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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
 Posted - 07/27/2009 : 15:02:08
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I stopped at a coin shop on my way home today.
He is buying 90% for 8X
Selling for 10X
Selling 80% for 8X
I picked up a small mixed amount of 80% and 90% ( My total = $26.70 )
I thought the spread on the 90% was kinda high.
Coinflation says I got it all for less than melt
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You don't have to be the BEST you just have to be.......SLICK
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/27/2009 : 15:09:15
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| You got it about average market price right now. Lucky you didn't pay sales tax. It isn't worth buying locally here unless you can spend 1500 per stop. |
Trolling is an art. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 07/27/2009 : 15:20:34
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Saudi Neckro????
2x face spread isn't horrible IMO... I've seen as high as 3 and as low as 1...
Its funny the whole sales tax thing, I have had to pay sometimes and other times not. My one dealer I haven't in 6 mo, the other doesn't either but reminds of the "no sales tax" discount.
Decided to stop in the local shop today, 1st time in 2 mo. The wife of the owner said they were wondering where I have been (this is a good thing probably). Anyways picked up a few National Assayers 1 oz bars for 75c over spot... No tax of course... |
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natsb88
Administrator
USA
1850 Posts |
Posted - 07/27/2009 : 15:23:46
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quote:
Originally posted by oober
Anyways picked up a few National Assayers 1 oz bars for 75c over spot... No tax of course...
Do they have any more? I like those  |
Nate
The Copper Cave
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 07/27/2009 : 15:29:24
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quote:
Originally posted by natsb88
quote:
Originally posted by oober
Anyways picked up a few National Assayers 1 oz bars for 75c over spot... No tax of course...
Do they have any more? I like those
Nope took everyone they had, 5... Goes along great with the 10ozer I have. :)
I love picking up bars from companies that are no longer in business.
I believe they stopped producing in the 70's?
I also believe they were based in Canada? |
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natsb88
Administrator
USA
1850 Posts |
Posted - 07/27/2009 : 15:35:51
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quote:
Originally posted by oober
Nope took everyone they had, 5... Goes along great with the 10ozer I have. :)
I love picking up bars from companies that are no longer in business.
I believe they stopped producing in the 70's?
I also believe they were based in Canada?
Yep, Canadian company. Not sure when they stopped producing though. There are several style 1 ounce and 10 ounce bars.
(Sorry to hijack your thread Slick!  ) |
Nate
The Copper Cave
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 07/27/2009 : 15:37:16
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Not bad....seems like the spread is a wee bit high, but not awful. Some of the dealers here are doing:
9.3x - 10.5x
8.5x - 10.5x
9.0x - 10.0x
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My hobby: collecting real money 1 copper cent or nickel at a time.
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BOHICA
Penny Sorter Member
USA
41 Posts |
Posted - 07/27/2009 : 17:16:49
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| The coin shop I frequent only charges sales tax if you pay with a credit card. I don't buy PM's with credit cards. :) |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 07/27/2009 : 17:34:51
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quote:
Originally posted by BOHICA
The coin shop I frequent only charges sales tax if you pay with a credit card. I don't buy PM's with credit cards. :)
Good idea, of course I don't use credit cards for anything....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 07/27/2009 : 17:50:47
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quote:
Originally posted by CoinHunter53562
Not bad....seems like the spread is a wee bit high, but not awful. Some of the dealers here are doing:
9.3x - 10.5x
8.5x - 10.5x
9.0x - 10.0x
It's 10.0x --- 12.0x at the dealer I visit, no sales tax.
Did you buy in SC? Do they charge tax down there? Also, what did you get that's 80%, if you don't mind me asking? The only thing I can think of off the top of my head that's 80% is Canadian half dollars. |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/27/2009 : 18:15:53
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| Canadian halves, dimes, and quarters where made in 80% and some 50% |
Trolling is an art. |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 07/27/2009 : 18:20:17
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| why would you not have to pay sales tax? |
Inquiring minds want to know |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 07/27/2009 : 19:27:13
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no sales tax. i was in NC. about 3 miles from the state line.
The guy is a novice coin shop owner. i got 3 quarters and 4 dimes. i later discovered one was a 50%. he had 40% and a clad dime and a 1970d half mixed in with the small bag of junk silver. he pulled the 70d out as soon as he pulled it out.
