could i carry 195 $50 1 ounce gold eagle coins in my pocket on a plane without declaring to customs since its less than $10k currency? or do I have to report since the gold value is so much higher? Just unclear on laws here. Seems like it would be legal to go undeclared since they have a legal tender face value, but i do not want to be detained while the authorities have my half million dollars in gold coins. What is the law on this? Btw I am US citizen so I really am only interested in US law. Thank you, J
Not a lawyer, but I know that trying to avoid taxes by paying someone $50 in gold coin instead of $1500 cash doesn't get you very far in the eyes of the IRS. I would expect customs to have the same attitude. Also, (a) I'm thinking the metal detectors would notice 13-14 pounds of metal in your pocket, and (b) that pocket had better be reinforced...
I think you're taking a big chance. That's a lot of weight in a pocket. If in a carry on it's a big risk.
If I were a Customs agent, I would be wondering why this fellow is carrying that much gold in his pocket rather than a briefcase. Chris
Whatever you decide to do, I think it should be based on the anonymous, uncited advice you get from cointalk members. Buena suerte
Ill probably just convert my gold to bitcoin and keep the keys in my brain. The government cannot confiscate my thoughts(yet).
Do like Mr T does, hang it around your neck in chain form. Develop an attitude and no one will give you a second look.
You better have all the purchase receipts in your pocket also...IRS will be very interested in your stash when passing thru Customs.
Amazes me how people come here for legal type advise... https://help.cbp.gov/app/answers/detail/a_id/322/~/importing-gold-coins,-medals,-and-bullion Note the and circulates. Your gold coin is going to be treated as bullion and valued based on spot prices. More than 10K and you MUST declare it or risk confiscation.
Convert it to high grade diamonds which are lighter and won't set off the metal detector. But you didn't hear that from me. I believe in reporting whatever needs to be legally reported and to pay taxes if it's income.
If you are leaving the U.S. with these coins in a carry on, be aware that having more than $10,000 on you is considered suspicious by the TSA, and you might not even be allowed to take it with you. I suggest you review TSA requirements before doing this, something all domestic passengers should do.
Ask a lawyer. Coin dealers regularly ask for private screenings when going thru security. It should pass as numismatic inventory. Just keep them in a brief case. Better yet, sell them here in America and repurchase them at your destination. It may cost some extra but that's cheaper than being in a jail cell in a foreign country.
You have the right to have TSA screen you in private, just ask politely when you reach the first station. Other countries, however, other rules. That's separate from needing to file the declaration if you are traveling internationally with more than 10k with customs and border protection (CBP).
The OP didn't say, of course, but I'm guessing that converting them to trackable bank funds might be contrary to some of his goals.