Updated 10-19-10
The first informational meeting of the recently created Gold & Silver Political Action Committee (GSPAC) occurred in Long Beach, California on September 22, 2010. The creation of the PAC was prompted by enactment of new Internal Revenue Service Form 1099 reporting requirements and other proposed legislation that could create tremendous burdens on dealers as well as collectors and investors.

GSPAC is registered with the Federal Election Commission (FEC)

Thirty-one people attended the inaugural meeting in Long Beach, including state and federal government relations experts, rare coin and bullion dealers, executives of several national numismatic organizations and a former US Mint Director who also previously served as chief of the majority staff of the U.S. Senate Finance Committee.

“The Gold & Silver PAC is an effort to elect public officials with a better understanding of the numismatic and precious metals community and pending legislation and regulatory issues that could positively impact or adversely affect the hobby and profession,” said Barry Stuppler, Chairman of GSPAC.

“GSPAC does not compete with existing organizations, such as the Industry Council for Tangible Assets (ICTA) or the Coalition for Equitable Regulation and Taxation (CERT). By working to elect legislators who understand our community’s needs, issues and concerns, we complement their efforts in Washington and state capitals.”
Veteran government legislative specialist, Nicholas A. Pyle, President of Pyle & Associates in Washington, is volunteering his time to work with GSPAC and among those attending the meeting. Pyle will create an informal “Congressional Coin Caucus” composed of members of Congress interested in coin and precious metals issues.

Stuppler outlined nine “core issues” that GSPAC will use as criteria to evaluate candidates:
• IRS Form 1099 reporting on purchases of merchandise over $600
• Regulation of the purchasing and marketing practices of gold and precious metals dealers
• Enforcement of the Ancient Antiquities Act on Greek and Roman coin imports.
• Problems caused by high-quality Chinese-made counterfeit coins and bogus certified numismatic holders
• Traveling and hotel gold buyers who may be purchasing gold coins and jewelry without required licenses
• Allowing certified rare coins to be placed in IRA accounts
• Exempting coins, currency and precious metals from possible Value Added Taxes (VAT)
• Exempting coins, currency and precious metals from the Streamlined Sales Tax Plan (SSTP) all inter-state Internet or mail-order sales taxes
• Capital gains tax rates on precious metals and rare coins

“I am excited to share that the Gold & Silver PAC raised over $160,000 in contributions from individuals and another $150,000 in pledges,” explained Stuppler. (more…)

By Laura Sperber – Legend Numismatic Market Report

You may have noticed the past two weeks or so we have been saying and doing little with our web site. NEWPS have been minimal and Market Reports and Hot Topics have slowed. We can now tell you why. We have been super busy traveling completing deals-not just any deals, deals that are at world record prices and that include some of the rarest coins on earth! We are now finally back home and are pleased to make the following announcement:

LEGEND NUMISMATICS HAS BOUGHT AND SOLD THE UNIQUE 1C 1943D COPPER FOR $1,700,000.00!

We actually purchased a 3 coin coin deal for $2,000,000.00. We figured the 1943D at $1.7 million cost. The other two coins in the deal were the finest 1944 P Steel cent PCGS MS64, and a 1C 1942 PCGS 65 made out of white metal. Yes, you have read this right-3 pennys for $2 million dollars!

The 1943D and the 1944P are both now part of the ONLY COMPLETE PDS sets for their metals. The steel cent collection is by far the finest, as are the coppers. We are hoping to display both these sets at the PCGS table at FUN 2011.

Hard to believe, but Legend tried unsuccessfully for four years to buy the 1943D. The seller in the end was still reluctant. However, we can state ALL of the monies he received from the sale are going to a pet charity project of his. The seller (who wishes to remain anonymous) was represented by Lincoln Cent Specialist Andy Skrabalack of Angel Dee’s.

Our customer is thrilled to own the 1943D. Ever since he heard the coin existed, we had been sent on a mission to acquire it. His desire to own the complete and only PDS copper set came from his finding what he thought was a 1943 copper when he was young. Sadly, this piece was found to be a fake. Still he keeps this coin in his desk draw. He believes 43 Coppers are one of the ultimate classic rarities (and so do we). While the price we paid was stiff, the monies went to a good cause and the coins are now locked away in a great home.

