Selling your coins or precious metals? Watch this video first before you buy or sell!

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Selling your coins or precious metals? Watch this video first before you buy or sell!

Рет қаралды 105,284

Күн бұрын

Want to be a channel member? / @spegtacular
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Spegtacular
P.O. Box 1682
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34656
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Vermillion Enterprises - Owner Brian Vermillion
5324 Spring Hill Dr.
Spring Hill, FL 34606
Phone# (352) 585-9772
www.vermillion-enterprises.com
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Topics discussed in this video: silver,gold,platinum,rhodium,coin collecting,precious metals,precious metals investing,investing,investing in metals for beginners,precious metals for beginners,precious metals laws,silver eagles,gold eagles,vermillion spring hill,vermillion enterprises,how to sell gold,how to sell silver,how to sell coins,selling coins,selling silver,selling gold,spegtacular,gold tax,silver tax,coins tax,second hand dealer,precious metals dealer,coin shop,kruggerand
Instagram: #spegtacular #youtube #coincollecting #gold #silver #preciousmetals #investing

Пікірлер: 471

@stevencouitt4286 3 жыл бұрын

Insurance companies, the biggest scam going!

@computerlearingchannel4257 3 жыл бұрын

Well not for my auto insurance lol

@MrBottlecapBill 3 жыл бұрын

@@computerlearingchannel4257 Even that. In most cases you've already paid for your repairs and more. They just held your money and invested it for profit until you ask for it back, then they raise your rates to recover it even faster.

@silverking8742 3 жыл бұрын

THE MAIN THING I GOT FROM THIS VIDEO: IM DAMN GLAD I DONT LIVE IN FLORIDA

@brettvickery633 3 жыл бұрын

No kidding, soverign coins are stolen as much as bullion coins and bullion, so it does not make sense ?

@timcampbell3857 3 жыл бұрын

Sure it will be nation wide down the road

@JOKERS-WILD 3 жыл бұрын

You and me both.

@briansmythe3219 3 жыл бұрын

Main thing I got was Glad I don"t live in the USA

@silverbeancounter 3 жыл бұрын

Me too.

@XtremeChiliPepper 3 жыл бұрын

Big thank you for all you do for the community! You give a commonsense, realistic approach to how to do things correctly, the first time. Beginner or Advanced, we can all learn something new each day! No panic, no rush, no agenda ...

@TheNecropolis20 2 жыл бұрын

shouldn't we wait till Gold and Silver go back up to the highs before we sell ? if we really need the money we should sell now though should i give up on 50 a ounce Silver ?

@XtremeChiliPepper 2 жыл бұрын

@@TheNecropolis20 IMO, if you're in a position where you need the money, it would be much easier to cut out minor spending. No fast food, buy a cheap coffee maker, etc. I used to spend $25/wk on coffee at DD - now I only spend $5 one-time as a treat. That's $80/mo I've saved myself. Precious metals is a store of value and not a get rich scheme. I wish you luck. Watch, research, take a good look at your budget and you will find a way.

@TheQuickSilver101 3 жыл бұрын

This is why it's so important to know your local laws before you start buying random stuff. Thank you, Speg!

@nowweride3094 3 жыл бұрын

I bought some Silver Maples couple days ago.. even tho I could have bought them cheaper online by a couple of bucks I gave my LCS additional $40 to keep the money in our community... I know I'm a sucker sometimes..🤷‍♂️👍🇺🇸

@shaund2022 3 жыл бұрын

Good on you.

@roadrunner6694 3 жыл бұрын

Good man

@vermillionenterprises 3 жыл бұрын

Video was Great Spegtacular, we appreciate everyone's comments. Thank you and I hope the video was informative

@cointenderrarities933 3 жыл бұрын

Just sell at just under the paperwork limit. Then go to another shop and sell the rest and so on.

@ericmoritz7767 3 жыл бұрын

Good Informative vid thanks. I am, and would highly suggest, making instructions for selling your "collection" and keeping those instructions with your collection. You never know what can happen today or at anytime in the future. Don't burden your loved ones with not knowing the best way to handle what you are leaving behind.

