question re: airport security and coin collections

nycounsel

Would carrying a suitcase full of gold and platinum coins create a problem with airport security?

Is it permissible?

Does the $10,000 restriction only apply to cash?

Is $10,000 based on face value?

I'm not fleeing the country, just curious -- thinking of making a bulk submission and it would be cheaper to fly and hand deliver than to use registered, insured mail.

MrHalfDime

Whenever you go through TSA Security checks at an airport, if you feel insecure about having your valuables exposed to the public you can ask for a private screening. You should not hesitate to do so; it is routine for the TSA. They will take you to an adjacent area and inspect your luggage privately. The reason you asked for the private screening will become immediately evident to them. I have done so several times, and it does not unnecessarily delay you, nor will it target you as a troublemaker. It is simply routine to the TSA.

rodzm

<< <i>Would carrying a suitcase full of gold and platinum coins create a problem with airport security?

Is it permissible?

Does the $10,000 restriction only apply to cash?

Is $10,000 based on face value?

I'm not fleeing the country, just curious -- thinking of making a bulk submission and it would be cheaper to fly and hand deliver than to use registered, insured mail. >>



Im not a tax expert but if you are taking PMs that have a face value of $1 such as ASE and $100 such as Platinum Eagles then I would say that you go by face value. After all you "can" spend a $100 Platinum Eagle at face value

notwilight

No problem. $10,000 applies to face value. --Jerry

BillJones

<< <i>Whenever you go through TSA Security checks at an airport, if you feel insecure about having your valuables exposed to the public you can ask for a private screening. You should not hesitate to do so; it is routine for the TSA. They will take you to an adjacent area and inspect your luggage privately. The reason you asked for the private screening will become immediately evident to them. I have done so several times, and it does not unnecessarily delay you, nor will it target you as a troublemaker. It is simply routine to the TSA. >>



When I was dealer, I requested a number of private screenings, and it was never a problem. The worst experience I had was just after 9/11. The "old crew" was still on, and as I was going through the line at Logan Airport in Boston, the x-ray woman shouted at the top of her lungs, "He's got coins! He's got coins!" She may as well have put a sign on my back that said, "Mug me!"

messydesk

I didn't think there was any restriction on carrying money around in the US, and that the paperwork only starts when you spend it or bring it into the country.

PonyExpress8

Private screening is the way to go. No issues with the $ amount of coins either other then breaking your back with what your allowed to carry on as it is face value. BUT always carry on never check it.

AND if you are heading to a smaller airport be aware of the check in requirements if your plane size is a smaller commuter plane. You always want to have them in your possession in the passenger compartment.

Justacommeman

No issues within the US borders on any amount. I always ask for a private screening.....Never a problem......MJ

droopyd

Is bullion considered a "convertible security" that is "easily converted to other assets"?

if so, you will need to consider and declare the bullion value of the coins, not merely their nominal face value.

Justacommeman

<< <i>Is bullion considered a "convertible security" that is "easily converted to other assets"?

if so, you will need to consider and declare the bullion value of the coins, not merely their nominal face value. >>



If he's traveling within the borders of the US there is no declaration to be made. Traveling in or out of the US, you betcha. Got to declare their full trading instrument value. There's no law against it or penalty or tax, they just have to made known. MJ

derryb

<< <i>I didn't think there was any restriction on carrying money around in the US, and that the paperwork only starts when you spend it or bring it into the country. >>


If you are carrying more than $10,000 on your person you are guilty of money laundering until you can prove it's source. It will be confiscated and the burden of proof is on you. At least get a receipt when they take it.

ricko

"If you are carrying more than $10,000 on your person you are guilty of money laundering......"
I have done this on countless occasions, I do not declare, and carry it on my person. I do always carry a withdrawal slip in case for some odd reason it may become necessary to prove ownership. It has never been necessary. Cheers, RickO

derryb

<< <i>"If you are carrying more than $10,000 on your person you are guilty of money laundering......"
I have done this on countless occasions, I do not declare, and carry it on my person. I do always carry a withdrawal slip in case for some odd reason it may become necessary to prove ownership. It has never been necessary. Cheers, RickO >>



Guilty only in the eyes of the law enforcement officer who will legally take it from you if you are not carrying proof of it's legitimate source. Had it happen to me, was a nightmare but I eventually got it back. Current money laundering laws impower law enforcement to legally do this!

notwilight

Carrying greater than $10,000 doesn't mean you are guilty of money laundering. It means you have to fill out forms explaining why you are not guilty of money laundering. --Jerry

derryb

<< <i>Carrying greater than $10,000 doesn't mean you are guilty of money laundering. It means you have to fill out forms explaining why you are not guilty of money laundering. --Jerry >>



Like I said, treated as guilty until you prove yourself innocent.

mrpotatoheadd

Currently, asset forfeiture laws are such that money can be confiscated from you without you being charged with any crime, and you have to prove it's rightfully yours before you have a chance of getting it back.

An ounce of paranoia is worth a pound of regret. Or something like that.

cars

That law must be an old one as $10k isn't much nowdays.