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Testimony of Patrick A. Heller of Liberty Coin Service, Lansing, Michigan IN SUPPORT OF HB 268: EXEMPT SALE OF INVESTMENT METAL BULLION AND COINS FROM SALES TAX AND SIMILAR LANGUAGE IN THE APPROPRIATIONS FOR FY 2022-2023 Submitted before the Ohio Senate Finance Committee May 18, 2021 Chair Dolan and members of the Committee, I write in support of HB 268 to re-establish a sales-and-use-tax exemption for investment metal bullion and coins and for similar language in the Appropriations for FY 2022- 2023 for Ohio. My name is Patrick A. Heller. After working as a CPA in Michigan, in 1981 I became the owner of Michigan’s largest coin dealer, Liberty Coin Service, in Lansing. When Michigan enacted a comparable exemption in 1999, the House and Senate fiscal agencies and the Michigan Treasury used my calculation of forsaken tax collections in their analyses. I also conservatively forecasted the likely increase in Michigan tax collections if the exemption was enacted, and later documented that the actual increase in tax collections was nearly double what I had projected. My analyses of both tax expenditures and documented increases in state Treasury tax collections were subsequently used to support a successful effort to previously adopt this exemption in Ohio. This research has also supported successful efforts to adopt sales and use tax exemptions for precious-metals bullion, coins, and currency in Alabama, Arkansas (signed into law by Governor Hutchinson on May 3, 2021 and taking effect October 1, 2021), Indiana, Iowa, Kansas, Minnesota, Nebraska, North Carolina, Oklahoma, Pennsylvania, South Carolina, Virginia, West Virginia, and Wyoming. -
INFORMATION BULLETIN #50 SALES TAX JULY 2017 (Replaces Information Bulletin #50 Dated July 2016) Effective Date: July 1, 2016 (Retroactive)
INFORMATION BULLETIN #50 SALES TAX JULY 2017 (Replaces Information Bulletin #50 dated July 2016) Effective Date: July 1, 2016 (Retroactive) SUBJECT: Sales of Coins, Bullion, or Legal Tender REFERENCE: IC 6-2.5-3-5; IC 6-2.5-4-1; 45 IAC 2.2-4-1; IC 6-2.5-5-47 DISCLAIMER: Information bulletins are intended to provide nontechnical assistance to the general public. Every attempt is made to provide information that is consistent with the appropriate statutes, rules, and court decisions. Any information that is inconsistent with the law, regulations, or court decisions is not binding on the department or the taxpayer. Therefore, the information provided herein should serve only as a foundation for further investigation and study of the current law and procedures related to the subject matter covered herein. SUMMARY OF CHANGES Other than nonsubstantive, technical changes, this bulletin is revised to clarify that sales tax exemption for certain coins, bullion, or legal tender applies to coins, bullion, or legal tender that would be allowable investments in individual retirement accounts or individually-directed accounts, even if such coins, bullion, or legal tender was not actually held in such accounts. INTRODUCTION In general, an excise tax known as the state gross retail (“sales”) tax is imposed on sales of tangible personal property made in Indiana. However, transactions involving the sale of or the lease or rental of storage for certain coins, bullion, or legal tender are exempt from sales tax. Transactions involving the sale of coins or bullion are exempt from sales tax if the coins or bullion are permitted investments by an individual retirement account (“IRA”) or by an individually-directed account (“IDA”) under 26 U.S.C. -
Gresham's Law - Wikipedia, the Free Encyclopedia
Gresham's law - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Gresham's_Law Help us provide free content to the world by donating today! Gresham's law From Wikipedia, the free encyclopedia (Redirected from Gresham's Law) Gresham's law is commonly stated: "Bad money drives out good." Gresham's law applies specifically when there are two forms of commodity money in circulation which are forced, by the application of legal-tender laws, to be respected as having the same face value in the marketplace. Gresham's law is named after Sir Thomas Gresham (1519 – 1579), an English financier in Tudor times. Contents 1 Definitions 1.1 "Good money" 1.2 "Bad money" 2 Theory 3 History of the concept 3.1 Origin of the name 4 The law in reverse 5 The law in other fields 6 See also 7 Notes 8 References 9 External links Definitions The terms "good" and "bad" money are used in a technical non-literal sense, and with regard to exchange values imposed by legal-tender legislation, as follows: "Good money" Good money is money that shows little difference between its exchange value and its commodity value. In the original discussions of Gresham's law, money was conceived of entirely as metallic coins, so the commodity value was the market value of the coined bullion of which the coins were made. An example is the US dollar, which was equal to 1/20.67 ounce (1.5048 g) of gold until 1934 — and carried an exchange value (at those fixed rates) roughly equal to its coined-gold market value. -
