Coin Identification Table - Identify Your U.S. Coins Using These Coin Photo Images
Photos to ID your U.S. coins. Use this coin identification table to identify your U.S. coins, with the help of these coin photo images
Archive for General Coins
Lincoln Penny Values - Coin Values for Lincoln Memorial Cents - How Much are Lincoln Memorial Pennies Worth? - Lincoln Pennies
Lincoln Memorial Penny values can be found in this table of coin values. Lincoln Memorial Cents have been made since 1959, replacing the Wheat Ears design. In general, Lincoln cents must be in Extremely Fine condition or higher to be worth much, but there are a few exceptions. Learn which Lincoln Cents are worth higher prices, and find out how much your pennies are worth with this simple to use coin value guide.
Jefferson Nickel Values - Coin Values Guide for Jefferson Nickels
Jefferson Nickel coin values are given in this easy to use price guide to Jefferson Nickels. The coin values in this table are real prices that coin dealers will pay, not inflated Red Book values.
V-Nickel Values - Coin Values Guide for Liberty Head V-Nickels
Coin values for Liberty Head V-Nickels are given in this easy to use price guide to Liberty Head Nickels. The coin values in this table are real prices that coin dealers will pay, not inflated Red Book values.
Help With Old Coins
Old coins can be hard to value or price if you don’t know what the old coin is. This FAQ page will help you identify your old coins so you can learn where they’re from and how much they’re worth. This article also has tips for searching for information about old coins online.
Coin dealers feel stung by tax reporting rule
Coin dealers feel stung by tax reporting rule
July 26, 2010 12:00 AM
People who deal in precious metals could find themselves under tighter government scrutiny because of an obscure provision tucked inside national health care reform – and they are not pleased.
Signed into law March 23, the Patient Protection and Affordable Care Act has a revenue-generating component intended to collect as much as $17 billion in uncollected taxes over the next 10 years. Those who buy and sell gold and silver coins are just learning about new rules requiring them to use IRS Form 1099 to report transactions exceeding $600 during a calendar year.
“I am sort of reeling from that sort of a revelation. It would ruin my business,” said Stockton’s Bob Hallam, owner of Avenue Coins and Currency on the Miracle Mile.
How it works
The legislation: Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of IRS Form 1099.
The impact: Starting Jan. 1, 2012, this form will be used to report to the IRS the purchases of all goods and services by small businesses that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category.
The end result: Every time a citizen sells more than $600 worth of gold to a dealer, the transaction will have to be reported to the government by the buyer.
And the value is …
2007: Gold’s low point before the recession was $607.40 per ounce.
2009: Gold’s highest point came in December; it was $1,215.02 per ounce.
He learned this week about the strange provision in the health care bill in an e-mail from a friend.
Although all small businesses are potentially affected by the law, the loudest outcry has come from coin dealers. An ABC News story has prompted many to call for the rule’s repeal.
Some members of Congress have responded and are trying to get the provision – set to go into effect in 2012 – removed.
“I signed up 10 new co-sponsors just today because of the article,” said Rep. Dan Lungren, R-Gold River, who introduced legislation to repeal the rule in April.
Lungren’s bill, HR5141, has been languishing in the House Ways and Means Committee since then, even though it has more than 100 co-sponsors.
“We’ve got people calling us now. We are getting calls from all over the country from folks that deal in gold coins.”
Lungren said the rule is offensive, because it assumes that many people who sell goods to businesses are cheating on their taxes.
“I call this the universal snitch act,” Lungren said.
Form 1099 is used to track and report miscellaneous income associated with independent contractors or self-employed individuals.
This tax code change, according to some experts, would help pay for national health care reform.
Expanding the form to cover all goods purchased by businesses goes far beyond the original purpose of the IRS form, Lungren said.
“Everybody you buy a single thing from, you are supposed to report on them,” Lungren said.
Even though the reporting rule is not a new tax, the increased paperwork burden and the prospect that some customers may be unwilling to provide a Social Security number and birth date to sell gold are problems enough, coin dealers say.
Some sellers also worry that the legislation gives the government the capacity to track the buying and selling of precious metals.
Historically, gold has been seized by certain governments during severe economic downturns.
In April 1933, Executive Order 6102 was signed by President Franklin D. Roosevelt, requiring U.S. citizens to deliver all but small amounts of gold to the Federal Reserve.
Berlene Horne, office manager for Calaveras Coin and Collectibles in Angels Camp, said the new law has the potential to shut down her business. She said the shop would have to add an employee to its five-person staff just to keep up with the paperwork.
Horne said employees at Calaveras Coin and Collectibles are telling customers about the reporting rule.
“I would guess they are calling their senators and stuff,” she said.
In Stockton, Hallam said he’s also hoping the reporting rule will be repealed.
Otherwise, he predicted, it will drive gold and coin transactions underground.
“It will immediately establish a black market,” Hallam said.
Contact reporter Dana M. Nichols at (209) 607-1361 or dnichols@recordnet.com. Visit his blog at recordnet.com/calaverasblog.
