How would you go about selling a 2016 sealed monster box?

Discussion in 'Bullion Investing' started by ldhair, Aug 6, 2020.

  1. ldhair

    ldhair Clean Supporter

    I was thinking about getting a quote from APMEX. Would that be a smart thing to do?What would be a fair offer with silver at about $28?

    I have the same question about selling coin silver. What's a fair offer at today's price?
    Should I just sell this local?

    This is not my world and I'm not trying to sell here. Just trying to learn the smart way to go about this. Thanks for any thoughts.
    capthank and GoldFinger1969 like this.
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  3. Mr. Flute

    Mr. Flute Well-Known Member

    I would think APMEX for the monster box is the best and most liquid path.

    Junk coins (depending on amount) I'd probably sell to my favored LCS, for good will development.
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  4. Tuco

    Tuco Active Member

    I'm in the same boat Idhair, although I'm going to sit tight for a while. My plan was to get quotes from my LCS, APMEX, Liberty and DBS (the companies I bought from). As an additional option, I think you can open an ebay store for less than $10 a month, this gives you a final value fee at around 6% that's capped at a maximum of $250 (I'd call them to confirm). Then you'd have paypal's 2.9% and shipping (registered mail covers bullion, but I don't know the rates/insurance charge). Here are the last 4 sold sealed monster box auction prices.

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  5. baseball21

    baseball21 Well-Known Member

    That's all pretty true, but I would strongly suggest not doing that as a new or first time seller on there. Theres a lot more risk especially for someone new and that would be a very hard hit to swallow.

    Realistically with the cost of shipping and everything else if you have an LCS that gives a fair price or within spitting difference just take the money and call it a day
    Last edited: Aug 6, 2020
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  6. Tuco

    Tuco Active Member

    Definitely, there are reasons the big bullion sellers on there wait 3-5 business days after they have the paypal payment to ship out a high dollar order. If you're a new seller paypal might also hold the payment until delivery confirmation. A lot of potential headaches with ebay/paypal.
  7. fretboard

    fretboard Defender of Old Coinage!

    That's what I would do, approach the LCS's in your area and choose the best price! If it was me, I would have several to choose from and be done with it! :D If you're asking about the smart way to go about it, the smart way is to hold awhile longer! :cigar:
    GoldFinger1969 likes this.
  8. baseball21

    baseball21 Well-Known Member

    Disagree. Take the money and don't attempt to catch the peak. The expected returns are much higher on many stocks if you move it there
    Mr. Flute likes this.
  9. Jerry Lewis

    Jerry Lewis New Member

    Be careful if you sell to your LCS. I knew of a couple who sold several thousand dollars of gold to a LCS and later got a letter from the IRS asking them to prove what their cost had been. Without that info. they were going to be taxed horribly on the supposed gain. The LCS apparently had reported to purchase to the IRS as a part of their normal business (perhaps because of the value?).
    GoldFinger1969 likes this.
  10. baseball21

    baseball21 Well-Known Member

    You have to report the sale no matter what
    -jeffB likes this.
  11. Mr.Q

    Mr.Q Well-Known Member

    Depending on how much $ there may also be taxes on the entire amount good luck
  12. fretboard

    fretboard Defender of Old Coinage!

    That's fine but the POG and silver is moving upward daily with all systems go! If people want to play it safe and cash out that's totally up to them, I get that! We agree to disagree. That said, I gotta ask you, do you even collect gold and silver?
  13. -jeffB

    -jeffB Greshams LEO Supporter

    That's for sure. On a sale of that volume, you're a fool to try to escape taxes. It's well into CTR territory.

    If you sell through eBay/PayPal, they'll report it. If you sell to an online PM dealer, they'll report it. They don't want to go to prison for trying to conceal a measly $15K transaction.

    If you want to dodge taxes on a five-figure transaction, you'll be meeting somebody with a bag full of Benjamins. Bring a blacklight to check the bills, and have armed backup. And don't drive straight home.
  14. juris klavins

    juris klavins Well-Known Member

    Bullion Exchanges in NYC is buying Silver Eagles for spot+$2 - slip your monster box into a backpack and take a bus ride to the Big Apple - $15,810 in your pocket & no IRS 1099-B paperwork* - JM Bullion is offering $33/ea., but after shipping and insurance costs, the NY trip seems to be more convenient if not more profitable ;)
    Reporting the actual capital gain is up to you on next year's IRS 1040

    What types of bullion are exempt from a 1099-B? Which are not?
    Gold coins with fractional denominations; Gold and *Silver American Eagle Coins; any pieces of foreign currency that were not mentioned in the IRS’s Reportable Items List; and any pieces of US currency that were created subsequent to the list’s creation are all exempt from reporting through a 1099-B form.

    [​IMG] 1 oz Silver American Eagle BU (Random Year) SPOT +$2.00 $31.62
    [​IMG] 2020 1 oz Silver American Eagle $1 Coin BU SPOT +$3.00 $32.62
    Last edited: Aug 6, 2020
    GoldFinger1969 likes this.
  15. Collecting Nut

    Collecting Nut Borderline Hoarder

    I think it best to start checking now but I also think silver will continue its upward streak. There has been no price correction and history shows us there should have been one around $23.00. Maybe it will happen after the $30.00 level has been breached.
  16. Tuco

    Tuco Active Member

    I purchased Silver Eagles and Maples last year, really hope I'm not taxed over 15%.
  17. ldhair

    ldhair Clean Supporter

    Yes. This is not a transaction that you can hide. Any gain will be taxable.
  18. Evan8

    Evan8 A Little Off Center

    I mean unless you have an LLC and sell privately in some back alley with an exchange of briefcases. Then run some fake invoices through your company and deposit the money a little at a time into the company's bank account. Paying the sales tax is way cheaper but the time in prison for laundering might not be worth it lol. I do not condone this practice.

    I guess the other thing to do is open that box up and sell all 500 ten at a time. Or play the grading game and see if any come back as MS70 lol. An MS70 2016 sold last year for $480.
  19. baseball21

    baseball21 Well-Known Member

    Coins yes, stacking bullion no although some of the gold ones price basically tracks metals
    fretboard likes this.
  20. baseball21

    baseball21 Well-Known Member

    Pretty much. Trying to sell a box of bullion to some seedy individual is probably one of the dumber things someone could do. Besides by the time you're done paying for proper security for the deal you might as well have just paid the tax.
  21. juris klavins

    juris klavins Well-Known Member

    Any profit (capital gain) you make from selling your silver is taxed at regular capital gains tax rates - short term (silver owned under a year) gains are taxed at a higher rate than long term gains (silver held over a year) - sell the higher cost basis (price paid) bullion coins first to lessen the tax bite.
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