@joeruggeri5314 3 жыл бұрын

That is absolutely the best advice. I would hate to think that my children get taken by sleezy dealers because of not knowing what they hold.

@shaund2022 3 жыл бұрын

Excellent advice. Thank you

@TheRazzaManazza 3 жыл бұрын

Good point. I guess I just always thought they were gonna hold it and add to the stack. Damnn millennials

@ryanclabough1853 3 жыл бұрын

In Tennessee they don't even give you a receipt. They also don't ask for ID

@shashankgolikeri132 3 жыл бұрын

Great video, Speg. You and Brian Vermillion have done stackers/collectors in the US a huge favour by explaining in detail that often overlooked aspect of selling. Thanks very much to you both. 👍👍

@mrsspegtacular6484 Жыл бұрын

Thank you for your support!

@sanpedrosilver 3 жыл бұрын

Since I don’t have a LSC near by, Sticking with coin groups works great for me. No paperwork.. No matter what gets bought/sold.

@johnstanley8091 3 жыл бұрын

Gold and silver is real money and it doesn't have to be reported unlawful laws are not law there statutes

@Spegtacular 3 жыл бұрын

You guys tell that to the IRS when they find out you’ve been cheating them 😂 maybe that sob story will keep your sentence low 🤪

@johnstanley8091 3 жыл бұрын

@@Spegtacular in my particular case I choose not to contract with the IRS. All law is based on contracts

@freedomfighter1861 3 жыл бұрын

There’s a reason you got that 50cal isn’t there? Or is it another safe Queen only to be larped with...

@Spegtacular 3 жыл бұрын

My original response remains. You guys are hilarious.

@Spegtacular 3 жыл бұрын

Ever heard the song “I fought the law and the law won”? You can talk the talk.. but if they run down on you.. you’ll be walk-in the walk... with a ball and chain attached :) good luck!

@reds1325 2 жыл бұрын

Thank you for this, I'm in Wisconsin. My wife and I are starting to look more to our future now that we have hit 30. We have been looking more into investing into precious metals. I appreciate this because who knows what life can hit us with and we may have to cash in at one point. So thank you again.

@joeyboedeker7205 3 жыл бұрын

Great info. Less paperwork less the government knows. Imagine, paperwork for a 1 oz silver bar/ round🤣🤣🤣

@VideoMan4MuscleShoals 3 жыл бұрын

I stack for my children's inheritance and after buying mostly on line for the last year,(mostly because of covid-19) I finely found a Good Trusted LCS that I buying from now & that relationship will continue to grow over time. Great video! Thanks!

@chiefstacker6343 3 жыл бұрын

Fantastic video learned a bunch that I was clueless about. All precious metal stackers should watch this video!!!!

@MickeyRobsBanks 3 жыл бұрын

The main reason for the law is because so many retirees get stolen from in Florida I grew up 30 miles north on 19

@johnsorge3034 3 жыл бұрын

This is why I love Eagles and no 1099c for the feds either.

@MonarchPoolPlaster 3 жыл бұрын

You pay the tax when you pay the premium.

@johnsorge3034 3 жыл бұрын

@@MonarchPoolPlaster Last time I looked everything has a premium.

@dark_winter8238 3 жыл бұрын

@@MonarchPoolPlaster you are still supposed to pay the tax when you sell as well.

@MrBottlecapBill 3 жыл бұрын

@@dark_winter8238 What if you lose money, can you write it off? I'm betting no..........which is pretty shady.

@Ontario100 3 жыл бұрын

Always think about what you will have to go through to sell an item BEFORE you buy it. Excellent advice. Great Video!! 😎 👍

@SuperPenguin5495 3 жыл бұрын

Welp, I feel extremely uncomfortable with my stack now... I feel as though I'll have to completely start over. Will be an heirloom at this rate, no paperwork for this guy!