UPWARD TREND IN GOLD PRICE DURING SECOND QUARTER 2010 BACKED BY STRONG FUNDAMENTALS, SAYS THE WORLD GOLD COUNCIL
UPWARD TREND IN GOLD PRICE DURING SECOND QUARTER 2010 BACKED BY STRONG FUNDAMENTALS, SAYS THE WORLD GOLD COUNCIL
By World Gold Council on Tuesday, July 27, 2010
Filed Under: Commentary and Opinion, Gold & Silver Bullion, Press Releases
Mixed economic news around the world, concerns over a double dip recession and significant fiat currency weakness meant gold retained its lustre as a protector of wealth during the second quarter 2010, according to the World Gold Council’s (WGC) latest Gold Investment Digest (GID). The quarter recorded significant net inflows into various gold-backed investment vehicles, as investors sought to harness gold’s investment benefits at a time of weakness and pronounced volatility in other asset classes.
While China has remained resilient, GID also suggests that jewellery demand in other key markets has continued to recover from a weaker 2009.
The report, which was published today, showed:
- Heightened investor activity supported an upward trend in the gold price throughout the quarter; on several occasions breaking record highs and reaching US$1,261.00/oz on the London PM fix on 28 June, as investors sought out assets offering protection, diversification and liquidity.
- Investors bought 273.8 net tonnes of gold via exchange traded funds (ETFs) in Q2 2010. This represents the second largest quarterly inflow on record and brought the total amount of gold held in the ETFs that the WGC monitors to over 2,000 tonnes (worth US$81.6 billion). In particular, SPDR Gold Shares (GLD) surpassed the US$50 billion milestone.
- In the early part of the second quarter, many currencies around the globe not only fell against the US dollar but also experienced higher levels of volatility as credit woes in Europe had a negative impact on the outlook for the euro and the British pound. While the dollar appeared to fare better, investors sought out gold as a currency alternative as evidenced by large purchases of coins and small bars around the globe.
- Many assets, including global equities and commodities, experienced a period of pronounced volatility, in some instances surpassing levels seen during the first quarter of 2009. Gold price volatility, however, remained much lower than many of these assets during the period, meaning gold outperformed versus S&P 500 Total Return Index, the MSCI World ex US Index and S&P Goldman Sachs Commodities Index (S&P GSCI) on a risk-adjusted basis.
- In Q2 2010, the diversity of gold’s demand base, less driven by industrial uses as many other commodities, meant that gold was one of the best performing commodities. Oil fell by 9.1% and, similarly, metals with a greater degree of exposure to industrial cycles fell substantially: zinc, nickel and lead dropping by more than 20.0% quarter-on-quarter. Even platinum and palladium posted quarterly losses on the order of 6.7% and 7.9%, respectively.
Juan Carlos Artigas, Investment Research Manager, World Gold Council commented:
“During the second quarter, many financial assets, especially in Europe, suffered losses as risk aversion, credit concerns, and disappointing economic news around the world prompted investors to seek assets with little or no default risk, greater liquidity and lower volatility. As a result, gold was, once again, one of very few assets that exhibited a positive price performance during the period. However, it is important to note that while gold continued its upward trend during Q2 2010, its price, relative to the price of various assets is not overvalued by historical standards1 .
“As a result of such wider macro and financial market turbulence, investment demand for gold has unsurprisingly continued to build. However, what cannot be overlooked during periods of heightened investment activity is that jewellery consumption over the last five years, on average, has accounted for 61% of global gold demand. Economic development in many emerging markets, and especially China, remains a positive force for the gold market. Moreover, an appreciation of the yuan in a more flexible exchange regime will likely be beneficial to Chinese gold consumers in the long-run. Furthermore, anecdotal evidence suggests that, while jewellery consumption in India and the Middle East has not been immune to higher gold prices and an increase in volatility, these markets are advancing relative to the lower consumption levels experienced in 2009.
“The second quarter marked a negative and highly volatile period for many fiat currencies, not least the euro and the British pound where austerity measures to resolve unhealthy public finances created a gloomy economic outlook. The dollar seemed to fare better, regaining some ground against emerging market currencies. Given the proven role gold plays as a hedge against weakness in the dollar, it is often assumed that when the US dollar strengthens, the gold price suffers. This quarter’s data again underlines that a stronger dollar does not automatically translate into weakness in gold’s price trend.”
The full report can be downloaded from: http://www.gold.org/rs_archive/GID_July_2010.pdf
World Gold Council
World Gold Council’s mission is to stimulate and sustain the demand for gold and to create enduring value for its stakeholders. It is funded by the world’s leading gold mining companies. For further information visit www.gold.org
1943 Copper Penny Error
The 1943 Copper Penny is a much sought-after error coin, because the pennies in 1943 should have been made of steel. However, novelty copper-plated 1943 pennies abound, plus there are so some other fake 1943 copper pennies. Learn to tell the genuine 1943 copper penny from the fake 1943 copper penny.
U.S. Coins Red Book Review
Book review of the U.S. coins Red Book, "A Guide Book of United States Coins". The Red Book has long been the "Bible" of U.S. coin values. Since you can find out what your coin is worth online for free, does it make sense to buy the Red Book? Our review provides the answer.
Mercury Dime Key Dates
Mercury dime key dates are given on this page, along with a link to full pricing information with the real prices dealers will pay you for Mercury Dimes (not inflated retail coin values.)