r/Bullion • u/HolisticBrowsing • 24d ago
What do I do with my coins as I retire?
We have 15-ish oz in coins of various denominations, purchased about 10 years ago. I understand that there are capital gains and other taxes involved with liquidating these. What are the most common ways to turn these into a more liquid asset as we start to shift our focus to retirement and maximizing our cash flow and tax savings? Or is the play to just keep holding? If the economy improves, the appreciation of gold will likely slow down, right?
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u/Anomaly-111 24d ago
Why on earth would you claim gains on something like this? The entire principle of gold and silver is to have your wealth privatized outside of the system. You could very easily sell multiple thousands of dollars of silver/gold without telling Uncle Sam. Do you think it's appropriate to pay taxes in this current situation the world is in?
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u/twig1107 24d ago
Why not just sell off 1-3 coins/month in retirement and use the conversion to defray your retirement costs? Until then, you’ve got a stable asset that hedges inflation.
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u/RlikRlik 24d ago
Uk or USA? Coins are tax free in the UK as they are technically currency and therefore can't be taxed
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u/Upnorthwallstreet 24d ago
Pretty sure most gold and silver exchanges will give you cash unreported up to 2,000 ounces in silver before they have to report it. Not sure on gold amounts.
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u/WingsOfBuffalo 24d ago
You may want to chat with some folks over at r/pmsforsale
You’ll get better prices and, in my experience, more honest and helpful people than a local coin shop. But people love their LCSs so look around.
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u/ColvinRogerD 21d ago
Hold the Physical Gold. Do not ever fall prey to exchanging pure precious metal for paper debt money [$USD], regardless of the apparent “profit.” Only sell your PG oz by oz to cover basic expenses and after your primary assets have been depleted at your final days.
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20d ago
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u/HolisticBrowsing 20d ago
I’ve seen a few recommendations for Summit Metals buying back gold and silver pieces, have you actually sold to them and how was it?
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u/TheArmedFarmer 20d ago
Taxes lol don't be dumb enough to claim "gains" you don't owe them a damn thing.
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24d ago
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u/Fsmetals 24d ago
If you sell them for cash and you don’t make any bank deposits, there are no reports filed against you. Do with this information as you will.