Reporting Requirements: Buying

What we are required to tell the government, when you buy from us.

The reporting requirements have evolved from Anti-Money Laundering laws over the last few decades. Basically, it helps the government find and prosecute individuals or organizations that are committing crimes and/or trying to make dirty money clean.

What is reportable?

If it is a cash transaction (defined below) that is:

  • Over $10,000
    • Received in one lump sum or
    • Installment payments over the course of a year (starts from the first payment) that total more than $10,000
  • From the same person
  • Received in a single or related transaction (defined below)

What is considered CASH? check

  • US or foreign coins or currency.
  • Cashier’s checks, money orders, bank drafts or traveler’s checks that are LESS than $10,000 in face value.

What is NOT considered CASH? close

  • Any payment that is drawn out of an individual’s personal account is NOT considered cash. This includes bank wires, ACH payments, personal checks, credit card, debit card or paypal payments.
  • It is currently unclear whether BitCoin is considered cash

For example

Some examples of both reportable and non-reportable transactions are:

Scenario 1

You buy $12,800 worth of gold coins and silver bars and pay using $8000 in US currency and a cashier’s check of $4,800.


YES, Since the cashiers check is less than $10,000 it is considered cash. As such, the total cash you have given is $12,800.

Scenario 2

You buy $12,800 worth of gold coins and silver bars and pay using $1,800 in US currency and a cashier’s check of $11,000.


NO, Since the cashier’s check is more than $10,000 it is not considered cash. As such your total cash payment is only $1,800.

Scenario 3

You buy gold bars for $33,000 and pay using a personal check for $25,000 and $8,000 in US currency.


NO, Any payment, regardless of the amount drawn from your personal account is NOT considered cash. The cash payment is less than $10,000

Scenario 4

You buy gold Canadian Maple Leaf coins for $12,000 and make a payment in US currency for $8,000 on April 2. You make another US currency payment on April 15 of $4,000 and receive your gold coins.


YES, These are considered installment payments and are combined to total more than $10,000.

A more detailed explanation and definitions can be found on the IRS’s website here

We'd love to see you at our shop and assist you

American Historic Coins & Collectibles is a great place to buy as it offers both the chance to buy bullion, numismatic coins and currency, as well as other collectibles online and in stores.

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