Gold and silver are worth current market.
If you cross the border with ten ounces of gold — you have crossed it with more than $10,000.
Remember, if you give someone a $50 denominated gold coin for doing work for you, the IRS values that as a transaction at the current market value of the gold in the coin.
(At least I think I heard that somewhere)
The IRS is its own animal. How the receipt of gold or silver is counted for tax purposes is different from the legal value of the coins for other purposes. Frankly, the way the IRS values of gold and silver actually umakes sense. We all know that an ounce of gold is not worth $50. However, the regulations related to transporting value out of the country may be different. Before coming to any conclusions, I would think that it would be wise for all of us to actually see what the facts are in this situation.
Also keep in mind that it is not illegal to take more than $10,000 of your own money outside of the country. It is merely illegal to not tell the government about it. So, if you tell them that you’re taking 20 ounces of gold out of the country, then they have no legal basis to confiscate it. Another thing to consider is that the value of bullion is easily determined. The numismatic value of a coin is not so easy for the average person, and perhaps specifically the average TSA or customs agent, to determine. You could, for instance, take a single gold piece out of the country that is worth $50,000 without raising any eyebrows. It would be a simple coin inside of a 2”x2”plastic holder. It wouldn’t even need to be a gold or silver coin, as many pennies, nickels and clad coins have substantial value.
The IRS went after some business paying employees in gold coin, reporting face value.