Lee Certified Coins LTD. buys and sells high quality rare coins everyday. Our policy is to offer several options.
Should you decide to sell, LCC LTD. will, at its option, either repurchase the coins at our current buy price, accept the coins under our brokering arrangement, or place the coins with a fully bonded, highly respected auction firm which specializes in public rare coin auctions.
Putting rare coins on the auction block is often the best way to sell your coins because of the very competitive nature which exists between bidders who desperately need that one coin to complete their collection.
Rare coin auctions sell all consigned coins to the highest bidder. These auctions offer buyers the opportunity to either bid in person or through the mail. To encourage premium bids the auction firms send out thousands of catalogs which include color photos of the coins. The most important part of selling through auctions is that all lots are sold thereby assuring liquidity. Should you decide on the auction option, Lee charges you nothing as the auction firm typically shares their fees with us.
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RARE COINS HAVE A SEMI-UNIQUE STATUS UNDER OUR TAX LAWS
The IRS tax code allows for a like-kind tax free (tax deferred) exchange privilege in which one rare coin can be traded for another with no taxes being levied. For example, suppose you purchase a MS-65 St. Gaudens $20 Gold Piece from Ed Lee in 1959 for $50 and decided to trade it in 1989 for coins which you felt had more profit potential. You would, as of this writing, get about $3,800 for the coin and a gain of $3,750 on your initial $50 investment.
Rather than being hit with a tax of 28% on the gain of $3,750, your tax obligation is zero (deferred). In fact, you can't even report it as it is not a taxable event. Taxes are due only in the year following an actual sale of the coin but a wise investor can defer taxes on his numismatic portfolio almost indefinitely.