@david3142 said:
I am not an accountant but I believe if you live in PA you owe 4.5% tax on the coin just for receiving it. You will not owe anything else when you sell it unless the value appreciates given the step-up in cost basis upon death.
Either way, you have an amazing coin and a remarkable piece of history. As others have mentioned you should have the coin graded. Whether to sell at auction, to a dealer, or privately comes after that (unless one of the first two entities submits it for you).
I do not know the specifics of the OP's situation. Further, I am not an accountant either. That said ...
Wow. What a great coin ... almost surely authentic, and even looks to have excellent surfaces! Congratulations!! Ed Hipps even. Damn! Very kewl!!
I'm probably regurgitating a bunch of stuff ... but here goes ...
If you chose to sell it, sending it in to be graded is prudent, for sure. While there are experts who can work a deal with you ... you may need to be super careful. You are not a numismatist, and someone may see you coming. There are many shady characters on the fringes.
If you were my neighbor, I would help you get in graded first. After that I'd help you find a venue to sell it, but only after I tried to convince you to keep it. It's a seriously special coin, as a heirloom and as a numismatic treasure.
If you were in somewhat of a hurry, I would get you and I to call that guy Mark @MFeld at his Heritage office. We would ask him what their fees would be, and if (after inspection and authentication) they could advance you a specific percentage of the expected sales price.
If this seemed reasonable to you, we would ask them to have it graded it, and also have it reviewed by CAC (if they felt that was warranted).
We would ask if it had time to go into one of the the next semi-major auctions that he felt it would draw the most attention ... maybe something where other early gold might be. We'd agree to the venue.
Finally, we would send it Registered / Insured to them (Heritage) at his attention, and wait for news of their receipt, it's grade, CAC acceptance and it's auction inclusion.
I can insert several people in place of Mark's name, that I would trust because of their reputation, and the reputation of the firms they are employed by. None of them are my name. But if you need help, I will. PM me and I'll give you other names and phone numbers.
Good luck!
P.S. Don't clean it, rub it, or touch it (except on the edges). Get it in a Saf-Flip or a hard plastic holder. No PVC, nothing soft.
P.S.S. And for what it's worth, there are ways around most or all of the tax consequences for an inheritance like that, especially if you have also stored and cared for it for some time.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
This place is a wealth of information and you received a lot of great comments.
Don't let one or two comments upset you.
On any public forum you need to have thick skin and you will get comments you don't like.
There is no advantage to you to move on.
Let it roll off like water on the back of a duck.
@crazyhounddog said:
You need to submit this coin for grading. I would highly recommend you send it to PCGS for grading. Send it registered mail. If you are not a member I would either join or find someone you REALLY trust to submit it for you. An authorized PCGS dealer might be a good place to start.
Congratulations on such a great example of a rare coin.
I'm not "sending it" anywhere... Where ever I take it I will take it in person... I can travel with it to pittsburgh or Philly or where ever...
To have it graded, you need to send it to them. I strongly suggest selling it AFTER it is graded. Otherwise you will not get the full value of the coin.
I think the most important thing is to get it in a top tier slab regardless whether you sell it or keep it. A slab will offer great protection in addition to confirming its genuineness. If you choose to sell it you will be glad you got it into a slab.
If you dislike the governor so much you could go over to Maryland or New Jersey and sell it.
Look I'm just saying the government is not getting one red cent of the proceeds of my grandmother WEDDING COIN should I sell it. Surely you can understand that. I'm very tired and I'm going to bed. Thanks again everyone...
Look. It may not be worth 10k. It could come back with a details grade which would be worth 3-5k. It can come back as a AU55 or whatever
@Two_Bit_Tommy said:
While I greatly appreciate the vast knowledge that has been shared with me by the majority here. I did not come here to be insulted by Bourgeois liberal coin snobs such as Crypto. I would sell the coin for a FAIR price. But on a matter of principle I now won't be selling to anyone mentioned in this thread or dealers/brokers either. You all can thank forum member Crypto for that! Cancel culture works both ways Crypto! You Liberal Douchebag! Now mods please delete the thread or don't, I don't care. Good Bye!
Tom, in this very rare case, I largely disagree. I think that Two_Bit_Tommy has received excellent feedback from several posters and has been made aware of multiple viable options.
On second thought...
@Two_Bit_Tommy said:
While I greatly appreciate the vast knowledge that has been shared with me by the majority here. I did not come here to be insulted by Bourgeois liberal coin snobs such as Crypto. I would sell the coin for a FAIR price. But on a matter of principle I now won't be selling to anyone mentioned in this thread or dealers/brokers either. You all can thank forum member Crypto for that! Cancel culture works both ways Crypto! You Liberal Douchebag! Now mods please delete the thread or don't, I don't care. Good Bye!
@Two_Bit_Tommy
You received a lot of very accurate and helpful information, from people who have years of collecting and professional experience. They volunteered their time to help for no compensation and even if you don’t sell it now, reading their advice could potentially net you a few thousand dollars more than you would have made. The majority of posts were from people trying help you maximize your return.
