Accounting?

It's all on Schedule D. Coins (and other collectibles) are considered capital assets. When you dispose of those assets, you are required to report any gain or loss - based on the difference between the acquisition price and the disposal price.

Whether or not an individual is provided with a 1099, the disposal must still be reported. With the advent of the new laws taking effect in 2012, fewer people will be able to forget to report this income.

You can buy stuff from a dealer all you want - that won't trigger anything (unless you purchase more than $10,000 at a time).

However, if you sell to a dealer - if you ever reach $600 in a year, that dealer will send you a 1099 at the end of the year. Don't think that a dealer's compliance with this law will be low. Any dealer that deals in bullion is already licensed by several entities, all of which require an annual financial audit by a CPA. That CPA will require the dealer to send out all the appropriate tax forms before the audit can be signed and made official. No audit - no more business. So the dealer will comply with the law.

So, you, as an individual have a few options. One) Don't sell anything. Two) Sell only to small-time dealers that don't sell bullion. Three) Only trade with other collectors. Four) Do not sell more than $599 worth of anything to any one dealer in a year.

However, the best solution by far, and the only one I recommend to everyone is: Five) Sell your items to reputable dealers (thereby getting the most you can for your items), report everything properly, and pay your taxes.

***I am not a CPA. I recommend you get a CPA and follow their advice. I recommend you follow all applicable laws in your jurisdiction. I do NOT recommend trying to get around or not follow any law. Solutions 1-4 mentioned above are common knowledge and are NOT endorsed by me.

carmycle: My daughter in law is a San Diego native and has lived in Sydney for the last two years. She reports that she has had to make no cultural, climatic or accent adjustments at all to live here.

Probably explains why San Francisco and Sydney call themselves 'Sister Cities'.