The Sovereign Guide to Collecting Gold Sovereigns
THE SOVEREIGN EXPERT GUIDE TO COLLECTING GOLD SOVEREIGNS Managing Consultant Alex Hanrahan shares his guide to collecting Gold Sovereigns Alex Hanrahan Managing Consultant ore CPM clients choose to build a collection Mof Gold Sovereigns than any other coin available to date. But with two centuries of Gold Sovereigns to choose from, how do you create a meaningful collection worthy of passing on to your children and grandchildren? Reverse side of Obverse side of 1817 Sovereign 2017 Sovereign Let’s start with the question of “Why collect Gold Sovereigns?” CPM, PO Box 7776, Poole, BH12 9HR 1 Why Collect Gold Sovereigns? uite simply the Gold Sovereign is without rival as the United QKingdom’s premiere Gold Coin. Struck from 22 Carat Gold to the exact same specification since 1817, it epitomises all that is British. Traded across the world during the 19th Century and early 20th Century, it became known as “The Chief Coin of the World”, whilst today’s modern Proof Sovereigns show consistent collector interest and regular sell-outs. What’s more the Gold Sovereign remains both popular and accessible, with many options to create meaningful collections at affordable prices, even going right back to George III’s reign. " So how do I ensure I create a meaningful Gold Sovereign collection?" The key is to select an element that ties together the Gold Sovereigns in your collection to create a historically meaningful collection. Here are my top 5 recommendations for building a Gold Sovereign collection. To give you some sense of affordability and ease of completion, I have rated each out of 5 stars. -
DEPARTMENT of the TREASURY United States Mint Prices Of
This document is scheduled to be published in the Federal Register on 10/20/2020 and available online at federalregister.gov/d/2020-23117, and on govinfo.gov DEPARTMENT OF THE TREASURY United States Mint Prices of Mayflower 400th Anniversary Gold Coins on the “2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products” Grid AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint announces pricing for the Mayflower 400th Anniversary Gold Coins on the 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid. An excerpt of the grid, including a recent price range for the Mayflower 400th Anniversary Gold Coins, appears below: 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products **Does not reflect $5 discount during introductory period American American Eagle Average American Eagle American Buffalo American Eagle American Liberty First Spouse Gold First Spouse Gold End of World War II 75th End of World War II 75th Mayflower Voyage Two- Mayflower Gold Reverse Commemorative Gold Commemorative Gold Size Eagle Palladium (Numismatic Price per Ounce Gold Uncirculated 24K Gold Proof Platinum Proof 24K Gold Proof Coin Uncirculated Coin Anniversary 22K Gold Coin Anniversary 24K Gold Coin Coin Gold Proof Set Proof Coin Proof* Uncirculated* Gold Proof Versions) $1950.00 to $1999.99 1 oz $2,625.00 $2,590.00 $2,665.00 $2,545.00 $2,650.00 $2,690.00 $2,650.00 1/2 oz $1,330.00 $1,360.00 $1,340.00 $1,360.00 1/4 oz $ 677.50 $727.50 1/10 oz $ 285.00 $ 315.00 4-coin set $4,872.50 2-coin set $1,525.00 commemorative gold $ 710.75 $ 700.75 commemorative 3-coin set $ 776.25 The complete 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid will be available online at https://catalog.usmint.gov/coin-programs/american-eagle-coins. -
Beaver Money
Beaver Money Readers should feel free to use information from the website, however credit must be given to this site and to the author of the individual articles. Over fifty-eight thousand dollars in gold coin was minted in Oregon City by the Oregon Exchange Company in 1849 and is known as Beaver money.1 The coins earned their name from the image of a beaver which was impressed on the obverse side of each coin. The production of these five and ten dollar pieces had the approval of both Oregon’s provisional legislature and George Abernethy the provisional governor.2 Unfortunately, the minting of this specie was problematic even from the outset. Beaver money finds its origin in the aftermath of the California Gold Rush when hundreds of miners returned to Oregon bearing gold dust. Estimates put the value of the gold in Oregon at over two million dollars.3 The gold was not fungible, which is to say that it was hard to accurately weigh loose dust on scales that were not uniform - the gold needed to be minted in a solid recognizable form of consistent weight. Store owners were accused of rigging their scales to give them more than an ounce, and customers were sometimes guilty of mixing yellow sand in with gold to trick proprietors.4 Uncertainty about the purity of transaction gold placed the dust’s value at anywhere from ten to sixteen dollars an ounce depending upon the store owner’s decision. 5 Joseph Lanes arrival as the first governor of the recently established Oregon Territory threw a wrench into the legislature’s plan. -
