Need help/advice with gold from USA

[Alex]

I`d like to buy a gold buffalo from USA but I don`t know how much Vat or/and import duty I`ll be charged.

Here is the link of the coin I want to buy.

https://www.ebay.co.uk/itm/2018-1-oz-Gold-Buffalo-50-Coin-NGC-MS69-FDI-Black-Core-Holder-PRESALE-SKU50653/142630400131?hash=item21356f3083:g:D5QAAOSwiBJaOWXu

The seller says :Customs: Please note that each international order will be insured and declared for the full value. We will state: "Numismatic collectable coin" on the customs declaration paper and use the appropriate code of our choice. We cannot declare any shipment as a gift or undervalue any item. No exceptions.

 

[mr-dead]

I believe tax is not payable unless the coin is over a certain % above spot (classifying it as a true numismatic rather than semi Numismatic/bullion)

At £1055 its pretty much bullion price so no taxes should be due.

I would ask the seller to describe it as gold coin to avoid any potential delays.

 

Buffalo's are really nice looking coins but dont expect a significant premium over bullion on resale.

[Thelonerangershorse]

Atkinsons have 2017 Buffalo's at £1032, with no import hassles.

 

[metallica73]

When i've ordered from APMEX there is no import or vat on investment gold and they use UPS. UPS UK ring you up and send you a form by email and then you just sign it and send it back and they'll then deliver it.

Never ordered from MCM, so don't know who they use. Worst case scenario is you get stung 20% VAT and have to claim it back.

 

[Xander]

16 minutes ago, Thelonerangershorse said:

Atkinsons have 2017 Buffalo's at £1032, with no import hassles.

Plus free fully insured delivery.

1

 

[Alex]

13 minutes ago, Xander said:

 

Yes,bought one from atkinsons but it had a big hole so I sent it back

[Alex]

42 minutes ago, mr-dead said:

I believe tax is not payable unless the coin is over a certain % above spot (classifying it as a true numismatic rather than semi Numismatic/bullion)

At £1055 its pretty much bullion price so no taxes should be due.

I would ask the seller to describe it as gold coin to avoid any potential delays.

 

Buffalo's are really nice looking coins but dont expect a significant premium over bullion on resale.

I don`t think I`ll ever sell it.

[Roy]

31 minutes ago, metallica73 said:

Worst case scenario is you get stung 20% VAT and have to claim it back

This is correct. You may or you may not get charged. Claiming it back is straightforward but takes a little time.

I'd like to help you more but I'm concerned that when the coin arrives and it doesn't meet your exacting standards, that you will write a scathing review/post about your MCM/ROY online buying experience and our reputations will be forever tarnished.

MCM won't care of course, but I think I'd be deeply distressed. 

Good luck, however.

[HawkHybrid]

2nd that, what will you do if you have a complaint about the

quality?

maybe consider getting it in person from a coin specialist

after checking the coin to meet your exact requirements?

 

HH

[Alex]

7 minutes ago, Roy said:

This is correct. You may or you may not get charged. Claiming it back is straightforward but takes a little time.

I'd like to help you more but I'm concerned that when the coin arrives and it doesn't meet your exacting standards, that you will write a scathing review/post about your MCM/ROY online buying experience and our reputations will be forever tarnished.

MCM won't care of course, but I think I'd be deeply distressed. 

Good luck, however.

Thanks for trolling.Anyway,it`s an MS69 NGC graded I doubt it will be EF or with big holes!

[sixgun]

This is not a numismatic collector coin. It is a graded bullion coin. To describe it as a numismatic coin is a wrong description. It should be described as gold bullion and there will be no tax or duty. You have a chance of a 5% VAT if they go ahead and classify it under Antiques, Art & Collectibles (Coins of numismatic interest) with HS commodity code 9705.00.0090.

[Alex]

8 minutes ago, sixgun said:

This is not a numismatic collector coin. It is a graded bullion coin. To describe it as a numismatic coin is a wrong description. It should be described as gold bullion and there will be no tax or duty. You have a chance of a 5% VAT if they go ahead and classify it under Antiques, Art & Collectibles (Coins of numismatic interest) with HS commodity code 9705.00.0090.

That's what I thought too but is a general description on every coin it sells

[sovereignsteve]

1 hour ago, Alex said:

Thanks for trolling.

Hope you're not being serious but if you are; hardly trolling. Roy was clearly being light-hearted.

[Alex]

13 minutes ago, sovereignsteve said:

Hope you're not being serious but if you are; hardly trolling. Roy was clearly being light-hearted.

Was he being sarcastic?

[Alex]

1 hour ago, Roy said:

This is correct. You may or you may not get charged. Claiming it back is straightforward but takes a little time.

I'd like to help you more but I'm concerned that when the coin arrives and it doesn't meet your exacting standards, that you will write a scathing review/post about your MCM/ROY online buying experience and our reputations will be forever tarnished.

MCM won't care of course, but I think I'd be deeply distressed. 

Good luck, however.

My deepest and most sincere apologies Roy ...if you were not trolling 

[Cornishfarmer]

1 hour ago, Alex said:

Was he being sarcastic?