I don’t understand why you’re insulting/ignoring those that helped you because 1 or 2 people made you upset. Did you ever think you’re playing right into the hands of that member? Ignore the consensus of good information because somebody hurt your feelings? That doesn’t make sense. But if you want to be stubborn, that’s your prerogative.
BTW: when and how you sell it is up to you, but you will be responsible for any tax implications. I don’t know the rules, but you can’t just say “I’ll never pay taxes on my family Heirloom”. It doesn’t work that way. If it’s a taxable event, then you owe it, regardless. And remember, if you sell it under the table, you may not get full value or get cheated. Managing that risk is up to you
Four times the OP stated he was leaving yet there he was again and again.
When words don’t add up, it’s usually because truth wasn’t included in the equation.
You folks adding unneeded fuel to the fire are taking away from the real benefit of this forum. If you don’t have anything constructive to say, just type it in an email and send it to yourself.
There are some really smart, knowledgeable, and wise members here. I’m sure you can separate the wheat from the chaff.
Two bits, I’m glad you’re not selling it here, as a matter of fact I hope you don’t sell it at all. I understand the reasons you want to sell it, but is there another way you could subsidize your income without having to sell an heirloom? My fear is that once you are back on your feet again, you may regret taking this measure.
Who is crypto and why do you care what he says? Mute him dude
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Mr. Feld is the real deal and if the letters they send me are true, they will fly to you to pick up your coin and get it graded and then to CAC and then the Auction it if that is what you wish. Just a thought. Good luck man and congrats
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
@Two_Bit_Tommy Care to share the story behind the coin, I.e. how it came to be possessed by your family for the past 75 years/where it originally came from? I find these kind of details fascinating.
It was a substitute for a wedding ring. My grandmothers cousin (Ed Hipps) was in the coin/jewelry biz in Philadelphia (Ed's coin shop) and my grandfather told my grandmother she could choose a ring or the coin... And the rest as they say is history....
Too bad Ed's not still around. He could have handled all of this for you.
@Two_Bit_Tommy said:
I actually found Hipps & sons web site this morning! I did a google search yesterday and found nothing. I will take the coin there and have them send it for grading.
PCGS has been busy (and slower than recommended times), so it could be 2-3 months before you get your coin back. Depending on if you need money for your business or going to keep it as family heirloom, you should consider that. If no one has mentioned it, do NOT try to clean in any way as it could cut the value in half if someone scrubs it.
I was having fun with this thread, thinking about 1804 gold coins, history, grading standards, die varieties, how the OP might sell his coin.....I started to learn a little about the 1804 $5.00, which I did not know a lot about. Got my books out, started researching....Now that's fun stuff!
Internet forums always have this weird crap happen, somebody says something rude, primarily because they are remote, and not face to face. I never take the bait. It's cheap bait and it always smells bad. Let's get back to the fun stuff.
I'd rather talk about neat coins, history, etc.
@Two_Bit_Tommy, hope you stick around buddy...We def want to hear how this works, the grade you get, etc. That's exciting for us coin geeks!
Let's all get along and be respectful, just like if we were sitting around together at a coin show having a beer.
Comments
I do not know the specifics of the OP's situation. Further, I am not an accountant either. That said ...
I believe that the PA inheritance tax only applies if the 'real/tangible' property was located in PA at the time of death.
Reference: "What property is subject to inheritance tax?" at https://www.revenue.pa.gov/FormsandPublications/FormsforIndividuals/InheritanceTax/Documents/rev-584.pdf
On a federal level, I concur that the cost basis on an inherited collectible is the FMV at the time of inheritance (i.e., the step-up in cost basis). Subtract the basis from the sales price to determine the net capital gain.
Reference: https://www.investopedia.com/articles/personal-finance/061715/how-are-collectibles-taxed.asp
Wow. What a great coin ... almost surely authentic, and even looks to have excellent surfaces! Congratulations!! Ed Hipps even. Damn! Very kewl!!
I'm probably regurgitating a bunch of stuff ... but here goes ...
If you chose to sell it, sending it in to be graded is prudent, for sure. While there are experts who can work a deal with you ... you may need to be super careful. You are not a numismatist, and someone may see you coming. There are many shady characters on the fringes.
If you were my neighbor, I would help you get in graded first. After that I'd help you find a venue to sell it, but only after I tried to convince you to keep it. It's a seriously special coin, as a heirloom and as a numismatic treasure.
If you were in somewhat of a hurry, I would get you and I to call that guy Mark @MFeld at his Heritage office. We would ask him what their fees would be, and if (after inspection and authentication) they could advance you a specific percentage of the expected sales price.
If this seemed reasonable to you, we would ask them to have it graded it, and also have it reviewed by CAC (if they felt that was warranted).
We would ask if it had time to go into one of the the next semi-major auctions that he felt it would draw the most attention ... maybe something where other early gold might be. We'd agree to the venue.
Finally, we would send it Registered / Insured to them (Heritage) at his attention, and wait for news of their receipt, it's grade, CAC acceptance and it's auction inclusion.
I can insert several people in place of Mark's name, that I would trust because of their reputation, and the reputation of the firms they are employed by. None of them are my name. But if you need help, I will. PM me and I'll give you other names and phone numbers.
