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Working Letter
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. -
Canadian Money Word Search Extension Activity for Earn, Spend, Save & Share, I Need It! I Want It! Or Spending Sense Presentations
Canadian Money Word Search Extension Activity for Earn, Spend, Save & Share, I Need It! I Want It! or Spending Sense Presentations Grade Level: Grades 1-3 Learning Objective: This extension activity, along with the Earn, Spend, Save & Share, I Need It! I Want It! or Spending Sense presentations should help students: • learn common money terms • develop their visual ability for recognizing words related to money Materials Needed: • Canadian Money Word Search & pencil (1 per student) Preparation: 1. Review the meanings of the money words found in the worksheet: dollar: a unit of money equal to 100 cents bill: paper money which is also called notes. Bills represent larger amounts of money than coins. Canadian bills are produced at the bank of Canada located in Ottawa, Ontario nickel: a coin worth five cents loonie: a coin worth 100 cents/one dollar twenty: a number equal in dollar value to a green Canadian bill ($20 bill). Twenty dollars can also be represented by several combinations of bills and coins of smaller value coin: round pieces of metal used as money. Canada has five coins (nickel, dime, quarter, loonie, toonie). Coins represent smaller values of money than bills. Canadian coins are produced at the royal Canadian mint located in Winnipeg, Manitoba dime: a coin worth ten cents toonie: a coin worth 200 cents/ two dollars fifty: a number equal in dollar value to a red Canadian bill ($50 bill). Fifty dollars can also be represented by a several combinations of bills and coins of smaller value quarter: a coin worth twenty-five cents ten: a number equal in dollar value to a purple Canadian bill ($10 bill). -
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. -
Class 1 Nickel and Technologies Limited Announces Stock Option Grants
CLASS 1 NICKEL AND TECHNOLOGIES LIMITED ANNOUNCES STOCK OPTION GRANTS Toronto, Ontario (June 11, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO) ("Class 1" or the "Company") announces that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 11,165,502 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.60 per common share, vests immediately and expires three years from the date of the grant. Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine. For more information, please contact: David Fitch, President T: 416.454.0166 E: [email protected] For additional information please visit our new website at www.class1nickel.com and our Twitter feed: @Class1Nickel. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward- looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. -
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. -
Evolving Security Features That Guard Against Misuse, Fraud, and Contamination from Foreign Coinage
Security Evolving security features that guard against misuse, fraud, and contamination from foreign coinage Security is about strengthening the integrity of the coinage and making the coins even more resistant to counterfeiting. If your coins resemble each other or coins from another country, they risk being used fraudulently or improperly. Thanks to the diligent work of our engineers, scientists and technicians, and the participation of millions of coin users, we have developed innovative security measures with unprecedented effectiveness. GIVE YOUR COINS A UNIQUE IDENTITY SM&RT VISION—SM&RT is a promise that your country’s story is in safe hands. Thanks to its distinctive blend of EMS Security—All coins have an electro-magnetic signature innovative technology and skilled craftsmanship, SM&RT (EMS) and this security feature allows vending machines to delivers coins that—like your country—have a unique identity. identify a coin’s value. Multi-ply coins have the advantage And that means you can have complete peace of mind. of layered nickel and copper which helps target a specific EMS range, reducing the potential for overlap and currency The Royal Canadian Mint is the global leader in minting mistakes. through people, innovation and quality. THE INTEGRITY OF COINS IS EVEN MORE ROBUST GIVEN THE ADDITION OF VISIBLE SECURITY FEATURES INTRODUCING NEW SECURITY MEASURES OF Serrations—Variations to the serrations, commonly known UNPRECEDENTED EFFECTIVENESS as edge reeding, can be applied to the outside edge of the coin to provide enhanced security. Examples of this include Virtual Image—A special feature applied to the coin in which interrupted serrations (groups of serrations equally spaced) a different image is produced as the coin is turned from side and mini-scalloped. -
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 -
Canadian Money
Canadian Money Grades 1 to 2 Written by Leanne Howse Learning how to count money is an important skill as we need money to buy some of our favourite things! This resource is packed with worksheets and activities that allow students to practice important concepts involving money to meet expectations of the grade 1 and 2 Ontario Mathematics Curriculum. Concepts covered include: identifying Canadian coins and their value; representing money amounts in one or more ways; counting on to find the total value of a collection of coins; adding and subtracting money amounts; solving problems involving money. Assessments that can be used at the end of the math unit are included for each grade along with a marking rubric. Leanne Howse has been teaching since 1999. Although she has had experience in all elementary grades, she has found true joy in teaching primary students. She currently teaches grade 1/2. Although teaching is her passion, she enjoys creating resources that other teachers can use in their classrooms. She resides in Delhi, Ontario with her husband and 2 children. Copyright © On The Mark Press 2015 This publication may be reproduced under licence from Access Copyright, or with the express written permission of On The Mark Press, or as permitted by law. All rights are otherwise reserved, and no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, scanning, recording or otherwise, except as specifically authorized. “We acknowledge the -
Collecting Canadian Dollars by Thomas Coulson Canada Issued Its First Circulating Silver Dollar in 1935 to Observe the 25Th Anniversary of King George V’S Reign
Liberty Coin Service Collecting Canadian Dollars by Thomas Coulson Canada issued its first circulating silver dollar in 1935 to observe the 25th anniversary of King George V’s reign. The new silver dollar re- verse featured an Indian and a trader travelling by canoe to deliver goods they have collected. The canoe travels by a backdrop of a small island set against the Northern Lights (Aurura Borealis). This marked a major departure from previous Canadian silver coin designs which had all dis- played some form of wreath since 1858. The 1935 Canadian Silver Dol- lar was the first in a series of modernized designs released by the Royal Canadian Mint; similar to the renaissance of design embarked upon by the United States a generation earlier. 1935 Canadian Dollar The ‘Voyageur’ reverse was generally well received. The design was clean, simple, and fresh compared to the tired wreath types. The canoe with island and Northern Lights was and is distinctly Canadian. It exemplifies one of Canada’s greatest assets: natural beauty. The Voyageur and Indian transporting goods recall the harvesting of ample natural resources as a cornerstone of Canada’s economy. One of the parcels on the canoe also carries the initials H.B. This denotes the archetypic Cana- dian Hudson’s Bay Company; with a storied trading resume dating back to 1670. Though many citizens objected to this free representation of a commercial business on the coin, there was no doubting the Cana- dian theme. Objections aside, the design was simply beautiful and purely Canadian. The new dollar denomination and design proved popular enough to continue production through 1938.