With almost 50 years in dealing in Gold Bullion and Silver Bullion as well as collector coins and currency, I have finally decided to share some of what I have learned. Over the years I have had many different people ask advice on what to buy and when to buy. As for when to buy, I can only say I am not an investment advisor and try not to advice people on when to buy or sell because there are so many different reasons the markets move as they do. As well as many different reasons people either decide to sell or buy based upon their own person goals and needs.
I can provide buyers and sellers with advice about different types of bullion and let people make their own judgement as to what they feel is best for them. In general there are two major types of Gold Bullion and Silver Bullion. The first being product that dealers and governments refer to as Legal Tender and the second simply referred to as Bullion. Simply said, Legal Tender items are mostly coins made by the government for use as coinage when they were made. In more modern times, coins referred to as non-circulating Legal Tender have become more and more common and make up a large part of the bullion trade today in coin shops around the United States. Examples of circulating legal tender are US 90% silver dimes, quarters, half dollars and silver dollars made through 1964 as well as $20.00, $10.00 and $5.00 US Gold coins made through 1933. While not all of these coins are treated as bullion many are traded very close to their melt value. Others do have collector or numismatic value which I will cover in another post in the future. As for non-circulating legal tender examples we have American Gold Eagles, Silver Eagles, Gold Maple Leafs, Silver Maple Leafs, Krugerrands, K rands, Chinese Gold Pandas, Mexican Gold 50 Peso through 2 Gold Peso coins as well as many modern coins now being produced by countries around the world.
The aforementioned information about Legal Tender Bullion verses Non Circulating Legal Gold Bullion, Silver Bullion as well as Platinum Bullion is a very general and brief explanation of these forms of Bullion. I have simply wanted, at this time, to lightly cover them so when thinking about buying or selling Gold Bullion, Silver Bullion and Platinum Bullion, a person can understand the difference. Another major difference when dealing with Legal Tender Bullion and Non Legal Tender Bullion is in how each is treated differently in different states and cities through the US. I have said many times that the difference is usually not as important when you are buying but when you sale that can become a much bigger issue. As an example, in Sarasota, where I am located there is no sales tax on the sale of Legal Tender Gold Bullion and Silver Bullion but on sales for NON Legal Tender of less than $500 there is a 7% tax. Even more problematic is on the sale of Non Legal Tender Bullion, different states and cities have different reporting and holding periods when a dealer buys from the public. These differences can vary from reporting and holding times before resale to finger printing and photographing the seller, as well as taking government issued ID’s and the reporting to the IRS and Local Law Enforcement agencies. However when dealing with American Gold Eagles and American Silver Eagles the number of reporting requirements are many times much less which makes buying and selling them much more hassle free. Giving them a higher premium over melt compared to many other products.
These are just my observations over the years and if anyone has additional questions or want more more specific information about where or how to buy or sell Gold Bullion, Silver Bullion, Collector Coins, Old Coins, 90% Silver Coins, Silver Dollars, Peace or Morgan Dollars, feel free to contact me at firstname.lastname@example.org or by store phone 941-952-0100 and I will try as best as I can to assist. You can also stop by the storefront at 1650 Main Street in downtown Sarasota, FL. Thank you for reading my post and I hope you will check back for additional posts about my 50 years as a full-time dealer in both U.S. and foreign coins, currency, silver bullion and gold bullion.
Estate Coin & Jewelry Galleria
1650 Main Street
Sarasota, FL 34236