Finally Stopped at Local Coin Shop

So Roy what you are saying is that California "caters" to the filthy rich and they don't have to pay taxes on their high end coins and the little guy/gal collectors get to foot the tax bill there also! This mentality in government really upsets me and this is probably not the proper place to start but it really gets old stumbling on to things like this that is nothing more than a perk for the wealthy. I can't believe the good folks in California haven't revolted over this one. Just what is wrong with EVERYONE paying THEIR fair share in this world?

 

Log in or Sign up to hide this ad.

Try 14% taxes. (What I pay)

 

Hi Susan,

I have found a couple of good dealers on Ebay. You for one..! I do know what your talking about however. If a seller makes a certain statement in their description or photograph isn't clear It throws up a bunch of Red Flags for me.

catman

 

Here (in Illinois) I've never been charged tax on a "coins only" purchase. I think its a state law that they are untaxed. I was surprised as I've only lived here 4 months and I used to be taxed on coins before i moved to IL. Maybe your state is the same.

 

Apmex

Hey Mitchell,

You said:

>I just bought a pound of rounds from Apmex and got reamed on >shipping and "fraud verification"(?). It added nearly a dollar a round >on the price. Live and learn, education ain't cheap, all those suckie >cliches. And yes, I did check the shipping, but never saw where it >would be $9.50. That fraud verification thing is a bummer too.

I ran into the same thing. Got 100 Uncirc Eagles, (great price 8.11 each on 2/8), but they wanted a $38 "fraud verification" fee from me. $14.95 shipping/insurance and $38 for "fraud verification?" Doh!

I opted to send the check priority mail.. They send you that confirmation that says, "This is the slowest method of receiving your goods," or something to that effect.

I didn't find the shipping/insurance exhorbitant, at $14.95, it ends up being .15 per 1oz coin.

Check some of the ebay auctions.. geesus. I only checked into the bullion places after seeing the ebay silver eagle tubes going for $180-$220 PLUS 9.00-12.00 PER TUBE for shipping.. hell's bells, that's $45-$60 shipping on TOP of overpaying for the bullion (for the 100 I was looking for).

God bless'em, if people want to pay that price, I don't blame them for using the capitalist system to its fullest potentional, but what in the heck is wrong with those buyers? My guess is that it's that "ebay fever," they're rather have the "excitement" of winning that auction, lol.

I just compared the APMEX vs. Ebay and at the mid case scenario above, payed $826 vs. an ebay $1050.00.. (both including shipping) Lawdy.

 

I'm not really sure about tax on coins here in Indiana. Until last month, I had never been charged tax on coins then at a show a dealer said he had to keep uncle sam happy. Maybe there is, does anyone know?

I used to buy coins on ebay quite frequently but lately I have found that I can get the same coins at a local show for pretty much the same money. My dealer friends are pretty good at locating anything I may want that they don't currently have. The best part is holding and inspecting the coin before I buy it. I am fortunate to have a few local coin shops and a rather large, monthly coin show near me so I use ebay as a bargaining tool more than a buying place anymore.

 

I go to my local dealers first, and if they don't have what I need I go online. I haven't tried eBay.

Some of my favorite online dealers are denigrated by more experienced collectors. What do I know ?

One of my local dealers in particular always has good prices. My problem is that I've exhausted their supplies of my latest collecting interest, AGEs, so I have to look online.

Coin World and other magazines are good sources for dealers (I hope).

 

I just tried a new coin shop today, in Niles, Illinois. The nice thing about buying in Chicago (and I don't know if it's true statewide or just in Chicago itself) is that there's no sales tax on coin purchases. The shop in Niles has a large selection, and best of all, a biweekly auction.

 

To tax or not to tax. Went to the monthy show today and the dealers that charged tax last month didn't today. Guess the laws change from month to month.

Also went to a local shop today and realized one downfall to an actual store. He came to work and realized that he had been robbed. I was told he lost over $50,000 in currency and misc. coins.

 

The nearest coin shop is in a large town about 40 miles distant. The father and daughter who run it are wonderful. They know us on a first name basis, what we do, and what we might be interested in. They don't hesitate to lay hundreds of dollars worth of coins on the counter for me to look at, and they don't stand looking over my shoulder while I do so.

Mail order and eBay is probably cheaper in some cases, but I know if I ever wanted to return a coin, or coin supplies, there would be no questions asked.

So, with the exception of buying new things through the mint, I make most of my purchases through the coin store. They have earned, and deserve, my business.

I might add that the prior owner, many years ago, was not so friendly. During that time period I seldon frequented the store.