Most people don’t realize that there are a number of fairly valuable U.S. error coins and die varieties in circulation today. The reason these coins are overlooked by people is that they have small distinguishing characteristics, such as a modest doubling of the coin image, or minute differences in the size or spacing of the letters in the legends. Learn which of your pocket change coins is worth a large premium over face value, and why.
Mercury Dime Values Coin Values for Mercury Dimes are Listed Below All Mercury Dimes are worth at least
Indian Head Penny values can be found in this table of coin values. Indian Cents were made from 1859 to 1909. The Indian Head penny values given here are realistic prices that a dealer will pay you for your penny, not some inflated retail values. Find out how much your pennies are really worth if you had to sell them today with this simple to use Indian Head cent value guide.
Coin values for Buffalo Nickels are given in this easy to use price guide to Buffalo (aka Indian Head) Nickels. The coin values in this table are real prices that coin dealers will pay, not inflated Red Book values.
Wheat pennies are worth at least twice their face value, as shown in my coin values table, and many wheatback cents are worth a lot more. Learn what the prices are for wheat back pennies, and find out how much your pennies are worth with this simple to use penny value guide.
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.
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.
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:
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
E Pluribus Unum is seen on U.S. coins and currency, but it is surprising how many people don’t know what this term means and what the history behind it is. Learn about the U.S. Motto E Pluribus Unum.
Find out how many coins there are in a standard woll of U.S. coins. Whether it’s a roll of quarters, dimes, nickels, half dollars, or pennies, a standard shotgun roll his a certain number of coins. Also how many coins are in double rolls and a half rolls of coins.
Nickel values guide; Find out how much your U.S. nickels are worth in this easy to use, realistic nickel values guide. Types include Liberty Head V-Nickels, Indian Head Buffalo Nickels, and Jefferson Nickels. My coin values are actual, honest, dealer buying prices, not inflated retail, or Red Book prices.
