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Placing a Dealer Personal Box of Twenty into Business Inventory
ctf_error_coins
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Dealers, what are your thoughts of putting your personal box of 20 into business inventory if you have one. I created my business by putting the bulk of my personal collection into inventory over the last two years. I held out on the best which I put in my box of twenty. I have some very ambitious business goals this year and by putting my box up, I can get a jump on what I want to do this year.
Thoughts .......
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If that gets you to your new goals, go for it! You can always create a new Box of 20 with your profits.
I guess it is fine to do that as long as you do not immediately start buying again in 2019 for your new box of 20. Otherwise what was the point? ;-)
I’d be okay letting those go but we likely have different tastes for a permanent collection. I’d keep the waffled Martha Washington pattern but you’ve offered it for some time now. Wondering if, and when, I could pick it up
Overall, I don’t think you need 20 but it’s nice to have a few showcase pieces that represent your specialty. And here, I can see how the Martha Washington piece may be on the esoteric side to keep.
Good luck on achieving your business goals!
Stealth spam?
I pland> @Catbert said:
Business discussion.
I now treat my Business inventory as my "personal" collection, which keeps getting better day by day.
Get them pedigreed to you before you sell! Jeff Shevlin does this a lot for the nicer So-Called Dollars he handles. I think it helps build up his reputation.
Too expensive and I am not vain. I already have about 400 certified mint errors. Could you image If Fred pedigreed his inventory
@ErrorsOnCoins Have you had an issue where an error could not be slabbed due to the size (i.e. off-center)?
No. Many error coins are in Thick holders and some are in Oversize holders.
I’ve seen thick holders from ATS. Do PCGS or others also have them?
Yes, PCGS has a Thick holder
@ErrorsOnCoins have you showcased any of your coins on “Mint Error News”. I’ve seen both Mike Byers (his magazine) and Fred showcase their coins there.
No, not yet. Mike Byers can call me anytime
I have however provided photos of my coins to Mike Diamond for articles in Coinworld.
The Cent is my coin and photo.
I collect things that I believe to be really and truly special. I will sell something from time to time, but I can't imagine putting a substantial number of coins out for sale at once. Maybe I shouldn't be a dealer.
What is now proved was once only imagined. - William Blake
I found that by becoming a dealer, I have access (financially) to even better special coins.
That's been my experience. Now I spend a lot of time getting high on my own supply, though.
What is now proved was once only imagined. - William Blake
It was actually a box of 22 ....
Great Errors, and someone was born in 1962 !
I don't have a box O'20 yet - only slabbed about
50 or so of my personal errors - I'll have to slab
the rest in the next 4-5 years or so.
I like your eye, and collecting style -- Congrats....
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
WOW what a box ........ couldn't wait to see your listing! Good luck
Where is the Ike Dollar on the quarter planchet?
Not part of my personal collection, but here it is ....
Nice! Looks like a box of 20 coin to me, but I sense you would rather have the cash than the coin.
No, it is about quality inventory first, cash second. Cash goes into new coins anyway as I am trying to Grow my inventory.
Not a good idea for either party. Insurance room condition and access are just a few issues that come to mind. Are you paying a storage fee? How do you describe it in your insurance policy. Might be better to have a written agreement.
Best place to buy !
Bronze Associate member
Ask yourself if you are a collector or a dealer or both. If a collector who deals, keep the box. If you are a dealer, sell the box. If you are a dealer who collects, keep only those that you would regret selling if you NEVER had the chance to buy them back and sell the rest.
Isn't a collector/dealer who puts his collection into inventory simply selling his collection?
I guess I am missing some finer distinction here....
No, because I am aggressively Buying new coins for inventory.
For tax purposes, can you just interchange personal collection / business inventory like that?
I am the sole owner, my assets are my assets.
I do have a tax accountant.
Interesting! I was born in Taiwan. And I have no idea that Taiwanese coins were mint in the U.S. I would like to get my hand on this slab if the price is right.
I recommend keeping the coins and only selling a coin after you have replaced it with something better. I have sold my "box of 20" twice in the past. These were monster toned 1c, 5c, 10c, 25c, and high-end MS66 and MS67 Morgans. They were sold before PCGS added the plus designation. Most of the coins have since upgraded to a higher grade that I cannot afford now. It is easy for me to obtain new inventory. It is difficult to find one of a kind "keeper" coins that are not priced at multiples of which I wish to buy or sell.
I used my Draped Bust half cent die variety collection plus $10,000 to start my business in the mid 1990s.
I have an accounting degree so I kept my own records, but I had a CPA do my taxes for my wife and me. The tax laws change so much you need professional help if you return is at all complicated. Mine was.
I believe you answered your own question.
There is the issue of paying taxes on purchases, or not if you have a resale certificate. This is one area where the co-mingling of business and personal property gets sticky.
I am pretty certain that anyone with a resale cert for their business doesn't pay (sales) taxes on their personal purchases.
I have no "personal" coins at this time. Only Business Inventory.
As a collector/dealer, I’ve found it best to specialize as much as possible with the collection and do exactly the opposite with my inventory.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
If you can obtain a fair price for them in this market, go for it!
Error,
Knowing how cheaply you purchased these error coins on Ebay I couldn't live with myself paying a retail markup.
The 1962 Quarter struck on a dime planchet is really bad a$$. Ditto the quarter on the cent planchet. I don't collect errors but a lot of those coins I would never sell if I owned them. Way too cool.
Wow, absolutely amazing, thank you for sharing !!!
Everything in my core collection has a number at which I would part with it. I recently sold a few coins, errors, medals, and tokens at such numbers I won't endure any separation anxiety over. I didn't need the money so a portion came in handy buying a furloughed friends collection and allowing him a year to buy it back interest free.
Fantastic set of errors.
Some major sloppiness must have been taking place at the Denver and Phiily Mints in 1962. Maybe the workers were into 3 Martini lunches.
I gave up the love for collecting a decade ago. It's been tough loving the collectors , ever since.
And that's corporate affairs in a nutshell. No personal collection and nothing personal. A Coin Shop and acoinshop.com for sale. No spam intended.
Everything I have is for sale. Are you somebody who will pay the money?
I have not looked at other replies but I bet some neer-do-well has accused you of spam..... I disagree!
Awesome coins. I say put them in your inventory and move on to the next adventure....
Gave you a LOL for the "No Spam Intended" only
Nice set of 22 errors, ErrorsOnCoins. Always glad to see your error photos, and great to see your personal box of 20. With every coin under a 1962 theme, it's surely a tough decision to make.
happycollecting, do you own your avatar. If so, that is an extremely nice coin !!!