Reporting Requirements for Coins: Liberty Coin and Precisous Metals

[JohnQPublic]

This is kind of bizarre (form the Liberty web site):

https://libertycpm.com/about-us/selling-gold-silver-san-diego/united-states-reporting-requirements-on-gold-silver-bullion/

Silver soins that are exempt:
American Silver Eagle, the Canadian Maple Leaf, and the Austrian Philharmonic.

Silver coins not exempt: only private coins/bars

Gold coins exempt:
Gold American Eagle, the Gold American Buffalo and the Gold Austrian Philharmonic

Gold coins not exempt: all private minted coins/bars and
Gold Canadian Maple Leaf, the Gold South African Krugerrand & the Mexican Onza

Why is Canadian silver exempt, but Canadian gold is not?

This seems confirmed by http://goldsilver.com/article/privacy-facts-on-selling-gold-silver-irs-1099-form/

[JohnQPublic]

A more complete list: (http://everhedge.blogspot.com/2011/04/selling-gold-selling-silver-privacy-irs.html)

Gold Bullion - IRS 1099 B Form (http://www.irs.gov/pub/irs-pdf/f1099b.pdf)

Private gold bullion, 1099 Form not required, any quantity:


US Gold Eagle Coins 1 oz - 1/2 oz - 1/4 oz - 1/10 oz
US Gold Buffalo Coins 1 oz
Austrian Gold Philharmonics 1 oz - 1/2 oz - 1/4 oz - 1/10 oz

Reported gold bullion, 1099 Form required, foreign coins sold in quantities of:


Canadian Gold Maples 25 oz +
South African Krugerrands 25 oz +
Mexican Onza Gold Coins 25 oz +
Chinese Gold Pandas 25 oz +
Etc, etc.

Reported gold bullion, 1099 Form required, fine gold bars sold in quantities of:


One kilo in total (32.15 troy oz ) or more per transaction


Silver Bullion - IRS 1099 B Form (http://www.irs.gov/pub/irs-pdf/f1099b.pdf)

Private silver bullion, 1099 Form not required, any quantity:


US Silver Eagle Coins
Canadian Maple Leaf Silver Coins
Austrian Philharmonic Silver Coins
Mexican Libertad Silver Coins
Chinese Panda Silver Coins
Etc. etc.

Reported silver bullion, 1099 Form required, silver bars/rounds .999 sold in quantities of:


1000 oz or more per transaction

Reported junk silver, 1099 Form required, bags sold in quantities of:


$1000 face value bag or more of 90% silver coins

[JohnQPublic]

It seems that gold Eagles and Philharmoinics ought to sell at a premium over Canadian Maples.

[ximmy]

What is the reasoning behind this? Tax? For future confiscations?

[JohnQPublic]

What is the reasoning behind this? Tax? For future confiscations?

It is tax reporting. Not sure why Austrian gold coins are exempt in any quantity, but not Canadian. Just seems strange.

[gunDriller]

Canada has a wierd rule about what they can export, without paperwork.

they can export .9999 fine Precious Metals - but not 22K like an AGE.

and the US Census has more wierd rules - like that transfers of $2000 or more over the border must be reported.