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The status of bullion rounds


Are bullion 'coins' coins?  

40 members have voted

  1. 1. Are bullion 'coins' coins?

    • Yes
    • No
    • 'ish'
    • Undecided

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From my perspective, I'd say that they are not collectible coins. Collectible coins to me have history in their corner. It's the history and the thoughts of who may have used the coin and why that make them interesting to me. I have a few MS examples of coins that I like, but they are so that I have the fullness of the design available.


I don't have a problem with bullion "coins" being issued by governments for people to hold as investments - good or bad. I just don't view them as coins.

Couldn't have said it better myself Art!

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Civil War Tokens, Hard times tokens, Machin Mills pieces, Conder tokens during there times of issuance were spendable as money, at face value, to pay a debt and were widely accepted. None of them are coins.


As for being acceptable for taxes, well maybe the Federal gov might always take them, but here in my home county they are NOT acceptable as payment for county taxes. Checks or credit cards only, cash is not accepted.

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  • 1 year later...
If it can be used as legal tender, and if you could go into a store and it would be accepted as cash than IMHO it is a coin.




MY collection: http://www.omnicoin.com/?collection=echizento


It that case they may or may not be coins. The Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. However, there is no federal statue mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Thus, by your definition it may or may not be a coin depending upon whether the store chooses to accept it or not.


Also, you CANNOT pay your taxes with coins. Courts have held that the contract stipulating the form of payment take precendence over legal tender status. IRS forms (the contract) clearly state that taxes are to be paid by check, money order or credit card.


See http://www.ustreas.gov/education/faq/curre...tender.shtml#q1 and http://www.goldensextant.com/Resources%20P...20Annex%20C.pdf for some illuminating discussion.


As to my feeling on this issue - I don't care. If you enjoy collecting them, feel free to do so. If not, don't.

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