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Considering Selling My Silver Stack

 
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Author Previous TopicReplies: 14 / Views: 809Next Topic  
Pillar of the Community
United States
4849 Posts
 Posted 12/07/2022  12:01 pm Show Profile   Bookmark this topic Add TheForce to your friends list Get a Link to this Message
Hey guys,

I have a question about selling silver. So I am considering selling off my stack. I think my car is going to be taking a dump soon. Right now I have 40oz of government minted silver in the form of Britannia's (including King Arthur), Maple Leafs, and Kangaroos. And I have 10 more Kangaroos coming in the mail soon which will give me 50oz. Since these are government minted coins, will I have to pay any taxes? I'd like to sell privately. I saw something on SD Bullion that government minted silver is exempted from some form? Should I be getting some of my premiums back? Many silver stacking channels on YouTube suggest that you should get at least a percentage of your premiums back from reputable dealers. I no longer use PayPal. I have even considered selling on here. Thoughts?
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United States
720 Posts
 Posted 12/07/2022  12:32 pm  Show Profile   Check CarrsCoins's eBay Listings Bookmark this reply Add CarrsCoins to your friends list Get a Link to this Reply
my understanding is that sales tax laws for bullion sales are handled on a state by state basis in the united states. income/capital gains taxes are going to be due on profits. you should probably talk to a tax professional instead of coin nerds if you have questions about taxes. I certainly wouldnt recommend taking financial advice from youtube.
I collect low grade large cents. I currently have >230 Sheldon varieties and >235 middle date Newcomb varieties.
Edited by CarrsCoins
12/07/2022 4:47 pm
Pillar of the Community
United States
4849 Posts
 Posted 12/07/2022  1:02 pm  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
I just wanna get out of the silver game since my car is on its way out. Silver is very liquid. I'd just be happy getting my money back regardless of what spot is, even if its at a loss.
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776 Posts
 Posted 12/07/2022  1:05 pm  Show Profile   Bookmark this reply Add livingwater to your friends list Get a Link to this Reply
Sorry about your car problems.

1. If you have any local coin stores, check out their buy offers.
2. Several of the online dealers show their buy quotes like JM Bullion and
Bullion Exchanges.
3. You could sell them here on CCF.

States vary as per their sales tax and capital gains taxes. I live in a state where there are no sales taxes on silver/gold bullion/coins. I believe the IRS expects people to report capital gains taxes on things like collectables if profit is above a certain level, but I'm not very familiar with this since I don't sell my silver/gold.
Edited by livingwater
12/07/2022 1:10 pm
Pillar of the Community
United States
4849 Posts
 Posted 12/07/2022  1:12 pm  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
I think I just might list some deals on here just to unload them. Not a good time of year for unexpecting expenses on top of the typical December expenses with the holiday's and all.
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 Posted 12/07/2022  1:23 pm  Show Profile   Bookmark this reply Add NumismaticsFTW to your friends list Get a Link to this Reply
You lost me at stack, then I came back and you lost me at YouTube.
Edited by NumismaticsFTW
12/07/2022 1:24 pm
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 Posted 12/07/2022  2:02 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Unfortunately selling 50 Onces of Silver right now will not buy you a new car or even a used one . If you list them on CCF you'll probably have to sell in drips a drabs instead of one member purchasing the whole lot at one time .
Tony

For Butch & Jim rest in peace .
Pillar of the Community
United States
4849 Posts
 Posted 12/07/2022  2:04 pm  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
It's probably gonna be for repairs tbh. Cheaper than a new ride. I'm selling them in lots of 10. Taking a loss but at this point I am OK with that. Got the King Arthur coins up now.
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United States
4849 Posts
 Posted 12/07/2022  3:49 pm  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
I contacted a jeweler that buys PM's. They said they pay close to spot. Hard pass. Wouldn't even get any premiums back. They must not have bought anything in a while. They said the last they checked, silver was around $18/oz! Red flag?
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4497 Posts
 Posted 12/07/2022  4:23 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Selling to a dealer you are NOT going to recoup much if any premium .
Anything over spot is a bonus .
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United States
1224 Posts
 Posted 12/07/2022  4:42 pm  Show Profile   Bookmark this reply Add NumismaticsFTW to your friends list Get a Link to this Reply
You're flat out getting ripped off selling for under spot to anyone.

Maybe it's a location thing, but I would call as many places within a 50 mile radius.

