positive trade balance for gold, accounting for $3.17 billion in exports, and $1.39 billion in imports during that month.

The country from which the U.S. imports the most gold is Switzerland, by a large margin, followed by Canada and Mexico rounding out the top three.

Top 5 U.S. Gold Imports (2021)

Source: https://oec.world/en/profile/bilateral-product/gold/reporter/usa 

Import Gold with USA Customs Clearance

Now that you know how to import gold into the U.S., consider using USA Customs Clearance as your import partner. Any mistakes made, or inaccurate information provided, could result in fines, delays, or seizure of your products.

Our customs brokers are licensed by CBP and can assist you in everything from filling out the necessary paperwork, to handling the customs clearance of your shipment. Most of all, they can provide peace of mind, ensuring your shipment is cleared successfully.

Additionally, we provide personalized, 1-on-1 import consulting sessions, offering expert guidance from our licensed brokers. Get up-to-date information, relevant to your shipment, giving you the knowledge and confidence to import your goods.
Got questions? Give us a call at (855) 912-0406 for more information, or get set up with your import consulting session today.

USA CUSTOMS CLEARANCE

Have Questions About Your Gold Imports?

Worried about the Strict Regulations? Ask Our Experts.

Our Licensed Customs Brokers Will Personally Guide You.

Contact our Licensed Expert Consultant >