Coin Chat Radio May 28th Episode Summary

"What’s In the News" with Bob Van Ryzin leads off the May 28th edition of Coin Chat Radio with news of the formal release ceremony of the John Tyler Presidential Coin at the Sherwood Forest Plantation once owned President Tyler.

Ryzin also reminds listeners that the Smithsonian is premiering a numismatics exhibition called "Stories on Money." Among other displays, it showcases samples of money from colonial times in America to the present.

Numismatic News editor Dave Harper interviews Diane Piret, Industry Affairs Director of the Industry Council for Tangible Assets.

"ICTA was formed to represent anyone who has an interest in rare coins, currency and precious metals with government," Piret replied when asked what the Council was. "We had no voice, especially in Washington, before that, and laws were passed without input from us which were detrimental to our hobby and industry."

The ICTA has had a pivotal impact on Broker Reporting Regulations. According to Piret, the legislation was intended for commodity brokers, but the coin industry was sucked in as well, mainly due to large transactions like bullion sales.

Initially, however, all transactions — even the smallest single coin purchase for $.25 from a coin dealer — would have required a 1099B IRS form. ICTA’s involvement helped chang the requirements to raise the thresholds to larger transactions.

Another ICTA success story deals with sales tax on coin purchases. As of today, ICTA has helped to raise the number of states to 29 that have some sort of exemption for coin transactions.

In the latest episode, Krause Market Analyst Tom Michael also sits down with Doug Nichol whose expertise in the numismatic field has led to his writing and affiliation with many books. One of his projects deals with medieval German coinage. He explains the difficulties of this particular era increase as the dates get older.

"There are more coin issuing entities in Germany with each earlier century," Nichol said. "In the nineteenth century there were about 30 issuing states, in the eighteenth there were about three hundred. When you go back to the twelfth century, there were about three thousand different mints."

To listen to this program, go to Coin Chat Radio. Current and prior week episodes are also available directly from sites hosting the free Coin Chat Radio player, like the one found in the upper right at Coin Collecting News.