Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
How would I do the accounting on thsi?
>
Reply to Thread
Message:
<p>[QUOTE="omahaorange, post: 1533215, member: 28199"]If you're talking a profit/loss statement, face value is irrelevant. You would need to list what you paid for the coins against what you sold them for. If your dimes were "junk" silver (worth only spot) and the Morgan has additional numismatic value, your comparing apples to oranges. My guess, the Morgan cost you $500-$525, can't tell because you didn't get a trade quote (although I suspect there was no additional value if he didn't specify it).</p><p><br /></p><p>If my math's right, you paid roughly $2.10 per dime. You kept 69 of those, at a cost to you of about $145, leaving you with $315 worth of dimes. You got an offer of $340 (already a $25 increase) and added $160 for the Morgan. So it looks like at this point you are $135 in the hole for the Morgan. You still have 69 of those dimes (an asset, and not a factor in the purchase of the Morgan). Compare that to the fair market value of that coin, and decide if you're still down or up. But keep in mind that if you later sell the Morgan, it will be the actual purchase price, and not FMV, that determines profit/loss. At this point you haven't lost any money, as you still have the assets (coins).</p><p><br /></p><p>So, you have 69 dimes, and a slabbed CC Morgan that cost you $560. Current FMV is $720-760 (depending on whether it is a capped or not) for the Morgan (<a href="http://www.numismedia.com/fmv/prices/mordlr/pricesgd.shtml" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.numismedia.com/fmv/prices/mordlr/pricesgd.shtml" rel="nofollow">http://www.numismedia.com/fmv/prices/mordlr/pricesgd.shtml</a>) and about $173 for the dimes.[/QUOTE]</p><p><br /></p>
[QUOTE="omahaorange, post: 1533215, member: 28199"]If you're talking a profit/loss statement, face value is irrelevant. You would need to list what you paid for the coins against what you sold them for. If your dimes were "junk" silver (worth only spot) and the Morgan has additional numismatic value, your comparing apples to oranges. My guess, the Morgan cost you $500-$525, can't tell because you didn't get a trade quote (although I suspect there was no additional value if he didn't specify it). If my math's right, you paid roughly $2.10 per dime. You kept 69 of those, at a cost to you of about $145, leaving you with $315 worth of dimes. You got an offer of $340 (already a $25 increase) and added $160 for the Morgan. So it looks like at this point you are $135 in the hole for the Morgan. You still have 69 of those dimes (an asset, and not a factor in the purchase of the Morgan). Compare that to the fair market value of that coin, and decide if you're still down or up. But keep in mind that if you later sell the Morgan, it will be the actual purchase price, and not FMV, that determines profit/loss. At this point you haven't lost any money, as you still have the assets (coins). So, you have 69 dimes, and a slabbed CC Morgan that cost you $560. Current FMV is $720-760 (depending on whether it is a capped or not) for the Morgan ([URL]http://www.numismedia.com/fmv/prices/mordlr/pricesgd.shtml[/URL]) and about $173 for the dimes.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
How would I do the accounting on thsi?
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...