This is a topic best left to real numismatic reporters and their editors and fact-checkers, but here are some developing stories, issues and opinions on the new U.S. tariff regime's effect on worldwide numismatic trade. First is a note sent to clients Friday by Mike Gasvoda, Managing Director, Classical Numismatic Group, LLC. -Editor

President Trump has introduced tariffs for the majority of imports into the US, including collector coins. While changes to these tariffs may be made at any time without notice, and we don't know what the future will bring, here is what we know as of 10 AM on April 4:

• No coins have been exempted from the tariffs.
• Coins entering the United States will be subject to tariffs based on the country of origin, meaning the country of manufacture. A coin from a mint located in what is now modern Greece will be tariffed at the rate for Greece (i.e., the European Union) regardless of where the coin has been held or where it is shipped from.
• Although tariffs are not the same as import VAT, our European customers and colleagues are familiar with the taxation of incoming coins. US customers have not had to deal with this issue in the past. One difference from import VAT is that, as far as we know, tariffs that are paid cannot be reclaimed later upon export from the US.
• Coins already in the United States and sold to buyers in the United States are not subject to any tariff.
• Coins already in the United States and sold to buyers outside the United States continue be subject to regulations of the buyer's home country.
• Coins purchased by US buyers from dealers or auction houses abroad will be subject to US tariffs, even if those coins were consigned to the sellers by collectors or dealers in the US.
• The US buying market is believed to constitute the majority of world purchasing power of ancient and world coins.

The good news for US customers of CNG is that the coins in our auctions through the end of June are already in the US at our Lancaster, PA headquarters. None of these coins, when sold, will be subject to any new US tariffs. This gives us three months to evaluate how this situation might change. (The one exception is our Islamic Auction 9, which will be held in London on 24-25 April 2025.)

One thing is certain at the moment: if coins are sent from the US to other countries, they are subject to US tariffs if they are returned or sold back into the US. US collectors will need to think carefully before sending coins abroad, whether on consignment or for any other reason. And US collectors buying from foreign auctions will need to factor in the tariff costs when deciding how to bid. For the moment, coins sold in the US face no additional costs for US buyers, but coins sold outside the US will incur tariffs if they are imported into the US.

CNG is an international firm, fully capable of conducting auctions in both Europe and the US, and as such we will be able to respond to this changing situation in the way that best serves both our customers and buyers.

We at CNG will be monitoring developments and will do our best to keep numismatics as enjoyable and rewarding as possible for all our customers, wherever they may be.

I also understand that Nomos has postponed their sale 35, merging it with sale 36 planned for June. Naturally, they, CNG and other firms are seeking clarification on whether and how the new tariffs apply. Here are some of the questions and thoughts people have shared:

• Will tariffs be applied to (and probably added to the cost of) numismatic purchases from sellers overseas?
• That will effectively stop my purchases from European dealers and auctions, unless they come to US shows. But given the current insanity, why would they want to?
• How about buying a coin struck in a country that no longer exists, like some ancient city state? I can just imagine customs trying to figure that one out! Or buying an American colonial from England? Is it American and thus not tariffed, even if coming from the UK? Or was it a British colony and thus tariffed at 10%? Unless it was meant for New Orleans in which case it was a Spanish and French colony and thus tariffed at 20% - or is it 20% for each country that had control of the city?

-Editor

"Detailed in an official fact sheet released on April 2, 2025, gold is explicitly spared from the duties under an exemption for bullion; silver, platinum, and palladium are likely included, pending further confirmation, though they are not individually named.

"The policy, tied to an executive order declaring a national emergency, lists bullion as exempt from the tariffs—a category widely understood to encompass gold, silver, platinum, and palladium in forms such as coins, bars, and ingots. This ensures that gold, a cornerstone of the precious metals market, avoids additional costs. Silver, platinum, and palladium, also commonly traded as bullion, are presumed covered, based on industry standards. Copper, steel, and aluminum are also among the exemptions listed, though the focus for the numismatic and bullion community remains on the precious metals.

"While gold's exemption is clear, the absence of explicit mentions of silver, platinum, and palladium has sparked some uncertainty. Market reports and discussions on X suggest these metals are safe, with platinum and palladium premiums dropping post-announcement, signaling trader confidence in their inclusion."

"I wonder how the heck eBay is going to deal with it. eBay would have to determine the rate to be assessed based on the current geopolitical classification of the issuing entity, even ancients, without regard to the location of the seller, if outside the U.S. If I bought from abroad a coin of Galicia, the region my father's parents came from, when it was issued it would have been a coin of an Austro-Hungarian province, and for many years later part of the Russian Empire, and now it is in Ukraine.

"Maybe sellers will have to specify the country of origin when posting eBay auction/sale items, then consult a chart to predict what U.S. tariff percentage will be deducted from the hammer price. Maybe we will start to see NO SALES TO USA ADDRESSES, etc.

"Logically, (non-bullion) numismatic and philatelic items should be exempt from U.S. tariffs since they are not by nature fungible goods. Such relics of world history could not have been or now be produced in the U.S.A., at least if not originally of U.S. origin.

"Holy cow, American bids are certain to decrease in frequency and amounts (quantity and quality) significantly."

"Items in the 2025 April Hong Kong catalog identified by a (t) were sourced from outside of the United States and therefore subject to tariff when imported into the United States. Since the printing of this catalog, the United States has since increased the tariffs due on goods manufactured in China, including Hong Kong and Macau by an additional 34%.

"Equally as important, any lots in this catalog not identified by a (t) were sourced from within the United States or otherwise imported into the United States prior to any tariffs being enacted and will not be subject to any additional amounts when reimported to the United States. While all the lots in the current April 2025 Hong Kong (SAR) Showcase Auction are currently on view in Hong Kong, the lots not identified by a (t) can be reimported tariff free under HTSUS code 9801 designated for foreign goods temporarily exported from the United States.

"Please note, this is not, and is not intended to be, a complete description of the applicable import tariffs and buyer remains fully liable for and agrees to promptly pay all tariffs and fees relating to the import of these items into the United States and neither Stack's Bowers Galleries nor any consignor will have any responsibility to pay any applicable tariffs or fees. Please consult your tax adviser with any questions.

"Stack's Bowers Galleries will be monitoring developments and do our best to keep our valuable clients informed."

Thanks to Dave Michaels and Mike Gasvoda of CNG, Ken Spindler, and others who shared their information and thoughts. What a mess. -Editor