Are my purchases or sales reported to the government?
Reporting requirements for purchases
Most purchases will not require any reporting. However, we are required to file a Form 8300 (Cash Reporting) when we receive cash payments over $10,000. Cashiers' checks, bank checks, money orders or traveler's checks under $10,000 are also considered cash. Personal checks, regardless of the dollar amount are not considered cash and thus do not require a Form 8300.
See the link below for more information about Cash Reporting.
Reporting requirements for sales
Most sales will not require any reporting. However, certain products sold in certain amounts may require dealers to file a Form 1099-B. For this the customer will need to complete a Form W-9. If a sale exceeds the minimum reportable amount for a reportable item, we will file a Form 1099-B. Reportable items are listed below and can be found on page 9 of the Consumer Informati
on Kit linked below.
***Note that certain items are exempt from Broker Reporting regardless of the amount sold. A few examples include...
- Any product not listed. For instance, both gold and silver American Eagle coins do not ever require a Form 1099-B because they did not exist when the IRS reportable items list was created
- Gold coins with fractional denominations
- Products that do not meet the minimum purity requirements
Consumer Information Kit - Broker Reporting & Cash Reporting
We are happy to provide you with a hard copy of the Consumer Information Kit upon request.
What do you buy and sell?
We buy and sell gold, silver, platinum, palladium, and rhodium bars and coins, and rare and collectible coins and currency (both domestic and foreign). We also buy gold scrap (typically old or broken jewelry, or dental gold) and sterling flatware. If you wish to buy or sell any of these items, please call us at 402.327.2853 for an appointment.
How do I know what my coin is worth?
The value of a coin is based on a combination of scarcity and condition. A coin’s mintage, which is easy to locate, determines its rarity. Ascertaining the condition of a coin, however, is a more skilled practice (to do it accurately). Once the rarity and condition are established, the price at which the coin will sell can be calculated. Dealers purchase coins at a wholesale price and sell them at a retail price to make a profit. By selling coins to a dealer, you are essentially paying the dealer to sell them for you.
I have an old coin. Is it valuable?
Possibly. But the most common misconception about coins is that an old coin is automatically worth a great deal of money. For example, we have coins from the 1800s that we sell for less than $1.00 each because they had a high mintage and are in circulated condition. If you are attempting to find the value of a coin on the Internet, be sure to be looking at recent completed sales of the exact coin (same year, mint, and condition). eBay It is one thing to to see the listing price, it is another if the coin actually sells for that price.
How do you set your prices and what is the process?
Our business philosophy has always been to pay the highest price we are able to, not the least amount we can get by with. We provide our best offer up front. We believe you should not need good negotiating skills in order to get a good price when selling your items. The process for selling is easy, as we offer line-item quotes you can take with you to consider. If/when you decide to sell, we pay by cash, or local check (Union Bank & Trust, they have a branch right across the intersection) - your choice - immediately. We can also have our bank generate a cashier's check or do a wire transfer.
I am interested in purchasing precious metals for investment. What is the process?
We can review various options and prices for precious metals with you in person or over the phone, but visiting our office to view bullion options in person is ideal. We have built our business on price transparency, and will review both our buy and sell prices. All bullion sell prices have been discounted for payment by cash, check, or wire payment. We deal in physical precious metals only, not base metals such as copper. We do not deal in ETFs or futures contracts.
What is bullion?
Bullion is easily tradable precious metal, where there is no appreciable artistic value to it. Simply put, bullion is not collectible (like jewelry would be), and will always be stamped with two things, weight and purity. Coins can also be bullion, even if the weight and purity is not stamped on it (as they are a government currency with published data of the coin composition). We stock bullion in many sizes and forms. There are bullion bars, rounds, and bullion coins. While an ounce of gold is an ounce of gold, not all bullion will have the same price. This is primarily based on supply and demand. Typically bullion coins (rather than bars) will carry higher premiums. And here in the States, the US government minted coins will usually have the highest premiums. Bars and foreign coins will usually have lower premiums. Often the items with the higher premium will sell for more when you go to sell them, and lower premium items will sell for less (but it really depends on the trend at the time when the bullion is sold). This isn't a hard or fast rule, but is often the case; to the point where it can almost be considered a wash, or at least close enough to be considered a wash We often suggest someone go with their 'gut feeling', as there is not right or wrong answer, as one isn't shooting themselves in the foot going one way or another. At the end of the day, it makes sense to be happy with your bullion, whatever that means. If considering a purchase, we also suggest you consider how you will want to sell or split it up one day, as well as storage (both the volume it takes up, and also being able to periodically, quickly, visually verify what you have). It is also worth mentioning, the better condition you can keep your bullion (including the packaging), the more someone will pay you when you go to sell it.
