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Old 03-26-2014, 09:58 PM   #1 (permalink)
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Paying taxes with old silver coinage

USA went off the silver standard in 1964. Over the last 20 years as the previous generations have passed we have collected a small sum of old silver coins. I used to collect coins of some value and later sold them on ebay for $4000.

This year we had a Federal tax liability of $1500. I never give them more than I owe, don't like no interest on my money even though these days it's pitiful.

I have a can with a bunch of oild coins, so I dug all of the silver coins out. Since 1964 the govt claims we have had inflation of 750%, but US silver coins are worth about 14 times their 1964 face value, even though the silver content was only 75% of the original face value. Basically a dime which had
7.5 cents in silver then is worth $1.40 now. That works out to 18.66 times the original melt value of the coin in 1964.
Took the two bags (mine and the wife's) to a coin dealer today and sold them for $545. Pays a good chunk of the tax bill. We did not pay much for them, some of them were mutilated anyway and my father in law pulled them out of his cash register and stuck them in a jar, he died in 1999.
Man I love selling the govt back it's own coinage for twice the claimed inflation rate and 14 times face value.

regards
Mech


Last edited by user removed; 03-26-2014 at 10:14 PM..
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