@silverking8742 3 жыл бұрын

Why do u live in florida or California?. If so just take a short trip to the nearest state over and sell there

@randolph7317 3 жыл бұрын

Just sell privately

@QueenMuffin5098 3 жыл бұрын

I remember back in the old days (last year) when Brian's bins were that full ;)

@TheRetiredVeteran 3 жыл бұрын

If you consider that old days then you are really young. LOL Just kidding. It does seem like night and day. What a difference a year makes.

@wofwof007 3 жыл бұрын

Very informative and a key part of any investment is the selling. Thank you Speg and Brian!

@DudeDave 3 жыл бұрын

Buy at LCS, sell it back 10 year later... they're going to remember you? I guess if there was an LCS near me, I'd know. Good information to keep in mind.

@xephael3485 3 жыл бұрын

Yeah, better chance of a car dealerships remembering you.😂

@davemi00 3 жыл бұрын

Awesome Info - That we Need to Know 👍 I appreciate this, it has Changed my Stacking Criteria !

@betod3113 3 жыл бұрын

Wow that changed how I will stack from know on.. he explains it well great interview thx man 🥇🥇🥈 he should be more often in ur videos very interesting..

@mandredan9227 3 жыл бұрын

That's when you drive a state over that dosen't have that law and sell

@ericmuse7299 3 жыл бұрын

Law

@hypmotizedbysoles Жыл бұрын

Thanks for the info. I was aware of most of the information offered but it’s always good to get information from a trusted source and someone who’s in the business. I asked my accountant last week about the ramifications of federal tax on the selling of precious metals. He either didn’t know or made up the answer he gave to placate a client who isn’t going back. His answer was everything is taxed.

@jenette16 3 жыл бұрын

Now this program is full of great info. I was wondering why the eagles were so prized. Well, generics are OK, but from now on its coins.

@aztecluvcoins8775 3 жыл бұрын

Oh my ! Did I ever find tons of valuable information on this video. It’s all so interesting n now I have questions. I’ll read other people’s comments n maybe find answers to my questions and if I don’t I’ll surely have to see my LCS dealer. Thanks so much for this eye opener. 👍

@silverbeancounter 3 жыл бұрын

Wow, crazy rules for generic bullion. In TX, no matter what you sell, it's bullion in, cash paid out, no questions, no paperwork, immediate resell.

@Spegtacular 3 жыл бұрын

Unless it’s a certain dollar amount ;)

@thingamujigger1585 3 жыл бұрын

I have never bought precious metals. I have only converted worthless fiat to precious metals. It makes zero sense for me to convert that which is valuable back into worthless fiat. I would be willing to trade precious metals for goods and services but that's about it.

@dwingsworld2581 3 жыл бұрын

Never say never. You may need to pay for a life situation now. I know where you are coming from but still life happens. 🤜🤛

@RavenHawkCoins 3 жыл бұрын

A good honest LCS is always key. Good vid brother.

@stackinnclackin 3 жыл бұрын

Some great information that needed to be said! Thank you for the info!

@medusaskull9625 3 жыл бұрын

This is extremely valuable knowledge. Thank you for sharing. This is definitely a must watch for all new stackers out there.

@Bulletcore 3 жыл бұрын

That 1099-B Form states that the libertad is a coin not a round 😁

@GardenerEarthGuy 3 жыл бұрын

I have to wonder where the intelligence goes, once the paperwork gets to the sheriff office? That would be an interesting question to ask or Sunshine Law Request....

@HDDynalowrider 3 жыл бұрын

This is going to change how I stack for sure.

@chadwolfeschledgelsteinhau9697 3 жыл бұрын

Yeah many farmers wont accept generics for barter

@rogertayloRRR 3 жыл бұрын

For a moment i thought you asked some farmers lol.

@UnspokenWords2010 3 жыл бұрын

Yep buying American all the way

@xephael3485 3 жыл бұрын

Why? Just don't sell in states with stupid laws

@ckilla5691 3 жыл бұрын

Appreciate the video with Mr Brian!!

@brentstraddle1462 3 жыл бұрын

At some point and time, it gets converted back to money. Thank you for the information!