Roy is Roy.   Just like Boris is Boris!!!!!  And we love them because they are fruit loops

[Xander]

28 minutes ago, Cornishfarmer said:

Roy is Roy.   Just like Boris is Boris!!!!!  And we love them because they are fruit loops

...and Donald is Donald...or is that stretching it?

 

 

[Thelonerangershorse]

I'd be careful about calling Donald a fruit loop, remember, his button is bigger than your button.

[Bumble]

Investment gold is not subject to VAT in the UK. Silver, platinum, or other metals are subject to the usual 20% VAT. According to the UK government website, a gold coin is exempt from VAT if it was minted after 1800, is legal tender in its country of origin, is of at least 900/1000 purity, and is not more than 180% of the value of the gold it contains. All of these are true of the American buffalo.

Link: https://www.gov.uk/government/publications/vat-notice-70121-gold/vat-notice-70121-gold

[Fivepoundfred]

The HMRC notice for investment gold coins is 701/21A and USA $50 coins are on the list so there is no VAT to be paid. MCM normally use Fedex for shipping to the UK which is expensive but very quick. 

[TheByzantine]

Wait, have you finally realised that idiotic gambling by buying coins from bullion dealers and expecting them to be grade worthy doesn't work? 

Best of luck to you and MCM

[Alex]

8 hours ago, TheByzantine said:

Wait, have you finally realised that idiotic gambling by buying coins from bullion dealers and expecting them to be grade worthy doesn't work? 

Best of luck to you and MCM

I really ,really want a modest condition but you won`t get one from UK bullion dealers,no offence.It has caused me so much distress and frustration to the point where I`m selling my kidney just to get one .I literally begged every UK bullion dealer to tell me if they have one without holes,black spots or any other major imperfections but I have had no luck.What really puzzled me is that most of them have only 1 or 2 buffalo's in stock.They told me it`s just bullion...bla bla bla.If I wouldn't care about the condition and I would be interested just for the intrinsic value then I would buy a low premium coin like a pre-owned Krugerrand. Nearly 999.9% buffalo`s have problems????I have read some reviews on APMEX or other sources and 999.9% people are satisfied with the condition.I have about 50x1 oz silver bullion coins(generics or limited mintage) and have only 1 or 2 with problems.The only option left for me is to buy a graded coin from USA.It does not really matter anymore If I have to pay a bit more just to be satisfied...and I don`t really like to beg.

[Fivepoundfred]

EMK.com in Germany has some 2017 NGC MS70 showing available on their site, a little more expensive for the higher grade but shipping much cheaper. 

https://www.emk.com/en-us/american-gold-buffalo-1-oz-iusa531715--70?returnurl=%2fen-us%2fsearch%3fq%3dngc%23iusa531715-70

At the end of the day you will always pay a fairly hefty premium for top graded coins, some people are happy to do this and others are not, it just depends on what you want and how much you are prepared to pay !

[Clens92]

Regardless of your bad luck with the 20 Francs, you do seem to be an absolute nightmare buyer.  I think you really need to familiarise yourself with the meanings of bullion and numismatics: the Buffalo round is not a collectible coin and holds no premium over its gold content other than its relative scarcity in the UK.  It tracks the price of gold far more closely than some more numismatic pieces - i.e. a Pre-33 Double Eagle.

 

If you want numismatic coins in perfect condition, stop buying secondhand stock from dealers and stop buying coins that were produced as bullion.  Focus on Proof strikes or other similarly struck pieces and you might be lucky enough to find a coin without a hole in it... (btw, the coin you said had a hole in it, did not have a hole in it).

[Alex]

16 hours ago, Clens92 said:

Regardless of your bad luck with the 20 Francs, you do seem to be an absolute nightmare buyer.  I think you really need to familiarise yourself with the meanings of bullion and numismatics: the Buffalo round is not a collectible coin and holds no premium over its gold content other than its relative scarcity in the UK.  It tracks the price of gold far more closely than some more numismatic pieces - i.e. a Pre-33 Double Eagle.

 

If you want numismatic coins in perfect condition, stop buying secondhand stock from dealers and stop buying coins that were produced as bullion.  Focus on Proof strikes or other similarly struck pieces and you might be lucky enough to find a coin without a hole in it... (btw, the coin you said had a hole in it, did not have a hole in it).

They should change their product description from ''NEW UNCIRCULATED'' to ''secondhand pre-owned stock''.You call me an absolute nightmare buyer like you are the Atkinsons or Chards owner.There were a fair amount of forum members who agreed with my opinions.You call everybody an ''nightmare'' just because they have a different opinion?You see a 9 but is see a 6.You call it bullion I call it coin because is round and flat.A modern coin can be rare in the future,you`ll never know.You worship the Double Eagle it seems but compared with the buffalo I find the design boring...but that`s just my opinion.Many people chose the Morgan over the Peace dollar but I worship the Peace dollar.You do seem to collect coins that you like but you do not seem to empathise with other collectors.If you want to teach me then change your approach as I find it very toxic/bitter.Indeed,the weather is dreadful...Peace!

''Hole - a hollow place in a solid body or surface''