H.R.4248

"Free Competition in Currency Act of 2009" (H.R.4248).
The bill would allow private mints to make coins, it would eliminate capital gains and sales taxes on gold and silver coins, etc.

It states that it is an absurdity and injustice of taxing the purchase of gold and silver coins by noting how stupid and unjust it would be if a sales tax were charged every time a person exchanged a 10-dollar bill for a roll of quaters.

In Ohio, were I live, we have to pay state tax when coins are purchased at the coin shop, unless you have a Vendors License or an Exemption Certificate.

Maybe Carson City Mint could be reopened or another mint started if this bill were to become a law.

John Armonas

We are exempt from sales tax in Illinois on numismatic purchases. When I traveled to Louisiana, I frequented a coin shop in Sulfur - Lewis Coin. He had alot of interesting coins and Louisiana obsolete currency but I had to remind myself that there was sales tax included there and temper my buying plans.

Hi John,

This looks like a good deal for coin collectors. On the other hand, I'm not sure coin investor's should get a free ride on capital gains. I believe the "investors" drive up prices and make it harder for those of us that are collectors.

I don't know if this bill has much of a chance. I believe the Democrat controlled Congress believes that elimination of any capital gains tax solely benefits rich Republicans. I don't think the "trickle down" theory has much traction in this Congress.

Decline Don

Here in CA we have to buy over $1500 to have the tax exemption.

Taxing the purchases is a very interesting topic. There are many arguments for and against. Once the coins become collectables the discussion gets very interesting.