WASHINGTON, D.C. - The United States Mint is offering a refund of $130 to persons who own the 2004 United States Mint Lewis and Clark Coin and Pouch Set, if the pouch was produced by the Shawnee Nation United Remnant Band of Ohio. The United States Mint has learned that neither state nor Federal authorities recognize the Shawnee Nation United Remnant Band of Ohio as an official Indian tribe. Therefore, the pouch is not an authentic American Indian arts and crafts product.

The names of the various artisans and their tribes who crafted the pouches for the United States Mint are identified in certificates of authenticity (COA) accompanying the pouch sets. Owners may ascertain whether their pouch set was crafted by the Shawnee Nation United Remnant Band of Ohio by referring to the COA.

“Americans place their trust in genuine United States Mint products that embody the American spirit,” said United States Mint Director Ed Moy. “The United States Mint wants to uphold that trust, and upon learning this new information, we are offering this refund.” (more…)

(Edina, Minnesota) – The new President of the Professional Numismatists Guild (PNG) is calling for PNG and the American Numismatic Association (ANA) to adopt a “unified code of conduct” in the buying and selling of numismatic merchandise.

“PNG will take a key role in consumer protection by working with key organizations, such as the ANA, to define criteria for a unified code of conduct and to devise ways to enforce the code,” said Gary Adkins of Edina, Minnesota who became PNG President in August.

PNG member-dealers and their employees already must adhere to a strict 17-point PNG Code of Ethics. Violation of the code can result in censure, suspension or expulsion. In the past three years, two PNG members were suspended from membership, and a third resigned prior to being suspended or expelled.

“PNG also has a 10-point Collector’s Bill of Rights that outlines what every collector should expect from the dealers they do business with,” said Adkins. “It forbids high pressure sales tactics or misrepresenting the value, quality or investment potential of numismatic items.” (more…)

Capital gain from the sale of a collectible held for more than one year is taxed at 28 percent.

That is significantly higher than the capital gains tax rate for most investments, which are taxed at a maximum 15 percent rate, 5 percent for taxpayers in the 10 or 15 percent tax brackets. Short-term investments in collectibles are taxed as short-term capital gains at ordinary income tax rates.

As you can see, the rate on collectibles is almost double the rate on other investments, and that can make a big difference. A few years ago, Sen. John Kerry made the newspapers when a review of his tax return showed that he reported tax on the sale of a painting at a $175,000 gain at the then-new 15 percent capital gain tax rate, when it should have been taxed at 28 percent as a collectible.

Collectibles include stamps and coins, fine wines, works of art, rugs, antiques, metal, gems, glassware and other commonly collected items. A collection of political campaign buttons and badges can be a collectible. If an item is an antique, it is probably a collectible.

Last week, after a two-day euphoria over lower interest rates, stocks retreated, oil broke through $81/barrel, and the dollar sank, reaching parity with the Canadian dollar for the first time in decades.

Don’t be surprised if you start seeing TV commercials urging you to “Buy Gold!,” insisting inflation is back with a vengeance. Put your wallet away for a minute.

That piece of advice doesn’t come from me, although I agree. It comes from folks who would be delighted to sell you gold: the Professional Numismatists Guild (PNG), a non-profit organization representing rare coin dealers, which recently issued a consumer alert.