Yearly Archives: 2010
Bullion Prices and Business Weekly Update – August 28, 2010
Tucker Promoted at Heritage Auctions
Collectors and Dealers Urged to Help Repeal New 1099 Requirements
The American Numismatic Association urges its members to contact their members of Congress and ask to repeal a law that could significantly increase the paperwork burden on dealers and increase the risk of identity theft for all collectors who buy and sell numismatic material.
Under Section 9006 of the Patient Protection and Affordable Care Act, commonly known as health care reform legislation, businesses will be required to report all goods and services purchased in excess of $600 with an IRS 1099 form.
As written, the law would, beginning in 2012, require all coin dealers to report on IRS form 1099 all goods and services (totaled across a taxable year) they purchase from other dealers and customers in excess of $600.
Gold, Silver, Metal Prices Commentary – August 27, 2010
Gold and Silver Prices Drop Slightly, Other Metals Rise
US Mint Issues 2010 Silver Proof Set
The United States Mint placed the 2010 US Mint Silver Proof Set on sale today, August 26, 2010, for a price of $56.95.
This year's issue contains 14 proofs as compared to last year's set that included 18 and had a price tag that was marked $4 cheaper.
All the Mint's annual sets are more expensive this year. A major factor is the extra cost in producing them. Metal prices are significantly higher. Silver today is right at $19 an ounce. It was near $13 an ounce when the 2009 silver sets launch on July 17, 2009.
Gold, Silver, Metal Prices Commentary – August 26, 2010
US Mint Sales: Bullion Silver Eagles Rally, Buchanan Dollars Debut
Collectors have been busier, purchasing greater amounts of United States Mint numismatic products which translated into nearly across-the-board weekly coin sales improvements. U.S. Mint bullion coins were also scooped up quicker after several weeks of lazy numbers.
James Buchanan Presidential Dollars launched into circulation last Thursday and Mint sold rolls of the coins entered the sales board for the first time this week. Debuting figures show 46,096 of the 25-coin rolls from Denver and Philadelphia were ordered, which is 2,024 lower than the prior opening Franklin Pierce numbers. While way too early to judge, it is still a bit unexpected...
Gold Nears 8-Week High, Demand Rises 36%; Silver Tops $19
Odyssey’s Appellate Reply Challenges Spain in Sunken Coin Treasure Case
Continuing a series of legal steps, challenges and hurdles, Odyssey Marine Exploration has recently filed it's reply to Spain's response in the highly contested "Black Swan" case. This is expected to be the end of the written pleadings for the matter which is currently before the United States Court of Appeals for the Eleventh Circuit in Atlanta, Georgia.
At stake in the matter is ownership of a recovered sunken treasure consisting of an estimated 500,000 gold and silver coins. Believed to be valued at around $500 million, the recovery has peaked the interest of many since it was first announced back in 2007. The issue was contentious from almost the start with Spain initiating a seizure of one of Odyssey's vessels back in July of 2007, claiming that Odyssey was engaged in an "offence against Spanish historic heritage."