HS Code for Circulation coins

Classification under HS code 7118.90 is determined by the status of the coin as legal tender in the country of issue. Chapter 71 of the Harmonized System covers precious metals and articles thereof, including coinage. While heading 7118 is dedicated to coins, it is subdivided based on whether the coins are intended for circulation or are considered non-legal tender. HS code 7118.90 specifically captures coins that are currently or were previously legal tender and are not classified under 7118.10. This includes base metal coins and precious metal coins used as currency. The classification depends on the official status granted by a sovereign government, distinguishing these items from medals or tokens which lack monetary face value. The Harmonized System ensures that currency in circulation is tracked separately from collector items to facilitate accurate economic data and customs control. Even if a coin is made of gold or silver, its primary classification remains here if it is issued as legal tender, rather than being classified as bullion or jewelry.

Products Included

• Standard circulation coins used in daily commerce for transactions
• Commemorative coins that maintain official legal tender status in the issuing country
• Gold or silver bullion coins issued by central banks with a face value
• Withdrawn currency that is still recognized as legal tender by a central authority
• Bi-metallic circulation coins used in modern monetary systems

Common Misclassification

A frequent point of confusion occurs between 7118.90 and 7118.10. HS code 7118.10 is strictly for coins that are not legal tender, such as medals, tokens, or fantasy coins that resemble currency but lack official backing. Another common error involves HS code 9705.00, which covers collections and collectors' pieces of numismatic interest. If a coin is ancient (typically over 100 years old) and is being traded for its historical value rather than its face value or metal content, it may be moved to Chapter 97. Additionally, blank coins, known as planchets, are not classified here; they are usually classified according to their constituent metal in Chapters 72 through 81 depending on the alloy used.

FAQ

What is the HS code for Circulation coins?

The HS code for circulation coins that are recognized as legal tender is 7118.90.

Are gold coins always classified under 7118.90?

No, gold coins are only classified under 7118.90 if they are legal tender. If they are not legal tender, they fall under 7118.10, and if they are antiques of numismatic interest, they may fall under 9705.00.