Rev. Rul. 57-262

Gold coins, as such, are not considered to be articles made of precious metals within the meaning of section 4001 of the Internal Revenue Code of 1954. Accordingly, sales of gold coins, as such, are not subject to the retailers excise tax imposed by that section. However, where gold coins are affixed to, or made a part of, an article whereby the article becomes ornamented, mounted, or fitted with a precious metal, the tax will apply to the total price for which such article is sold at retail.