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Silver Art

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#43
from this article...

Yes, South Dakota, which prevailed in this decision, is currently exempting small businesses with $100,000 or less in state sales or fewer than 200 individual transactions.

https://www.forbes.com/sites/kotlik...ands-of-small-online-businesses/#40555e7627aa

Thank you Bemac and Updated. I think I remember reading this earlier. I will have to see what details come down the line. With the SCOTUS decision favoring South Dakota, more states that charge a sales tax will jump in.
 

Silver Art

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#44
from this article...

Yes, South Dakota, which prevailed in this decision, is currently exempting small businesses with $100,000 or less in state sales or fewer than 200 individual transactions.

https://www.forbes.com/sites/kotlik...ands-of-small-online-businesses/#40555e7627aa
In my case regarding my ebay sales to customers in South Dakota, I have had only 1 transaction (sale) for less than $100 in South Dakota this year (so far).

However, this SCOTUS decision will open the floodgates for what other sales tax states will do regarding changing their sales tax laws in their state courts. Then also what kind Congress do (if anything) regarding Internet tax. It is still too early for me to know what will happen and more details will be needed as far as I am concerned. As an online/ebay business owner, I will just have to see what happens in the near future on regarding Internet sales tax. In the meantime, I will continue to make sales and make profit like I have been doing during the nearly 6 months that I have been in business.
 

Argent Dragon

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#45
If other TAX hungry states uses the South Dakota model then I'm ok with it. $100k and less than 200 individual transactions sounds reasonable for very small businesses. I'm sure some will take exception because the "line" has been drawn.
 

Silver Art

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#46
If other TAX hungry states uses the South Dakota model then I'm ok with it. $100k and less than 200 individual transactions sounds reasonable for very small businesses. I'm sure some will take exception because the "line" has been drawn.

I am fine with that as well. The SD model might (or might not?) give us a clue on what other states will do regarding their sales tax laws. We will have to see what happens in the very near future. Meanwhile......I am just watching and waiting.
 

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#47
If anything this will prompt Congress to pass a law to keep things as they were, keeping the states hands off, or to do nothing and let the courts rule the roost.

I'm not a betting man but I'd wager the latter.
 

Silver Art

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#48
If anything this will prompt Congress to pass a law to keep things as they were, keeping the states hands off, or to do nothing and let the courts rule the roost.

I'm not a betting man but I'd wager the latter.

Yeah Congress will not do anything this year regarding Internet tax leglislation. Midterm elections are here that that is more important than any federal legislation on Internet tax. You are going to have to wait a long time for Congress to pass any laws on Internet tax (if they ever decide to).
 

Argent Dragon

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#49
And.........how will these States be able to enforce these tax infringements ???

Doesn't a 'State' need to get .GOV to step in to enforce the law to extract tax $$$ from an entity doing business from another 'State' ?!?
 

Argent Dragon

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#50
The bottom line I believe is lawsuits and we all know where that $$$ ends up.
 

Silver Art

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#51
The lawyers get richer, the states get hungrier (for more tax moeny) and the defendants (the online business) get poorer.
 

Argent Dragon

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#52
Here's my latest find, a nice high grade Mexican Pillar Dollar........

IMG_0433.JPG
IMG_0434.JPG
 

Silver Art

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#54
My latest buy and resell was a 2017 George Rogers Clark "P" puck. I bought two of those for $150 each. I sold one for $229 and I kept the other one for myself.
 

Silver Art

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#55
I posted this in another thread but I thought that I should also post this in this thread since I and others sell online (Ebay, Etsy, etc.)..............

Ebay will start collecting sales tax for the following states:

Washington (starting 1-1-2019)
Minnesota (starting 1-1-2019)
Pennsylvania (starting 7-1-2019)
Oklahoma (starting 7-1-2019)

The ebay link on this is found here:

https://community.ebay.com/t5/Annou...ernet-Sales-Tax-May-Impact-Your/ba-p/29124500
 

davycoppitt

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#56
I posted this in another thread but I thought that I should also post this in this thread since I and others sell online (Ebay, Etsy, etc.)..............

