Under Attack. Biggest threats to the hobby.

timcoin

What say you? Personally, I don't spend much time concerned about any of the above, but I voted anyway.

GritsMan

I personally would have to say the biggest threat to the hobby is the lack of dispersal of the ATB quarters. Many YNs still remember collecting the State Quarters but don't even know about the ATBs. I don't see anything else with the potential of pulling these youngsters into the hobby--and without that, the hobby will continue its slow decline.

BillJones

I voted for the Chinese counterfeit option, but the 1099 problem is not far behind it. Than provision will cripple small business and really hurt the economy.

And as if we didn't have enough to make us angry about the stinking, rotten federal tax code, it was reported yesterday that the General Electric Corporation, which made billions in profits last year did not pay dime in Federal Corporate taxes, and that’s not the first time that has happened. Yet if GE empolyees get in trouble overseas, who do think is the first one asking for help from the Federal Government?

How did GE do it? They simply don’t repatriate the profits they make overseas. If a private individual tried to do that the IRS would be on them like a cat on a June bug. But GE can buy politicians and get special treatment.

Washington, DC is a cesspool.

291fifth

The biggest threat to the hobby is the decline of the middle class. While the "billionaire trophy" coins will continue to prosper, ordinary collectible coins will decline if their market has no money to buy them.

Nysoto

Counterfeiting is the biggest threat, Chinese and others. Laws are in place including the Hobby Protection Act, but the laws are not enforced. Ebay assists the counterfeiters and provides a venue for their fakes. The Secret Service is apparently only concerned with the counterfeiting of money for circulation, not classic coins, while foreign and domestic counterfeiters are ruining the hobby. This is a large problem that goes well beyond coins (knockoffs, software etc) and impacts all Americans in some way.

ricko

The hobby will endure ALL these threats. I think more individuals are concerned about the 'business' of numismatics, rather than the 'hobby', although, it is the hobby that supports the business. Cheers, RickO

ArizonaJack

<< <i>I voted for the Chinese counterfeit option, but the 1099 problem is not far behind it. Than provision will cripple small business and really hurt the economy.

And as if we didn't have enough to make us angry about the stinking, rotten federal tax code, it was reported yesterday that the General Electric Corporation, which made billions in profits last year did not pay dime in Federal Corporate taxes, and that’s not the first time that has happened. Yet if GE empolyees get in trouble overseas, who do think is the first one asking for help from the Federal Government?

How did GE do it? They simply don’t repatriate the profits they make overseas. If a private individual tried to do that the IRS would be on them like a cat on a June bug. But GE can buy politicians and get special treatment.

Washington, DC is a cesspool. >>



what he said

16DMERC

100% agree that counterfeits, are hurting our hobby and proffession. But I think the biggest thing that will affect us will be the 1099. Not just on the dealer side of things, although paperwork is a B$%ch!, but moreso on the collector and investor side. The tax advantages we have had, has really helped us, and is currently causing a lot of investors to get into the market, increasing the value of our market. The 1099's will cause a "black market" of coin dealers that won't play by the rules (because alot just won't be able to afford too), and those that do will spend more time doing paper work than buying/selling, and explaining to customers that because they are selling more than $600 worth, "i need your SS#, so that I can file a 1099 for you." I don't know about you, but I don't like giving my SS# to anyone, especially with the threat of ID theft.


EDIT TO ADD...sorry too much coffee this morning


On the counterfeiting...Huge Problem....but, the biggest thing that combats it is a more educated community (dealers/collectors/investors), laws and regulations can only do so much. If you a crumble a community with more taxation, it will hurt that communities affectiveness in their education. So in my opinion, if the 1099 ordeal is not repealed, it is guarunteed to hurt our community, and increase our inabillity to protect against counterfeiting. Which in turn will make our efforts against counterfeiting a mute point, in the long run.

rhedden

I voted for the 1099 thing. I personally won't collect or deal in coins any more if I have to do tax paperwork every time I do a transaction over $600. I already have to report these transactions as capital gains and losses when selling, which takes enough of my time. In addition, I have a sneaking suspicion that many coin sellers will increase prices if the 1099 requirement passes.

buffalonut

I would have to say Numismatic Snobs





<< <i>shame people cant enjoy a coin, especially one like that for what it was worth deliverd.

the coin itself is beyond beautiful

guess everyone is only out for money, and gods honest truth- a coin like
that id rather in OGP and the numbers on a slab mean nada or someones
opion on PL or not

man that coin is sweet, and the original in smithsonian, OMG

wow its what dreams are made of >>

stevek

The 1099 provision should soon be gone.....

House repeals 1099 provision March 16, 2011

Summary
The U.S. House of Representatives voted March 3 to repeal the widely unpopular 1099 tax reporting provision of the health care law.

This article was originally printed in Numismatic News.

--------------------------------------------------------------------------------

The U.S. House of Representatives voted March 3 to repeal the widely unpopular 1099 tax reporting provision of the health care law.

