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Coin and Paper Money Collecting/melt value
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Question
I have morgan and peace dollars I inherited in June 2005, sold in april 2008. How do I find out the melt value from when I inherited them( June 2005) so I can calculate the gain/loss for my taxes?
Hi Jim,
Based on the average price for those months, (June '05 and Apr '08)
Your cost basis would be .77344 (ounces of silver in a silver dollar)
times the June '05 average price of $7.30 per ounce = $5.65 per coin
However, if they were valued differently in the estate when you inherited them, that would be the value you would have to use.
On the sell side, simply take the amount you realized and deduct the cost factor to determine the net profit or loss.
I hope this helped you and if so, please nominate me for expert of the month!
Regards
Joe Hylas
www.AllCoins.US
Omega Precious Metals
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Answers by Expert:
Joe Hylas
Expertise
Numismatic professional with over 30 years experience can answer your questions about US coins, their values, how best to sell them and where to buy them. Interested in starting a collection? Find out which areas are undervalued and how to acquire those coins at the best price.
Experience
Ex-Head Precious Metals trader for Deak-Perera International with 42 offices worldwide. Industry experience since 1978. Has worked co-operatively with US Mint, Royal Canadian Mint, Austrian Mint, Chamber of Mines of South Africa, World Gold Council and Platinum Guild International. Professioanl numismatist specializing in US Coins. Always buying collections, will travel if size of collection warrants. Website: www.AllCoins.US
Organizations
PCGS, NGC, Rotary
Publications
Physician's Money Digest
Education/Credentials
Bachelor's Degree in Business Administration
Awards and Honors
Paul Harris Fellow
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