My LCS will pay 3+ over spot all day long for Government minted.
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 Posted 12/07/2022  5:05 pm  Show Profile   Bookmark this reply Add Hondo Boguss to your friends list Get a Link to this Reply
TheForce: Click and Clack, the Tappet Brothers (AKA Tom and Ray Magliozzi of "Car Talk" fame") said that it's more economical to keep fixing a car as opposed to buying a new one. My 45 years of car ownership supports their assertion.
At the moment, 50 oz of Ag might get you $1500. But keeping it will always be money in the bank. I'm wishing you the best with your ride.
Inordinately fascinated by bits of metal with strange markings and figures
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8749 Posts
 Posted 12/07/2022  7:27 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Just saying.

My cars are an Ion from 2008 and a Pontiac G6 2006. I agree it is a lot less expensive to fix a car than replace it. It just takes some common sense thinking and tinkering. Also look up alternative (but good) fixes on youtube.

Since people preserve classic cars, I feel I can do the same starting when I get them :)

Three times in the last 7 years I have been told I would need to spend $$$$$ for repairs.

1. Instead of paying the mechanic 1200.00 to replace the whole exhaust system of my kids' car, I used 5.00 to buy high temperature JB weld putty and filled the crack in the exhaust manifold. Permanent fix.

2. I was told front calipers and rotors needed replaced (therefore brake pads as well) b/c a caliper was locking up. I removed the bolt holding the caliper's front end, sprayed in WD-40. Worked ti with my hand. Problem and it never has locked up again.

3. Last spring the Ion's exhaust system had come apart b/c the bracket holding a pipe to the catalytic converter had rusted through - I was told 900.00 by the mechanic b/c everything needed replacing. I spent a total of 30.00 by cutting out and replacing a section of pipe myself.

When fixing something, I make sure to do a job meaning I won't have to fix it again for a long, long time.

Even when it's the transmission or engine, since I don't have the means I shop around with local recommended PRIVATE mechanics.

I had a used transmission with low mileage installed for 850.00 this last summer and, in the same car, am having a 50K used engine currently installed for 1250.00

Official dealers are not necessarily your friend for saving money on large repairs.

I never have had a car payment, always bought used cars, done my own work when I could, and I am sure after these 34 years of owning cars that an absence of monthly car payments has been a good part of why I have been debt free (except house mortgage) for most of that time.

I also have not bought a car battery in over 10 years now since I learned they also can be fixed to new!

Anyway...this post is not just agreeing here Hondo Boguss, but I am also hoping to inspire you! Maybe you can find some way to not have to spend what you think you might have to so some of that silver can stay with you.

How much squash could a Sasquatch squash if a Sasquatch would squash squash?
Download and read: Grading the graders
Costly TPG ineptitude and No FG Kennedy halves
https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2
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United States
1856 Posts
 Posted 12/07/2022  10:10 pm  Show Profile   Bookmark this reply Add CoinHunter53562 to your friends list Get a Link to this Reply
Where in the US are you located? If you're not terribly far away, I might be interested in taking it all face-to-face if you're open to that.
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1158 Posts
 Posted 12/26/2022  4:56 pm  Show Profile   Bookmark this reply Add luvmyCAM to your friends list Get a Link to this Reply
just a thought...you can have cake and eat it too most reputable pawn shops will loan you 50% value (spot price) on silver, once you have done business (loans) with them and you become recognizable they may go 65% value.
Depending on state you reside in its a win win for you as you buy your own silver back (nice feeling) and the pawn shop owners make a low risk profit of 10% on the loan.
I've roofed houses, cleared downed tree's, put up fencing, and scrapped for extra money to buy a coin or junk silver I wanted.
3 grown sons and 7 grandchildren later along with all the day to day bills and little emergencies leaves me a small amount for coins and silver and not ashamed to say I fight for every small silver purchase I buy. I'm a poor boy too and want to tell you I've walked and rode a 10 speed more than once to work or the piggy wiggly for vittles hang tough and chances are the money for car repair will come maybe just not fast as fast as you'd prefer.
I sold over 720 ounces when the old grey metal was ticking 25 bucks and change. Bought a used ford pickup truck, 1974 Lowe aluminum canoe, and a .41 acre lot with a 26" x 12" garage electric water sewer and gas hookups already on site. Silver made this possible, my credit was nuked years ago in the 2008 crash and 14 1/2 years later my experian score is "unable to score, insufficient information or credit history availible" and I couldn't be prouder.
You solicited advice so I'm giving mine...there's nothing wrong selling your silver for fixing your ride everyones situation is different if you do then expect spot + a buck. Right now i.m.o. is not good time to sell if you can tough it out but if you can't then fix the ride SDBullion will have you cash in hand within 48 hours after receipt of your silver. Good luck and hang tough.
singed, living ok on less than 30,000 a year
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