I was passing by so I just stopped to see what he had. |
You don't have to be the BEST you just have to be.......SLICK
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 07/27/2009 : 19:49:02
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quote:
Originally posted by daviscfad
why would you not have to pay sales tax?
You pay tax? |
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 07/27/2009 : 19:57:22
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quote:
Originally posted by Ant
quote:
Originally posted by daviscfad
why would you not have to pay sales tax?
You pay tax?
We do here in Wisconsin unless you are a registered reseller. I ended up doing that because of the amount of purchases I made last year. I do resell, and file paperwork, tax returns, etc. It's a major pain in the butt, but worth the savings, and I get a better discount at coin shops by having the resale certificate. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 07/27/2009 : 19:59:50
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quote:
You pay tax?
I have never bought from a coin shop. I just thought you hadto pay sales tax on everything |
Inquiring minds want to know |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/27/2009 : 20:02:39
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| Some states must have investment tax, and stuff. Cali it's if you buy over 1500 you don't pay sales tax on investment bullion.numismatic |
Trolling is an art. |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 07/27/2009 : 20:07:34
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| I think Texas has something similar to what Neckro mentioned, but I think the threshold is $1,000. Thought I heard that somewhere... |
My hobby: collecting real money 1 copper cent or nickel at a time.
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 07/27/2009 : 21:15:19
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quote:
Originally posted by CoinHunter53562
quote:
Originally posted by Ant
quote:
Originally posted by daviscfad
why would you not have to pay sales tax?
You pay tax?
We do here in Wisconsin unless you are a registered reseller. I ended up doing that because of the amount of purchases I made last year. I do resell, and file paperwork, tax returns, etc. It's a major pain in the butt, but worth the savings, and I get a better discount at coin shops by having the resale certificate.
I haven't been charged tax probably in 7 mo..... :)
Not paying high prices either... I know some dealers will charge a higher price and say they are not charging tax... |
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natsb88
Administrator
USA
1850 Posts |
Posted - 07/27/2009 : 21:22:26
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No sales tax on bullion in Pennsylvania. Makes my business much easier to run  Still have to file the report for the little bit of stuff I sell that is taxable, but at least it's only twice a year. |
Nate
The Copper Cave
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MatLock
Penny Pincher Member
USA
122 Posts |
Posted - 07/28/2009 : 00:39:36
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| You got a fair deal there, slickeast. Here in California, I cannot buy silver in the coin shops because of 8.75% sales tax on the Ag! (Well I could but that would be kind of stupid) |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 07/28/2009 : 03:29:27
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But plenty of people do. Two coin shops in Ft.Wayne, INdiana move plenty of silver even with the sales tax thing. I avoided it once or twice by doing trades, and bought another time just because spot had dipped so low. Alll other times I had to pass because it added a dollar or more per ounce, on top of the 75cent premium.
As for spreads, when I left, the spreads on 90% were something like $7.75 by and $10 or $11 sell. Rediculous. But apparently people were doing it, plus paying tax on top!!! I tried to buy out of state through connnections I had made. This saved me lots!
Luckily I'm back in the motherland now. But I haven't bought any since I've been back....but yes, as far as I know it is $1000 and up tax free on bullion purchases here in Texas. |
"May your percentages ever increase!" |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 07/28/2009 : 06:08:19
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No tax or paper work if you are buying unless it's something like 10K a week or more. If you sell, sometimes paper work is necessary, but not always. I think....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 07/29/2009 : 03:24:30
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NotABigDeal, what state is that for? I know many states do have sales tax, etc.
Though the $10K thing would apply to any state....it's an 'anti-money-laundering' thing. |
"May your percentages ever increase!" |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 07/29/2009 : 04:55:31
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| Stopped by a coin dealer in a Kansas small town yesterday. The guy was asking $20/ASE and claimed that the locals were paying that all day long- ouch! He then told me that he had some "shiny" WL and 1964 Kennedys halves that he'd let go of for 11x face cash, no tax. I went ahead and cleaned him out. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 07/29/2009 : 08:01:54
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quote:
Originally posted by MatLock
You got a fair deal there, slickeast. Here in California, I cannot buy silver in the coin shops because of 8.75% sales tax on the Ag! (Well I could but that would be kind of stupid)
I've got the same problem in Virginia. Stopped going to buy bullion in my local coin shop because I get hit with 5% sales tax even with a large purchase. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Coin Shop 90% (10X ) 80% ( 8X )
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