When we think of items we’re not allowed to bring on planes we likely think of guns, knives, and flammable items – but what about gold? Believe it or not, although it is possible to bring gold onto a plane, it isn’t as carefree a process as you’d think. Here are a couple of interesting facts about traveling with gold.
#1: Gold Must Be Declared
While there is no duty on gold bullion, coins, or medals, they still must be declared to a Customs and Border Protection (CBP) Officer.
#2: Some Foreign Currency Must Also Be Declared
U.S. Customs and Border Protection also says that if someone brings in assets as “spendable” foreign currency, for example, gold coins used as a country’s legal tender — then this gold is considered a form of currency and will be treated the same as cash. If the value of this currency is priced at over $10,000, a FinCen 105 form will also need to be completed.
#3: Certain Countries Have Restrictions & Copies Are Not Allowed
The U.S. places restrictions on gold items produced in Cuba, Iran, and Sudan. Even if the gold created in these restricted countries is bought in a different county, it still cannot be brought into the U.S.
It is also true that any copies of gold coins cannot be imported unless they are properly marked by the issuing country. Importing counterfeit coins is prohibited.
Shipping Gold Can Be Safe
Anyone who needs to move their gold should know that flying with it is not their only option. Shipping gold can be a safe and convenient option with the right precautions in place like using proper packaging and buying insurance. If you need to sell gold or other precious metals, working with a precious metals refiner like Manhattan Gold & Silver can be a great choice. Ship your lot to us and receive your payout via same-day wire transfer, or overnight check.
