Fidelitrade Offering ATB 5 oz'ers

Anybody know how we will know if we got a set? Will they call us and let us know either way?
I'm totally expecting to not hear anything and receive my check back in the mail in a few weeks.

 

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That's a great question. I'm assuming they have a lot of orders to get through, so it may be a while before we would get any notice. I'm afraid to call for fear of making them upset.

 

It's probably just CYA but I'm lowering my expectations for the coins' quality, what with the "coins may have scratches and fingerprints" clause!

 

Ketchup and mustard stains too......

 

Yeah, just to be jerks and to show their frustration for this progam and with the mint, maybe they'll intentionally mishandle the coins. What a mess.

 

Still...too much PII data to give out just for a set of coins. I'll pass.

 

Where's MikeNoodle's entry.
I know he want's one of these

 

According to their front page, they have been sold out since the 7th.

 

Not suprising, the email with the order form came out on the afternoon of the 4th. I'm sure they were bombarded with overnight mail deliveries on the 5th and 6th of order forms. I got a confirmation email from them yesterday that my order form was received, but that I wasn't guaranteed to get a set. We'll see.

 

I think this has to do with the requirement, that passed as part of the Healthcare Reform Act, that for any transaction over $600 dollars, the seller had to report the transaction to the IRS and issue a 1099 to the buyer. There have been many complaints from the coin community in regards to this part of the Act. People in Congress are working to pass a new law to negate this requirement but who knows when that will happen and I'm assuming Fedilitrade did not want to get caught not complying with federal law.

Well I won't be worrying about this anyway since I won't be buying the coins. I can't afford to buy them and even if I could I'm not that happy with the designs to begin with. So more power to you if you get them!!

 

With the seeming demand, they may keep he best for a secondary market or TPG, and mail the rest.


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That's supposed to be against the rules. They're required to sell them all directly to the public for the stated price. I think the disclaimer they used regarding the quality of the coins was a CYA or so I hope. If I get them, I'd like to have them graded, not to sell, but because I like the NGC holders and it would be nice to have nice quality coins and to know it for sure.

 

I don't believe this requirement goes into effect until 2012.

 

That's pretty standard boiler plate to cover their backside against IRS and moneylaundering issues. If you make a large enough order, they are required to report it (and having your information in hand prequalifies you to make those purchases). For sales, there's a cash threshold ($10,000 if memory serves), while for purchases there's a volume threshold (1,000 ounces for silver and 32 oz for gold if I remember correctly).

More details here:
http://news.coinupdate.com/irs-and-...quirements-for-coin-and-bullion-dealers-0353/

 

What purpose would that be? Most people buy bullion to speculate on rising commodity prices, or to diversify their investments, or to counter the falling-value of the dollar. I don't see how reporting large purchases to the IRS interferes with any of those purposes (although it does keep drug dealers, terrorists, and other unsavory types from playing a larger role in our hobby).

If you're talking about evading tax laws, well, that's why there's a need to close loopholes like this.

 

I know somebody that went to church one Sunday morning. When they were there somebody took a backhoe and ripped their safe out of their house and loaded it on a truck. You just need to keep some things to yourself, have to be careful who knows what and where things are in your house. Even the fact that you have it is something you don't want everybody knowing. There's always somebody willing to take you to the cleaners, including the Government.

 

A backhoe workin' on Sunday? That must o' stuck out like a sore thumb. Oh that's right. Most likely these guys weren't "union".....

 

Update - check cleared my bank today for Fidelitrade!!!!!

 

CONGRATS!! That should pretty much seal the deal for you! I just checked my account and nothing yet but then again I didn't overnight my check and just got my confirmation yesterday morning. Hopefully i'll get one too

 

What day last week did your check arrive at FT?
Mine was delivered last Friday at 10:30am via FEDEX. I got my confirmation Tuesday of this week.