Question for Coin Dealers, Receipts.

How do you handle or produce receipts as a coin dealer, whether you're buying or selling from the public or from other dealers?

 

Log in or Sign up to hide this ad.

I'm not a dealer, but I've sold to a lot of dealers at coin shows. At shows, most don't provide receipts, or provide them only if asked. Most also deal in cash as much as possible.

At the pawn shop I frequent, there's a lot of paperwork for buying, and I assume even more for selling to them. (They want to know how to find you if it turns out the stuff you sold them was hot.)

 

I noticed the lack of receipts and credit cards at a FUN show. I guess I am paranoid in that if there is no proof that you purchased a coin at a certain price then the capital gain will be enormous. Or do most sales end in under the counter deals? Got to think that at some point Sam will get interested.

 

I have no idea how those paper-free dealers report their dealings to the IRS. Asking about it would seem rude.

(For what it's worth, even before NC abolished the sales tax on coins and bullion, it was rare for dealers at shows to collect it. If you did ask, they'd say it was "included in the price", wink wink. But again, the pawn shop always charged sales tax, because their dealings are heavily scrutinized.)