@stacking262 3 жыл бұрын

Yes private no paper work or tracking information. Keep stacking

@michaelmatthews6421 3 жыл бұрын

When did eBay do that? Cause I'm still seeing hundreds of listings from individuals

@savantianprince 3 жыл бұрын

I did buy a little bit on eBay in the past.

@salahuddinmuhammad3251 3 жыл бұрын

I stay away from the local coin shops. Any deals that I will do will be in private, with everyone on all sides checking each other out totally. They can keep those reports to the local sheriff. LOL.

@Ttttttttttttdddvv Жыл бұрын

I’ve been stacking for a few months now and I’m obsessed. I’ve literally watched probably 500 silver videos and this one is probably been my favorite. Keep up the good work. Me and my family are headed to Tampa in a few months and I can’t wait to stop by and see guy

@sunnydays4966 3 жыл бұрын

I don't plan on selling my pants but have, metal I plan on selling and never have.

@sunnydays4966 3 жыл бұрын

I trade my 32 for 34 then 36 then 38 now 42

@chaicharin 3 жыл бұрын

Some of the Cities in the State of IL require a 30 day hold and the town I live in the local coin shop had to move to a town over due to this rule since it completely messed up his business having to hold on to something for 30 days before he could list it for sale.

@sterlingcannabis 3 жыл бұрын

Exit strategy, can be very different for each person. I expect my silver will be used in barter after the banking system is gone. My gold will hold my wealth much like my property. Those will go to my children. I believe there is a time of NO LAW coming directly at us.

@jerrygarcia8372 3 жыл бұрын

Lots of great info, did not know any of it, thank you.

@PlumberStacker 3 жыл бұрын

This video should have millions of views. More people need to hear this!

@Spegtacular 3 жыл бұрын

There’s been several people that didn’t want to hear the info. “Well my shop doesn’t do that....” we understand that.. but it doesn’t mean they’re doing the right thing ;)

@rockeazymatt 3 жыл бұрын

Finally, the legendary intro is back...Love that little tune at the beginning XD

@ci8158 3 жыл бұрын

In general, buy Silver..I am 100% in bars, large and small..coins are not my thing. Eagles might sell higher but you also pay more so there is no benefit in my eyes. Keep stacking,..!

@dukenukem001 3 жыл бұрын

the benefit is not reporting

@chadwolfeschledgelsteinhau9697 3 жыл бұрын

Hard to barter with many farmers will not take generics only government minted

@highplainsdrifter6577 3 жыл бұрын

@@chadwolfeschledgelsteinhau9697 Where do you get this? Silver is silver. Gold is gold. Weight is weight! If you are "bartering", there is no government. I'm not understanding this logic.

@ronskancke8166 3 жыл бұрын

One bar is not as valuable as any numismatic coin that they make a certain number of. Also numismatic coins are more easily authenticated

@ronskancke8166 3 жыл бұрын

@@highplainsdrifter6577 you going to go up to someone to barter with 100 oz bar? Here, let me cut that in half. Oh wait I'll just take 50 more pounds of potatoes.

@painmt651 2 жыл бұрын

I reckon the law protects you from receiving stolen property. And maybe helps recovery from theft.

@2is1gold 3 жыл бұрын

Great topic! Thanks for putting this out!

@frankbehnke6062 3 жыл бұрын

Other forms of Silver and Gold are in the process of soon being included in the IRS Exemption.

@rjon5624 3 жыл бұрын

Great video! Thank you! IRS will be no more hopefully very soon!

@martinharris7197 3 жыл бұрын

Valuable info for sure. Thanks Speg 👍

@texasjoe557 3 жыл бұрын

Forms? What are forms?

@calneh4983 3 жыл бұрын

No idea what forms are, but sounds as yucky as taxes, whatever that stuff is.

@thingamujigger1585 3 жыл бұрын

The only forms I fill are the little black ones when I hand pour bars. Oh, and some occasional concrete forms but my back doesn't care for those much.

