What is bullion vs jewelry according to U.S. law?
The law in United States is actually pretty clear … any mass of refined metal whose shape does not enhance its value is bullion. Therefore, a mass of refined metal whose shape does enhance its value is jewelry.
For most people this is an important distinction for two reasons: taxes and traveling. Bullion and coins tend to get specialized tax treatment in the USA and abroad. Many USA states do not charge taxes on bullion for various reasons but travel with bullion and you will run into all sorts of problems in other countries, like India for example. If you are looking to travel with a bit of extra money in personal gold jewelry … at least according to US law … which defines it as “small objects of personal adornment” … you are not subject to mandatory (READ OTHER Article on U.S. Customs) disclosure when entering the US and it is US made. So, a nice piece of US made personal jewelry can travel with you and can always be liquidated but be aware that some countries will want you to pay their own taxes on it if they can catch you entering their country with too much of it.
Made in the Melting Pot of America with Family Values 🍀👍
24k gold | .9999 fine gold jewelry
FYI: The actual United States case law that defines bullion is as follows:
- “at the very least encompasses any solid mass of uncoined gold or silver whatever its shape so long as its shape does not enhance its value. See, Jarrell-Ash Co. v. United States, 278 F.Supp. 658 (Customs Ct., 2d Div.1968). U. S. Smelting Ref. & Mining Co. v. Aetna Cas. & Sur. Co., 372 F. Supp. 489, 496 (S.D.N.Y. 1974)
- ‘bullion’ in its common meaning is uncoined gold or silver in the mass considered as so much metal without regard to any value imparted to it by its form. See Webster’s New International Dictionary (3d ed. 1961); New Century Dictionary (1946 ed.); Funk & Wagnalls’ New Standard Dictionary (1946); Encyclopaedia Britannica (1947 ed.); Summary of Tariff Information, 1929, schedule 15, page 2243; 12 C.J.S. p. 558.4 Normally bullion is in the form of ingots, bars, plates, and the like. Ibid. But it may also consist of other forms or shapes so long as the form or shape does not impart value to the mass. Jarrell-Ash Co. v. United States, 278 F. Supp. 658, 660 (Cust. Ct. 1968)
- Jewelers Mutual cites authorities defining “bullion” as “uncoined gold or silver in the mass considered as so much metal without regard to any value imparted to it by its form.” Jarrell–Ash Co. v. U.S., 278F.Supp. 658, 660 (Cust.Ct.1968)
- Black’s Law Dictionary (Revised 4th Ed. 1968) the following definition:
‘Gold and silver intended to be coined. ‘The term is usually applied to a quantity of these metals ready for the mint, but as yet lying in bars, plates, lumps, or other masses; . . .’ U. S. Smelting Ref. & Mining Co. v. Aetna Cas. & Sur. Co., 372 F. Supp. 489, 495–96 (S.D.N.Y. 1974)