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 Replies: 13 / Views: 2,642 |
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Pillar of the Community
United States
1101 Posts |
I have a thought. To max out a Roth IRA for someone under 50, you have to deposit $458 a month. If you're over 50, you get an extra $1000 so contribution limit per month is $542. An easy way to accomplish this for me is to search through half dollar boxes and find a variety, specifically a 1972-D or a 1982-P without the FG. After finding those, I'm sending them off for grading then listing them for sale. I'll take the profits and fund my Roth IRA. Input would be appreciated to get some different points of view on this idea. Thanks in advance.
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Moderator
 United States
56855 Posts |
I would find a better way. The no FG is not a big deal to most collectors,hard to sell at a decent profit. Invest in gold-silver-platinum might be a better idea. John1  |
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Pillar of the Community
 United States
1101 Posts |
I just don't see any upside in gold, silver or platinum though. Me personally, I'd rather be invested in the markets. That's me though. If you want to hedge against inflation, then some money in those three might be good but then again, what inflation?
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Pillar of the Community
United States
2023 Posts |
After accounting for grading, shipping, and service fees, you won't have as much left as you think. You might have more success by putting the non-varieties directly in your IRA instead.
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Pillar of the Community
United States
2815 Posts |
Don't invest in coins. Ever.
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Pillar of the Community
United States
3468 Posts |
Hope this works out for you shotgung.
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Valued Member
United States
467 Posts |
Work some overtime if possible, and trade in the markets. Doesn't take too much to get started.
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Pillar of the Community
United States
1101 Posts |
Actually have my 7 and 66 already so I'm versed in the markets. I'm looking at the ROI on 50-cents + grading, etc.
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Rest in Peace
United States
17900 Posts |
If you work a minimum wage job that source will give you better results than roll hunting 95%, or better, for hours "invested".
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Bedrock of the Community
United States
17884 Posts |
Well just what is a circulated 72-D or 1982 no FG worth? PCGS price guide says a 58 is worth $22 dollars, less than what it would cost to have slabbed, not to mention the costs of selling. And I wouldn't count of finding MS coins roll hunting. The 72-D would be profitable but since they have only graded 25 circulated pieces and 33 total so far, the odds of you finding new specimens probably isn't too good. Especially since you would have to find two or three a month to reach those funding goals.
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Pillar of the Community
 United States
4588 Posts |
You should probably talk to your tax advisor about the rules for IRAs and this type of investment. https://www.irs.gov/retirement-plan...-investmentsQuote:What types of investments can I make with my IRA? The law does not permit IRA funds to be invested in life insurance or collectibles. If you invest your IRA in collectibles, the amount invested is considered distributed in the year invested and you may have to pay a 10% additional tax on early distributions. Here are some examples of collectibles:  Artwork, Rugs, Antiques, Metals - with exceptions for certain kinds of bullion, Gems, Stamps, Coins - (but there are exceptions for certain coins),Alcoholic beverages, and Certain other tangible personal property. Check Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), for more information on collectibles. The restriction in 590A is for traditional IRAs and only allows certain bullion coins. Not sure what applies to Roths. Hence the recommendation to consult your tax advisor. Word to the rest - if you invest your traditional IRA funds in coins that don't meet the IRS test, you've taken a distribution and will incur the tax penalties... -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
1101 Posts |
Yeah, not funding it with coins technically. Selling coins and funding it with proceeds. Found a 72-D no FG last month, sent off for grading and it came back AU53, missing FG. Though it's only worth what someone is willing to pay for it
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Pillar of the Community
United States
4211 Posts |
 I bought a graded no FG Kennedy for $12 so I don't think you are going to find enough of them to make it worth while. The grading cost alone far exceed what I [aid for it. |
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Pillar of the Community
United States
937 Posts |
Le directeur a supprime l'operation qui aurait eu lieu à cet endroit
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Replies: 13 / Views: 2,642 |
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Posted 06/02/2017 09:28 am