@viperviperpiro 3 жыл бұрын

always have an exit strategy! stacking PMs without exit strategy will be a disaster. wont fill up forms...Gold and silver is not real money anymore with all those forms... will avoid all such LCS....

@rtsguy4692 3 жыл бұрын

Thank you Brian for the valuable information. Thank you Speg

@dukenukem001 3 жыл бұрын

PA laws very similar to federal ... all LCS's around me prefer eagles, gold or silver over all others ... 90% is also highly desired here ... and 10 oz bars are the most popular size for most of the LCS's near me ... but they will ALL take ANY silver, even sterling just expect more paperwork and lower premiums on none coin stuff

@Spegtacular 3 жыл бұрын

Federal is every single state no matter where you happen to be in FL. If your local place isn’t doing it this way... well... what can I say. I’m not a whistleblower ;)

@michaelfox2684 3 жыл бұрын

Are you around Pittsburgh area? If so what LCS‘S do you use?

@dukenukem001 3 жыл бұрын

@@michaelfox2684 south eastern pa

@mikejameshupfer 3 жыл бұрын

This is an aspects of stacking that doesn't get enough attention. Thanks for filling in the gap. On the federal level it seems that you can avoid the paperwork by simply selling under those stated quantities. Another thing to keep in mind is that if you do sell in a manner that requires paperwork you will need to keep sufficient records of your purchases.

@stevecraig3004 3 жыл бұрын

Very useful video! Many of us don't think about the 'selling side... Thanks!

@darkwingduck5879 3 жыл бұрын

Great video, most informative and useful one have seen in quite a while.

@milkspotscausemetospazzout6813 2 жыл бұрын

Just learned the reason why some people say they get a bit less for bars..I totally get it now ...Thanks

@jimjames1920 3 жыл бұрын

Good Video Spag and Brian !! Thanks.

@constitutionaljb1751 3 жыл бұрын

Them pesky old bar's and rounds, what to do?

@geecuemd 3 жыл бұрын

This is one of the most practical and useful videos for us stackers

@mrsspegtacular6484 Жыл бұрын

Thank you for watching!

@mrclean5497 2 жыл бұрын

Thank you, I had no idea, I really appreciate the information today. I thought bars would be better to buy. Live and learn I guess:)

@bostacker6675 3 жыл бұрын

Thanks for the all the information.

@stephanied143 3 жыл бұрын

I got a lost package of lawnmower blades right now .

@derekcooley9345 3 жыл бұрын

I just use a dremel to sharpen blades.

@bobhoss6919 3 жыл бұрын

Most informative video I have come across all year. Excellent, thank you.👍👍👍👍👍

@mrsspegtacular6484 Жыл бұрын

Thank you for your support, Bob!

@georgesenda1952 3 жыл бұрын

My coin dealer in Pleasant Hill, CA. before the pandemic made me sign a receipt when I BOUGHT constitutional silver. That has always bothered me. I can see signing when selling ( which I don't do ) but I don't get their requirement for selling them to me.

@thecars570 3 жыл бұрын

That’s Kalifornia.

@weighit 3 жыл бұрын

Good information, glad I watched this video

@shauncorless8965 2 жыл бұрын

Don't sell to anyone who's going to take it to the bullion dealer ,you take it to bullion dealer ,keep the difference 👍🤔

@williameubank9167 3 жыл бұрын

Great show !

@butterbeans898 3 жыл бұрын

Great information 👍👍👍👍👍

@coreynagle804 3 жыл бұрын

Really!!! I'm not joking you get me every time!! I get all excited then I get shut down hard!!!!!

@Spegtacular 3 жыл бұрын

Haha 😂

@ckilla5691 3 жыл бұрын

The man the myth the legend Mr Brian

@coreynagle804 3 жыл бұрын

The only thing I can equate it to is getting blue ball. I feel the that is an appt comparison. So excited to block everything out and experience the next 15 min of life only to find out with a brick wall that it's not happening.

@dodgerblue5628 3 жыл бұрын

Is that a PSA Charizard Pokémon card on the bottom right? I think so...😀

@angel.maldonado 3 жыл бұрын

Great video with good information. Thanks!