Ebay will start collecting sales tax for the following states:

Washington (starting 1-1-2019)
Minnesota (starting 1-1-2019)
Pennsylvania (starting 7-1-2019)
Oklahoma (starting 7-1-2019)

The ebay link on this is found here:

https://community.ebay.com/t5/Annou...ernet-Sales-Tax-May-Impact-Your/ba-p/29124500

Just another nail in the coffin for living in MN. This will kill my ebaying.
 

Argent Dragon

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#58
In TEXAS there is no sales tax on silver & gold coins, numismatics, etc.......

If eBay steps over this line, there will be Hell to pay.
 

Silver Art

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#59
In TEXAS there is no sales tax on silver & gold coins, numismatics, etc.......

If eBay steps over this line, there will be Hell to pay.

Unfortunately, there is a sales tax on bullion and numismatics. Maybe that will change but I will not hold my breath on that.
 

Silver Art

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#60
It is pretty much a given that there will be more states that will be added to Ebay for tax collecting. It is just a matter of time. Since I am on Ebay every day because of my Ebay business, I will continue to keep up with this since this will eventually affect me. I usually look at my "selling announcements" section of my ebay seller hub to keep track of this.
 

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#62
Unfortunately, there is a sales tax on bullion and numismatics. Maybe that will change but I will not hold my breath on that.
The State of Texas does not tax bullion or numismatic sales. They used to have sales tax on sale under $1000 but that went away a several years ago.
 

Silver Art

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#63
The State of Texas does not tax bullion or numismatic sales. They used to have sales tax on sale under $1000 but that went away a several years ago.
Tennessee needs to get rid of their sales tax on bullion and numismatic sales but I doubt that will ever happen. The TN sales tax on bullion and numis items creates a disadvantage for TN dealers because a person can go to Georgia and buy bullion and not pay sales tax on it. I live very close to the Georgia state line and there is no sales tax on bullion. I usually go to the GA bullion dealers before I check out the TN bullion dealers.

Since I have a business selling 1-oz '70's silver art bars (and other silver bullion), I do have a TN reseller's license and that allows me to buy '70's silver art bars in TN sales tax free. My case is different because I am buying for the purpose of reselling. However, when I sell on ebay, I, as an online business based in TN, have to collect TN sales tax on TN customers that buy from me.
 
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#64
Yeah, even locally the tax makes it tough. My local shop sold me $14 face in junk silver for 10x face. I thought $14/ oz was great, after tax it was over $15/oz
 

savvydon

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#65
Yeah, even locally the tax makes it tough. My local shop sold me $14 face in junk silver for 10x face. I thought $14/ oz was great, after tax it was over $15/oz
You still did alright, but I agree it is frustrating to be taxed for changing your funny money into hard money.
 
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#66
You still did alright, but I agree it is frustrating to be taxed for changing your funny money into hard money.
Yeah, it's literally a walk in hallway of a place, seems like it's 90% sellers wen it comes to foot traffic, and they don't have much stock, but she always gives me good prices on anything they do get in. I went in a couple months ago, she had 3 ASE's on the counter and gave them to me for $1 over spot, with tax it ended up about $2.10 over, and then had a 1/10 oz gold eagle and maple leaf each for $123.
 

Argent Dragon

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#67
.....and then had a 1/10 oz gold eagle and maple leaf each for $123.
That's a great price on fractional gold. Those little ones usually carry a premium because of the demand to turn them into jewelry.
 

Argent Dragon

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#68
COIN SHOW this weekend, I'll be reporting on what all is going on in my neck of the woods !
 
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#69
That's a great price on fractional gold. Those little ones usually carry a premium because of the demand to turn them into jewelry.
Yes, it was the first time buying gold. I did a quick check of APMEX and Provident, and even after tax it was right in there with them, I figured for cash and carry I should probably jump on it.



