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Congress passes a law allowing a collector to buy/own 5 “rare coins” any excess will trigger a “huge

KollectorKingKollectorKing Posts: 4,820 ✭✭✭✭✭
edited March 16, 2019 1:40PM in U.S. Coin Forum

tax.

Which 5 “rare” coins would you buy/own B)

I think I have too much time on hand :o

Comments

  • RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    ?

  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭

    What do you mean? I don't own any coins!

  • jwittenjwitten Posts: 5,200 ✭✭✭✭✭

    I paid face value for this coin, promise. I just gave him a bunch of money after the fact cause I like him!

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭
    edited March 16, 2019 2:06PM

    Got a link to this new law? Only thing I heard of lately is a veto.

  • jdimmickjdimmick Posts: 9,691 ✭✭✭✭✭

    Here are my five:

    1793 Liberty Cap In UNC or the 1799
    1804 Dime in UNC
    1873-cc No Arrows Quarter UNC (or the PCGS au-58 cac gold 1823/2) EX: gardner coin.
    1853-O No arrows Half UNC(don't believe there is one, so finest)
    1794 Dollar In UNC

  • RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    @Gluggo said:
    Got a link to this new law? Only thing I heard of lately is a veto.

    Yeah, but that was of the hair transplant law that prohibited tattoo saloons from doing it.

  • sellitstoresellitstore Posts: 2,906 ✭✭✭✭✭

    Another reason to collect currency.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • CameonutCameonut Posts: 7,296 ✭✭✭✭✭

    My turn to attempt to be funny.
    I don't think a law like that will ever be enacted because the House will never be able to define what a rare coin is.

    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • ms70ms70 Posts: 13,954 ✭✭✭✭✭
    edited March 16, 2019 3:12PM

    .

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • SmudgeSmudge Posts: 9,538 ✭✭✭✭✭

    @DNADave said:
    I lost all of my guns and coins in a boating accident

    Bigger tax on boats.

  • Downtown1974Downtown1974 Posts: 6,816 ✭✭✭✭✭

    I think I would start collecting bottle caps.

    MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940

  • mustangmanbobmustangmanbob Posts: 1,890 ✭✭✭✭✭

    My collection comes from CoinStar reject slots and parking lots.

  • JBKJBK Posts: 15,678 ✭✭✭✭✭
    edited March 16, 2019 3:50PM

    Any joking aside, there has been a proposal to implement a wealth tax. A tax on the value of possessions. Not that it would ever pass, but if it did then you might have to make decisions on which super rare coins you could afford to own. :/

  • RogerBRogerB Posts: 8,852 ✭✭✭✭✭
    edited March 16, 2019 5:08PM

    There was a VAT proposal in 1932. Didn't go anywhere any more than a so-called "wealth tax."

  • coinkatcoinkat Posts: 23,217 ✭✭✭✭✭

    Not all rare coins are that valuable... Congress has more significant matters that require attention. Besides... they would be sadly disappointed that the tax levied on my Churchill Crown double die would not likely buy lunch for the Congressional delegation from my home state.

    Experience the World through Numismatics...it's more than you can imagine.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,364 ✭✭✭✭✭

    And the people called it Regress, as opposed to Progress in Congress.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @JBK said:
    Any joking aside, there has been a proposal to implement a wealth tax. A tax on the value of possessions. Not that it would ever pass, but if it did then you might have to make decisions on which super rare coins you could afford to own. :/

    This is when you would count your gold Eagles at face value. :D

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Such a proposal would be merely the beginning of incredible taxation, far beyond the exorbitant level now endured. Cheers, RickO

  • Cougar1978Cougar1978 Posts: 8,269 ✭✭✭✭✭
    edited March 18, 2019 9:09AM

    Many are bullion / coin investors for reasons of financial privacy. They use cash for their buy / sell transactions. They don’t do material which puts them in the limelight.

    I know of one fellow who runs a cash cow restaurant. He pays with only cash at shows for coins and bullion but won’t spend over $10,000 with any one seller. In a way the shows are a great way to use excess cash. No eBay for him.

    Coins & Currency
  • markelman1125markelman1125 Posts: 1,851 ✭✭✭✭✭

    Dose that mean I need to sell 15 of my least favorite coins and save only 5. 😫😩

  • coindeucecoindeuce Posts: 13,474 ✭✭✭✭✭

    Congressional Committees have an absurdly ironic way of trying to create new taxes, even though the Continental Congress was founded for the purpose of declaring our independence from tyrannical taxation without representation by the
    English monarchy.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.americanlegacycoins.com

  • johnny9434johnny9434 Posts: 28,415 ✭✭✭✭✭

    I had to sell my 4 coins to pay taxes in 2012, I never started collecting again after that

  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭

    @Cameonut said:
    My turn to attempt to be funny.
    I don't think a law like that will ever be enacted because the House will never be able to define what a rare coin is.

    Agree they can't agree on anything any more.

    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
  • Aspie_RoccoAspie_Rocco Posts: 3,259 ✭✭✭✭✭

    @FSF said:
    • Stellllla!!!

    http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753

    https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/

  • WAYNEASWAYNEAS Posts: 6,777 ✭✭✭✭✭

    @Downtown1974 said:
    I think I would start collecting bottle caps.

    You might not be aware but there is an "uncapping fee" for these items (even if you opened them). The seller's fee will be determined at the time of sale and on the original listing price. lol

    Kennedys are my quest...

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