ENG-JAN14 Web.Pdf
COINS FROM THE ROYAL CANADIAN MINT 2014 | NUMBER 1 PRESERVED foreVER UNFORGETTABLE WITH WORLD- MOMENTS RENOWNED COINS. AT BOUTIQUES AND MINT.CA startING JanuarY 7 153rd BATTalION IN TraINIng. SOurCE: Canada. DEPT. OF NATIONAL DEFenCE / LIbrarY and ARCHIVES Canada / PA-022759 THE POWER OF A WAR-TIME EMBRACE. When Britain declared war on Germany on August 4, 1914, its entire Empire was drawn into the conflict, including Canada. Across the Dominion, men flocked to recruiting stations. Within two months, Canada’s pre-war militia that included a standing army of 3,110 men had grown to 33,000. Many were recent British immigrants or native-born Canadians of British origin, but among them were also more than 1,000 French Canadians, many First Nations as well as many others from diverse ethnic backgrounds. Five hundred soldiers from the British colonies of Newfoundland and Labrador also joined the ranks, while some 2,500 women stepped forward to serve as nurses. Train stations across Canada became the stage for tearful goodbyes and lingering embraces. The First World War was a true coming of age for the young nation, and the hope, fear, courage and deep sacrifice Canadians felt 100 years ago remain as poignant and inspiring today. Designed by Canadian artist Bonnie Ross, this coin depicts a couple’s emotional farewell as the first wave of volunteers boards for camp. Time stands still for this couple as they savour one last embrace before his departure. It is a poignant reminder of the sacrifices made by those who answered the call of duty, and their loved ones who remained on the home front. -
BBB Consumer Tips for Precious Metals and Collectible Coin Buying
Beware of Any Business: These tips were created by the Better Business Bureau, with input • That pressures you to purchase or sell now. from representatives of the local coin and precious metal industry, to assist • That cannot commit to a delivery or consumers in making educated payment schedule. Make sure you are clear buying decisions about the agreement. • That without any apparent assets or references (such as a bank, legal references BBB Consumer Tips for or past customers). Precious Metals and • That offers to pay cash to consumers – as Collectible Coin Buying this is a violation of Minnesota law. and Selling Better Business Bureau of Minnesota and North Dakota 220 S. River Ridge Circle, Burnsville, MN 55337 651-699-1111 • [email protected] • bbb.org Do Your Research: • Understand all company policies before any Common Industry Terms: transaction (e.g. returns, cancellation or • Before consulting a dealer, assess the value delivery policy). Precious Metal - Is a rare, naturally occurring of your items (in the current marketplace). metallic chemical element of high economic Dealers are not required to disclose the • If you have a dispute with the business, try value (for example: gold, silver, platinum and value of collectible items - above and to contact them first to resolve the issue(s). palladium.) beyond their precious metal content - Spot Price - The price at which the before a consumer sells them. Red Flags to Watch For: international market identifies the value of precious metals. It is also what is used by • Thoroughly research a company before • Be careful when doing business with dealers to calculate what price to set for the doing business. -
The Sovereign – Setting the Gold Standard
ALCHEMIST ISSUE SEVENTY SEVEN The Sovereign – Setting the Gold Standard By Victoria Newman, PR Communications Manager, The Royal Mint an attempt to restabilise the county’s currency, the British Government took the decision to adopt the gold standard. As a result of this Great Coinage of 1816, the value of Britain’s currency became tied to the value of gold and a new circulating gold coin with a value of 20 shillings was introduced – the Sovereign. Almost half the weight and diameter of the original Sovereign, the new gold coin of 1817 more than matched its predecessor in the beauty of its design. The Italian engraver Benedetto Pistrucci was given the task of designing the reverse image for this new 19th-century Sovereign and created his own classical depiction of St George and the Royal Mint Sovereign, obverse and reverse dragon to take pride of place on the coin. Whilst this now iconic design continues to be struck on Victoria Newman reviews the history of the Sovereign, the flagship gold Sovereigns today, its initial outing actually lasted coin of The Royal Mint, and one of the world’s most famous gold coins for only eight years before it was replaced by more conventional heraldic designs in 1825. with a rich and varied history that dates back for more than 500 years. Dr Kevin Clancy, Director of the Royal Mint Museum, stated: “The gold Sovereign was first introduced in 1489 when Henry VII instructed the Mint to produce ‘a new money of gold’, which would be the largest coin England had ever seen, both in size and value, making in the process a strong statement about his reign. -