@inkydigitz 3 жыл бұрын

Great vid speg! Very informative! Most people don't think of this aspect of stacking.

@winstonsmith3070 3 жыл бұрын

He never mentions US Gold Buffalos (my favorite) only the Gold Eagles. I have no doubt same tax and reporting laws apply to the Buffalos correct me if I'm wrong. Thanks for the excellent video.

@logankdavis27 3 жыл бұрын

I think they are considered rounds

@ChicagoHOG27 3 жыл бұрын

And with the stroke of a pen, those coins can be required to go through the same scrutiny as 2nd hand. So do you over pay for Eagles, or do you get the cheaper bullion? Bars!

@paul1der 2 жыл бұрын

you should do a video of what would happen if you exchange a bunch of silver for equal value of gold or platinum?

@stevencouitt4286 3 жыл бұрын

Very informative, thankyou

@mrsspegtacular6484 Жыл бұрын

Thank you for watching, Steven!

@yukoncornelius8669 3 жыл бұрын

Meanwhile.. Green sign in background " Cash Only, No credit/Debt cards" lol nice, well played sir

@Spegtacular 3 жыл бұрын

Credit cards take fees which cause more of a premium on those goods. I’m not sure what you’re suggesting by your comment, but coin shops/pawn shops/bullion shops all hesitate and rarely deal with anything but cash because of that. Also, credit card companies are annoying to deal with and don’t pay you your money right away.

@peterburanick8785 3 жыл бұрын

Great interview and educational. Thanks

@robertherbrand6050 2 жыл бұрын

Absolutely the most help video on this subject that I have viewed..

@richardsimpson5152 3 жыл бұрын

Thanks for the the great info,, food for thought.

@jago5300 3 жыл бұрын

What I got out of all this is great information. But trying to resell is a way the government can just reach into your pocket.

@no1uno691 3 жыл бұрын

The reason for holding the silver rounds and bars for 30 days and thumb print is to make sure it's not stolen. But it doesn't make sense anyone can steal silver eagle's or gold eagle's as well 🤔

@gurgy3 3 жыл бұрын

I’m sure they tried passing a law on coins, but coins are currency with face value. You can’t make a dealer hold us currency just in case it might be stolen, because that would be unprovable anyway.

@SilverOceans 3 жыл бұрын

Great video! Important stuff to know. 🔥🦈🌊

@harly4bill 3 жыл бұрын

Sell to private buyers...no paperwork

@ferebeefamily 3 жыл бұрын

Thank you for the video. Brian is a wealth of information.

@mkhuntstreasure3192 3 жыл бұрын

Very informative and useful.

@mrsspegtacular6484 Жыл бұрын

Thank you for watching!

@donavonrobbins1908 2 жыл бұрын

Thanks for taking the time to create and distribute this informative video.

@mrsspegtacular6484 Жыл бұрын

Thank you for watching, Donavon!

@johnkeller6063 3 жыл бұрын

Thanks for the info. It's the same in NC and VA

@roadwarrier9446 3 жыл бұрын

Just sell $900 worth one day. Then $900 worth the next day. etc etc. And I am pretty sure any transaction over $10,000 involves a 1099.

@guyfisher3170 3 жыл бұрын

Went to the Carson City Mint today. Wow very cool. No free samples. 🤣

@miked5256 3 жыл бұрын

may1st we backinUP the truck... backUP that truck make it twerk

@chadwolfeschledgelsteinhau9697 3 жыл бұрын

Thats why i buy government minted coins and say away from generics

@makethemoveonpoint16 3 жыл бұрын

Thanks for the info

@curtisrandolph1887 3 жыл бұрын

How about leaving the gold item with the dealer on hold the 30 days. After 30 days if the price of gold is acceptable complete the sale.

@CrypticMarshin252 2 жыл бұрын

I have over 25 lbs in sterling silver silverware can’t sell them to save my life good thing it don’t need much saving! Thank you god!