Though the measure passed 314-112, it is unlikely to find much support in the Senate, acccording to Nicholas Pyle, coordinator of Numismatists United for Political Action.

The House and the Senate have already voted several times to repeal the bill, but neither chamber has been able to find a mutually acceptable way to cover the lost revenue, said Pyle, whose group has been working to repeal the measure.

In February the Senate voted 81-17 to repeal the 1099 provision and pay for the cost by directing the Office of Management and Budget to rescind unobligated federal funds. House Republicans would not accept the Senate offset.

Although businesses don’t have to fill out the actual 1099 tax forms until 2013, they will have to get ready to track all purchases over $600 in 2012 to comply with the reporting requirement.

House Majority Leader Eric Cantor, R-Va., said that the next step will have to be negotiation. “We’ll have to see where the differences lie between the two bills,” Cantor said. “Hopefully we can get this to the President’s desk as quickly as possible.”

heavymetal

I think another significant threat to this hobby is Debit Cards. Soon, kids growing up won't know what it's like to get change back. They will only see coins in the jars their parents have filled around the house. I write this only half in jest. Hm

yellowkid

<< <i>I voted for the Chinese counterfeit option, but the 1099 problem is not far behind it. Than provision will cripple small business and really hurt the economy.

And as if we didn't have enough to make us angry about the stinking, rotten federal tax code, it was reported yesterday that the General Electric Corporation, which made billions in profits last year did not pay dime in Federal Corporate taxes, and that’s not the first time that has happened. Yet if GE empolyees get in trouble overseas, who do think is the first one asking for help from the Federal Government?

How did GE do it? They simply don’t repatriate the profits they make overseas. If a private individual tried to do that the IRS would be on them like a cat on a June bug. But GE can buy politicians and get special treatment.

Washington, DC is a cesspool. >>



Right on Bill!

How does the joke go? "The economy is so bad that Exxon had to lay off twenty five members of Congress" I used to think that the old saw "the rich get richer...etc" was mostly BS, unfortunately it is true. While our nation is almost bankrupt (except that they print the money and they make the rules) We spend as much as the rest of the world on our military and are fighting wars in two, soon maybe three, parts of the world, for what? The republicans come to power with a promise to get the economy straightened out and so far have kept the tax breaks for the rich in force, and gone after NPR which represents .0001 of 1% of the budget. The democrats are'nt any batter, there is plenty of blame to go around. AHHH, it's good to vent
What was the question? I think the counterfeits could hurt the coin "industry." As I understand the 1099 provision isn't going to be implemented, that would hurt the industry. I don't mean to be negative about this, but it is a group of people making a living selling things to other people. IMHO that constitutes more than a "hobby." Nothing wrong with that, it's what we do, or try to do in this great country.

telephoto1

I think that it's a toss up between the 1099 rule and counterfeiting, with 1099 being much more likely to be corrected.

As to the NPR comment.... I personally have no problem whatsoever with them existing; just let them fund their programming via advertising and/or subscription- like every other network in the world has to. I've no interest in my tax money going to an entity whose news division supports promotion of certain political viewpoints/agendas over others. That's no different than if the government were funding Air America or Fox Radio imo.

djdilliodon

The 1099 is a big thing to me but if u really think about it, many of those options are a big deal!

AUandAG

I said the CC's (Chinese Counterfeits). Most of us have been watching and have seen the
huge improvement in the quality of the fakes. Some are almost indistinguishable from the
real deals. Some are in real nice plastic, too. It is not a serious problem to our circulating
currency as so few are made, relatively speaking. But, to the hobby it's a huge and serious
problem.

bob

johnny9434

the counterfieters are really getting to good with it. i cant see spending money ( even with good dealers ) if im going to get burned somehow.

TwoSides2aCoin

I used to think it was the Susan B Anthony dollar, but then statehood quarters came along.

Jinx86

Whats this? I cant choose two?

magikbilly

None of the above. In any case, the answer is always the same - self education.

Eric

mkman123

I thought the 1099 was repealed?

Bear

Gradeflation....Grades should keep up with inflation. Thus, if inflation is 4%, then the 1-70 scales

should go up to with a new top grade of 70.28.

Snowman24

<< <i>I think another significant threat to this hobby is Debit Cards. Soon, kids growing up won't know what it's like to get change back. They will only see coins in the jars their parents have filled around the house. I write this only half in jest. Hm >>



i would have to agree with this big time. That is the nubmer one reason why ATB quarters have low mintage pop's is because of this.

go figure .... how collectors complain but say they use their debit/credit card for most everything.

BigRick

Counterfeits.

lkeigwin

Laxed Federal laws on Chinese counterfeits (rare "e" before "i")

What's with the "e" before "i" thing? That's weird.

The laws aren't lax. Enforcement is. Not sure a lobby is the solution though.
Lance.