COIN SHOW this weekend, I'll be reporting on what all is going on in my neck of the woods !
I look forward to hearing about it. I think I'm going to one Sunday, but we'll see. (the building it is in was sold end of last month, but when I called this weekend they said it was still being held there.
 

Silver Art

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#70
COIN SHOW this weekend, I'll be reporting on what all is going on in my neck of the woods !

Thank you. I look forward to the report. I am done with coin shows for 2018. My last coin show appearance was on the weekend of Nov. 2 - 4. I will hibernate until Spring 2019 (when it gets warmer).
 

Silver Art

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#71
Things that I learned selling '70's silver art bars and other collectible coins/bars on ebay (and elsewhere online)....................

1.) Buy it "right" - meaning paying the lowest premium possible in order to sell it for a "retail" premium.

2.) Sometimes I am not always right on my prices- The ebay marketplace dictates the value of a particular silver coin/bar. If it is priced too high, then it does not sell (no one will buy it). If it is priced too low, then it will see very quickly (everybody is scrambling to buy it). Admittedly, i have made those mistakes as a new seller/business. Sometimes, I just have to lower the price to move it. Lowering the price to make it sell and still making a profit (after fees and shipping) is a challenge but I have gotten better at this.

3.) Do not be afraid to take a loss on a sale - So far in 2018 (as of October 31, 2018), I have made a total net profit (after paying ebay/pp fees, shipping & mailing materials) of $4,240.91 on $20,485.81 worth of sales (selling ~541.75 troy oz's of silver). That $4240.91 also accounts for all of the sales that I took net losses on. I took net losses on several sales through out this year. Falling collector premium for a particular bar/coin, paying too much (i.e. "buying it wrong"), falling spot silver price are some of the reasons that I took a loss on a sale.

4.) Lowering prices to move an item - I am very reluctant to do this but sometimes there are times that you have to do this when it simply will not sell for the price that I initially set. Every once in a while I will lower prices to sell to more people. I also keep my repeat customers happy by giving them discounts on certain '70's silver art bars they they are looking to buy from me. Afterall, I have to stay competitive with other sellers.

5.) Customer service is key - There have been times that I have had unhappy customers that were not satisfied with their purchase. I am a seller that accepts returns (14-day return policy). If they are unhappy, I will do my very best to resolve the issue. I have had 6 returns (out of well over 200 transactions) and each one gave me a positive feedback because I took care of them and listened to what they were saying. I lose money when I have to deal with a return but I rather lose money on a sale because of a customer return than to get negative feedback and negative word of mouth from them. Losing money on a sale is much easier than losing a customer because they were unhappy with me as a seller.

6.) Research is required - Despite 10 years of collecting '70's silver art bars, I do not know everything about every single '70's silver art bars and other collectible silver bars/coins/rounds. Stuff that I am already familiar with or that I have previously sold before, that is easy but when I look for silver to resell, I use my "collector gut feeling" to determine what I think I can make money on if it is an old bar or collectible silver coin that I am not familiar with. I have my smartphone on me (with internet access) and I can do research on the fly if necessary but when I am in the heat of the moment and I have to make a quick decision, my "collector gut feeling" guides me on what to buy and what price to pay for it. When I get home, I do research on what it will sell for. Sometimes, I hit the jackpot and sometimes I strike out.

The good thing about the type of collectible silver that I sell is that I have buyers lined up to buy oldl bars. The bad news is that the stuff that they are looking for is very rare and hard to find. I enjoy what I do since I still collect for myself. Since I collect '70's silver art bars, it make it easier for me to understand what a collector is looking for.
 
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Silver Art

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#72
Things that I learned selling '70's silver art bars and other collectible coins/bars on ebay (and elsewhere online)....................

1.) Buy it "right" - meaning paying the lowest premium possible in order to sell it for a "retail" premium.

2.) Sometimes I am not always right on my prices- The ebay marketplace dictates the value of a particular silver coin/bar. If it is priced too high, then it does not sell (no one will buy it). If it is priced too low, then it will see very quickly (everybody is scrambling to buy it). Admittedly, i have made those mistakes as a new seller/business. Sometimes, I just have to lower the price to move it. Lowering the price to make it sell and still making a profit (after fees and shipping) is a challenge but I have gotten better at this.

