Gold coin hoard found

On another note I wonder if the intense media coverage will cause an overall increase in demand for early us gold coins especially liberty $20 s and a bit of a price increase as people want to get their own little "stash" of gold

 

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Taxes may be political, but they are a huge issue when it comes to collecting coins.

First off I dont want to put my family through the headache that happened to this couple, and secondly I want to enjoy this hobby as safely as I can while protecting myself and my assets. Which means we should be dissecting taxes to some extent. I mean this forum is a place where collectors from all walks of life congregate and maybe there is someone out there who inherited a large cache of coins, what happens when they sell? How much do they have to pay if its over $5,000, what about $10,000? What if they know nothing of coins AND are ignorant of the tax law surrounding sales of collectibles.

Its a good topic, because 6 months ago I just believed I could collect coins and that was it. Now that I am growing in the hobby, I realize I have to be careful of how I am buying and selling, especially selling a large piece of my collection recently to pay off a debt. Should I have claimed the 'income' so I could be taxed and have a piece taken out when I needed all the money to settle my debt? I honestly dont know, but its topics like this that mold my future habits and could possibly keep me out of jail.

This topic pretty well serves as what NOT to do if you find a hoard yourself, so it is carrying the conversation along.

Ill admit, I did get a little political by bashing the government, but thats because I firmly believe in some old school thinking. Things like 'finders, keepers', or "i worked my butt off for it, so its mine". It really grinds my gears, that sense of arrogance and entitlement the government has, and ultimately I view it as hurting the people with how its become; even us fogies that just want to collect coins and be left the heck alone. Its the intrusion thats filtered all the way through our lives down to our enjoyment (like this hobby) and sheer good fortune (like that couple). The United States government has only been an entity for the last 200 years, I do not recognize them as the supreme authority over my life. Thats between me and God and my will power.

 

Im sure some dealers will try to capitalize, but I see plenty of gold out there for anyone that wants to own a few pieces. I imagine most of this stuff will be going to big time collectors and registry owners, at least the high end stuff anyway

 

I too have wondered where $10 million came from. With some of the finest known specimens I have a feeling this will go for much more than that. Of course without a list we are all just going in circles as far as estimating the value.

 

I haven't seen anything like this. As far as I can tell...people are just trying to find a source but there is no real evidence.

 

I wonder if the auction house was the one who attached a value to it? The larger venues work with the TPG's when certifying rare coins. I see these values stated when they are listed on their sites. Then the question could be, was this value for the coins to be auctioned only or the whole find? Just a thought. If it were me, I would have sold them to private collector's overseas without the publicity. For 10 million, giving up my citizenship could be a possibility. (Before selling) You can still live here if you wish.

 

I'd have to research it, but I don't think so. The fact that you are a US Citizen when you found them and I believe they are income when you found them, not when you sell them, so no out. But, like I said, I'd have to look into that.

 

So you're saying the reason we are 17 trillion dollars in debt is because the rich don't pay enough in taxes? The budget doesn't work because our federal government spends more money then it takes in. Simple.

This will be my last political statement on these boards.

 

Interesting...evidently you haven't read much Roman history.

 

Mr. Kagin and the coins on youtube:

 

"So you're saying the reason we are 17 trillion dollars in debt is because the rich don't pay enough in taxes? The budget doesn't work because our federal government spends more money then it takes in. Simple."

Yep, when the top rates were higher, the deficit wasn't near the problem it is today. Wars paid on the credit card, etc.......

 

No I haven't, but I do know it fell due to spreading itself too thin across the world, too many wars, too many occupations.

 

Many of you recognized that your comments were political and not numismatic, and that you recognized the rules, but felt your 'righteousness' over rides the rules. That is not true, so stop now, or move to a forum that specializes in rants, conspiracy, political or religious subjects. You can continue on this thread as long as it is about the COINS and not taxes, ownership, or governmental regulation of such. Thanks.

 

Please note that this topic is closed, due to the political comments. If you want to discuss the hoard find, you can do that here: http://www.cointalk.com/threads/saddle-ridge-gold-coin-hoard.243697/ But leave the rants about taxes and the government out this time.

Christian