Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $917.22 1.07%
McGruff Gold Dealers South Carolina

Buy Gold Online in South Carolina

South Carolina, known for its rich history and beautiful landscapes, has always had a connection to precious metals. From the early days when pirates roamed its coast to the modern era, where residents understand the value of a stable investment, gold has played a part in the state's story.

Even today, many South Carolina residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.

If you're a resident of the Palmetto State and want to invest in gold, you should be informed about the process and the regulations that apply.

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South Carolina IRS Regulations

When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profits. Precious metals are considered capital assets and are classified as collectibles. If you've held onto your gold for more than a year before selling, you'll be subject to this tax.

The capital gains tax corresponds to your marginal tax rate, with a cap of 28%. Depending on your income, the rates are 0%, 15%, or 20%. Here's a detailed breakdown of the capital gains tax rates for 2023:

Filing Status0%15%20%
SingleUp to $44,625$44,626 to $492,300Over $492,301
Head of householdUp to $59,750$59,751 to $523,050Over $523,051
Married filing jointlyUp to $89,250$89,251 to $553,850Over $553,851
Married filing separatelyUp to $44,625$44.626 to $276,900Over $276,901

IRS-Approved Precious Metals

If you're thinking of opening a precious metals IRA, it's crucial to know which assets are IRS-approved. The IRS has set specific guidelines for the types of metals that can be included:

Gold must have a purity of 99.5%.
Silver should be 99.9% pure.
Platinum and palladium must meet a 99.95% purity standard.
Bars, rounds, and coins should be produced by a recognized refiner, manufacturer, or assayer. They must also meet the minimum fineness requirements.
Proof coins should be in their original mint packaging, in pristine condition, and accompanied by a certificate of authenticity.
Small bullion bars need to adhere to exact weight specifications.

IRS-Approved Gold Products Include:

American Eagle bullion or proof coins
Australian Kangaroo or Nugget bullion coins
Australian Lunar Series coins
Austrian Philharmonic bullion coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Credit Suisse – PAMP Suisse bars
U.S. Buffalo bullion coins

IRS-Approved Silver Products Include:

American Eagle bullion or proof coins
America the Beautiful coins
Australian Kookaburra coins
Austrian Vienna Philharmonic coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Mexican Libertad bullion coins

IRS-Approved Platinum Products Include:

American Eagle bullion or proof coins
Australian Koala bullion coins
Canadian Maple Leaf bullion coins
Isle of Man Noble bullion coins
Lastly, the Canadian Maple Leaf coin is the only palladium product approved by the IRS.

IRS Forms

When selling gold or other precious metals, you must report the profits to the IRS. Use Schedule D of Form 1040 on your annual tax return. Depending on the type of metal and quantity sold, you might also need to file Form 1099-B. This form is necessary when selling:

90% silver U.S. dimes, quarters, or half dollars with a face value of $1,000
Twenty-five or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins
One-kilogram or 1,000-troy-ounce gold and silver bars

South Carolina Taxes on Gold

South Carolina residents need to be aware of the state's sales tax when they buy gold and other precious metals, even if they buy gold online. When you buy silver, gold, or other precious metals, you will be charged a 6% sales tax. In some local counties and cities, this rate may be higher.

Luckily, most precious metals are exempt from this sales tax. Precious metals that are considered legal tender in the U.S. or internationally; bars and rounds made of gold, silver, platinum, and rare coins are all exempt from South Carolina’s sales tax.

Gold Prices

The price of gold is influenced by various factors, including its mint, purity, rarity, and demand. Generally, gold with higher purity and larger size will have a higher cost. Over the years, gold has seen a consistent rise in its value, making it a sought-after long-term investment.

Types of Gold Coins, Bars, and Bullion in South Carolina

Gold coins are available in weights ranging from a few grams to a couple of ounces. They come in different purities, with newer coins having up to 99.9% gold content. The gold coin price often depends on its size and gold content, but certain coins might cost more than the gold spot price due to their rarity, demand, and design.


There are four primary types of gold coins:

Bullion
These coins were once used as currency but are now valued for their historical and aesthetic appeal.
Proof
These are high-quality coins, often produced in limited quantities, and come with a certificate of authenticity.
Numismatic
These are older, rare coins valued more for their historical significance than their gold content.
Semi-numismatic
These coins combine elements of both bullion and numismatic coins.

Gold Bar Sizes

Gold bars are available in various sizes, from a few grams to 10 ounces. They are priced based on their purity and weight. Each gold bar is stamped with its weight, purity, and serial number. Gold bars can be categorized as:
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Cast bars
Showcases modern precision with clean lines and a uniform matte finish, optimized for easy storage.
Minted bars
Highly refined, featuring high-gloss finish, sharp edges and tamper-evident packaging for added security.

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