Will any dealers at the ANA in Los Angeles be willing to accept State of California IOUs?

291fifth

Let's say someone wants to pay for a coin with an IOU. Would you take it? How much would you discount it?

truthteller

From my understanding, the State of CA has designated these IOUs as registered securities only tradeable through brokerage houses. Currently, these are hot potatoes for third party acceptance.



TRUTH

halfnut

Hummmm I have one also --- and I live in Virginia. It sucks paying tax's in 5 or 6 states then get an IOU from a state because it's run by a bunch of nimrod's



Dan

segoja

I would have to pass if someone offered me an IOU.

I might take one from the individual, but not a California one.

Too much red tape.

illini420

If you pay with a CA IOU, do you still need to pay the 9.75% Los Angeles/CA sales tax as well??? or can you give them an IOU for that?

SilverBaron

WARNING!!!!


ONLY the person/Co./Corp that the IOU is issued to may cash it.... UNDISPUTABLE PROOF of ownership is REQUIRED!!!

messydesk

I'd discount it 200%. If you try giving me a CA IOU, I'd double the price AND make you pay cash for the original amount just for being ballsy enough to ask. After the screwing GM bondholders took, nobody holding debt obligations of troubled entities should EVER expect a happy outcome.

WTCG

<< <i>From my understanding, the State of CA has designated these IOUs as registered securities only tradeable through brokerage houses. Currently, these are hot potatoes for third party acceptance.

>>



That is correct as I understand it. This issue not be a problem for anybody attending the ANA or any coin show in California.

roadrunner

The very foundation of the coin hobby is still about "hard" assets.

roadrunner

Bear

As a Californian. I would have to say that the chance of being repaid

on those IOUs, is no better than 50/50. My dad was an employee of

N.Y.City during the Great Depression. He received half his pay in City

IOUs, with the promise that they would be redeemed. They never were

redeemed by the City . Till the day he retired, my dad always signed his

checks "Under Protest".

CaptHenway

Only if they put Emperor Norton I on them.........

MsMorrisine

July 2 Fed Res pr


Fed Reserve pr on them
attachments to above


Calif. Frequently Asked Questions about Registered Warrants (IOUs)

YaHa

9.75% Tax rate and the state goes broke.. As I see it, you vote the idiot in office, you should ask yourself what am I.


But again, IOU's is for the braindead. If some are not careful, those pieces of paper will become worthless. JMHO.. Sorry for the rant.. If you can't pay for it cash, don't lend your ass.

TwoSides2aCoin

These are technically called

"We Owe Us", meaning taxes just ended and the beast is dead.
Let's have a fiesta !

YaHa

<< <i>These are technically called

"We Owe Us", meaning taxes just ended and the beast is dead.
Let's have a fiesta ! >>



Joe, please no Chile right now.. I already have gas.. Hell, I have enough gas to keep the grill going for the fiesta, so count me in..

OnlyGoldIsMoney

<< <i>Let's say someone wants to pay for a coin with an IOU. Would you take it? How much would you discount it? >>



Will dealers at ANA accept them - I doubt it. As for myself - never.

adamlaneus

I have some unclaimed property in the state of California. Sixty cents.

Now, normally, I would leave it there because it will cost me at least two first class stamps to get my sixty cents back.

But now, the thought of getting a California IOU for sixty cents intrigues me. Hm.


[edit] for spelling

topstuf

There's already a secondary market developing.

link

I tried offering 3c/$1.00 on a couple forums.