A Guide to Investing in Gold
A Guide to Investing in Gold A Guide to Investing in Gold HISTORIC ROLE OF GOLD 2 GOLD SUPPLY 3 GOLD DEMAND 5 THE PRICE OF GOLD 6 WHY INVEST IN GOLD 6 Long-Term Store of Value 6 Asset of Last Resort 8 Highly Liquid 8 Asset Diversifier 9 WHEN AND WHERE TO BUY GOLD BULLION 11 INVESTMENT FORMS 12 Gold Bullion 12 Gold Bullion Coins 13 Delivery or Storage 14 OTHER GOLD-RELATED INVESTMENTS 16 Numismatic Coins 16 Gold Futures Contracts 16 Gold Options 17 Gold Mining Stocks 17 GLOSSARY OF GOLD AND INVESTMENT TERMS 18 HISTORIC ROLE OF GOLD Gold’s unique physical properties, its luster, easy workability, and virtual indestructibility have given it a special place in the history of the world. Over centuries, gold has been prized for its rarity and beauty. One of the earliest records of gold used as money dates from 560 BC, when King Croesus of Lydia, today’s western Turkey, created a coin emblazoned with his own image. Before coinage, many commodities were used as a medi- um of exchange — cattle, cocoa beans, shells and hides, to name but a few. As the idea of the guaranteed gold coin gained gradual acceptance, gold became the formalized basis of economic life. Like ancient cultures, our modern society still recognizes the value and beauty of gold. Gold jewelry continues to adorn us; gold is used as an industrial metal in electronics, dentistry and other applications asother well applications as as well as an investment vehiclean in investment the form ofvehicle coins andin the bars. -
Gold Why's Top 10 Copper Bullion Tips
Gold Why’s Top 10 Copper Bullion Tips Welcome to Gold Why’s eBook all about copper bullion! It’s really interesting. When I started GoldWhy.com back in late 2007, I focused very heavily on gold bullion (as the name of the site indicates), but also included a few articles about copper bullion just for fun. Around then, I had just started buying copper bullion bars from Jetco Metals and was totally blown away (and I still am every time I buy a copper ingot form Jetco). I was also hoarding pre-1982 copper pennies for their copper bullion value (and I still do to this day). A lot has changed since then! Copper bullion mints have come and gone. Some have come and stayed. The industry has matured. We’ve even got a store that specializes in copper bullion products across all mints: The Copper Cave by Susquehanna Hobbies. One thing is for sure: Copper bullion is hotter than ever. Copyright © 2009 GoldWhy.com All Rights Reserved. This eBook May Not Be Copied, Reproduced, or Sold Under Any Circumstances. Page 2 of 5 One other thing happened during this time: GoldWhy.com has emerged as the authority on copper bullion. While my site still focuses on gold bullion, it is now also the industry standard when it comes to copper bullion. I sincerely thank everyone who has visited Gold Why and enjoyed my articles about copper bullion. I stay up very late at night after my regular 9 to 5 job to update my site. It’s people like you that keep me going! Today, I’m extremely excited to launch Gold Why’s first eBook. -
THE WORLD of COINS an Introduction to Numismatics
THE WORLD OF COINS An Introduction to Numismatics Jeff Garrett Table of Contents The World of Coins .................................................... Page 1 The Many Ways to Collect Coins .............................. Page 4 Series Collecting ........................................................ Page 6 Type Collecting .......................................................... Page 8 U.S. Proof Sets and Mint Sets .................................... Page 10 Commemorative Coins .............................................. Page 16 Colonial Coins ........................................................... Page 20 Pioneer Gold Coins .................................................... Page 22 Pattern Coins .............................................................. Page 24 Modern Coins (Including Proofs) .............................. Page 26 Silver Eagles .............................................................. Page 28 Ancient Coins ............................................................. Page 30 World Coins ............................................................... Page 32 Currency ..................................................................... Page 34 Pedigree and Provenance ........................................... Page 40 The Rewards and Risks of Collecting Coins ............. Page 44 The Importance of Authenticity and Grade ............... Page 46 National Numismatic Collection ................................ Page 50 Conclusion ................................................................. Page