It's Easy to Sell your Coins & Currency to Penny Pincher Coins

Two Convenient Ways to Sell your Bullion and Numismatic Coins & Currency

At our Fairfax Store -

1. Call to make an appointment if it is a large collection. Come to the store. Our purchasing and consignment area offers our sellers a private and confidential setting to conduct our business.

2. What do we buy? United States and World Coins and Currency, whether it's bullion or collectible, we're strong buyers of it. We have a very strong Numismatic Coin & Currency business in our store and on our sister site PennyPincherAuctions.com.

3. Depending on the size of the transaction and your preference, we can pay with cash or check.

4. Please bring a photo I.D. so we can be compliant with our Know Your Customer policies. Unless there is a large reportable bullion transaction, there are no other reporting requirments.

By Mail -

1. We can purchase bullion coins over the phone and lock in your rate. Please call Tuesday - Friday from 11am to 6pm 703-383-1414. We will need a credit card in case you default on delivery and there is a market loss.

2. Alternatively, you can simply confirm what you are shipping and we'll price it when it arrives and mail you a check.

3. All Numismatic Coins & Currency have to be seen by us in the office to determine a purchase price. If we can not agree to a price, we will return it at our expense.

Government Reporting Requirements : Selling to Us

When you sell to us

These reporting requirements are related to when a dealer must tell the IRS (form 1099) that you have made a sale. It is related to making sure you pay your taxes. Regardless of whether we need to file a 1099, it does NOT exempt your from paying tax on your gains. We advise you to consult a tax professional for any tax implications on a sale. Nevertheless, here are the industry guidelines for when we will file a 1099 to the IRS when you sell to us.

Guidelines:

There are only certain coins or bars that trigger the issuance of a 1099-B
When one of the required types of coins or bars are sold, a minimum amount must be sold to us to trigger the issuance of a 1099-B

Bars and Coins that require the issuance of a 1099-B

Gold

Bars or Rounds
Fineness of 995 or higher
and totaling 1 kilo (32.15 ozt) or greater
Any brands

Maple Leaf Coins (1 ozt coins only)
Fineness: As minted
and must be 25 1–ozt coins or more

Krugerrand (1 ozt coins only)
Fineness: As minted
and must be 25 1–ozt coins or more

Mexican Onza (1 ozt coins only)
Fineness: As minted
and must be 25 1–ozt coins or more

Silver

Bars or Rounds
Fineness of 999 or higher
Any size bars totaling 1000 ozt or more

90% US Coinage
fineness: as minted
Any combination of dimes, quarters, or half dollars totaling $1000 face value or more

Platinum

Bars or Rounds
Fineness of 9995 or higher
Any size bars totaling 25 ozt or more

Palladium

Bars or Rounds
Fineness of 9995 or higher
Any size bars totaling 100 ozt or more

Whether or not we issue a 1099, you should consult a tax professional to understand your tax implications upon any sale. The guidelines we give above were negotiated by the bullion and coin industry’s trade group (ICTA) in the early 1980s. However, one can find a variety of information in both the IRS rules and CME rules book regarding 1099-B reporting requirements. IRS rules for the sale of precious metals can be found on page four of this publication, while the list of manufacturers whose bullion bars and coins can be delivered against a RFC (regulated futures contract) can be found in an excel file (Service Providers.xls) in a CME document here (last page has the link as of 10/8/2014).