I sold my collection of proof sets a few years ago. Had
been buying five per year and sticking them away in a box to
finance my old age. I took the loss on Schedule D :{

--
Don EA in Upstate NY

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Arthur L. Rubin wrote:
- quote -

Hah! at least you didn't spell it "pneumismatic".

Of course I knew the answer when I posted the query. In
fact I just hope I never (have to) sell my own collection of
silver coins taken from pocket change. Hopefully my son
will inherit them at fmv at least.

Christmas Cheer$,
Harlan Lunsford, EA n LA

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"Harlan Lunsford" <hlunsfordns[at]bellsouth.net> wrote:

- quote -

I would treat it as a coin collection, therefore a
"collectibles" capital gain.The $100 premium obviously arose
from the potential numismatic value of the pennies.

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Harlan Lunsford <hlunsfordns[at]bellsouth.net> wrote:

- quote -

Speculation that among the 30K cents are some with
numismatic value is one possibility.

--
D.F. Manno
dommanno[at]netscape.net
"They that can give up essential liberty to obtain a little
temporary safety deserve neither liberty nor safety."
(Benjamin Franklin)

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Harlan Lunsford wrote:

- quote -

I suppose the answer depends upon what was actually sold. I
could build a scenario that says only the containers were
sold for $100. The other part of the transaction was
nothing more than a currency exchange of coinage for paper
currency. The taxpayer merely wanted to avoid having to
roll the coins and transport them to the bank who most
likely would not look kindly on this type of teller
transaction. The container transaction would be treated the
same as any garage sale (assumes containers were not some
sort of collectible).

Another scenario could make it a sale of a coinage
collection. I think the answer will depend upon the
taxpayer's intent.

--

Alan
http://taxtopics.net

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Harlan Lunsford wrote:

- quote -

Probably 28% collectable, as the excess may very
well be numismatic (which will fail my spell-checker
no matter HOW I spell it) value.

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Harlan Lunsford <hlunsfordns[at]bellsouth.net> wrote:

- quote -

I once received about 3000 pennies. My son went through
them and found several collectable ones. I'd imagine a
collector might want a lot of pennies because of the
possibility some might have neumismatic value. In that case
they're certainly capital assets in the hands of the buyer.
So why not the seller, too?

Stu

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Story just on the news about a man who saved his pennies
over the years. When he got to 30,000 of them stashed away
in all types of containers, he auctioned them off. Bidding
started at 300$ of course, but winning bid was $400. (Why
one might ask.)

So now the tax question becomes what is the nature of his
gain? Capital gain? what rate? 28%? ordinary?

Cheer$,
Harlan Lunsford, EA n LA

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