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 Replies: 33 / Views: 4,240 |
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Pillar of the Community
968 Posts |
I am sorry that you feel as if I am singling you out, I merely want the OP to understand what his stuff is worth and have a realistic value in his head for what they will sell for if he opts to sell. The fastest, most efficient way to sell would be to take a lump sum cash offer for them from a non-dealer, which would probably be right around $10k assuming they're all quality coins and not baggy low MS stuff. Could he sit around and sell individual rolls on ebay or something for a $600 average? Maybe. But then you knock 10% off the top for fees and shipping, plus report the income... you clear maybe what? $7,500-$8000? I'd rather have $10k cash on the spot. I'm sorry if I take all of the fun out of being here, I just try to stay grounded and be realistic about what things are actually worth based on where the market is today. If that makes me unfun, well, I don't care. Edited by chasingtailbar
08/26/2014 6:42 pm
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Valued Member
 United States
457 Posts |
I will be going to a local coin dealer today and I was going to bring one of the rolls to see how much he would pay for it. I just watched a roll of 23s go for $591 last night on ebay. So I would not bother with him if he is only going to give me $500 for them. Maybe $525 but $500 seems too low. Thanks for all the help guys! Mark |
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Pillar of the Community
United States
5856 Posts |
Quote:I just watched a roll of 23s go for $591 last night on ebay. So I would not bother with him if he is only going to give me $500 for them. Keep in mind that $591 is full retail price. A dealer will, by necessity, have to offer significantly less so that he can turn around and resell it for a profit, since that is how they stay in business. Personally, I think you would be lucky to get an offer of $400 from a dealer for a roll of common date Peace dollars in BU condition. If you don't mind the hassles involved (listing fees, shipping, risk of returns or buyer malfeasance, etc.), your best bet would probably be to try selling yours on ebay as well. Then you are the dealer and can expect/hope to get full retail price for the coins (less listing fees, final value fees and PayPal fees). |
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Pillar of the Community
United States
1158 Posts |
If you sell the 2008 ASE, make sure they aren't the 2007 reverse error. Those are $300+ a price. |
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Valued Member
United States
167 Posts |
I really think Chasingtailbar had good intentions this time.
He was just trying to be helpful.
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Rest in Peace
United States
10625 Posts |
I agree with SD with going through them and looking for better condition and possible better veriety coins. I would brouse through VAMworld to get an idea of the better varities that people may be willing to pay a premium for. Hey, you never know.... http://www.vamworld.com/TOP50+...y+Scale and http://www.vamworld.com/Elite+...3;PopulationGood luck and post additional photos of indivduals if you need more eyes on something. Edit to add - Don't forget to look at the 02-O Morgans either. This is a fun year/mm and Alan Scott has done a super job in sorting out the VAMs so far. http://www.vamworld.com/1902-O+VAMsEdited by dave700x
08/27/2014 2:10 pm
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Pillar of the Community
United States
3540 Posts |
#1 - don't clean them.
#2 - shop around the SAME roll to several dealers.
#3 - Take to the next meeting of the local coin club
#4 - quality pictures and sell on CCF!
