Is this criminal?

Excellent points, but I wasn't aware that reading the law was no longer an option. How unfortunate, especially considering the fact that an appalling percentage of lawyers already do little but milk a test passed years ago. Really, what's the difference other than money?

 

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Well they DO have annual CLE (Continuing Legal Education) requirements. One of my favorite ironies is that while I'm NOT a lawyer, in December of even-numbered years, lawyers from across Pennsylvania come and earn CLE credits from a lecture I give. (Developments in the Pennsylvania Election Code)

In 2014, I titled it "Capital Offenses".

 

If you've ever sat in a courtroom and paid attention to the public defender, the point will be obvious.

A few years ago on Letterman, Fahreed Zakaria (in a rare instance of clarity) spoke of his belief that the internet will change education forever, but only once large corporations/employers accept the notion of judging someone on their abilities as well as what they actually know. Perhaps this is a way of ensuring the monopoly lives on?

 

I think it's very obvious that the central lesson of the Internet revolution and its disruptions, is that "he who fights the strongest, the longest, and the dirtiest to defend his status quo, wins". The legal profession (and Hollywood) seem to have figured this out better than most other fields.

The key seems to be mastering the nuances of a little word called "licensing".

 

There is the whole thing @baseball21, what you stated is misrepresenting in order to profit, and called Fraud. Of course that is regulated, and criminal. A simple transaction in the comment of the OP and this thread does not go that far.

 

Especially in a field like this one, in which what is true or important today may be false or unimportant tomorrow, because the whims of the market can and do change with remarkable regularity.

 

Ouch.

 

The definition of a professional, according to the dictionary, is a person engaged in a specified activity as one's main paid occupation rather than as a pastime.

What I said was

I never said anything about obeying the law. Just because you are old doesn't mean you know everything. Tax law states if your gains are under $500, you don't owe tax. If I go to the casino and put a dollar in the slots and win $5, I don't have to file taxes on it.

 

I’m almost 100% certain the above is incorrect.

 

I'm not a tax lawyer, but I can read IRS Web pages:

https://www.irs.gov/newsroom/reporting-miscellaneous-income

 

Truth: "Independent contractors must report all income as taxable, even if it is less than $600. Even if the client does not issue a Form 1099-MISC, the income, whatever the amount, is still reportable by the taxpayer."

 

And no, "hobby income" doesn't get exempted just because you don't consider yourself a "contractor". Also, you don't get to claim a "hobby loss" if you end up losing money (say, by selling some of that silver or gold you backed the truck up for in 2012).

 

Good for you!

 

I have to agree. Although I don't think the knowledge is jealousy guarded, but rather a person has to get training (which is available to everyone) as long as they can afford it. But knowledge about coins is open to everyone willing to take the time to search for it, and if you go to a coin show or auction without that knowledge, it's on you if you pay too much. The dealer, in the end, isn't obligated to stop you.

 

No and no

 

Yes, indeed. In fact, last year I did sell off some expensively-bought silver at a loss to offset some gains on other coins. As a result, my overall cost basis for silver is now slightly lower than it was.

Grandkid takes a slabbed 1889-CC Morgan to a dealer.

If the dealer says "I'll give you $20, take it or leave it", and the kid says "OK", is the dealer behaving ethically?

If the dealer says "That's only really worth $20, I probably can't even sell it for that, but I feel bad for you so I'll give you the full amount", is the dealer behaving ethically?

 

I would like to add some clarity here if I can. PNG dealers agree to their code of ethics, which starts with the following:

To furnish sound advice to my non-professional customers on numismatic matters to the best of my ability.

And continues with this:

To refrain from any of the following in dealing with non-professional customers:
(a) buying or selling at unreasonable prices;

https://pngdealers.org/code-of-ethics/

Their bill of collector rights starts with:

Professional Numismatists Guild Member Dealers are proud to present this “Bill of Rights” to the numismatic community and make a solemn pledge to:

• Not misrepresent rarity, value or quality of items sold.

Per the ANA:

To comply with the ANA Member Code of Ethics.

To purchase and sell numismatic items at prices commensurate with a reasonable return to the seller and for a reasonable return on my investment with regards to the then prevailing rate.

To refrain from making unjustified and/or false statements or misrepresentations in my relations with others

https://www.money.org/ANAdealers/Code-of-Ethics


Vcoins ancient dealer ethics agreement includes:

I will not intentionally misrepresent the value of any item, and I will not take unfair advantage of non-professional customers, be they buyers or sellers.

https://www.vcoins.com/en/CodeOfEthics.aspx

I was persuaded to write this largely because of the comments of @okbustchaser regarding dealers cherry picking rare overtons, but I hope it's informative to others as well. While I don't expect to change people's mind, I hope to show that as a community, dealers should and do aspire to the higher ground. Whether you choose as a collector to cherry pick is your business, but as a dealer it goes against the ethics of the community as shown by multiple dealer organizations explicit conduct requirements.