$20 gold piece vs $20
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Thread: $20 gold piece vs $20

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  1. #1
    us
    eye man

    Jan 2020
    East Tennessee
    Whites, Radio Shack, Metrotec, peach tree fork
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    71 times
    All Types Of Treasure Hunting

    $20 gold piece vs $20

    A US $20 or $5 etc is worth exactly $$$ that amount. When you add in a gold coin to that denomination, it's worth a lot more especially when it's a rare date, mint.
    If you find a gold US coin and sell it, you pay the taxes on that amount, not the historic value .ie; $1,2.5, 5 10, 20 etc
    A gentleman in Las Vegas gave his employees a choice. Paid in Gold & silver coins or US greenbacks. They chose gold & silver.
    When taxes were filed on their ,say $1000 per week pay, at that time a US $20 gold coin was worth about $1000 +-. See where this is going?
    I file taxes on $20 (gold coin), not $1000. The coins and greenback's are legal US currency.
    The IRS filed papers for taxes owed from the employer on $980.00 IRS lost.
    Coins in today's market are worth a lot more, gold and silver. A copper penny is worth a penny, unless it's old, rare and has historical value.

  2. #2
    us
    E-Trac Wizard

    May 2016
    Chester County, PA
    E-Trac
    84
    243 times
    Metal Detecting
    The IRS bases things on actual value, not nominal value. There was a case a few years ago where a baseball fan caught a historic baseball; a really big deal, like it was the batter's most significant career homerun or something (I'm not a baseball fan, so don't know the details), but collectors valued the ball in the six figure range. The fan sees it as just a used baseball worth $10 or whatever they are worth. Not says the IRS, who sent the fan a large tax bill.

    You also may have to be careful posting huge finds on these forums. I've heard stories of the IRS tracking down posters who post finds worth several thousand dollars. Whether or not these stories are true or not, I can't say. My biggest find was worth $2400, and the IRS never bothered me.
    Oldest US: 1793 chain cent; 1800 half dime | 1830 bust half | 1842 seated half | 1857 & 1876CC seated quarter | 516 silver coins in 2011!

  3. #3
    us
    eye man

    Jan 2020
    East Tennessee
    Whites, Radio Shack, Metrotec, peach tree fork
    69
    71 times
    All Types Of Treasure Hunting
    I agree, but $20 in US currency is $20. Bill or coin. $1 bill vs silver dollar, both are $1 US money.
    If I pay you $10 per an hour and you work 1 hour, I pay you in 10 silver dollars. If we have an agreement of spot price for silver vs your pay. I pay you $17 per hour, I give you 1 silver dollar for 1 hour work. You file and pay taxes on one dollar?
    Think about it.
    If Shoeless Joe Jackson autographed a dollar bill, it would be worth a small fortune because of the autograph, not the $1 it is actually worth.

  4. #4
    us
    Mar 2018
    Todds Point, IL
    2,648
    4827 times
    Metal Detecting
    The fan that caught the ball would not be liable for taxes unless he sold it, no matter how much it was worth. Gary

 

 

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