How do I know if the precious metals I buy from you are genuine?
In addition to our experience, we have a Thermo Scientific Precious Metal XRF (X-Ray Fluorescence) Analyzer. This unit uses x-rays to quickly and accurately determine the exact metal content of analyzed items. We also have two ultrasonic thickness gauges. Different metals have significantly different sound velocities. For a given metal and thickness, the time taken for sound to travel out and back to a sensor is known. If other metals are used inside the bullion (often tungsten, lead, copper), the gauge will show the incorrect velocity. The XRF and ultrasonic gauges have detected counterfeit bars, coins, and jewelry -- either plated or incorrectly stamped. Very few, if any, local dealers have one or both XRF analyzer or ultrasonic thickness gauge, but due to our volume, we must be assured we are buying and selling genuine metals. We take your trust in us very seriously, and as such we are accredited by the Better Business Bureau, and have an A+ Rating.
What is a troy ounce?
A troy ounce is a standard measurement for precious metals. A troy ounce is 31.104 grams versus 28.35 grams in a regular (avoirdupois) ounce. There are 12 troy ounces to a troy pound and 14.58 troy ounces in a standard pound. Even if not specifically called out, troy ounces are always used for precious metals.
What forms of payment do you accept?
We accept cash, check (subject to approval), bank wires, Visa, MasterCard, AMEX, and Discover (both debit and credit). We can also accept PayPal (which now allow payment via crypto, I believe; any transaction fees to be covered by customer). We are not set up to 'pull' (i.e., ACH) money from your bank account currently. All gold coin and bullion prices have been discounted for payment by cash, check, or bank wire. Card payments are subject to an additional fee of 2.0% for debit, and 3.5% for credit. Purchases by check are subject to approval (verification of funds, or allowing the check to clear).
What do the acronyms BV, AGW, ASW mean?
Bullion Value (BV) refers to the actual gold or silver value of a coin. Bullion value is determined by taking the current spot price times the actual gold weight (AGW) or actual silver weight (ASW).
What do you have available for sale?
Because we are buying and selling constantly, our inventory changes daily. Please check the PRODUCTS tab to see what precious metal bullion and collectibles are available. This is not a complete list of items we have in stock. We strive to keep this list as current as possible. Please call us at 402.327.2853 if you are interested in something specific and do not see it on our site. We also keep a list of Who-Wants-What, as we are happy to notify you if we get something in you have been looking for.
How do I know which U.S. coins contain silver?
Pre-1965 dollars, half dollars, quarters, and dimes are 90% silver (often called 90%, junk, or constitutional silver) . One dollar face value (whether it is halves, quarters, dimes, or any combination, as they are perfect ratio of each other) of 90% silver equals 71.5% of a troy ounce of silver. Approximately $1.40 face value equals one troy ounce of silver. Morgan and Peace dollars are 90% silver, but they contain 0.77 troy ounces of silver. Half dollars minted from 1965-1970 contain 40% silver. Nickels minted from 1942-1945 (i.e., war nickels) with a mint mark (P, D, or S) over the dome on reverse of the coin contain 35% silver.
Can I travel with gold, silver, or rare coins?
Yes, it is legal to transport bullion or rare coins across state lines as long as their value is assessed at less than $1 million dollars. If you are traveling to another country you will need to check their guidelines as they may differ from US guidelines. Do not put valuable items in checked bags. Keep high value items in your carry-on bag and keep a close eye on it! You must also declare the items you're traveling with if the value is more than $10,000. Failure to declare them would result in a fine and possibly confiscation. It is recommended that you notify TSA about what you will be transporting before you go through security checkpoints. You are able to contact the TSA office 24 hours prior to your flight. Notifying TSA in advance will save you time and trouble. TSA may decide to inspect your bag. If they do, we recommend you request a private screening so other travelers don't know what you are carrying. Finally, you should have the receipt(s) packed with the items you're traveling with. Proper documentation can help assure TSA agents that the items you're transporting belong to you. For more information you can visit www.tsa.gov.