Bought/Sold My First 100oz Engelhard Today

You might want to check your state laws throwback...if they are the same as CA you might want to delete this.

Here is how the law reads in CA,

Every secondhand dealer or coin dealer described in Section 21626 shall report daily, or on the first working day after receipt or purchase of the property, on forms either approved or provided at actual cost by the Department of Justice, all tangible personal property which he or she has purchased, taken in trade, taken in pawn, accepted for sale on consignment, or accepted for auctioning, to the chief of police or to the sheriff, in accordance with the provisions of Sections 21630 and 21633 and subdivision (j) of this section. The report shall be legible, prepared in English, completed where applicable, and include, but not be limited to, the following information:

It goes on for a few more pages but the only other thing of note is that you need to hold the property for 30 days after you purchase it.

Same thing the coin guy told me up at West side coin collectors, that he can't sell for 30 days, until the police have time to make sure there are no claims of theft on any of the items....

He is a great guy, seems to be real happy to help me as we got to talking, and I told him of my recent ebay buying an selling. He told me to go get a tax number, start keeping dead accurate records, and start reporting quarterly, and I will be able to make deductions, and come buy silver from him at 2 to 3 over spot with ZERO STATE TAX, once I go to the building he told me about down town that provides the tax numbers....

He uses ebay but does not like to list things, as it is tedious and he said he needs a good person to list all his stuff and he could clean up. As his store has everything in it and organization does not strike me as his thing, as I mentioned months back about his store and all the hoarding like clutter. Everything from starting lineups and old vintage bobble heads to proof eagles. I bought one from him by the way to break the ice.....

We worked out a deal on a proof at 70 even Steven tax an all. I told him I past at 59.50 earlier on ebay, basically ten cheaper, but was happy to bring him some new business, and I did not mind paying a little over, as he takes a bath in the winter when silver drops. And having to wait 30 days to sell costs him often. As he buys at like 35 for example, and by the time he can sell a month later. Silver has dropped 7 bucks an ounce, but he still has to sell to pay the rent, pay his workers, etc....

I don't mind to pay a little more, which will come back ten fold in the long run. As that is pretty sweet offering me silver at 2 to 3 over spot and no taxes once I do all the legit things as he said I needed to do, so as the small man does not get pushed out, over not going through the proper protocols to become truly legit.....

He seemed to really appreciate me not haggling him, and saying that I understand via overhead and etc. He said the more bus I bring him the better deals he will give me, which is fair and the way it should be IMO....

I could have gotten two basic ASE's for the price I paid for the proof, but now I got two proof eagles, via a 2010 and 2006....

Wow! I hope that he showers a bit more often than this!