I was wondering if anyone has ever ordered a $25.00 grab bag from silver town mint? And If Yes what you got? Was thinking about taking the money I may spend on scratch off tickets and buy one for me and my grand son? THANKS JON
haven't bought one from silver town but might have to look into it now, I usualy lucky with grab bag thingies hehe
My opinion on grab bag type sales is that whatever cannot be moved individually or efficiently ends up within these offerings with inflated values attached to them. However, in general you will get a better return than with a scratch off ticket.
Gee, here in NC we can log in the scratch-off tickets and accrue points to enter drawings for different amounts of money. Yesterday I got an email that I had won $500 and I called and confirmed and the check was going in the mail today. Made my day....and I am sure it will all get spent on coins at the next couple estate auctions I am going to. Sometimes scratch-offs are not so bad.
Yeah, yeah they are. Almost guaranteed if you kept track of all you have spent on them the $500 will not look so great in perspective. Save your money and buy coins.
Haha...ya, I know that over time I have spent more than I won yesterday...but since I throw them all in a bag and I itemize on my taxes, I'll just deduct all the money spent since I am sure I will have to claim the $500.
You only have to claim winnings if you were issued a W2-G. If you don't get a W2-G, your winnings have not been reported to the IRS.
Yep, and you are below the $600 reporting requirement so you probably will not get one, (unless they are brutal and give you one anyway even though its not required). Good luck, (if you have to), deducting the losers. The IRS usually disallows such deductions on the argument they don't know what WINNERS you may have had offsetting these losers. Its an old argument that has gone back and forth in tax court. The IRS has always refused to budge. I am not saying to not TRY IT, not saying that you WILL be audited, just warning you if you do use them and are audited expect a fight, that's all.
My guess is you'd get a few pieces of silver, a whitman folder, some tubes, and some 40s and 50s wheat pennies. Maybe one good coin in the bag.
I agree that while their "retail value" some people who sell grab bags might be inflated, some are fine, and you have to admit the waiting and anticipation can be just fun. IDK what to expect with this particular vendor, but its just $25, like one meal at a restaurant, right?
Also you can only deduct losing tickets up to the amount of your winners. Meaning if you spent $1000 and won $500 you only get to deduct the $500 to net our your win. The extra $500 loss you get to eat.
In my opinion, $25 is something I would rather invest in a coin or coins I know have the value. I like the anticipation of searching like most, but when it's a grab bag with that price tag, the odds of getting your money's worth is rare.
well I did all right, I rec 2 Whitman Quarter folders, $4.95 list a piece. a mercury dime bracelet do not know value a $4.00 magnifying Glass. A tiny set of US coins ? a Money air freshener $1.49 Plastic bill holder with $1,000.00 Bill .10 cents Ha Ha Money Playing Cards $2.95 ? Money Pencil eraser .99 cents 1/2 lb of Foreign coins $5.00 Plastic Tweezers, $1.49 Seems like I forgot something but hey it was kind of fun and I like the looks and weight of the coins maybe a silver in there a lot of older foriegns and No Cents?
