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More than one issue price for coins

Clinic0425Why don’t you include the issue prices in the Coin Market listings for the commemoratives? It would be helpful at tax time.

We do get an occasional call for issue prices, but most collectors are aware of the IRS regulations and keep the price lists that come with the coin order forms. The IRS requires that you keep receipts and other records of what you paid for coins so that when you sell them you can deduct the purchase price from any profit. Otherwise you will have to pay the difference between the face value of the coin and the selling price. Unfortunately the prices for the commemoratives are extensive and complex, what with pre- and post-issue costs, prices raised or lowered due to bullion price swings, discounts, etc., so they would take up considerable space that we cannot justify.

 

Did any secretary of the Treasury serve more than two terms?

Andrew Mellon is the lone example, serving three terms under Presidents Harding, Coolidge and Hoover. Mellon served from March 4, 1921 to Feb. 12, 1932. At that his tenure was shorter in years than that of Henry Morgenthau Jr., who served under Franklin D. Roosevelt and Harry Truman from Jan. 1, 1934, to July 22, 1945.

 

Has Mexico shown any Native Americans on its currency?

Mexicans are well aware of their native population and have used a special design since 1950 on the 50-centavo coin (1950-1983) and on the 1947-1948 five-peso note. The image is that of Cuahtemoc, the last Aztec Emperor. Mexico specialists may be able to identify others.

A friend and I are having a bitter argument about Scottish bank notes. I maintain they are not legal tender in Scotland. Am I right?

You are right indeed. The Scottish bank notes are not, and never have been (with two exceptions) legal tender in Scotland. I hope that your friend was not arguing that they are legal currency, in which case both of you would be right. During the two World Wars they were temporarily given legal tender status. There are no notes of any issue which are presently legal tender.

 

What’s the story on the K-11 notes that predicted President John F. Kennedy’s assassination?

Rumors abounded after JFK’s death Nov. 22, 1963, that the Dallas Federal Reserve District notes with K-11 on them “warned” of the impending shooting. There is no basis in fact as K-11 is the designation of the 11th Federal Reserve district, which has its headquarters at Dallas, authorized in 1913. It has appeared on Federal Reserve Notes for many decades.

 

E-mail inquiries only. Do not send letters in the mail. Send to Giedroyc@Bright.net. Because of space limitations, we are unable to publish all questions.

 

This article was originally printed in Numismatic News Express. >> Subscribe today

 

More Collecting Resources

• If you enjoy reading about what inspires coin designs, you’ll want to check out Fascinating Facts, Mysteries & Myths about U.S. Coins.

• Is that coin in your hand the real deal or a clever fake? Discover the difference with U.S. Coins Close Up, a one-of-a-kind visual guide to every U.S. coin type.

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