mint surcharges (donation?) - is this something new?
sinin1
Posts: 7,500 ✭
I read the last mailing from the mint and saw a section where price included a surcharge to be sent for something or other
Included in the price of each coin are surcharges distributable to the Army Historical Foundation to support the construction of the National Museum of the United States Army at Fort Belvoir, Virginia. Surcharges are $35 for each gold coin, $10 for each silver dollar, and $5 for each half dollar.
is this something new or has it been going on for lenths of time?
were classic commems a 'fund raiser' on occasion?
Included in the price of each coin are surcharges distributable to the Army Historical Foundation to support the construction of the National Museum of the United States Army at Fort Belvoir, Virginia. Surcharges are $35 for each gold coin, $10 for each silver dollar, and $5 for each half dollar.
is this something new or has it been going on for lenths of time?
were classic commems a 'fund raiser' on occasion?
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Comments
In the old days commemorative coins were supplied to the group that was to distribute them at face value. It was then up to the group to market them as they saw fit. This resulted in numerous abuses as the groups played games with the distribution patterns. Some people got sweetheart deals while quite often collectors were forced to pay excessive prices to keep their collections complete. The low mintages for issues like the 1939 Oregon Trail were examples of this. There were also coins like the Booker T. Washington and Washington-Carver half dollars that were issued for a period of years for no good reason at all other than to get more money out of collectors. These abuses prompted Congress to suspend the commemorative coin programs after 1954.
<< <i>Would these 'donations' be tax deductable? >>
No, but they are added to the tax basis of the coins. When and if you sell them at a profit, that will reduce the reportable income.
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<< <i>Would these 'donations' be tax deductable? >>
No, but they are added to the tax basis of the coins. When and if you sell them at a profit, that will reduce the reportable income. >>
But if you sell them at a loss, which a lot of people do unfortunately you cannot add that into your losses.
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<< <i>Would these 'donations' be tax deductable? >>
No, but they are added to the tax basis of the coins. When and if you sell them at a profit, that will reduce the reportable income. >>
But if you sell them at a loss, which a lot of people do unfortunately you cannot add that into your losses. >>
No, not unless you are a dealer. Even then you had best show a profit, at least for most every year. The loss would go against your profitable sales.
<< <i>The surcharge has been put into place like all other governmant taxes/charges to give free healthcare/foodstamps/welfare/cell phones to the illegal immigrants in this country,what else would they be for?-
It's a bit more complicated than that. It really can be attributed to groups who could grab the ear of a congressman or senator, former representative Mike Castle was a good example, who would guide legislation for a coin or a set of coins from which the group in question would get the surcharge money. In some cases the Federal Government spent more money advertising the coins than the government received from their cut in revenues. This happened, if memory serves, with the bloated Atlanta Olympics set, which contained more coins that the vast majority of collectors wanted.
The money usually did not go to traditional welfare groups, but groups that ended up becoming welfare groups at the cost of coin collectors. And some of the groups, like the blind, who benefited from the Louis Brail coins, deserved our support. For that reason I bought both a Proof and a Louis Brail set. I or my heirs will lose money on those coins without a doubt, but I really don’t care.
I was reading that same info about 8 years ago when I was buying some....I figure it into the price I am willing to pay, or not. Lately, for most of what they have done, that has been a big NOT
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
An authorized PCGS dealer, and a contributor to the Red Book.
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<< <i>The surcharge has been put into place like all other governmant taxes/charges to give free healthcare/foodstamps/welfare/cell phones to the illegal immigrants in this country,what else would they be for?-
It's a bit more complicated than that. It really can be attributed to groups who could grab the ear of a congressman or senator, former representative Mike Castle was a good example, who would guide legislation for a coin or a set of coins from which the group in question would get the surcharge money. In some cases the Federal Government spent more money advertising the coins than the government received from their cut in revenues. This happened, if memory serves, with the bloated Atlanta Olympics set, which contained more coins that the vast majority of collectors wanted.
The money usually did not go to traditional welfare groups, but groups that ended up becoming welfare groups at the cost of coin collectors. And some of the groups, like the blind, who benefited from the Louis Brail coins, deserved our support. For that reason I bought both a Proof and a Louis Brail set. I or my heirs will lose money on those coins without a doubt, but I really don’t care. >>
Well my post was supposed to be a joke ,but it looks like i was close huh?-