I will be selling the set to the dealer I bought it from. My records indicate that I started buying in 2002 and bought the last IHC in 2020. All bought from the same dealer.
Very cool you were able to source an entire set from one dealer. I think many dealers that build relationships with customers like you appreciate right-of-first-refusal when it comes time to dispose a collection like this. Sounds like a Happy ending and saves you A lot of work from other alternative methods.
Now comes the time to start looking at the other coins I want to sell. They probably will have to be done coin-by-coin. I didn't have a single source for them.
If they're the same general quality as your IHC set, would the buyer of the IHCs be interested in another batch buy? Or at least get a good reference from this dealer for another good dealer.
My IHC set buyer would probably not be the best place for me to sell to or let him handle my other items. He's mostly IHC but has broadened his area a bit, but not to general US. What I'm next going to sell is my "close to complete" Early Commemorative" set. For those coins I'm thinking GC. I'll be keeping my EAC (Early American Copper) sets since that's still my main interest area. Plus I'll keep my type set (1787-1964).
Ask your IHC buyer. They may surprise you or they might send you in the right direction. If you don’t ask, it’s an automatic no.
Sounds like a "win-win" situation for both of you. I wish you the best on the other coins in your collection. Good luck.
Yeah be ready for this crap again. Congress was “supposed to” be reviewing this level this year to adjust it back up to something a little more reasonable such 5-10k but have done nothing that I’m aware of this year so $600 level is back on. So no matter where you sell or how much, anything over 600 will trigger a 1099 this year assuming it’s all profit. Prices you originally paid will be important to knock your number down at tax time.
I have a couple questions about buying and selling coins. I was a state auditor for about 30 years and didn't have to worry about income tax problems. Because of that, I'm lost when it comes to buying and selling. Other that the IRS, is there another source that could educate me? My second question is, if a person is a coin collector, why would we sell our collection? I guess that coin collectors will always want to improve their collection, so the purpose would be to work on another collection with the cash received for the selling of a coin collection. I probably answered my own question? Thanks for your undided attention.
In my case, two main reasons. 1. My interest area has shifted. I sell what I've got that is just sort of sitting there so I can buy what now interests me. 2. I'm getting to the point where I'm not sure how much longer I'll be active enough to get around. And my wife won't easily be able to deal with the collection.