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Pillar of the Community
968 Posts |
Quote:I will be going to a local coin dealer today and I was going to bring one of the rolls to see how much he would pay for it. I just watched a roll of 23s go for $591 last night on ebay. So I would not bother with him if he is only going to give me $500 for them. Maybe $525 but $500 seems too low. Thanks for all the help guys! You're failing to take into account reporting of that income... assuming a total cost basis of $400 (which the IRS will do without a receipt of purchase) and $525 a roll after fees and shipping ($600 - 11% for paypal and ebay fees is $534, minus $10 shipping per roll, $524), you're looking at $10,500, minus cost of $400 is net $10,100. If you sell those on behalf of your grandmother, guess who gets the tax liability? You. Bet the dealers offer is around $400-$425. But let's say that your grandmother has income of under $18,150 per year, basically SS income only... suddenly, she's going from the 10% tax bracket to the 15% tax bracket, so that extra couple hundred bucks costs her 5% more in taxes on her base income, and an additional 15% of the new income... If she had $18k in income, that's a total of $4,215 in Federal taxes rather than just the Federal taxes on $18,000, which would be $1,800. So she makes a couple hundred bucks more but she pays an extra $2500 in taxes. Even if her income is between $18,150 and $73,800, that's 15% in taxes, so creating a taxable transaction results in an additional tax debt of $1,515. You're still better off taking a $9k cash offer! The effect is only exacerbated as income grows. Cash from a collector >>>>>>> dealers, ebay, paypal, checks, etc. Even when you're taking 10% less. Edited by chasingtailbar
08/27/2014 3:00 pm
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Valued Member
United States
93 Posts |
1.)Bury them in the ground, 2.) wait one year 3.miraculously find them again! 4.) Call it the Mark hoard. 5.) have Pcgs make a nice label for them 6.) Sell for $100 per coin on Amazon!! |
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Pillar of the Community
United States
1158 Posts |
Quote:
But let's say that your grandmother has income of under $18,150 per year, basically SS income only... suddenly, she's going from the 10% tax bracket to the 15% tax bracket, so that extra couple hundred bucks costs her 5% more in taxes on her base income, and an additional 15% of the new income... If she had $18k in income, that's a total of $4,215 in Federal taxes rather than just the Federal taxes on $18,000, which would be $1,800. So she makes a couple hundred bucks more but she pays an extra $2500 in taxes. Even if her income is between $18,150 and $73,800, that's 15% in taxes, so creating a taxable transaction results in an additional tax debt of $1,515. You're still better off taking a $9k cash offer! The effect is only exacerbated as income grows. A) Non reporting of income is illegal and should not be advised B) That's not how tax brackets work (when you hit another bracket the higher rate only applies to the portion of income in that bracket) C) Investment gains are taxed at capital gains rates and not as regular income, anyway. D) If you receive the items as an inheritance, your cost basis is the FMV at time of the previous owners death |
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Pillar of the Community
968 Posts |
A.) You are correct, but the point is that it gives you the option to report or not. I personally report what I buy/sell as hobby income, but the sellers I buy from? None of my business what they do, or in this case, what the OP does. I know a couple people who buy/sell and they simply report anything with a paper trail and don't report cash transactions. Unethical, in my opinion, but hey, that's their call.
B.) Forgot about that, you are correct. I will cede that point, and still point out that there is a $1,500+ tax hit for selling and creating a paper trail.
C.) Long-term tax rates on collectibles and other items is actually higher than regular capital gains, at 28%. You're better off declaring it as regular hobby income.
D.) He didn't inherit them, I assume they went to the grandmother, and since she was presumably married to the grandfather, no change of ownership occurs.
Edited by chasingtailbar
08/27/2014 4:23 pm
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Pillar of the Community
United States
1158 Posts |
My point is that the taxes are there regardless. I kind of assumed he was just looking at selling a couple rolls at a time anyway, so it's probably an irrelevant discussion.
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Valued Member
United States
457 Posts |
Yes, I will probably sell them one or two rolls at a time. I feel like I'd get more money that way.
Mark
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Pillar of the Community
968 Posts |
I don't know about more money, they're worth what they're worth and they aren't going anywhere value-wise in the short (1yr) term.
What did the dealer offer you? Dealers will often offer more if you tell them you have a substantial amount.
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Valued Member
United States
457 Posts |
Oops, forgot to post that. The dealer offered me $375 a roll. I told her I have 29 of these rolls and she didn't seem to care. I also noticed their prices were way too high. I could understand for a dealer, but they wanted $100 for an 1891 O Morgan in F12! That seems pretty ridiculous to me, I no they have to stay in business some how, but tripling the coin's value seems a bit too extreme in my opinion.
Mark
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Posted 08/27/2014 08:17 am
