Tennessee Department of Revenue Issues Notice on Coins, Currency and Bullion Tax Exemption
The Tennessee Department of Revenue recently issued Important Notice #22-08 regarding the exemption from sales and use tax for coins, currency and bullion used as legal tender, security, or commodity.
Effective May 27, 2022, Public Chapter 1092 (2022) exempts from sales and use tax the sale of all coins, currency, and bullion that are:
- manufactured in whole or in part from gold, silver, platinum, palladium and other material;
- used solely as legal tender, security or commodity in Tennessee or another state, the United States, or a foreign nation; and
- sold based primarily on their intrinsic value as precious material or collectible items rather than their representative value as a medium of exchange.
For more information, visit the Tennessee Department of Revenue website.