3.) Do not be afraid to take a loss on a sale - So far in 2018 (as of October 31, 2018), I have made a total net profit (after paying ebay/pp fees, shipping & mailing materials) of $4,240.91 on $20,485.81 worth of sales (selling ~541.75 troy oz's of silver). That $4240.91 also accounts for all of the sales that I took net losses on. I took net losses on several sales through out this year. Falling collector premium for a particular bar/coin, paying too much (i.e. "buying it wrong"), falling spot silver price are some of the reasons that I took a loss on a sale.

4.) Lowering prices to move an item - I am very reluctant to do this but sometimes there are times that you have to do this when it simply will not sell for the price that I initially set. Every once in a while I will lower prices to sell to more people. I also keep my repeat customers happy by giving them discounts on certain '70's silver art bars they they are looking to buy from me. Afterall, I have to stay competitive with other sellers.

5.) Customer service is key - There have been times that I have had unhappy customers that were not satisfied with their purchase. I am a seller that accepts returns (14-day return policy). If they are unhappy, I will do my very best to resolve the issue. I have had 6 returns (out of well over 200 transactions) and each one gave me a positive feedback because I took care of them and listened to what they were saying. I lose money when I have to deal with a return but I rather lose money on a sale because of a customer return than to get negative feedback and negative word of mouth from them. Losing money on a sale is much easier than losing a customer because they were unhappy with me as a seller.

6.) Research is required - Despite 10 years of collecting '70's silver art bars, I do not know everything about every single '70's silver art bars and other collectible silver bars/coins/rounds. Stuff that I am already familiar with or that I have previously sold before, that is easy but when I look for silver to resell, I use my "collector gut feeling" to determine what I think I can make money on if it is an old bar or collectible silver coin that I am not familiar with. I have my smartphone on me (with internet access) and I can do research on the fly if necessary but when I am in the heat of the moment and I have to make a quick decision, my "collector gut feeling" guides me on what to buy and what price to pay for it. When I get home, I do research on what it will sell for. Sometimes, I hit the jackpot and sometimes I strike out.

The good thing about the type of collectible silver that I sell is that I have buyers lined up to buy oldl bars. The bad news is that the stuff that they are looking for is very rare and hard to find. I enjoy what I do since I still collect for myself. Since I collect '70's silver art bars, it make it easier for me to understand what a collector is looking for.

I forgot to mention the important thing and that is..................

7.) Patience - What I mean by this is that there have been days that I have not sold a single silver item. The collector market for '70's silver art bars and collectible silver is fickle and the value of old vintage bars is a "moving target". Since I am asking for high premiums (relative to current spot silver) for the old bars and collectible coins that I am selling, it will not exactly fly off the shelf when I listed (unless I "undersell" it) and I knew that when I decided to do this as a business. The downside to this is waiting for the right buyer(collector) to buy my product and that could take a while. Since I currently have over 500 items listed on ebay, the wait time between making sales is not too bad now IMO because I am able to make several sales each week. The longest time span between sales has been 5 days. Sometimes, for example, I will have times where I will not sell anything for 2-3 days and on the 4th day, I will sell about 2-3 items on the 4th day. Overall in 2018 (so far), I have averaged slightly over 1 sale/day.
 

Argent Dragon

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#73
Texas Coin Show Report - November 2018

Lots of activity at this show over the past weekend. Sentiment for purchasing metals was relatively strong. Overall there seemed to be more activity for gold than for silver. Activity was seen for both buying and selling.

Many dealers had 'junk silver' on hand in addition to the usual bullion pieces (mostly silver).

Numismatics seemed to be shifting from U.S. coinage to lesser expensive older foreign coinage with a budding interest in Ancients.
Ancients are those coins in the 2,000 year old range including both Greek (BC) and early Roman (70AD to 400AD).

