Coin Shop = Money Machine?

[natsb88]

Don't think anyone mentioned the likely new 1099 reporting requirements for single or cumulative transactions over $600 in a calendar year. Something like this could sink your average coin shop quicker than most anything else. I know there's been a movement to abolish this requirement, but I don't believe that this has been repealed. My understanding is that this was included as part of Obama's health care reform package. Sort of an unintended consequence, but devastating nonetheless.

Actually, I think it stinks. This will encourage more cash transactions under the radar or owners will just pull the hook and give up. Sad. Really sad.

A version of the repeal already passed the House, but the Senate has a different version that hasn't passed yet.

[kagarise]

Did the driver of the truck just keep on going?

haha yep my buddy didnt get hurt just a nice bruise and got like $80

[shinnosuke]

Did the driver of the truck just keep on going?

haha yep my buddy didnt get hurt just a nice bruise and got like $80

Dang! I will take a bruise for 80 bucks any day.

[kagarise]

haah he was lucky though if he was just a bit to the right would have hit him right in the jewels instead of the thigh

[shinnosuke]

haah he was lucky though if he was just a bit to the right would have hit him right in the jewels instead of the thigh

Yeah, you can't replace lost jewels for $80.

[Mossy]

[quote="Morsecode"]Regulation is another concern. The dimwits at our Statehouse are currently considering a 7 day waiting period to sell coins and precious metals! Totally clueless, but always a threat to your business. [quote]
Good lord. I totally missed that. "7 day wait"? What the heck is /that/ supposed to do?

[Morsecode]

It's just another Nanny State response to crime. The idea is that once you bring your coins or pm's to a dealer, give him 2 forms of id & phone number, he is supposed to contact law enforcement so they can decide if your stuff is stolen. Once the 7 days pass, you can go back and get paid.

IMO, if you get your stuff took, too bad-so sad. Get a better safe, buy insurance, dig the holes in the backyard deeper...whatever. Just don't inconvenience me.

Second, this is obviously no solution at all since any thief with half a brain will fence the stuff through other venues. Leaving aside the completely ridiculous notion that any dealer is going to lock in a price of any commodity for 7 hours, let alone 7 days.

The upside to the State is taxes. Part of the bill includes stronger language against cash transactions, and strengthening the paper reporting trail.

Basically, they want to give local police the same authority over legit coin dealers and jewelers that they've had for years over pawn shops. Which reminds me...

Sometime around 1981, I sold a 100 oz silver bar to a local storefront operation. The place dealt in a little bit of everything. Got a call that night from the cops who were more than a little curious as to why a 22 year old would own a silver ingot. The store had a pawn license and so their books were, well...an open book. Had to go to the station the next day and show my original receipt for the metal.

[Hades12]

What is the point of a coin shop? If it is to buy coins than there may be a valid argument to paying rent and utilities for a brick and mortar storefront......in the internet age why bother with all those expenses, you can buy and sell coins at your own house in your underwear( if you want) with a lot less overhead. Seems silly to spend hunreds or thousands of dollars each month to have a storefront. The power of the internet is ever increasing....I would not waste my money on a store that I had to be at 7 days a week...with internet sales you can make money selling coins while you are sleeping or getting drunk or diddling with your girlfreind or whatever you want to do being tied down to a store seems silly to me.

The older I get the more I want to go to the B&M's feels nice to see and touch the product and "hopfully" speak to someone that knows the answer to my question and can help me if I have a problem.

Support your local shops.