Mississippi Enacts Exemption for Sales of Coins, Currency and Bullion

Effective July 1, 2023, Mississippi has enacted a sales tax exemption for sales of coins, currency and bullion. “Bullion” means a bar, ingot, or coin:

• • • Manufactured, in whole or in part, of gold, silver, platinum, or palladium;
    • That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and
    • Sold based on the intrinsic value of the bar, ingot, or coin as a precious metal or collectible item rather than its form or representative value as a medium of exchange.

“Coin or currency” means a coin or currency:

• • • Manufactured, in whole or in part, of gold, silver, other metal, or paper;
    • That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and
    • Sold based on the intrinsic value of the coin or currency as a precious metal or collectible item rather than its form or representative value as a medium of exchange.

Note that “coin or currency” does not include coins or currency that have been incorporated into jewelry.

(S.B. 2862, Laws 2023, effective July 1, 2023)