I’ve got some proof grade gold coins, coin sets, from West Point and am thinking I’m getting to, or am already beyond, the age I’d need a flight on the quick out for my family and I. Buying such items from the Government, you give whatever the price they’re charging that week. Selling to a local or regional trader, what’s considered a fair bite for their service? Anything I need to know I might not know never having done so?
May be able to answer your questions.
Thanks @BRUCE26 An excellent start!
This is indeed a rare time. The stock market is bouncing off all time highs “again” and gold is up over $2K/oz and climbing. There are some that are saying it will hit $5K if Biden is elected and the stock market will crash. They are also saying that if Trump is re-elected that the stock market will continue to climb and gold may also climb a bit more before it starts to sink back down. Silver is another interesting investment as it is becoming more important in tech manufacturing.
To your situation having physical gold is a beautiful thing as you can have them pay you in cash or EFT. If cash stay below the $10K mark as that sets off legal federal trip flares. Just like depositing or withdrawing cash from a bank in excess of $10K. When I bought my first house some years ago I needed $11K of closing money. I called around to find the best rate for spot gold and hit the 3 best ones and had a pile of $100 bills. When it came time to pay I pulled said wad from my cammie hip pocket and began counting it out. The lawyers doggone near lost their minds. Cash is cool between you and me but between you and a business it causes issues. Similar reaction when I bought my wife a new car in CASH.
If you want a large sum of cash or need to make a large sum of cash electronic it requires patience to not trip the IRS/Fed trip wires. It can be done and legally, dumping the whole amount at once is fine but if the amount is too big you could get nailed for capitol gains. The best advice I got for dealing with a large influx of cash is to make all your local/discretionary purchases (grocery store, gas, 7-11, clothes, car parts, Home Depot parts etc) in cash and pay your recurring bills and big bills via EFT. Injecting cash into your electronic account should not be cyclical as in every 2 weeks I deposit $800 in cash as sooner or later the IRS will call that “Income”, conversely if I pull $300 in cash out at an ATM every 3 - 14 days that will probably not raise a flag, unfortunately the ATM’s dispense in $20 bills and they take up a lot of room if you are stashing cash.
I use APMEX.
I also use Silvertown for my engraved silver for Christmas, APMEX doesn’t engrave.
Thank you Sir. I’ll take your observations under advisement. It’s nice to know just a bit more than I did when I started considering the issue. You point out, rightly so, there are cycles to be aware of and hopefully we learn to catch the waves.
Now then, all I have to do is find someone conversant in card game collecting. My significant other left quite a stock of bulk, and sorted cards, and comprehensive catalog sets. I have no experience in these whatsoever. I’ve seen some of the interesting valuations people get on Antiques Roadshow for the extremely rare, but that’s not the same as finding a sterling third party to guide and share in creating profitable transaction.
Thank you @Fizbin. You anticipate me as I do have an interest in junk or bullion silver for such times as may be needed.
@CHRIS4 I dunno much about card game collecting but I am sitting on about 2 dozen + 1999/2002 Pokemon card packs un opened. To other “collectables” my FIL has been collecting “UN” as in the United Nations stamps since there was a UN, most of them are still in the original envelopes that they were mailed in un-opened. He also has I want to say “Austrian” stamps from a similar beginning , as in EVERY one ever produced (one each) since the 60’s. They have never been evaluated but from his investigations they are worth MUCH more in Europe than they are here in the US. I know the Pokemon cards that came from Japan are highly valued by US collectors but the US produced ones are becoming more collectable in Japan. As with all things, it is what the market will bear and if you have something that nobody has it can become quite valuable but mebby only for an instant. Tom Sever baseball cards probably jumped 30/40% yesterday if not more.
As with the D&D collections Laurinda left, or the StarTrek:TNG cards and sets, I’m certain the experience of ‘looking through’ what’s in front of you is equal parts amazing, rewarding, and baffling when spoken of in evaluating the world markets. All I can offer is something I only barely touched on with Her while she was here; talk with them about what they believe holds special value or how to find a knowledgeable and trustworthy specialist in the field. I know it gave Her a warm feeling being able to share Her special interests with me when we could.
I wish it was more the idea I’d be handing things forward to the coming generations in the family. However, that is just not the case unless I offer to cousins’ offspring as blind bequests. I have no grounds to expect they’d find it more than a quick transaction to cash out. Since that is the case, maybe I can do my significant other’s efforts justice. I think she’d enjoy that outcome better than me just putting it off until it’s an Executor’s liquidation.
I find most folks are happiest when their life’s efforts compliment someone with a similar passion even without significant monetary compensation. I understand D&D and Star Trek and both are still highly collectable. Families do not often hold the same passions that some members have. Passing them on to those that do outside of the family can be just as rewarding.
What kind of coins
Forgive me, I’m a collector…
When I was a coin collector I like to use this site:
This is a great site @Daniel228 it has the letters M&P on it.