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A Bill to Register Buyers of Gold and Silver Coins
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<p>[QUOTE="gatzdon, post: 1612840, member: 8247"]Oh yeah, forgot a huge "won't somebody think of the children" question.</p><p><br /></p><p>How does this impact children trying to "upgrade" coins in their collection? We teach children to buy what they can afford, then upgrade as they can afford to. It is very common for young children who take coin collecting serious to manage to get coins valued over $250 (not intrinsic value, but rather numismatic value). </p><p><br /></p><p>Does this bill kick in because the coin is valued over $250 or is it exempt because there is less than $250 worth of silver (calculated by weight*spot value)?</p><p><br /></p><p>A child typically would not have the positive ID required under this bill in order to complete the transaction. Or would the bill only apply if the net difference of the trade exceeds $250?</p><p><br /></p><p>A lot of unanswered questions.[/QUOTE]</p><p><br /></p>
[QUOTE="gatzdon, post: 1612840, member: 8247"]Oh yeah, forgot a huge "won't somebody think of the children" question. How does this impact children trying to "upgrade" coins in their collection? We teach children to buy what they can afford, then upgrade as they can afford to. It is very common for young children who take coin collecting serious to manage to get coins valued over $250 (not intrinsic value, but rather numismatic value). Does this bill kick in because the coin is valued over $250 or is it exempt because there is less than $250 worth of silver (calculated by weight*spot value)? A child typically would not have the positive ID required under this bill in order to complete the transaction. Or would the bill only apply if the net difference of the trade exceeds $250? A lot of unanswered questions.[/QUOTE]
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