Legend Numismatics has handled MANY million dollar plus classic rarities over the years. The 1943D really is one special highlight for us. We thank the seller and congratulate the new owner. For us, it really has been a career highlight.

WHAT ELSE DID WE TRAVEL FOR?

We have now flown several coast to coast trips over the past 2 weeks. There have also been stops in Dallas, NYC, and Denver in between.

One exciting collection we purchased was a spectacular Pattern Collection. When we got the call we were like, “oh great, more patterns”. This deal turned out to be an incredible “old time” collection with the majority of the coins being raw. Highlights included Earring Quarters, Amazionan Dollars, and several R-8 Seated patterns. These coins will be sent in for grading shortly. We did not grade anything less than PR65! ALL of the coins have been off the market for at least 20+ years. Guess we can never have enough great Patterns!

Besides patterns, we also bought and sold a 50C 1919D PCGS MS65. The price was in excess of $200,000.00. This sale now completes what maybe the second finest Walker set assembled (no, its NOT registered). (more…)

By Vic Bozarth – Rare Coin Road Warrior
This is a NEW Monthly Column by Vic Bozarth, the “Rare Coin Road Warrior” who spends over 200 days a year traveling to Coin Shows. We hope you enjoy Vic’s unique perspective on the coin collecting and the rare coin Market. – Editor

Hi, my name is Vic Bozarth and I am a Rare Coin Road Warrior. My wife Sherri and I own Bozarth Numismatics Inc. Our website is Bozarthcoins.com. Last year we spent over 200 days on the road on nearly 45 different trips. As a professional numismatist and buyer for other companies I have been a ‘rare coin road warrior’ for nearly 25 years. My wife and I attend all major coin shows, as well as most large regional or state coin shows.

Many fellow numismatists and collectors have expressed an interest in hearing about our experiences during our coin show and buying trips. Recently I decided to write a short article each month on the shows we attend as well as the coin buying trips we take to different cities across the United States.

Buying NICE rare coins at reasonable prices becomes more difficult each year. There are a lot of logistical and security considerations we have to plan for with every trip. Not only do we have flights to book, but we also have to find a comfortable and safe hotel or motel preferably close to the show. If we have appointments with customers or other dealers we often rent a car. Those are most of the logistical considerations. Security is the biggest concern. We do have one big advantage. Because we are most often able to travel together, one of us can always watch the coins. We never leave our coins unattended.

Although we have tables at most shows, sometimes I buy an ‘Earlybird’ dealer badge and just attend a show by myself to buy only. During weeks with no major shows, we often fly to a major city and ‘hit’ the shops and offices of the coin dealers in that area. Over the years, I have visited virtually every major city in the continental United States at least once. Fortunately both my wife and I love to travel, because the schedule can be grueling.

Last week we attended the Illinois Numismatic Association show in a suburb of Chicago called Tinley Park. A couple of days before the show we flew in to Detroit, rented a car, and did some business with other dealers on our trip west to Chicago. We really enjoy these trips. Although we experienced a flight delay out of Houston due to bad weather from a tropical storm in the Gulf of Mexico, we were able to see several dealers in Michigan before arriving at the ILNA show in Tinley Park.

The weather in Michigan and Chicago is gorgeous this time of year. The summer heat has softened and the nights are cool and comfortable. The folks with the ILNA Show did a great job in putting on the show despite the construction to enlarge the current convention center in Tinley Park. ILNA moved to this location a couple years ago. They are to be commended for running a good show in a location that has both safe and reasonably priced lodging and good restaurants.

Business on the bourse floor is always busy during dealer set-up. Getting ‘first shot’ at someone’s inventory is the prize for those lucky enough to get there first. Basically ‘first shot’ is what we dealers refer to as the person (usually a dealer) who gets to look at another dealer’s inventory before any other dealer looks. Often times you will hear, ‘Joe got first shot, but I still want to look’. Many dealers attend only a few shows a year and their inventory is ‘fresh’ to other dealers. They have often purchased coins from collections or estates that other dealers haven’t seen, thus the desire to get ‘first shot’. (more…)