FAQ
How do I buy gold and silver?
If you have chosen to invest in physical gold and silver, the process to purchase it is very simple. Call Taggart Trading and find out how easy it is to be in possession of low premium, low spread, highly liquid precious metals. Most of our sales involve a phone call, receipt of payment, and delivery of metals, it’s about that simple. We can meet our clients in South Florida, and can ship to most parts of the United States.
Reporting Requirements
If your purchase at Taggart Trading is in cash and/or cash equivalents in the amount of $10,000 or more in a transaction, we are required to file a form 8300. It is a simple form that Taggart Trading will fill out with basic information about the buyer and the transaction. This applies to most retail sales in all industries, not just to precious metals. Cash includes US and foreign coin and currency, cashier’s checks, money orders, bank drafts, and traveler’s checks. Personal checks are not considered cash. Another kind of applicable transaction would be a client selling us 200 x 1 oz Gold Eagles, as 1 oz Gold Eagles have a $50 face value, this would come to $10,000 face value total.
If you want to sell items to Taggart Trading, there are a few types of coins and bullion that a transaction in excess of certain dollar amounts may be subject to filing a Form 1099B. Examples or reportable transactions include if you sell us twenty five or more 1 oz Krugerrands, or if you sell us $1000 face value or more in pre-1965 dimes, quarters, and half dollars.
For more details on reporting requirements, contact us directly.
Capital Gains Taxes
We do not give accounting or tax advice, so you should consult with your accounting professional. However, in general, rare coins and bullion are subject to the collectible capital gains tax rate.
Sales Taxes
All US coins and currency are exempt from Florida sales tax. We are required to collect sales tax on all other sales of under $500. If your purchase for coins, paper money, and bullion is over $500, the entire sale is exempt from sales tax in Florida.
I have US coin and/or currency. Is it still legal tender?
The only legal tender item the US government ever minted that is no longer legal tender is the “Trade Dollar” from the 1800s. All other coin and currency with a face value produced for the federal government by the US Mint, US Bureau of Engraving and Printing, and private firms are still legal tender. That said, if you have a piece that you do not see in circulation, there is a good chance that it has value over its face value; so while you can spend it, selling it to Taggart Trading or giving it as a gift might be a better idea.
Are my wheat cents worth anything?
Most of your wheat cents do not have much value. They are all still worth one cent as indicated by their face value. We at Taggart Trading do pay 1 ½ cents for most wheat cents. There are some wheat cents, depending on grade and/or date-mint, are worth a few dollars, a few hundred dollars, and a few thousand dollars. Contact us for more information.
Are my “blue seal” silver certificates valuable?
If your silver certificates say “Series 1935” or later, most of your silver certificates have only a marginal value over their face value. In the market, though, earlier silver certificates are more collectible. We can professionally evaluate all of your US and foreign paper money. No certification or promise to pay a bearer of US currency an asset other current US currency are valid; redemption of Gold Certificates for gold ended in 1933; redemption of Silver Certificates for silver ended in the late 1960s.
