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<p>[QUOTE="FlyingMoose, post: 187794, member: 6572"]I think that the coins have a face value for legal reasons, I know that you can get them as investment coins without paying sales tax if the purchase is over $1000 (that is, $1000 that you're paying, not face value). I'm not sure but I think it also gets around some regulations related to buying bullion. My coin dealer said that if I were to buy the same amount of gold in bars or european gold coins, there's a lot more paperwork involved, especially since the PATRIOT act.</p><p><br /></p><p>These coins are intended as a bullion investment, similar to silver or gold bars. They do have some with numismatic value, such as the proof versions of the coins, those are intended for collectors. You can also buy older coins, such as St. Gaudens double eagles.</p><p><br /></p><p>I don't think a bank or store would be obligated to take the coins at face value. Of course, they'd be stupid not to. The cashier could buy them from the register, or the store owner could take them to a coin shop and make a considerable profit.</p><p><br /></p><p>I'm not sure what the case is in Canada, since the face value is high enough that it could end up being higher than the metal value. I think I've heard that a US bank would take the US ones at face value in such a case.[/QUOTE]</p><p><br /></p>
[QUOTE="FlyingMoose, post: 187794, member: 6572"]I think that the coins have a face value for legal reasons, I know that you can get them as investment coins without paying sales tax if the purchase is over $1000 (that is, $1000 that you're paying, not face value). I'm not sure but I think it also gets around some regulations related to buying bullion. My coin dealer said that if I were to buy the same amount of gold in bars or european gold coins, there's a lot more paperwork involved, especially since the PATRIOT act. These coins are intended as a bullion investment, similar to silver or gold bars. They do have some with numismatic value, such as the proof versions of the coins, those are intended for collectors. You can also buy older coins, such as St. Gaudens double eagles. I don't think a bank or store would be obligated to take the coins at face value. Of course, they'd be stupid not to. The cashier could buy them from the register, or the store owner could take them to a coin shop and make a considerable profit. I'm not sure what the case is in Canada, since the face value is high enough that it could end up being higher than the metal value. I think I've heard that a US bank would take the US ones at face value in such a case.[/QUOTE]
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