Good luck!
P.S. Don't clean it, rub it, or touch it (except on the edges). Get it in a Saf-Flip or a hard plastic holder. No PVC, nothing soft.
P.S.S. And for what it's worth, there are ways around most or all of the tax consequences for an inheritance like that, especially if you have also stored and cared for it for some time.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Giant COPY stamped on it lol
edit:
Im retarded looked at wrong pic
This place is a wealth of information and you received a lot of great comments.
Don't let one or two comments upset you.
On any public forum you need to have thick skin and you will get comments you don't like.
There is no advantage to you to move on.
Let it roll off like water on the back of a duck.
To have it graded, you need to send it to them. I strongly suggest selling it AFTER it is graded. Otherwise you will not get the full value of the coin.
I think the most important thing is to get it in a top tier slab regardless whether you sell it or keep it. A slab will offer great protection in addition to confirming its genuineness. If you choose to sell it you will be glad you got it into a slab.
Look. It may not be worth 10k. It could come back with a details grade which would be worth 3-5k. It can come back as a AU55 or whatever
😂
Good luck with everything!
BHNC #248 … 130 and counting.
I'm still trying to process "Bourgeois coin snobs".
Tell me they've been hiding here in plain sight all this while.
"Inspiration exists, but it has to find you working" Pablo Picasso
On second thought...
@Two_Bit_Tommy
You received a lot of very accurate and helpful information, from people who have years of collecting and professional experience. They volunteered their time to help for no compensation and even if you don’t sell it now, reading their advice could potentially net you a few thousand dollars more than you would have made. The majority of posts were from people trying help you maximize your return.
I don’t understand why you’re insulting/ignoring those that helped you because 1 or 2 people made you upset. Did you ever think you’re playing right into the hands of that member? Ignore the consensus of good information because somebody hurt your feelings? That doesn’t make sense. But if you want to be stubborn, that’s your prerogative.
BTW: when and how you sell it is up to you, but you will be responsible for any tax implications. I don’t know the rules, but you can’t just say “I’ll never pay taxes on my family Heirloom”. It doesn’t work that way. If it’s a taxable event, then you owe it, regardless. And remember, if you sell it under the table, you may not get full value or get cheated. Managing that risk is up to you
Best of luck and thanks for sharing a cool coin
In a different time and place, you could take a day trip to one of the several Whitman coin shows in Baltimore and get same day grading.
deleted................
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Four times the OP stated he was leaving yet there he was again and again.
When words don’t add up, it’s usually because truth wasn’t included in the equation.
Seems to me the thread direction is self-inflicted by the OP.
The OP came here for advice, got it, was benefiting from it, and then got sideswiped by a member with an agenda.
OP understandably does not appreciate or know the routine or rules, and is reacting like a normal person might react.
How many people complain when new members are chased away by rude behavior? Why aren't those calls for civility toward a new poster being made here?
You folks adding unneeded fuel to the fire are taking away from the real benefit of this forum. If you don’t have anything constructive to say, just type it in an email and send it to yourself.
There are some really smart, knowledgeable, and wise members here. I’m sure you can separate the wheat from the chaff.
Two bits, I’m glad you’re not selling it here, as a matter of fact I hope you don’t sell it at all. I understand the reasons you want to sell it, but is there another way you could subsidize your income without having to sell an heirloom? My fear is that once you are back on your feet again, you may regret taking this measure.
I've seen plain replies disappear.
If the mods were here they'd at least lock this thread.
Who is crypto and why do you care what he says? Mute him dude
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Mr. Feld is the real deal and if the letters they send me are true, they will fly to you to pick up your coin and get it graded and then to CAC and then the Auction it if that is what you wish. Just a thought. Good luck man and congrats
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Too bad Ed's not still around. He could have handled all of this for you.
Congrats on a great coin!
Here's a warning parable for coin collectors...
Had a feeling it was going to go that way.
PCGS has been busy (and slower than recommended times), so it could be 2-3 months before you get your coin back. Depending on if you need money for your business or going to keep it as family heirloom, you should consider that. If no one has mentioned it, do NOT try to clean in any way as it could cut the value in half if someone scrubs it.
If you send it in be sure to post the grade received, I'm interested.
You guys are okay with this? I mean, two of you thought this was funny. What has happened to our society?
US and British coin collector, and creator of The Ultimate Chuck E. Cheese's and Showbiz Pizza Place Token & Ticket Guide
I was having fun with this thread, thinking about 1804 gold coins, history, grading standards, die varieties, how the OP might sell his coin.....I started to learn a little about the 1804 $5.00, which I did not know a lot about. Got my books out, started researching....Now that's fun stuff!
Internet forums always have this weird crap happen, somebody says something rude, primarily because they are remote, and not face to face. I never take the bait. It's cheap bait and it always smells bad. Let's get back to the fun stuff.
I'd rather talk about neat coins, history, etc.
@Two_Bit_Tommy, hope you stick around buddy...We def want to hear how this works, the grade you get, etc. That's exciting for us coin geeks!
Let's all get along and be respectful, just like if we were sitting around together at a coin show having a beer.