A rising interest in collecting paper money is strong for foreign notes - lots of dealers displaying notes that didn't have them at previous shows.

Silver dollars are still prevalent overall but the exposure seems to be lessening. Not as many cases are filled with Morgan Dollars as seen in past shows. Prices have softened and slabbed coins seem to be more affordable than in recent years.

Lots of 'cheap' stuff was also spotted including bowls of 'culls' both silver and non-silver coins, mint sets of all types, and oddball coin related but not anything a serious collector would be interested in.

Retail traffic was modest but nothing spectacular. The hobby still suffers from being overrun by old diehards and the same old boring dealers brokering to each other.

Gold including pre-33 was very close if not right at SPOT prices. Junk silver was about 10.5 to 11x face.

***Special note >> Palladium was very 'strong' if not hot with prices fetching super high premiums while Platinum seemed 'dead' and most dealers with any platinum left them in the vaults locked away.
 

Silver Art

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#74
Thanks for the coin show update. I have also noticed while attending the last few coin shows in the last 3 months that there are still some old diehards on the coin side of this and they do deals between each other. They usually have the same stuff that they had during the last time that I saw them. There does seem to be some younger people on the bullion side of this business based on the last few coin shows that I attended during the last 3 months.
 

Argent Dragon

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#75
Average age I've noticed is around 50. Most dealers are 50+ with some in their 70's & 80's.

There's a few guys in the 30-40+ age bracket sometimes with a significant other or children but we're talking about maybe 10-15 total out of hundreds who attend over the weekend. Yes, I said hundreds...... it's not the thousands that attend gun shows.
 
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#76
Average age I've noticed is around 50. Most dealers are 50+ with some in their 70's & 80's.

There's a few guys in the 30-40+ age bracket sometimes with a significant other or children but we're talking about maybe 10-15 total out of hundreds who attend over the weekend. Yes, I said hundreds...... it's not the thousands that attend gun shows.
Yeah, not a ton of places where I'm one of the younger crowd at 47. Your observations seemed a lot like what I saw this weekend, but a little cheaper for you. Found one dealer with junk silver at 10.5 for quarters and 11 for halves. The rest of them were 11-12x. 1 oz bars and rounds were 16-17.50, (oddly, a couple dealers had ASE's at $17.50 also) 10 oz bars were 155 -159. Gold was a bit over spot, but it was 1/10 oz, those always seem to have a bit more premium. I ended up with $21 junk for $220, but that included a JFK commemorative sheet with (2) 1964 halves and a stamp from Grenada/St Vincent I picked up for $5 that bought the price down a bit
 

Argent Dragon

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#77
Yeah, not a ton of places where I'm one of the younger crowd at 47.
At 46 soon to be 47 we're pretty close in age.
 
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#78
Still kicking myself for not knowing foreign coins better. One dealer had 20 Mexican Onzas for $16.50, no Wi-Fi in the building and in the basement, it was SLOW when I tried to look up what I was seeing, and someone else grabbed them
 

Silver Art

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#79
Still kicking myself for not knowing foreign coins better. One dealer had 20 Mexican Onzas for $16.50, no Wi-Fi in the building and in the basement, it was SLOW when I tried to look up what I was seeing, and someone else grabbed them
Based on my personal selling experience, certain years of Mexican Onzas (1982 - 1995) the best years to get IMO are the following:

1988

1989

1990

1994

I think that the 1983 - 1985 mint years are very common since I see a lot of these when I see Mexican .999 bullion.

I know that you did not ask directly but the best Mexican Libertad years (1996 - present) to get are the following:

1996 - 1999 (1998 is the key date with the lowest mintage).

2000
 

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#80
Still kicking myself for not knowing foreign coins better. One dealer had 20 Mexican Onzas for $16.50, no Wi-Fi in the building and in the basement, it was SLOW when I tried to look up what I was seeing, and someone else grabbed them
There's a cheat sheet Irons posted a few times in the past to print out and take into a show with you. Maybe someone else knows where to find it or a similar.