Woods020

Maybe it will make him grow up a little. 

Stranger things have happened around here. 

Well you know down here in Alabama we don’t like to read a whole lot…😂
Totally kidding and I hate the stereotypes. I live in the same town as The University of Alabama. But for whatever reason I am not aware of any of these existing here. I see them when I’m traveling for work. With our mayor it would take 3 years, 18 council meetings, an environmental impact assessment, and the wind to be blowing the right way for him to allow this. He is a nutcase on oversight of anything to do with building or city planning. 

Great stuff gentleman. We need more of this. I am in the same boat as some others in that there are none of these book exchanges around. I try to give kids little coin related things when I get a chance but I love this idea. 

Yeah this is a problem. Ideally there would be a neutral third party arbiter, but not realistic. I don’t know how this gets fixed, but I do agree with you. This makes the grade guarantee nothing more than a marketing message with no real impact. 

Sounds like he needs you to get real mean with him. Someone may have to beat some sense into him. 

Gold bean stuff is crazy right now. People are paying three or four grades up for those. It’s insane. Your coin is unquestionably worth a premium, and you should get it. The question is how much. You may have to send it to auction and see how it goes. My offer would be about what Coinbuf said. 

More than likely it’s not a valid mint error. Probably something man made, like so many of the fantasies in this type of collecting these days. Seems like it has a noticeable seam. Probably a glue job. Therefore it wasn’t certified. And you paid for them to tell you it isn’t certifiable by them. Yes they should have checked a box for reasoning, but perhaps they get as annoyed as the rest of us with this stuff. The only thing they could have checked was other because this isn’t a submission seen often enough to necessitate a dedicated check box.
 
If you are going to focus solely on “errors”, and put yourself out as errorist, you need to learn the minting process and what a true error is. Hint some minor die cracks are of no significance to any real error collector no matter how many names you want to give it. 

Something to keep in mind, any legislation enacted written as the current proposal would not have any direct effect on anyone here, as proposed it only would affect the top 1% of the wealthy.   But the long term effects of this kind of policy, and the almost inevitable slippery slope it presents is where the real danger lies, simply put once you open that bottle it will be near impossible to recork.

These taxes are use taxes. Justifiable in some ways to maintain resources you enjoy by using these items. For example car taxes maintain roads, boat taxes maintain waterways/boat launches, and aircraft tax pays for ATCs. How could one justify a similar use tax on a coin sitting in a safe?

Before long we will have to pay emissions taxes every time we fart…

Sounds like he needs you to get real mean with him. Someone may have to beat some sense into him. 

Before long we will have to pay emissions taxes every time we fart…

Well you know down here in Alabama we don’t like to read a whole lot…😂
Totally kidding and I hate the stereotypes. I live in the same town as The University of Alabama. But for whatever reason I am not aware of any of these existing here. I see them when I’m traveling for work. With our mayor it would take 3 years, 18 council meetings, an environmental impact assessment, and the wind to be blowing the right way for him to allow this. He is a nutcase on oversight of anything to do with building or city planning. 

On a practical basis, I don’t see much exposure at all. As you correctly pointed out, the grading companies are the ones who get to decide whether they’ve over-graded the coins. And what options does the submitter of the coin really have if he disagrees with the grading company’s (“we got it right”) determination?

I think it’s concerning for many reasons, including this hobby. First I think it is BS to pay a tax on an unrealized gain. It is and always has been a gain only when a transaction occurs. Then the selling price is compared to purchase price, and taxes are paid. For collectibles it’s 28%.
 
Saying someone has to pay for an unrealized gain is ridiculous. What would happen if it loses value? Do you get a tax credit? Is it capped? I’m sure if they even allow a credit it will be similar to capital gains from the stock market. Full taxation on the sell of stock in the year the gain occurred, but a maximum of only $3k a year in loses. Extremely inequitable. 
For numismatics and any collectible this would definitely deter anyone from wanting to invest any meaningful amount. There would be far better and fairer ways to use the money at that point. Collections would go back to circulation examples in basic books I would imagine. 
 
The only good thing, if there is one, is he said households worth more than $100M. I can’t speak for others, but myself I’m a little shy of that threshold to say the least. Now do I think it’s fair to punish someone disproportionately because they are successful the answer is a resounding no. Why punish success unless it is I’ll gotten gains???

Jerry Jerry
 

It is probably unconstitutional and it is unworkable.  
As soon as lower-income and middle-class homeowners get hit with $10,000 or $25,000 unrealized gains taxes (double or triple what they pay in actual property taxes), this experiment in Marxism will be kaput.
It can't work with liquid assets, like stocks or semi-liquids like real estate.  It is a joke to think it can apply to untraded assets like art or coins.

No truer words have ever been typed. The more I hang around dealers they more I see just how little most of them know. Quite honestly most of them don’t care to know. They can look up a coin/grade in Greysheet, pay less than the amount they think they can sell, and they make quick money. Many have no interest in the coins themselves or even know the basics. They are hustlers making a quick buck. The sad thing is everyone price shops and the hustlers often times buy cheaper and sell cheaper. There is little reward for being a reputable dealer, atleast at shows. Now I only hope if I help people and know a moderate amount of what they need to know it will pay off in the long run. I refuse to do what many of the hustlers do to make money, and they do much better at shows in sales than I do. 
 
As an aside the show I was at this weekend took up donations from dealers to give kids in the YN program. I paid attention as they came and picked them up, and it played out much like I thought. Those that care about the hobby, and have knowledge/conscience donated generously. Kids are the future of it all. The hustlers didn’t donate or threw in a few worn wheat pennies. The whole mindset is different. 

I think it’s concerning for many reasons, including this hobby. First I think it is BS to pay a tax on an unrealized gain. It is and always has been a gain only when a transaction occurs. Then the selling price is compared to purchase price, and taxes are paid. For collectibles it’s 28%.
 
Saying someone has to pay for an unrealized gain is ridiculous. What would happen if it loses value? Do you get a tax credit? Is it capped? I’m sure if they even allow a credit it will be similar to capital gains from the stock market. Full taxation on the sell of stock in the year the gain occurred, but a maximum of only $3k a year in loses. Extremely inequitable. 
For numismatics and any collectible this would definitely deter anyone from wanting to invest any meaningful amount. There would be far better and fairer ways to use the money at that point. Collections would go back to circulation examples in basic books I would imagine. 
 
The only good thing, if there is one, is he said households worth more than $100M. I can’t speak for others, but myself I’m a little shy of that threshold to say the least. Now do I think it’s fair to punish someone disproportionately because they are successful the answer is a resounding no. Why punish success unless it is I’ll gotten gains???

Terrific Idea ! I had an extra DIME folder and put $1.30 in it with a similar Note.
Thank You for the great Idea!/

.............hopefully!     You guys may have seen these free library book boxes along the side of the road.  I picked up this Whitman album from the free table at a local coin club.   I added a few cents and put it in one of these boxes the other day.  In the hopes, some kid finds it and spark his or her interest.   

You have it Woods, As I have said before the real deal is the who not the what. I have two or three go to dealers and they care about what they do. You will always be the tops because you have the passion for it. 

NO!!!

Some people probably dont care about the true grade if they can get a higher one. They would be happy to have an xf grade an au to make it more valuable. Just my opinion. As to where some would rather have it labeled for what it really is. I would rather have an honest grade. Of course I dont sell my coins anyways so Im not worried a whole lot about the value. To me they are priceless. I love my collection. Id rather have them labeled for what they really are.